Lodha Developers: Motilal Oswal Retains 'Buy' Despite Below Estimate Q1 Results — Check Target Price
Though Lodha's Q1 result were below Motilal Oswal's estimate, the presales and business development momentum remains intact
(Photo source: company website)
Five new projects were added in MMR, Pune, and Bengaluru with a total gross development value of Rs 227 billion. With these new projects, Lodha Developers achieved 91% of its FY26 business development guidance in the first quarter itself.
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Motilal Oswal Report
Macrotech Developers Ltd. has delivered steady performance across its key parameters, and as it prepares to capitalize on strong growth and consolidation opportunities, we expect this consistency in operational performance to continue.
At Palava, Lodha has a development potential of 600msf. However, we assume a portion of this to be monetized through industrial land sales. We value 250msf of residential land to be monetized at Rs 637 billion over the next three decades.
We use a DCF-based method for the ex-Palava residential segment and arrive at a value of ~Rs 549 billion, assuming a WACC of 12.5%. Reiterate Buy with a target price of Rs 1,870.
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