Macrotech Developers Ltd. (LODHA) AI Stock Analysis

• Market Cap: ₹848.06B
• Dividend Yield: 0.39%
• Average Volume (3M): 52.63K
• Price to Earnings (P/E): 27.7
• Beta (1Y): 1.94
• Revenue Growth: 25.57%
• EPS Growth: 58.31%
• Country: IN
• Employees: 18,634
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 9.56
• Shares Outstanding: 998,892,150
• 10 Day Avg. Volume: 75,693
• 30 Day Avg. Volume: 52,628
• PEG Ratio: 0.57
• Price to Book (P/B): 5.73
• Price to Sales (P/S): 8.39
• P/FCF Ratio: 105.93
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 34
• Revenue Forecast (FY): ₹170.28B

• Rating: 65 Neutral
• Price Target: ₹906.00 ▼(-16.60% Downside)
• Action: Reiterated Date: 11/01/25
• Date: Action: Reiterated 11/01/25

Macrotech Developers Ltd. shows strong financial performance with impressive revenue growth and profitability, which is the most significant factor in its overall score. Technical analysis indicates mixed signals with short-term bullish momentum but longer-term bearish trends. The valuation suggests the stock may be overvalued, which is a concern for potential investors. The absence of earnings call insights and corporate events means these factors do not influence the score.

Positive Factors

Revenue Growth

33.5% revenue growth demonstrates sustained end-market demand and effective project execution. Over 2–6 months this supports predictable cash inflows as projects progress to revenue recognition, improves scale economics, and provides capacity to fund new launches without eroding unit profitability.

Profitability & Margins

High gross, EBITDA and net margins reflect durable pricing power and cost control across development projects. Strong margins increase earnings resilience through cycles, allow reinvestment into new projects, and reduce sensitivity to input cost swings over the medium term.

Prudent Leverage & Capitalization

A low debt-to-equity and solid ROE indicate conservative financing and effective equity use. This capitalization profile provides flexibility to fund the pipeline, lowers refinancing stress, and supports strategic JV/land deals while helping preserve shareholder returns during industry fluctuations.

Negative Factors

Weak Cash Generation

A 53.4% drop in free cash flow and subunitary OCF-to-net-income show weaker cash conversion. For a developer, this constrains self-funding of construction and handovers, increases dependence on pre-sales or external funding, and raises liquidity and execution risk if markets slow.

High Absolute Liabilities

Despite moderate leverage ratios, large absolute liabilities can amplify refinancing and covenant pressures in tighter credit markets. High liabilities limit flexibility for land acquisition or opportunistic investments and increase vulnerability if sales velocity or collections deteriorate.

Industry Cyclicality & Growth Risk

Dependence on sustained sales velocity and favorable interest-rate conditions makes growth and margins sensitive to macro shifts. Cyclical demand, execution timelines and rate volatility can quickly reverse revenue recognition cadence, making current growth rates hard to sustain reliably.

Macrotech Developers Ltd. Business Overview & Revenue Model

Company Description

Lodha Developers Ltd. engages in the real estate development business. Its core business is residential real estate developments with a focus on affordable and mid-income housing. The company was founded on September 25, 1995 and is headquartered in Mumbai, India.

How the Company Makes Money

Macrotech Developers Ltd. primarily makes money by developing and selling real estate units and recognizing revenue from these projects in line with applicable accounting standards. Key revenue streams include: (1) Residential sales: The largest contributor, generated from the sale of apartments and units in the company’s residential developments; cash flows typically come via booking amounts, construction-linked payment plans, and collections at/near handover. (2) Commercial sales/leases (where applicable): Revenue can come from the sale of commercial units and/or recurring income from leasing of commercial space within certain developments; if specific lease-income contribution is not publicly available in the requested context, it is null. (3) Development management and partnership/JD models: The company may enter joint development, landowner partnership, or similar structures to access land and execute projects; earnings are driven by the share of project cash flows/profits and/or development management economics as structured in the agreement; specific counterparties and terms are null. (4) Other real estate-related income: This can include fees/charges associated with property transactions (e.g., transfer premiums), amenities/clubhouse memberships, parking, and maintenance-related recoveries where permitted; the exact composition varies by project and disclosure and is null if not available. Significant factors influencing earnings typically include project launch cadence, sales velocity (pre-sales), pricing, construction progress enabling revenue recognition, land procurement terms, and the broader interest-rate and housing-demand environment. Specific named partnerships or their quantitative impact are null.

Macrotech Developers Ltd. Financial Statement Overview

Summary

Macrotech Developers Ltd. demonstrates strong growth and profitability with significant improvements in revenue, net income, and margins. The balance sheet reflects a healthy leverage position with good equity utilization, although liabilities are substantial. Cash flow performance highlights some concerns with reduced free cash flow, suggesting a need for improved cash management as the company navigates market uncertainties typical in the real estate sector.

