In 1QFY26, Lodha Developers (LODHA)’s presales were up 10% YoY to INR44.5b (12% below our estimate). Collections rose 7% YoY to INR28.8b (34% below our estimates), and OCF improved 44% YoY to INR9.5b. Five new projects were added in MMR, Pune, and Bengaluru with a total GDV of INR227b. With these new projects, LODHA achieved 91% of its FY26 business development guidance in the first quarter itself.
OutlookWe use a DCF-based method for the ex-Palava residential segment and arrive at a value of ~INR549b, assuming a WACC of 12.5%. Reiterate BUY with a TP of INR1,870.
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