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INVESTOR PRESENTATION Second Quarter FY 2027 | October 2026 1
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DISCLAIMER Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Lodha Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances. 2
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Highlights Operational Performance Financials Growth Drivers Company Overview Annexures 7 11 18 22 34 43 TABLE OF CONTENTS 3
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Strong profitability track record FY26 highlights • Adj. EBITDA margin of ~34% • PAT Margin ~20% • PAT at INR 34.3bn, >6x over FY21-26 • RoE at ~16% Brand & Operational Excellence • Strong brand – especially on lifestyle and trust • Only large RE company acting as General Contractor, enabled by strong internal engineering and design capabilities • Industry leading ESG practices & ratings Conservative leverage: Net debt ceiling of < 0.5x D/E • AA (Stable) - 7 upgrades since 2021 • Net debt at INR 52.8bn, 0.21x Equity as on Sept-26 • Target to be debt free at DevCo level in next few years LODHA – DELIVERING PROFITABILITY & GROWTH, WITH LOW RISK Profit & brand focused strategy, combined with low leverage – medium term trajectory of 20% PAT CAGR DevCo Amongst India’s Largest Housing Developers • Delivered INR 205 bn pre-sales in FY26 • 28% CAGR over last five years, consistent growth over five years since listing Diversified portfolio providing resilient growth • Present across luxury, prem. & mid-income segments through ~40 operating locations in MMR, Pune, Bengaluru & NCR (starting FY27) Long growth runway • Market share of <3.5% (value terms) in primary housing sales in Top 6 cities (current 4 + Hyderabad and Chennai) Strong visibility • Unsold GDV of INR ~2,000bn (excl. land forming part of LandCo): Limited business development required over next few years, substantially increasing free cash flow 10x growth in Annuity income in next six years • FY26 Annuity income INR 2.9 bn Data center • ~660 acre, shovel ready DC land (DC Park) in Navi Mumbai • 5 GW power approved, further increase feasible • Phase 1 (~3.5 GW): • AWS, STT & Digital Edge already developing 1+ GW • Plan to build 1 GW powered shell (BTS), largely self- funded from sale of balance Phase 1 capacity Retail, Office and Industrial & Warehousing • Performance from existing assets ahead of underwriting • Good growth visibility RentCo Focus to maximize value from land in Palava and Upper Thane (other than required for DevCo up to FY31 and earmarked for DC Park) • ~3,700 acres of high quality land at Palava & Upper Thane in MMR; largest major metro land holding of any developer in India • Location witnessing transformative infrastructure upgrades LandCo 4
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PAT1 BRAND AND OPERATIONAL STRENGTH 60 90 121 145 176 205 FY21 FY22 FY23 FY24 FY25 FY26 ~28 % CAGR 5 13 18 16 28 34 FY21 FY22 FY23 FY24 FY25 FY26 > 6x 160 93 71 30 40 54 FY21 FY22 FY23 FY24 FY25 FY26 3.5x 0.8x 0.2x 0.6x 0.2x0.2x ENABLES UNIQUE COMBINATION OF GROWTH AS WELL AS DELEVERAGING Along with new project additions INR ~1.4 tn GDV since IPO and growing investment in annuity streams 1. PAT adjusted for forex and exceptional items x Net D/E, ceiling of 0.5 x Net DebtPre - sales INR Bn 5
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FOCUS TO DELIVER ~20% PAT CAGR With conservative leverage – ceiling of <= 0.5x Net D/E 34 85 + FY26 FY31 ~20 % CAGR PAT INR Bn 6
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HIGHLIGHTS01 7
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KEY PERFORMANCE INDICATORS – Q2FY27 (1/2) Revenue PAT ESG & Brand Performance • INR 44.7 bn ( 18% YoY) in Q2FY27 • INR 94.6 bn ( 30% YoY) in 1HFY27 • INR 10.1 bn ( 28% YoY); PAT margin at 22.1% vs 20.4% in Q2FY27 • INR 23.9 bn ( 63% YoY); PAT margin at 24.6% vs 19.5% in 1HFY27 • Only Indian real estate company to feature in the World’s Most Trustworthy Companies’ List by Newsweek, 2nd year in a row • Lodha Mathematical Sciences Institute (LMSI) – Launched third thematic programme, to run over Jul - Dec’26 o Hosted over 55 researchers this quarter, with more than 90 researchers from 15 countries expected over the semester, strengthening global collaboration in mathematical research 8 Expect to easily exceed PAT guidance for the FY
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OTHER HIGHLIGHTS – Q2FY27 (2/2) INR 50.4 bn (10% YoY) INR 96.7 bn in 1HFY27 (7% YoY) FY27 Guidance: INR 240 bn Pre-sales Collections Annuity Income Net debt INR 3.2 bn (Annualized basis exit rental on Sept-26) • Increase of INR 3.5bn QoQ • Net debt/ equity at 0.21x well below ceiling of 0.5x • Avg. cost of debt steady at 7.8% INR 52.8 bn 9 Price Growth1 4% Average YTD price growth INR 34.5 bn (Flat YoY) INR 76.5 bn in 1HFY27 (19% YoY) 1. YTD, on like to like basis
