Lodha Developers Limited (LODHA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.0%

₹468.71

vs ₹1,064.60 price

Levered DCF

₹838.94

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.79

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	19.71×	41.82×	73.08×	92.11×	42.85×	456.14×	28.61×	12.72×
P/B	2.9×	5.73×	6.5×	3.54×	4.26×	4×	4.05×	4.8×
P/S	4.05×	8.38×	11×	4.73×	5.59×	3.38×	1.48×	1.55×
EV / EBITDA	13.75×	27.6×	45.09×	50.92×	25.28×	29.27×	18.73×	13.62×
Gross margin	35.2%	34.2%	33.3%	30.5%	29.7%	27.7%	17.0%	33.1%
Operating margin	27.4%	27.8%	24.5%	8.8%	23.0%	12.7%	8.3%	25.7%
Net margin	20.6%	20.1%	15.0%	5.1%	13.0%	0.7%	5.8%	13.7%
Current ratio	1.75×	1.69×	1.62×	1.5×	1.47×	1.11×	1.01×	1.04×
Debt / equity	0.42×	0.35×	0.44×	0.72×	0.95×	3.96×	4.05×	6.68×
Interest coverage	6.97×	6.97×	5.26×	1.73×	3.08×	0.61×	1.41×	5.5×
Dividend yield	0.6%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	12.4%	8.1%	6.2%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.7%	13.7%	8.9%	3.8%	9.9%	0.9%	16.0%	42.6%
Return on invested capital	10.6%	10.7%	7.6%	3.8%	6.2%	2.9%	3.2%	14.2%
Return on assets	5.8%	5.5%	3.3%	1.2%	3.1%	0.1%	1.8%	3.3%
Free cash flow yield	0.1%	0.9%	2.1%	5.9%	3.8%	13.7%	20.3%	-3.1%
Earnings yield	5.1%	2.4%	1.4%	1.1%	2.3%	0.2%	4.0%	8.9%
Enterprise value	₹739B	₹1.2T	₹1.2T	₹525.8B	₹626.5B	₹363.8B	₹367.2B	₹437.1B
Net debt / EBITDA	1.17×	1.22×	2.22×	7.51×	4.46×	14.45×	9.34×	7.88×
Cash conversion cycle (days)	1,339	1,371	1,739	1,639	1,528	2,575	1,012	1,875