Income Statement

The company shows impressive revenue growth at 33.5% from the previous year (2024) to the latest fiscal year (2025). The net profit margin has improved significantly, reaching 20.1% in 2025, which indicates enhanced profitability. The gross profit margin of 40.1% and a strong EBITDA margin of 28.9% further emphasize operational efficiency. However, the real estate industry can be cyclical, and maintaining such growth could be challenging.

Balance Sheet

The debt-to-equity ratio stands at 0.35, reflecting a prudent approach to leverage in the 2025 fiscal year. Return on equity (ROE) is robust at 13.7%, indicating effective utilization of equity to generate profits. The equity ratio remains stable at 40.5%, suggesting a well-capitalized position. However, total liabilities remain high, presenting potential future risks if market conditions worsen.

Cash Flow

Free cash flow decreased by 53.4% in 2025 compared to 2024, which may indicate challenges in cash generation. The operating cash flow to net income ratio is 0.57, showcasing moderate conversion of income to cash flow. Despite a decline in free cash flow, the company maintains a positive free cash flow to net income ratio of 0.39, indicating some resilience in cash flow management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	144.25B	137.79B	103.16B	94.70B	92.33B	54.49B
Gross Profit	49.58B	47.15B	34.38B	28.90B	27.41B	15.08B
EBITDA	46.67B	43.80B	27.26B	10.32B	24.78B	12.43B
Net Income	29.64B	27.64B	15.49B	4.87B	12.02B	401.60M
Balance Sheet
Total Assets	512.90B	498.41B	472.25B	391.55B	384.79B	393.08B
Cash, Cash Equivalents and Short-Term Investments	22.80B	24.98B	46.42B	34.30B	8.82B	24.93B
Total Debt	78.50B	70.94B	76.98B	90.60B	115.37B	181.93B
Total Liabilities	303.50B	295.96B	296.91B	264.33B	263.17B	341.82B
Stockholders Equity	202.45B	201.78B	174.69B	126.63B	121.05B	45.99B
Cash Flow
Free Cash Flow	0.00	10.91B	23.43B	26.60B	19.54B	25.22B
Operating Cash Flow	0.00	15.66B	25.12B	27.50B	19.98B	25.24B
Investing Cash Flow	0.00	-904.00M	-29.47B	17.78B	11.39B	4.20B
Financing Cash Flow	0.00	-25.06B	9.51B	-37.05B	-28.88B	-28.35B

Macrotech Developers Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1086.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:LODHA, the sentiment is Negative. The current price of 1086.35 is above the 20-day moving average (MA) of 962.73, above the 50-day MA of 1008.25, and below the 200-day MA of 1183.24, indicating a bearish trend. The MACD of -51.82 indicates Positive momentum. The RSI at 22.88 is Positive, neither overbought nor oversold. The STOCH value of 12.06 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:LODHA.

Macrotech Developers Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DLF	69 Neutral	₹1.31T	35.36	―	0.86%	28.92%	18.86%
OBEROIRLTY	68 Neutral	₹515.82B	24.40	―	0.48%	2.76%	-3.84%
LODHA	65 Neutral	₹848.06B	27.67	―	0.39%	25.57%	58.31%
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
PHOENIXLTD	64 Neutral	₹556.28B	60.08	―	0.14%	-1.32%	-4.67%
GODREJPROP	59 Neutral	₹470.11B	77.34	―	―	37.14%	3.92%
PRESTIGE	54 Neutral	₹538.48B	77.12	―	0.11%	-2.28%	5.18%

Macrotech Developers Ltd. Corporate Events

Lodha Unit G Corp Faces Fresh Compliance Directive from Karnataka Real Estate Tribunal

Lodha Developers has disclosed that its wholly owned subsidiary G Corp Homes Private Limited, acquired in June 2022 to develop remaining phases of a Bengaluru real estate project, has received an order from the Karnataka Real Estate Appellate Tribunal directing the state RERA authority to seek further compliance from the company. While the RERA authority had earlier upheld G Corp’s compliance and dismissed a related complaint, the tribunal’s directive introduces a new regulatory hurdle for the Bengaluru project; the company plans to challenge the order before an appropriate forum and remains confident of securing a favourable remedy, signalling its intent to defend ongoing project timelines and regulatory standing.

Lodha Developers Allots 42,630 Shares Under ESOP Scheme

Lodha Developers Limited has allotted 42,630 equity shares with a face value of ₹10 each under its 2021–II Employee Stock Option Scheme, following approval at a board meeting held on December 24, 2025. The issuance marginally increases the company’s equity base and reflects the ongoing use of stock-based compensation to align employee incentives with shareholder interests and support talent retention in a competitive real estate market.