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CASHFLOW INR Bn 1. Net of Stamp Duty, GST and Hospitality & Property Management expenses 2. Represents Land & approval cost 3. Capital invested in building annuity portfolio 10 Particulars Q2FY27 1H FY27 Total Collections 34.5 76.6 Collections from ‘DevCo’ 33.3 74.4 Income from ‘RentCo’ 1.2 2.2 Net Collections1 31.1 69.9 Operating Expenses 22.4 42.2 Const Expense 13.2 26.5 SG&A 5.8 10.9 Taxes 3.3 4.9 Operating CashFlow 8.8 27.6 Interest 1.7 3.1 Surplus for Growth & Capital Providers 7.1 24.6 Growth Investments in ‘DevCo’ business2 5.6 17.1 Investment in ‘RentCo’3 1.2 2.7 Surplus for Capital Providers 0.3 4.8 Dividend to Equity providers 3.7 3.7 (Increase )/ Decrease in Net Debt (3.4) 1.0
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OPERATIONAL PERFORMANCE 02 11
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MARKET PERFORMANCE FOR Q2FY27 1. Pre-sales includes DM Sales of INR 0.4bn; 2. Collections from DM sales not included; 3. Land sales to govt and others INR Bn Market Pre-Sales1 Average Sales Price on Saleable Area (INR psf) Collections2 Construction spends MMR 24.9 22,130 22.6 9.3 Of which Extended Eastern Suburbs 4.0 7,403 4.1 2.9 Pune 5.3 10,221 4.2 2.6 Bengaluru 18.6 12,997 4.9 1.4 Others3 1.6 - 1.6 - Total 50.4 33.3 13.2 12
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MARKET PERFORMANCE FOR 1H FY27 1. Pre-sales includes DM Sales of INR 0.6bn; 2. Collections from DM sales not included; 3. Land sales to govt and others INR Bn Market Pre-Sales1 Average Sales Price on Saleable Area (INR psf) Collections2 Construction spends MMR 65.7 25,552 54.2 19.4 Of which Extended Eastern Suburbs 22.9 7,241 21.5 6.3 Pune 7.5 10,372 8.2 4.9 Bengaluru 20.6 13,033 7.9 2.2 Others3 2.9 - 3.9 - Total 96.7 74.4 26.5 13
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LAUNCHES IN 1H FY27 Market Launch Period New Project / Location New Phase Total Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects MMR Q1 - - - 0.4 3.3 2 0.4 3.3 2 MMR Q2 - - - 0.8 10.8 3 0.8 10.8 3 Pune Q2 - - - 0.5 5.0 1 0.5 5.0 1 Bangalore Q2 1.8 21.7 1 - - - 1.8 21.7 1 Total 1.8 21.7 1 1.7 19.1 6 3.5 40.8 7 14
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ROBUST DEV CO LAUNCH PIPELINE FOR REST OF FY27 Market New Projects New Phase of existing projects Total Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects Area (Mn .Sq.ft) Est. GDV (INR bn) No of Projects MMR 1.5 29.0 2 4.1 78.8 7 5.6 107.8 9 Pune 1.0 10.0 1 0.6 5.2 1 1.5 15.2 2 Bangalore 0.7 10.0 1 2.2 28.1 3 2.9 38.1 4 NCR 1.1 29.5 2 - - - 1.1 29.5 2 Total 4.3 78.5 6 6.8 112.1 11 11.1 190.7 17 15
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BUSINESS DEVELOPMENT 1H FY27 Market Period Added Saleable Area (msf) Est. GDV (in INR bn) Pune Q1 1.9 23 MMR Q2 0.9 48 Total 2.8 71 Unsold GDV of INR ~2,000bn (excl. land forming part of LandCo), large enough for next 5 years growth 16
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MARKET WISE SUPPLY Market Residual Collections from Sold units Completed unsold Ongoing unsold Planned Inventory Launches Land Bank In next 12 months1 12 to 60 months Own Land JDA Projects Own Land JDA Projects INR bn msf MMR 199.4 3.9 12.6 5.3 4.5 46.8 10.0 ~600 msf Pune 24.5 0.0 4.2 1.4 0.6 5.2 - - Bengaluru 34.3 - 2.3 1.7 3.0 0.7 5.6 - NCR - - - - 1.1 - - - DevCo Total 258.3 3.9 19.1 8.4 9.1 52.7 15.6 ~600 msf Data Centre - 1 GW 438 acres Offices & Retail - 2.1 1.1 - - - 0.7 - Warehousing & Industrial Park - 2.5 2.3 0.4 - - - - RentCo Total - 4.6 3.4 0.4 + 1 GW 0.7 438 acres Value of Completed and Ongoing unsold of DevCo is INR ~39bn and INR ~370bn respectively 1. As on Sept-26 17 Largest land bank amongst any Real Estate company in India Unsold GDV of INR ~2,000bn for next 60 months
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FINANCIALS 03 18
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FINANCIAL PERFORMANCE PATRevenue Adj. EBITDA 13.1 16.1 Q2FY26 Q2FY27 34% 36% 24% 7.9 10.1 Q2FY26 Q2FY27 20% 22% 28%38.0 44.7 Q2FY26 Q2FY27 18% INR Bn Expansion in Adj. EBITDA & PAT margin in Q2FY27 due to operating leverage Adj. EBITDA = After adding finance cost included in cost of project to EBITDA Adj. EBITDA margin & PAT marginxx% 19 25.1 37.6 1H FY26 1H FY27 34% 40% 50% 14.6 23.9 1H FY26 1H FY27 20% 25% 63%73.0 94.6 1H FY26 1H FY27 30%
