Lodha faces execution test as H2 turns crucial for sales goal

The first half of fiscal year 2026 (FY26) was modest for realty firm Lodha Developers Ltd, with pre-sales or bookings up 8% year-on-year (yo-y) to ₹9,020 crore.

- Manvi Agarwal [e-mail]

Limited launches resulted in pre-sales rising 7% yo-y to ₹4,570 crore in the September quarter (Q2FY26).

A high base from last year, due to one-off land sales and seasonally weak demand during the monsoon and "shraadh" (inauspicious period for Hindus), also played spoilsport, per Nomura Global Markets Research on 7 October. While Q2FY26 pre-sales were in line with some analysts' estimates, the rate of growth was lower than its full-year guidance of a 20% yo-yrise.

Lodha has kept its FY26 pre-sales target at ₹21,000 crore. With 43% achieved so far, they need over ₹12,000 crore in pre-sales in the rest of the year, which is dependent on new launches.