LODHA Q2 FY27 Results Analysis: PAT Jumps 28%, Guidance Stays On Track

Cofacto Research Published October 30, 2026 4 min read

Positive

LODHA's Q2 FY27 numbers came in strong, with revenue of Rs. 4,467.40 Cr (+17.60% YoY) and PAT growth of +28.30% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 30, 2026
Revenue (Q2)	Rs. 4,467.40 Cr (+17.60% YoY)
PAT (Q2)	Rs. 1,013.50 Cr (+28.30% YoY)
EBITDA margin	33.41% (+423 bps YoY)
EPS (Q2)	Rs. 10.14 (+28.40% YoY)

Quarter Snapshot

Lodha delivered 17.6% revenue growth and 28.4% PAT growth YoY, with H1 PAT at 58.2% of the ~Rs.4,100 Cr FY27 guidance, keeping the target on track. The QoQ margin step-down to 36.12% was pre-flagged by management as a reversal from Q1's land-sales-heavy print, and H1 CFO swung to Rs.1,372.2 Cr from an outflow a year ago. Watch items are the effective tax rate step-up to 24.48% and the Rs.509.6 Cr H1 rise in gross borrowings against the end-FY27 debt-reduction commitment.

Q2 FY27 Expectations vs Results

Driver	Expected before results	What happened	Verdict
Revenue	"likely in-line to ahead, hinging entirely on launch execution"	Revenue Rs.4,467.4 Cr, +17.6% YoY (−10.6% QoQ vs the land-heavy Q1)	Played out on the YoY read; the Q2 pre-sales launch test was not disclosed in the filing → Not observable
Margins	"compressing from Q1's elevated base" toward the 32–34% embedded band	Filed operating margin 43.11% → 36.12% (−699 bps QoQ, +168 bps YoY) — compression was by design, not deterioration	Played out
Q2 pre-sales ≥ Rs.5,000 Cr / H1 phasing 40–42% of Rs.24,000 Cr	pre-call hypothesis (Nomura Rs.51 bn estimate)	Filing contains no pre-sales data — open for the call	Not observable
NCR (Gurugram) launch in Q2 or slip	watch item	Not addressed in the filing — open for the call	Not observable
Middle East → 8–10% construction-cost risk	forward risk, per pre-call note (web-sourced, dated)	Cost of projects −0.8% QoQ, +14.7% YoY; no escalation disclosed	Not observable this quarter
FY27 PAT Rs.4,100 Cr reaffirmation; net-debt trajectory	central call question	H1 PAT = 58.2% of target; net D/E 0.21x — trajectory on track from actuals; the reaffirmation itself is a call event, not a filing fact	Partially

Read our full results preview.

Management Guidance vs Delivery

What management said	Where	What happened	Verdict
FY27 PAT ~Rs.4,100 Cr (+20% vs FY26 Rs.3,430.7 Cr)	Q4 FY26 earnings call; reaffirmed at the Q1 FY27 call	H1 PAT to owners Rs.2,385.1 Cr = 58.2% of the full-year target; Q2 alone Rs.1,013.0 Cr	On Track
Net debt/equity < 0.5x ceiling	ongoing guidance, Q1 FY27 press release/call	0.21x at Sep-26	Met
End-FY27 total debt < FY26 (Rs.9,883.9 Cr)	FY27 guidance, Q4 FY26 earnings call	Rs.10,393.5 Cr at Sep-26; D/E 0.42 vs 0.43 at March	Too Early
Dividend 15–20% of PAT	open-ended guidance, earnings calls	FY26 final dividend paid = 12.4% of FY26 PAT	Below band for the FY26 payout
"Do not annualize any single quarter… Q1 sits firmly at the favourable end of that variance"	Q1 FY27 earnings call, 27 July 2026	Q2 PAT Rs.1,013.0 Cr = 42.5% of H1; margins reverted from 43.11% to 36.12% as flagged	Confirmed
Focus on PAT growth (~20% medium-term CAGR) over headline sales	management commentary, Q1 FY27 call	H1 PAT +63.0% YoY; PAT margin (on total income) 22.11% vs 20.36% year-ago — H1	Confirmed
DevCo deleveraging; net debt down in Q1 to 0.2x	Q1 FY27 press release/call	Net D/E 0.21x vs 0.20x at Q1 and 0.28x year-ago; gross borrowings +Rs.509.6 Cr since March	Too Early on the FY27-end debt commitment
Land monetization as a recurring pillar (Rs.2,000–3,000 Cr/yr)	prior earnings calls	Filing carries no land-sales disclosure; other income +46.1% YoY is the only adjacent line (quantum undisclosed)	Too Early

Key Numbers, Quarter by Quarter

Metric	Q2 FY26	Q4 FY26	Q1 FY27	Q2 FY27
Adj./operating margin (filed)	34.44	33.89	43.11	36.12
P&L-derived EBITDA margin	29.18	29.56	38.51	33.41
PAT margin (on total income)	20.36	20.04	26.94	22.11

Key Investment Insights

Key Positives

Consolidated revenue grew 17.6% YoY to Rs.4,467.4 Cr; H1 revenue up 29.8% YoY to Rs.9,464.1 Cr
PAT to owners grew 28.4% YoY to Rs.1,013.0 Cr; H1 PAT up 63.0% YoY to Rs.2,385.1 Cr
PBT grew 39.7% YoY with cost of projects up only 14.7% and other expenses down 17.9% YoY
Filed operating margin of 36.12% is +168 bps YoY and above FY26's 33.89%
H1 PAT is 58.2% of the FY27 guidance of ~Rs.4,100 Cr, leaving only Rs.1,714.9 Cr required from H2
H1 CFO swung to Rs.1,372.2 Cr from a Rs.515.4 Cr outflow in H1 FY26; FCF Rs.1,146.1 Cr
Net debt/equity improved to 0.21x from 0.28x year-ago, inside the <0.5x guidance ceiling
Standalone PAT grew 92.2% YoY to Rs.645.0 Cr

Risk Factors

Effective tax rate jumped to 24.48% from 17.80% YoY, driven by a Rs.160.6 Cr deferred tax charge vs a Rs.3.7 Cr credit a year ago
Gross borrowings rose Rs.509.6 Cr in H1 against the guidance that end-FY27 debt be lower than FY26
Operating margin fell 699 bps QoQ from 43.11% to 36.12% as Q1's land-sales-heavy mix reversed
FY26 final dividend of Rs.424.6 Cr equals 12.4% of FY26 PAT, below the 15-20% payout framing
Company Secretary change with Ms. Sanjyot Rangnekar taking early retirement effective 30 October 2026