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ICICI Securities research report on Macrotech Developers

In line with our expectations, Macrotech Developers (LODHA) has achieved strong Q4FY25 sales bookings of INR 48.1bn (up 14% YoY). In our view, after having achieved FY25 sales bookings of INR 176bn, the company is well on track to achieve its FY26 sales bookings guidance of INR 210bn (20% YoY growth) led by INR 188bn of planned launches for FY26.

Outlook

We believe its historical leverage concerns are now a thing of the past (peak debt of over INR 180bn) with Mar’25 net debt at INR 39.9bn (net D/E of 0.2x). Post the 19% increase in stock price over the last 3 months, we cut our rating to HOLD from Add with a revised TP of INR 1,284 (earlier INR 1,227) based on 40% premium to FY25 NAV of INR 917, factoring in new project additions. Key upside risk is higher-than-expected rise in property price; key downside risk is slowdown in Mumbai market volumes.

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