Lodha Developers misses FY26 pre-sales guidance due to Iran war

Bengaluru: Despite a 16% year-on-year rise in pre-sales, Lodha Developers Ltd fell short of meeting its 2025-26 pre-sales guidance of ₹21,000 crore due to the impact of the ongoing Iran war.

The Mumbai-based company's sales bookings rose to ₹20,530 crore in FY26 from ₹17,630 crore in the previous year, the company said in a regulatory filing on Tuesday.

March saw a select deferral of sales due to the Iran war, resulting in pre-sales being ₹470 crore below guidance, the company said in its January-March quarter (Q4FY26) update.

Lodha Developers reported a 23% year-on-year increase in pre-sales to ₹5,890 crore in Q4FY26, which is a seasonally strong quarter for real estate companies.

Customer collections for Q4FY26 were ₹5,230 crore, up 18% year-on-year, as construction activity ramped up. For FY26, the company’s collections were ₹15,160 crore, up 5% year-on-year.

The company said it added one project in Mumbai Metropolitan Region (MMR) with gross development value (GDV) of ₹1,300 crore in the fourth quarter.

In FY26, Lodha Developers added 12 projects across key markets, including MMR, Pune, Bengaluru and National Capital Region (NCR), with a combined GDV of around ₹60,000 crore. Its net debt reduced by ₹ 800 crore to ₹5370 crore during the quarter on the back of strong collections, the company said.

Lodha Developers is among India’s top four best-selling real estate developers along with Godrej Properties Ltd, DLF Ltd and Prestige Estates Projects Ltd.

While the overall residential sector is showing some signs of plateauing, the top four developers continue to report decent sales.

As per their sales guidance, they collectively aimed to cross ₹1 trillion in residential sales in FY26, marking the strongest year yet for branded players. However, the Iran war may cause a softening in sales for developers in the month of March.

Crisil Ratings in March said the residential real estate industry appears to have entered a phase of calibrated growth after a strong post-pandemic surge that saw it clock a compound annual growth rate (CAGR) of 26% in FY22-FY25.

Nevertheless, steady operating performance underpinned by healthy collections has translated into controlled debt levels, supporting the credit profiles of developers, the rating agency noted.

To be sure, home sales across India’s top cities dipped by 13% year-on-year to 98,761 units in the January-March quarter of 2026, slipping below the 100,000 mark for the first time in 18 quarters. The industry reported 113,602 units in sales in the corresponding period in 2025, according to a report by real estate analytics platform PropEquity.