Lodha Sees Strong Q2 Surge as Mid-Income Housing Grows

Mumbai-based Lodha Developers, one of India’s leading real estate developers, is witnessing strong momentum as India’s housing market enters a new growth phase.

CEO and MD Abhishek Lodha stated that India’s real estate market is “still on the runway” and is now gaining speed toward a long-awaited “takeoff phase.”

He described the sector as undergoing a “once-in-a-lifetime transition” from low-income to mid-income housing, driven by government measures such as interest rate cuts, income tax relief, and policy support.

Key Highlights

• Lodha Developers’ Q2 FY26 profit surged 87 percent to ₹789.8 crore
• Mid-income housing drives 50 percent of total sales amid policy support
• Over 130 million sq. ft. under development across MMR projects

Lodha emphasized that mid-income housing is becoming a key growth driver, contributing 50 percent of the company’s sales mix this year. The company’s Q2 FY26 results reflect this robust performance — net profit surged 87 percent to Rs. 789.8 crore from Rs. 423 crore in Q2 FY25, while total income jumped 44 percent to Rs. 3,878.7 crore.

The company continues to expand its footprint across the Mumbai Metropolitan Region (MMR), adding one new location with a gross development value (GDV) of Rs. 2,300 crore in Q2 FY26, in addition to five locations with a GDV of Rs. 22,700 crore added in Q1. Overall, Lodha Developers has delivered 110 million sq. ft. of real estate and is developing 130 million sq. ft. under ongoing and planned projects.

Lodha’s outlook signals strong investor and consumer confidence in India’s evolving mid-income housing market, positioning the company as a key player in the country’s real estate transformation.

Abhishek Lodha, CEO and MD of Lodha Developers, said, "We (India's real estate market) are still sort of, I would say, the plane is on the runway. It is not even gotten to kind of takeoff phase. It is just kind of moving along on the runway."

“We (India's real estate market) are still sort of, I would say, the plane is on the runway. It is not even gotten to kind of takeoff phase. It is just kind of moving along on the runway. That is how we think the cycle is,” Lodha said during the company’s Q2 FY26 earnings call recently.

"Yes, sometimes there will be a situation, there will be a backup on the runway. The plane will have to pause for a few minutes, or it might be a few quarters in this context. But we have many years ahead in the cycle," Lodha said.

"Wherever such transitions have happened in large economies, they have witnessed very long real estate cycles, typically 15 to 20 years. We think India will also have a cycle that long. We are only four or five years out of that very long cycle. It does not mean we never had a bad year; we can, of course, have a bad year. I think that the real estate cycle has not even gotten started. It will only get started when GDP per capita crosses $4,000 to $4,500. So we are still a few years before real estate really takes off," Lodha said.

Also Read: Lodha Acquires MMR Land for Rs. 2,300 Cr Housing Project

According to Lodha, from a structural standpoint, the ongoing cycle is expected to be much longer, as the demand required to meet India’s housing needs will take considerable time for the supply side to catch up.