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P&L INR bn 1. Adj. EBITDA = After adding finance cost included in cost of project to EBITDA 20 Particulars Q2FY27 Q2FY26 Growth % 1H FY27 1H FY26 Growth % Revenue 44.7 38.0 17.6% 94.6 72.9 29.8% Adj. EBITDA1 16.1 13.1 23.5% 37.6 25.1 50.1% Adj. EBITDA (%) 36.2% 34.4% 180 Bps 39.8% 34.4% 540 Bps PAT 10.1 7.9 28.3% 23.9 14.6 62.9% PAT (%) 22.1% 20.4% 170 Bps 24.6% 19.5% 510 Bps Networth 253.6 Net D/E (x) 0.21
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BALANCE SHEET ASSETS As at Sept - 26 As at Mar - 26 Tangible Assets 40.6 24.2 Intangible Assets 2.2 2.3 Investments 25.1 14.5 Loans 31.7 28.7 Inventories 404.0 402.6 Trade Rec. (Incl. accrued rev.) 44.6 35.4 Cash and Bank Balances 35.3 39.4 Other Financial Assets 27.5 26.6 Non-Current Tax Assets 0.7 1.0 Deferred Tax Assets 1.4 2.5 Other Assets 14.0 12.2 Total Assets 627.1 589.4 EQUITY AND LIABILITIES As at Sept - 26 As at Mar - 26 Equity Share Capital 10.0 10.0 Other Equity 242.9 222.9 Non-Controlling Interests 0.7 1.4 Total Equity 253.6 234.3 Borrowings 103.9 98.8 Lease Liability 0.3 0.1 Trade Payables 32.1 35.6 Other Financial Liabilities 135.2 103.2 Provisions 0.7 0.6 Current Tax Liabilities (Net) 0.8 0.4 Deferred Tax Liabilities (Net) 3.3 2.8 Other Liabilities 97.2 113.5 Total Liabilities 373.5 355.1 Total Equity and Liabilities 627.1 589.4 INR bn 21
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GROWTH DRIVERS 04 22
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14 MILLION NEW HOMES REQUIRED FOR HIGH INCOME HOUSEHOLDS THIS DECADE VS LIKELY SUPPLY OF ~2.75 MILLION Even assuming significant industry supply growth, supply is likely to be <10 mn units. Once in a country’s lifetime opportunity! 9mn (3%) 68mn (23%) 85mn (29%) 134mn (45%) 23mn (6%) 152mn (39%) 119mn (31%) 92mn (24%) 134n (4%) 2021 GDP: USD 3tn HH: 296mn 2030 GDP: USD 7-8tn HH: 386mn Lodha target segment Formal housing market starts >INR 0.5mn AHI Annual HH Income (AHI) (INR mn) HH Category >2.8 High 0.5-2.8 Upper Mid 0.2-0.5 Lower Mid <0.2 Low Source: WEF/Future of Consumption report, EY, Anarock; HH: Household; 23 0.3 0.4 0.4 0.5 0.5 0.6 0.6 0.7 0.8 0.8 CY21 CY22 CY23 CY24 CY25 CY26 CY27 CY28 CY29 CY30 ~1mn units (50% of ~2mn) in CY21-25 Est. ~1.75mn units (50% of 3.5mn) in CY26-30 assuming 10% CAGR Housing completions in Top-7 cities: Cumulative 2.75 mn units over CY21-30 in the high-income segment we cater to (~50% of the overall supply) Mn units
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DEVCO HAS SIGNIFICANT HEADROOM TO GROW Lodha Pre-Sales2: INR 205 Bn Primary Home Sales in Top 6 cities – CY251: INR 5,900 Bn 1. In top 6 Cities: MMR, NCR, Bengaluru, Pune, Hyderabad, Chennai; 2. FY26 pre-sales Source (Market Data): Anarock CY2025 Market share in Top 6 cities at ~3.5%, significant runway for growth 24
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PALAVA - THE EPICENTER OF MMR’S INFRASTRUCTURE UPGRADES Navi Mumbai International Airport Palava ~40 min Drive Proximity to new airport Enhancing attractiveness of Palava (Inaugurated in Oct-25, operations at scale in CY26) Tunnel Through Parsik Hills Airoli Katai Naka Corridor Airoli – IT Hub Mulund – Airoli --- Palava in ~20 mins Opening soon Palava to Airoli ~20 mins Palava Katai Naka Bullet Train Station Palava First Bullet Train station after BKC at Palava (Opening: 2028/29) To BKC Towards Ahmedabad ~10-15 mins ~5 mins Please note the above maps are at different scales Kalyan-Taloja Metro, Virar-Alibaug Multimodal corridor, Goregaon - Mulund Link road and other road upgrade projects will also support Palava’s evolution Mulund 25
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MULUND – AIROLI – PALAVA FREEWAY • Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway This freeway is a three part project: • Part A (Mulund - Airoli) – Opening soon • Part B (Airoli to Kalyan Shil Phata) – Opening soon • Part C (Kalyan Shil Road - Katai) – Construction has begun • With completion of Part A and B, travel time from Palava to Airoli will be down to 15-20 min and to Mumbai (Eastern Express Highway / Mulund) down to 25 mins Images as of Oct-26 Likely to open imminently Part A 26 Part B Part A (Elevated) is completed and Part B (Tunnel) is going through finishing work
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PALAVA: LARGE HOUSING PRICE ARBITRAGE VS MUMBAI’S CORE SUBURBS Substantial growth in revenues & margins to come over next 5 years Palava & Upper Thane set to deliver INR 10+ tn of sales over the next three decades with ~50% EBITDA margins BKC 52k - 72k Airoli 16k - 26k Thane 18k - 25k Palava 11k - 14k Mulund 25k - 33k Goregaon 33k - 47k Nos in circle indicate FY 26 average selling price in INR/sf carpet area in those suburbs 27
