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Published on 08/10/2025 08:52 AM
Jefferies on Lodha Developers:
Buy recommendation with a target price of ₹1,625.
Positioned as a beneficiary of Mumbai’s infrastructure upgrade, including the opening of the city’s second international airport as part of an ongoing US$80+ billion transformation.
Lodha’s 4,500-acre land bank in the city outskirts is well-placed to benefit, with land values rising ~8x over four years, highlighting growth potential.
Strong Mumbai performance and geographic expansion expected to deliver a 20% pre-sales CAGR.
Recent first-half slowdown concerns have brought the ex-Palava business to 2x EV/sales, presenting an attractive entry point for investors.