Lodha ki sales record bana gayi, par margins gir gaye

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AuthorIshaan Verma|Published at:
Lodha ki sales record bana gayi, par margins gir gaye
Overview

Macrotech Developers (Lodha) ne Q3 mein ₹4,672 crore revenue report kiya, 14.4% YoY badhotri ke saath. Quarterly pre-sales ₹5,000 crore ke record par pahunchi, lekin net profit sirf 1.3% badh kar ₹956.9 crore raha. Stock 1.85% up band hua. Operating margins ghat kar 30.3% ho gaye, jo chinta ka vishay hai, khaas kar NCR mein expansion ke chalte.

Macrotech Developers (Lodha) ne Q3 FY26 mein ₹4,672 crore ka revenue report kiya, jo pichhle saal ke muqable 14.4% zyada hai. Company ne ₹5,000 crore ki record quarterly pre-sales bhi achieve ki. Lekin, net profit sirf 1.3% badh kar ₹956.9 crore raha. CEO Abhishek Lodha ne is quarter ko fiscal saal ke pehle 9 mahinon mein sabse zyada booking momentum wala bataya. Yeh sales success operational challenges ko chhupa raha hai. Operating margin 32% se ghat kar 30.3% ho gaya, jo profits ko kam kar raha hai. Iska asar company ke aggressive expansion par pad sakta hai, khaas kar National Capital Region (NCR) mein.
Stock 1.85% badh kar ₹924 par band hua, lekin yeh rally headline sales figures par jyada focused lag rahi thi, margins ki deterioration par kam. Pichhle teen mahinon mein stock lagbhag 21% gir chuka hai aur 52-week low ke kareeb trade kar raha hai. Market ki margin compression ko nazarandaaz karne ki wajah company ki long-term growth strategy par vishwas lagta hai, khaas kar uska NCR mein naya expansion.
Lodha ne NCR mein 5 naye projects launch kiye hain jinka gross development value (GDV) ₹33,800 crore hai. Yeh ek risky move hai kyunki NCR market mein sales slow ho rahi hain, prices badhne ke bawajood. DLF jaise competitors ne Q3 mein 30% YoY growth report kiya hai. Lodha ka market cap ₹92,780 crore aur P/E ratio lagbhag 27.9x hai, jo current valuation ko demanding banata hai, khaas kar jab margins peers se compare hote hain. NCR mein is bade investment ka success company ke market standing ke liye crucial hoga.
Management optimist hai, income badhne aur stable mortgage rates ko housing demand support karne wala batate hue. Analysts ka bhi long-term view positive hai, median price target ₹1,476 ka hai. Lekin, kuch technical indicators stock ko 'strong sell' bhi bata rahe hain. Company ki ability NCR expansion costs ko manage karne aur margin ko restore karne mein hi uske future growth expectations ko meet karne ki kunji hai.

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