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• Large integrated ~660 acres DC Park around Navi Mumbai with reliable infra and approvals o Highly reliable power supply: 5 GW power availability (from state and national grid), further increase feasible o 5 existing optic fiber routes, further augmentation planned • Approved under Integrated Green Data Centre Park policy of Maharashtra Govt. – significant fiscal incentive for operators • Lowest cost with fiscal incentives o Capex reduction up to 15% with cost US$ ~6 mn/ MW for turnkey shell compared to $8-12 mn/ MW for turnkey shell globally o 30+% Opex reduction with 90% green power bringing power costs to ~US$0.06/KWH, very competitive vs. other major economies • Strong traction with anchor operators in place o Amazon Web Services (AWS) o ST Telemedia (STT) – part of Temasek, a Singapore Govt. venture o Digital Edge India, a global co-location data center operator in JV with sovereign NIIF (National Infrastructure Investment Fund) LARGE SCALE DATA CENTRE OPPORTUNITY 34 30 30 24 17 13 11 11 9 5 0 20 40 Germany UK Italy France Japan US Canada South Korea India Turkey Electricity Price (cents/kWh) Source: International Energy Association(IEA) 28 • Phase 1 will be of 3.5 GW (out of 5 GW) on 365 acres. 132 acres already sold as of 30th Sep 2026 • Monetization of another 143 acres to generate INR ~90bn (@ 600 million / acre) over next 3-4 years and will support building out of 1 GW (input power) of Power Shell on ~90 acres, generating INR 20+ bn of annual rental income
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BUDDING DIGITAL ECOSYSTEM Has led to value scale up at Palava 26 29 50 120 210 425 Lodha Morgan Stanley JV Lodha GDIP Coldchain Logistic Co. Amazon Web Services (AWS) STT Global Data Centers Digital Edge 16x in ~5 years • Three large global data centre player have checked into our DC Park o Latest transaction with Digital Edge at INR ~425mn/acre (Jun-26), substantially higher than previous transaction at INR ~210mn acre in CY25 Shovel ready eco-system and tie-up with Maharashtra Govt. under its Green Data Centre policy. Land value expected to grow significantly CY 21 CY 22 CY 23 CY 24 CY 26 INR mn / acre CY 25 29
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GRADUALLY BUILDING ANNUITY INCOME POOL (1/4) ◼ Focus on developing premium high street retail adjunct to residential developments ◼ Select high quality offices ◼ 3.9 msf area with rental potential of INR 6.0bn by FY32 ◼ 5 locations with ~5.1 msf leasable area and annual rental potential of INR 4.0 bn by FY32 Annuity income Warehousing & Industrial Office & Retail ◼ Build 1 GW power shell DC on ~90 acres on BTS basis, rental potential of INR 20.0+bn by FY32 Data center Targeting 10x growth in Annuity income next six years 30
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RENTAL INCOME PLANNED TO GROW 10X BY FY32 (VS FY26) Data Center, Retail & Office and Warehousing & Industrial (2/4) Annuity Asset Type Unit Total Area/Capacity Completed Area Area leased Annualized Rental income from area leased as of 30.9.2026 Estimated FY32 Annual Rental income Already invested Balance investment INR bn Data Centre GW 1.0 --- --- --- 20.0+ 0.3 100.0 – 110.0 Retail & Office Msf 3.9 2.2 1.3 1.9 6.0 19.1 11.9 Warehousing & Industrial Msf 5.1 2.5 2.81 1.3 4.0 18.5 6.2 Total 9.1 msf + 1.0 GW 4.6 msf 4.2 msf 3.2 30.0+ 37.9 118.1 – 128.1 As of Sep-26 1. Includes ~0.4 msf of pre-leased area in under construction asset 31
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RETAIL & OFFICE High Quality Completed Developments (3/4) High street retail at One Lodha Place Xperia Mall at Palava High street retail at Palava 32 Our head office: One Lodha Place
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WAREHOUSING & INDUSTRIAL Steady growth potential (4/4) ✓ 5.1 msf area spread across 5 locations under development o Leased out ~0.2 msf to Bluestar during the quarter o Host to marquee names like Sketchers, Tesla, Zomato, Owens Corning, Schlumberger, DHL, NX Logistics, GXO Logistics, DP World & FM Logistics, Compass etc. One of MMR’s largest warehousing parks - Palava India’s largest warehousing box operationalized by Skechers 33
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COMPANY OVERVIEW 05 34
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BEST- IN - CLASS ESG PERFORMANCE 35 Scored 78/100 in the S&P CSA retaining the position in top 10 globally S&P Global Corporate Sustainability Assessment 2025 Member of the FTSE4Good Index Series FTSE4Good Index Series Received relative rating ‘A’ (from AAA-CCC scale) MSCI ESG Rating Only Indian real estate company to feature in the World’s Most Trustworthy Companies’ List by Newsweek, 2nd year in a row World’s Most Trustworthy Companies 2026
