Lodha Developers Ltd

- There is no explicit mention of any planned new fundraising through debt or equity in the current transcript. - The company is focused on strengthening its balance sheet and maintaining a disciplined approach to net debt, currently at INR 61.7 billion (0.28x equity), well below their ceiling of 0.5x net debt to equity. - The management indicated that they are likely to moderate business development spending in the next 24 months to further strengthen the balance sheet. - Average cost of funds is currently stable at approximately 7.9%, suggesting no imminent increase in debt. - They mentioned significant available supply and cash generation from ongoing projects, which may reduce the immediate need for raising new funds. - No concrete plans or guidance on equity fundraising were discussed in the call.

- Construction spend was INR 8.6 billion this quarter, lowest in 7 quarters, but expected to rise to about INR 12 billion next quarter as momentum picks up post-resolution of environmental clearances (Page 20). - Business development saw a large addition of INR 340 billion GDV this year, totaling ~INR 600 billion GDV added, providing long-term growth visibility and moderating future land investment needs (Page 5). - Focus on data center development with 400 acres allocated for data centers in Palava and Upper Thane; power shell construction on a build-to-suit basis at ~INR 3 million per megawatt including land value (Pages 14, 11). - Planned moderating pace of new business development investments in next 24 months compared to last 24 months to strengthen balance sheet (Page 15). - Emphasis on improving construction efficiency and capacity, including using technology, digital tools, and AI (Page 12). In summary, Lodha is ramping up construction spend, advancing data center projects, cautiously moderating new land investments, and focusing on technology-driven execution.

- The company expects to meet its full-year presales guidance of INR 210 billion, with 9-month presales at INR 146 billion (70% of full year target), indicating strong sales growth. - Sales volumes for Lodha have increased about 24% in square feet terms over the first 9 months, despite some industry-level volume weakness. - Future sales growth is supported by a large business development pipeline of nearly INR 600 billion GDV added this year and over INR 2 lakh crores GDV available for the next 5 years. - The company sees demand remaining robust for premium-quality residential products with modest price growth of 5%-6%, below wage growth, sustaining affordability. - New markets like Bangalore are scaling up quickly, with full-year sales in Bangalore expected to exceed INR 25 billion. - Entry into NCR is at the pilot phase, with plans to scale once market validation occurs. - Industry consolidation favors well-placed players; volumes may moderate industry-wide, but Lodha expects continued volume growth due to brand strength and project quality.

- Lodha Developers expects to maintain strong growth in presales, targeting INR 210 billion for FY26, with 9-month presales already at INR 146 billion (70% of guidance). - Embedded EBITDA margin for the quarter was ~32%, consistent with past performance, supporting steady profitability. - Pro forma PAT margin is approximately 21%, with an ROE of about 20%, aligning with their medium-term outlook of 20% ROE. - The company anticipates moderate price growth of 5-6% for the full year, consistent with their strategy to keep price growth below wage growth. - Business development has been front-loaded, with ~INR 600 billion GDV added in the year, providing long-term revenue visibility and profitable growth. - Operating cash flow (OCF) guidance is revised to around INR 70 billion (±5%), slightly lower than earlier INR 77 billion estimates due to clearance-related delays. - Growth is expected from expanding markets like NCR and Bangalore, and from new business streams like data centers.

- Lodha Developers has added about INR 340 billion worth of GDV through business development of new projects in the current year. - Cumulatively, approximately INR 600 billion of GDV has been added in the year until now, providing significant long-term visibility. - The overall pipeline of projects available for development in the next 5 years stands at over INR 2 lakh crores of GDV. - This pipeline is in addition to a significant land bank for development post 5 years in Palava and Upper Thane. - The company has reached about 80% of home sales by value across key markets including Mumbai Metropolitan Region, Bangalore, Pune, and NCR. - There is ongoing business development activity focused on capital-light joint development models and carefully selected markets to ensure strong future order book and profitability.