ICRA

Realty firm Macrotech Developers Ltd net debt rose 43.5 percent to ₹4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction. According to its latest investors presentation, this Mumbai-based company's net debt was at ₹3,010 crore at the end of the March quarter of 2023-24. The net debt stood at ₹4,320 crore, 0.24 times equity, well below the ceiling of 0.5 times equity. Macrotech Developers MD and CEO Abhishek Lodha said, "In spite of the significant level of business development plus a significant ramp up in construction spend in this quarter, our net debt stood at ₹4,300 crore, which is 0.24 times of equity". "This is really an exemplification of the fact that our business delivers strong underlying cash flows, and as we continue to ramp up our investment in construction, we will see in the second half of the year significant acceleration in the free cash flow generation and operating cash flow generation for the company," he added.

Macrotech Developers’ net debt rises 43.5% in Q1 on higher capex for land, construction

Real estate company Macrotech Developers has acquired nearly 20-acre land parcel in Bengaluru for development of a housing project worth Rs 2,800 crore, as part of its expansion plan. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, has been acquiring land through outright purchases as well as forming partnerships with landowners for the joint development. Out of the total, nearly 20 acre land was acquired in Bengaluru, the company has outright purchased some portion of land, while entering into joint development agreement with the landowner for the remaining part.
In its latest operational update for the December quarter, Macrotech Developers informed that the company has added one new project in Bengaluru with GDV (gross development value) of Rs 2,800 crore.

Macrotech Developers acquires 20-acre land parcel in Bengaluru; eyes Rs 2,800 cr sales

Mumbai-based listed real estate developer Lodha Developers reported a 10% growth in pre-sales bookings to ₹4,450 crore in the first quarter of FY26, compared to ₹4,000 crore during the same period last year. According to the company, the increase was despite the impact of geopolitical tensions in the first half of the quarter, which resulted in a ‘loss’ of activity for two weeks, which the company expects to make up over the course of the rest of the financial year.

Lodha Developers reports a 10% jump in pre-sales bookings to ₹4,450 crore in Q1FY26

LDL’s large expansion pipeline of 85+ msf across offices, retail, and warehousing exposes it to execution and market risks. Timely launches and sustained sales momentum are key to maintaining cash flows.


The real estate sector is cyclical and fragmented, with sales sensitive to macroeconomic downturns, exposing LDL to market and regulatory risks.


The issuer has made timely interest payments.

Mr Abhishek Lodha, Managing Director & CEO

In FY2025, LDL's pre-sales rose 21% to ₹17,630 crore, collections grew 29% to ₹13,070 crore, and CFO increased 27% to ₹6,530 crore. It is expected 10–12% pre-sales and 22–24% collections growth in FY2026, supported by strong launches and execution.

FY2026 levels are projected at 1.05–1.1x, with net debt/CFO below 1x. Cash flow adequacy rose to 73%, backed by ₹4,800 crore RTMI and 1.7-year YTS, ensuring strong visibility.


With 40 years of experience, LDL leads in MMR real estate. Backed by strong FY24–25 pre-sales, 4,080 acres of land, and ₹26,000 crore in unsold inventory (incl. 9.8 msf from FY2025), residential sales outlook remains strong.


Security Name: 8.79% Lodha Developers Limited 06 Nov 2026

ISIN:

INE670K07265

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Recent News

Macrotech Developers’ net debt rises 43.5% in Q1 on higher capex for land, construction

Macrotech Developers acquires 20-acre land parcel in Bengaluru; eyes Rs 2,800 cr sales

Lodha Developers reports a 10% jump in pre-sales bookings to ₹4,450 crore in Q1FY26

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