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EMINENT BOARD OF DIRECTORS Abhishek Lodha Managing Director • MSc. in Industrial & Systems engineering from Georgia Institute of Technology • Worked with McKinsey & Company, USA Mukund Chitale Independent Director and Chairman • CA with >45 years of experience • Former President of ICAI & Chairman of Ethics Committee of BSE • Previously, Director on the Board of L&T Akhil Gupta Independent Director • CA with +40 years of experience • Chairman of Coforge; Former Vice Chairman of Bharti Enterprises • On the boards of Bharti Life Insurance & 360 ONE WAM Ltd Rajeev Bakshi Independent Director • PGDM from IIM – Bangalore, +40 years experience • Former MD & CEO of Metro Cash & Carry • Formerly associated with Pepsico, Cadbury Schweppes • On the board of Dalmia Bharat Sugar Harita Gupta Independent Director • MS in Chemistry from IIT – Delhi, 30+ years of experience • Head of Global Experience at Sutherland • Held leadership roles at Microsoft, NIIT Tech. • On the Board of Whirlpool & Route Mobile Lee Polisano Independent Director • Founding partner & President of PLP Architecture, UK with >45 years of experience • Globally recognized for architectural & urban design work, emphasizing environment concerns Rajinder Pal Singh Non-Executive Director • Former IAS officer, >45 years of experience • Former Chairman & MD of Punjab & Sind Bank & Chairman of NHAI • Previously, Director on the Board of Maruti Suzuki Sushil Kumar Modi Whole-time Director, Group Finance Director • CA, CS & CWA with ~30 years of experience • Formerly worked with Aditya Birla Group JSW Steel & Arcelor Mittal Shaishav Dharia Whole-time Director • Masters from University of Chicago, MBA from Georgia Institute of Technology • 28 years of experience, formerly worked at McKinsey & Company, KPMG Consulting 36
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STRONG MANAGEMENT TEAM Rajib Das CEO – Mumbai Suburbs 22 | 5 Godrej Group, Indiabulls Properties Kunal Jain CEO – Pune 20 | 8 McKinsey & Company Rajendra Joshi CEO – Bengaluru 35 | 4 Brigade Enterprises, Mahindra Lifespaces Sushil Kumar Modi Group Finance Director 31 | 6 Aditya Birla Group, Arcelor Mittal Janhavi Sukhtankar President – Human Resources 28 | 14 Sanofi India, GlaxoSmithKline Rajesh Sahana Chief Customer Officer 33 | 7 Bharti Airtel, Bank of America Rajesh Agrawal President - Procurement 39 | 4 Adani Enterprises, RIL Shyam Kaikini President – Hospitality 31 | 11 Taj Hotels, Jumeirah International Raunika Malhotra President – Brand & Marketing 23 | 18 ECS Limited, Adayana Learning Shaishav Dharia Director 28 | 16 McKinsey & Company Piyush Vora Head – Business Development 44 | 11 BDO India Deepak Chitnis Chief Designer 29 | 19 Oberoi Constructions Pvt Ltd Anubhav Gupta CEO – Retail & Offices 25 | 1 DLF, Godrej Properties Siddhant Mehta President - Strategic Leadership Office 15 | 2 BCG, KPMG International Amandeep Singh CEO - NCR 24 | 1 DLF, Godrej Properties Satish Shenoy Chief Operating Officer 34 | 13 Shapoorji Oman Prashant Bindal CEO – Lodha Residences 29 | 10 Walmart India & Coca Cola Beverages Sanjay Chauhan Chief Financial Officer 22 | 3 Adani Group, Deloitte 37 Work experience | Lodha tenure Select previous employers
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LODHA FOUNDATION (LF) Contributing to nation building Board of Advisors comprising of some of India’s most esteemed professionals & intellectuals: Innovation 2 Environment 3 Indian Culture 4 Four initial focus areas Education for the Gifted 1 Sanjiv Mehta Former MD & CEO, HUL Vinti Lodha Member, Board of Advisors Aditya Puri Former MD & CEO, HDFC Bank Jerold S. Kayden Professor of Urban Planning & Design; Founding Director of Master in Real estate program, Harvard University Lodha Theoretical Physics Institute (LTPI) • First of its kind privately funded institution in India dedicated to fundamental research in Theoretical Physics, headed by Wolf prize-winner theoretical physicist Prof. Jainendra Jain Lodha Mathematical Sciences Institute (LMSI) • Dedicated to Mathematical Research, to be headed by Fields medal-winner Manjul Bhargava Lodha Genius Programme • Identifies and nurtures India’s brightest young minds, in partnership with institutions such as Ashoka University and IISER, Pune Lodha Community Development Programme • Community development initiatives across healthcare access, awareness, upskilling and livelihood enablement to improve well-being Key Programmes Abhishek Lodha Managing Director, Lodha Group *in non-construction work force 38
