Mumbai, January 18, 2026: Lodha Developers Ltd has reported a sharp rise in net debt, which climbed 15% to ₹6,170 crore during Q3 FY26. The increase is attributed to aggressive land acquisitions across key markets including Mumbai Metropolitan Region (MMR), Delhi-NCR, and Bengaluru.
The company acquired five new land parcels during the quarter, both through outright purchases and partnerships, aimed at developing residential and commercial projects with an estimated revenue potential of ₹33,800 crore.
Lodha Developers, a leading real estate brand, highlighted that despite the significant investment, its net debt remains well below the ceiling of 0.5x net debt-to-equity, reflecting a controlled financial strategy.
Last month, the company also partnered with MRG Group to enter the Delhi-NCR market, marking its foray into housing and commercial real estate in Gurugram. Lodha continues to maintain a strong presence in MMR, Pune, and Bengaluru.
The company’s sales bookings rose to ₹17,630 crore in the last fiscal year, up from ₹14,520 crore, with a target of ₹21,000 crore for the current financial year. Since inception, Lodha has delivered 110 million sq. ft. of real estate and is currently developing over 130 million sq. ft. under ongoing and planned projects.
Lodha Developers continues to focus on a mix of luxury and mid-segment housing, while selectively entering commercial real estate markets. The company’s expansion strategy is designed to balance short-term sales growth with long-term asset appreciation.
By acquiring prime land in key urban corridors, Lodha aims to create integrated townships and high-value residential projects that cater to India’s growing urban population and rising disposable incomes.
Analysts suggest that while the rise in debt may appear concerning at first glance, it is a strategic move to secure prime land assets ahead of expected market appreciation. With India’s real estate sector showing steady demand, especially in metro cities, Lodha’s long-term growth prospects remain strong.
Since its inception, Lodha Developers has delivered over 110 million sq. ft. of residential and commercial real estate and currently has more than 130 million sq. ft. under development. The company’s portfolio includes luxury apartments, integrated townships, commercial spaces, and co-working solutions, catering to premium and mid-segment buyers alike.
Despite the rise in net debt, Lodha’s financial position remains robust. The company continues to operate well within its debt-to-equity limits, with a net debt-to-equity ratio comfortably below 0.5x.
During the last fiscal year, Lodha Developers’ sales bookings increased to ₹17,630 crore, up from ₹14,520 crore, indicating strong market demand for its projects. The company has set an ambitious target of ₹21,000 crore for FY26, driven by ongoing and upcoming developments across MMR, Pune, Bengaluru, and Delhi-NCR.
Lodha Developers has been actively expanding its land bank to capitalize on rising demand for premium housing and commercial spaces. The company’s focus remains on high-growth urban markets where it can leverage its brand reputation to deliver large-scale, high-quality projects.
In Mumbai, Lodha acquired prime parcels in Andheri East and Lower Parel, reinforcing its leadership in the luxury residential segment. In Delhi-NCR, the company partnered with MRG Group to enter Gurugram, while in Bengaluru, it secured land for both residential and mixed-use developments.
These acquisitions are expected to generate a strong pipeline of projects over the next 3–5 years, contributing significantly to revenue growth and market share expansion.
Our Q3 performance reflects our long-term growth strategy. While debt has increased due to targeted land acquisitions, these investments position us well to meet future demand in India’s top real estate markets,” said a senior company official
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