Lodha Developers Ltd

- There is no explicit mention of any new or planned fundraising through debt or equity in the provided transcript up to page 20. - On page 14, regarding the data center power shell opportunity, Abhishek Lodha mentioned a possible total capex of USD 300-350 million for building out 50 megawatts per year, with an expected mix of about 2/3 debt and 1/3 equity. However, they are still in the exploratory phase and may bring in partners to share equity rather than fully funding it themselves. - On page 6, the company mentioned their net debt stood at INR53.7 billion (0.25x equity), well below their ceiling of 0.5x, with an overall cost of debt falling by 30 basis points, but no new debt raise was disclosed. - Overall, no firm commitment or announcement was made regarding upcoming equity or debt fundraising. The company is evaluating options and prefers partnerships for capital-intensive new businesses like data centers.

- Exploring data center development at Palava with an estimated cost of $6-7 million per megawatt. - Potential build-out of around 250 megawatts of powered shell data centers, translating to $300-350 million total capex. - Funding likely a mix of about two-thirds debt and one-third equity; exploring partners with AI expertise. - No firm decisions yet on speculative vs. Build-to-Suit (BTS) data center construction; business plan underway. - Continued land acquisitions including outright and Joint Development Agreements (JDA); land spend front-loaded for owned land and forward-based for JDAs. - Infrastructure investments in Palava ongoing but major benefits expected next fiscal. - Incremental expenses expected over time related to land approvals and development phases.

- Expected to scale up presales to a run rate in the high INR 50-60 billion range, a significant step-up supported by business development and clearance of environmental issues in Mumbai (Page 5). - Achieved best ever Q2 presales of INR 45.7 billion, with H1 sales at INR 90 billion (43% of full year guidance), on track for full-year presales guidance of INR 210 billion (Page 5). - Pune market presales scaled from INR 200 crore in FY21 to nearly INR 2,500 crore in FY25, maintaining growth with multiple new launches planned (Page 10). - Non-launch weekly sales trending upwards, expected to further increase, reflecting strong brand and product demand (Page 14). - Anticipate further growth from expanded presence in Bangalore, Pune, and pilot phase in NCR, supporting medium-term 20% annual growth target (Page 9). - Palava and Upper Thane expected to capture approx. 3.5% of Mumbai housing market by decade-end, with sales around INR 8,000 crore (Page 22).

- The company expects long-term real estate growth driven by India's transition from low to mid income, forecasting a 15-20 year real estate cycle just beginning (currently year 4-5). - Embedded EBITDA margins are stable around 32%, with Mumbai margins about 10% higher than other cities. - Expected price growth is about 5-6% for the full year, with a 3% price growth year-to-date. - Pro forma PAT margin stands at about 20.3% with robust EBITDA margins (~34%). - Anticipates a ramp-up in sales and margins, especially from premium projects like Palava and upper Thane, boosted by new infrastructure. - Data center opportunities represent significant incremental PAT potential (INR 2,500 crores annually from 250 MW powered shell capacity over time). - Forecasts medium-term 20% annual growth and ~20% ROE. - Operating cash flow and profitability expected to improve with easing approvals and increased launches, notably in the second half of the year.

The transcript does not explicitly mention current or expected orderbook/pending orders for Lodha Developers. However, related relevant points include: - Business Development (BD) in the first half of FY26 reached INR250 billion, meeting full-year guidance. - There are significant attractive opportunities in the pipeline, indicating potential for business development to outperform full-year guidance. - New location added in Mumbai Metropolitan Region with GDV of INR23 billion. - Launches are scheduled to ramp up in the second half of the year following delays due to environmental clearance issues. - The company expects strong sales and business development driven by connectivity improvements and infrastructure near key locations like Palava and Upper Thane. No specific quantitative figure for the total orderbook or pending orders is disclosed in the transcript.