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OUR SUSTAINABILITY STRATEGY: DO GOOD, DO WELL Governance Environment Green & Open Spaces Climate Resilience Social Community Development Education Health & Safety Learning & Growth Collaboration and Engagement Unnati Lodha Genius Programme Lodha Schools Everyone Home Safe Human Rights We Care Employee Engagement L&D Initiatives Stakeholder engagement programs Best-in-class reporting Benchmarking Identify and mitigate the key material risks Board diversity and independence Code of Conduct Integrity Fairness Transparency Enterprise Risk Management Board Effectiveness Ethical Business Practices Carbon & Energy Water Air Quality Clean Mobility Greenery & Urban Planning Habitat Protection & Resilience Net Positive Carbon Impact Carbon Reduction Water Positive Developments Water Conservation & Reuse Nature Based Solutions Source Control Walkable Communities Reducing Vehicle emissions Climate Resilient Disaster Risk Reduction We recognize ESG issues as long-term risks that also present opportunities for value creation when strategically addressed. Our strategy enables us to identify initiatives that amplify our impact and foster collaboration with our diverse stakeholders on this journey 39
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ENVIRONMENTAL: OUR PERFORMANCE 40 Scope 1 and 2 emissions (in tCO₂e) 15,243 8,798 3,141 1,591 796 324 FY22 base FY23 FY24 FY25 FY26 FY28 target 1.33 0.97 0.64 FY22 base FY26 actual FY30 target ~27% reduction 51.6% Reduction vs FY22 base Scope 3 intensity (in tCO₂e per sqm developed) On track to achieve our SBTi target on Scope 1,2 & 3 74.5 mn sq ft Green certified buildings, up from 24 mn sqft in FY22 100% Waste water recycled (>60MLD STP capacity) >60,000 units 5 star AC installed for a capacity of more than 75,000TR cooling 125 kwh/sqm Annual office energy use, down from 140 kwh/sqm in FY22 40 kwh/sqm Annual residential energy use, down from 47 kwh/sqm in FY22 10 MW Renewable electricity PPAs across our developments Design Baseline Our research maps embodied carbon by building height, so design starts from a known figure. Concrete mix −30% Reduction with ~45% slag in 9,500 m³ of concrete mix for a 23-storey Mumbai tower. Cement −40% First Indian developer to use LC3, a low-carbon cement, commercially, on the Premier road, Palava Embodied Carbon: Levers in place for reduction ~95% reduction 97.9% Reduction vs base
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SOCIAL: OUR PERFORMANCE 41 3rd year in a row Great Place to Work (GPTW) - Amongst 100 best companies in India ~400 students in 4th batch of Lodha Genius Program (LGP) 340 Researchers From 18 countries in 1st year of Lodha Mathematical & Science Institute (LMSI) 58% Roles filled within company - up from 25% in FY22 87 Employee NPS score up from 59 in FY23 2026 Launched Lodha Theoretical Physics Institute (LTPI) 63% Reduction in lost-time to injuries since FY22 ~18k unique beneficiaries Lodha Community Development Program since its inception in Aug-25 Employees Community
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OUR APPROACH TO GOVERNANCE Philosophy, Pillars & Goals OUR GOVERNANCE FRAMEWORK Responsible Business Conduct Integrity and Transparency Fairness Accountability Taking ethical business decisions in compliance with applicable legislation Ensuring transparency and integrity in our business dealings Clear and fair communications with stakeholders Board and the management are accountable to stakeholders PILLARS OF GOVERNANCE 1 2 3 4 5 Diverse Board which plays a crucial role in overseeing and safeguarding long term interests of stakeholders Transparent procedures and practices and informed decisions Compliance with relevant laws Well defined corporate structure that establishes checks & balances and delegated decision-making Committed to predictability and proactive communication leading to no surprises 42
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ANNEXURE 06 43
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PALAVA & UPPER THANE SET TO DELIVER INR 10+ TN OF SALES over next 3 decades with ~50% EBITDA margins 3 mega trends shaping Palava & Upper Thane to become sought after suburbs 1. Mumbai – World’s densest metropolis, sea restricts expansion in West and South 2. India going through once in a country’s lifetime transition from low to mid- income, leading to significant demand for aspirational and premium housing 3. Palava City at the epicentre of Mumbai Region (MMR)’s infrastructure upgrades: Upcoming a. Mulund – Airoli - Palava Freeway to make Airoli, Mumbai’s IT Hub, predictable 20 min drive from Palava (opening soon) b. First stop of Mumbai-Ahmedabad Bullet train after BKC at Palava, predictable 20 min journey to BKC (Est. CY28/29) c. Kalyan Taloja Metro – Line 12: Three station within Palava, connected to suburban metro network (CY28) Operationalized a. Navi Mumbai airport at just 40 min drive from Palava (inaugurated in Oct-25, full operations in CY26) b. Mumbai Trans Harbor Link: Brings South Mumbai closer (Operational - CY24) 44
