Sri Lotus Developers & Realty Q2 FY27 Results Analysis: PAT Jumps 91%, EBITDA Margin Expands 1,131 bps (LOTUSDEV)

Cofacto Research Published October 15, 2026 3 min read

Sri Lotus Developers & Realty Ltd reported Q2 FY27 numbers with revenue of Rs. 268.58 Cr (+52.50% YoY) and PAT growth of +90.90% YoY. Here's a quick read of what worked, what to watch, and what management said.

Quick Details

Results date	October 15, 2026
Quarter	Q2 FY 2026-2027
Revenue (Q2)	Rs. 268.58 Cr (+52.50% YoY)
PAT (Q2)	Rs. 88.53 Cr (+90.90% YoY)
EBITDA margin	39.94% (+1131 bps YoY)
EPS (Q2)	Rs. 1.68 (+71.40% YoY)
Market cap	Rs. 11,732.27 Cr
CMP	Rs. 240.14

Quarter Snapshot

LOTUSDEV delivered Q2 FY27 revenue of Rs.268.58 Cr (+52.5% YoY, +102.9% QoQ) with EBITDA margin at 39.94% (+1,131 bps YoY) and PAT of Rs.88.53 Cr (+90.9% YoY); H1 growth of 68.9% (revenue) and 86.1% (PAT) runs ahead of management's FY27 guidance of 55–60%, and the 32.96% PAT margin exceeds the guided 25–30% band. The margin expansion was cost-driven, with COGS at 53.08% of revenue (−745 bps YoY) and other expenses down 433 bps. H2 delivery of the Rs.1,800–2,000 Cr pre-sales and ~Rs.1,000 Cr collections targets requires a step-up from Q1 run-rates of Rs.409 Cr and Rs.150 Cr respectively, while H1 operating cash flow was negative Rs.201.30 Cr as cash funded construction.

Key Investment Insights

Key Positives

Revenue from operations grew 52.5% YoY to Rs.268.58 Cr and more than doubled QoQ (+102.9%).
H1 FY27 revenue growth of 68.9% YoY is above management's FY27 guidance of 55–60%.
PAT grew 90.9% YoY to Rs.88.53 Cr; H1 PAT growth of 86.1% exceeds the guided 55–60%.
EBITDA margin expanded 1,131 bps YoY to 39.94%, at the top of the guided 35–40% band.
PAT margin of 32.96% exceeded the guided 25–30% range.
COGS fell to 53.08% of revenue (−745 bps YoY) and other expenses to 4.54% (−433 bps YoY).
Three redevelopment appointments announced in Q2 — Juhu (GDV Rs.1,600 Cr), Shivaji Park (GDV Rs.550 Cr), and Model Town Versova.
D/E ratio of 0.064 with total borrowings of Rs.131.14 Cr against total equity of Rs.2,049.38 Cr.

Risk Factors

Operating cash flow was negative Rs.201.30 Cr in H1 FY27 (CFO/PAT −1.50×) as cash funded construction inventory; cash and equivalents fell 27.9% to Rs.538.00 Cr.
FY27 collections guidance of ~Rs.1,000 Cr requires ~Rs.850 Cr in H2 against a Q1 run-rate of Rs.150 Cr — flagged as difficult.
FY27 pre-sales guidance of Rs.1,800–2,000 Cr requires ~Rs.1,400 Cr in H2 against Q1 pre-sales of Rs.409 Cr — flagged as a stretch.
GST show-cause notice of Rs.100.04 Mn received after the balance-sheet date; a Section 74 GST order of ~Rs.8.17 Cr is under appeal.