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ONGOING INFRA PROJECTS (Airport, Metro, Bullet Train, Multi-modal Corridor etc.) to supercharge Palava’s growth Kalyan - Taloja Metro, Goregaon - Mulund Link road and other road upgrade projects will also support Palava’s evolution Western Suburbs South Mumbai ThaneDombivli Virar Alibaug Kalyan Central Mumbai Eastern Suburbs Extended Western Suburbs Navi Mumbai BKC Thane StationGoregaon Mulund Airoli Katai Taloja Extended Eastern Suburbs PUNE MUMBAI Sewri Chirle Junction Upper Thane Cuts travel time b/w Mumbai/ Airoli & Palava to 20 mins 1st bullet train station after BKC at Palava, travel time -20 mins (Opening: 2028/29) Brings Western Suburbs closer to Palava Brings South Mumbai closer Boost to economic activity around Palava (40mins) Puts Palava at center of major commercial trade route Three station within Palava, connected to suburban metro network Mumbai – Ahmedabad High-Speed Rail (CY28/CY29) Goregaon - Mulund Link Road (CY28) Mulund – Airoli – Palava Freeway (Opening soon) Mumbai Trans Harbor Link (Operational - CY24) Virar – Alibaug Multimodal Corridor (CY30) Kalyan Taloja Metro – Line 12 (CY28) Navi Mumbai International Airport (inaugurated in Oct-25) 45
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MMR Source: Absorption for FY26 basis registration data Expanding presence across through ‘SUPERMARKET’ strategy Tied up INR >1 tn of GDV and development potential of ~37 msf across 36 projects in various micro-markets of MMR 5. Extended Eastern Suburbs 3. South Central Mumbai 2. Western Suburbs Absorption: INR 530bn Added 9 projects with GDV of INR 213bn 1. Extended Western Suburbs Absorption: INR 120bn 7. Eastern Suburbs Absorption: INR 270bn Added 10 projects with GDV of INR ~163bn 4. Thane Absorption: INR 155bn 6. Navi Mumbai Absorption: INR 165bn Potential growth micro-market for Lodha 2 3 1 4 7 6 5 Vasai Naigaon Bhayander Mira Road Ghodbunder Thane Wagle Estate Malad Goregaon Andheri Bandra Kurla Powai Mulund Vikhroli Prabhadevi DadarWorli Lower Parel Colaba Kalyan Dombivali Asangaon Airoli Ghansoli Vashi CBD Belapur Absorption: INR 355bn Potential growth market for Lodha Added 15 projects with GDV of INR 642bn Added 2 projects with GDV of INR 15bn Have ~600 msf of development potential Absorption: INR 150bn 46
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PUNE Source: Absorption for FY26 basis registration data Will contribute to growth in a sustainable manner Tied up INR ~188bn of GDV with development potential of ~20 msf across 11 projects in various micro-markets of Pune 5. North - East 6. South - East Absorption: INR 72bn Added 1 projects with GDV of INR ~12bn 4. Central Absorption: INR 132bn Added 1 project with GDV of INR ~4bn Absorption: INR 24bn Added 2 projects with GDV of INR ~45bn 2. North - West 3. South - West Absorption: INR 96bn Added 1 project with GDV of INR ~4bn 1. Pimpri - Chinchwad Absorption: INR 175bn Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~13bn Absorption: INR 200bn Added 4 projects with GDV of INR ~87bn 47
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BENGALURU Will contribute to growth in a sustainable manner Tied up INR ~192bn of GDV with development potential of ~16msf across 7 projects in various micro-markets of Bengaluru 5. South East 3. South West 2. Central Absorption: INR 8bn Potential growth market for Lodha 1. North West Absorption: INR 96bn 4. North East Absorption: INR 462bn Absorption: INR 84bn Absorption: INR 372bn Potential growth market for Lodha Potential growth market for Lodha Added 4 projects with GDV of INR 142bn Added 3 projects with GDV of INR 50bn Source: Absorption for FY26 basis Propequity 48
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Rationale o Second largest real estate markets of India with absorption of INR 1,355bn o Dearth of trusted developers offering a premium quality product • Signed two projects with GDV of INR 33 bn and development potential of 1.1 msf through JDA in Gurgaon - To start operations in FY27 • Creating dedicated team with local capability based in NCR • Appointed Mr. Amandeep Singh (ex-DLF and Godrej Properties) as CEO for the market. Team build up in progress Figures in each circle is FY26 housing sales in INR bn; Source: PropEquity 30 1 2 3 4 5 205 468 36 972 NCR Initiating pilot 49
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ROBUST JOB CREATION TO SUSTAIN HOUSING DEMAND India’s average wage growth across industries has been sustained at 9-10% for long 10.7% 10.2% 10.4% 10.4% 10.2% 9.3% 9.5% 9.3% 6.1% 9.3% 10.6% 10.4% 9.3% 8.9% 9.1% 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Covid year Wage bill of 60 large listed companies (excl. large-cap IT ) representing 16 sectors grew in double digit 11.2% 9.3% Excl. large-cap IT All companies 4.4% 2.6% Excl. large-cap IT All companies Wage bill growth (FY26 vs FY25) Head count growth (FY26 vs FY25) Source: Aon 50
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SUPPLY SIDE CONSOLIDATING unlikely to keep pace with accelerating demand ✓ Regulatory push: RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: o NBFC’s exiting market after large losses post IL&FS implosion o Inability to sell during construction ✓ Consumer loss of confidence with Tier – 2 & 3 developers: o Having burnt their lifetime savings o Failure to deliver or untimely delivery with poor quality 13% 23% FY20 FY26 - 100 200 300 400 500 600 - 2.0 4.0 6.0 8.0 CY19 CY20 CY21 CY22 CY23 CY24 CY25 Sales Value (INR tn) Sales Volume ('000 units) (RHS) 30% 26% 20% 19% 16% 14% 40% 39% 35% 31% 28% 20% 21% 24% 28% 28% 26% 24% 6% 8% 11% 13% 14% 22% 3% 3% 6% 9% 16% 20% CY20 CY21 CY22 CY23 CY24 CY25 Launch distribution (basis unit value) in terms of no of units INR <4.0 mn INR 4.0 to 8.0 mn INR 8.0 mn to 15.0 mn INR 15.0 to 25.0 mn INR >25.0 mnSource: Anarock, Propequity Multiple forces leading to consolidation…. …and market share gains for Top 15 listed developers While no of units sold declined in CY25, industry has grown in value terms… …as launches have shifted from affordable & lower-end of the mid-income (INR <8mn) to larger ticket sizes 51
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STEADY AS IT GOES Mortgage an enabler, not inducer of demand ✓ Conservative Central Bank, low risk mortgage market: LTV < 85%, no teaser rates ✓ Strong performance of mortgages through all parts of the cycle - Intense competition for safe haven mortgage assets leading to plentiful availability ✓ A floating rate product; rate cycle well understood by homebuyers. Interest rate change modifies tenure, not EMI ✓ Salary growth of 8-10% enables mortgage repayment in 7-8 years 11% 26% 29% 31% 35% 41% 44% 52% 57% 79% India China Singapore Thailand Japan USA Germany Malaysia UK Netherlands Mortgage as % of GDP Low penetration of mortgage provides significant room for growth Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement Source: IMF, Central Bank data 52
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MULTIPLE BENEFITS OF CONSISTENT HOUSING PRICE INCREASE below wage growth • Improves affordability leading to increased volumes • Leads to significant wealth creation for home owning middle class (‘Wealth Effect’) • Boosts consumption as consumer confidence increases • Housing is a vehicle for generating retirement surplus; rising home prices enable older population to maintain spending power • Creates an inflation hedge especially for young home owners • Rising home prices have a positive impact on the housing and allied industries which in turn has a big multiplier effect on the economy • Has the highest labor to output ratio • Housing is among the largest employment generators • Has among the biggest multiplier effects on SME segment through supply chain • Highest ability to pull the unskilled masses from the farm & convert them into skilled workforce over time 53
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LOW RISK TO MARGINS FROM CONSTRUCTION COST INFLATION • Construction costs typically forms 25% to 45% of the sales price o Of which, one-third is related to low skilled and semi-skilled labor: plentiful supply through migration from rural areas (250+ mn people estimated to be ‘underemployed’ in agriculture), so not exposed to significant spike and is not sticky • Commodity inflation, though often sharp, generally of short cycles as demand and supply adjust to new normal, bringing price moderation in the short term • 3-4 years of construction provides flexibility to manage costs across the project lifecycle • Ready and advance under-construction inventory provides hedge against the commodity price inflation 54
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MODERATE CONSTRUCTION COST INFLATION Commodity/Component % Share in total cost April ’22 to June ’26 % Change Weighed Impact Steel 10.8% 0.0% 0.0% Flooring materials 5.0% -8.5% -0.4% Electrical 4.0% 6.9% 0.3% Plumbing 2.0% -13.3% -0.3% Labour 36.7% 26.6% 9.8% External Windows 3.4% 42.7% 1.5% RMC 11.4% 4.6% 0.5% Lifts & Elevators 4.4% -2.8% -0.1% Carpentry Materials 2.6% 9.7% 0.3% Painting 0.8% 5.6% 0.0% CP Fittings 1.8% 0.0% 0.0% Firefighting 1.3% 13.1% 0.2% Gypsum 1.8% 26.1% 0.5% Others 13.9% 1.4% 0.2% Overall 12.3% Construction cost increase since 1st April 22 at <3 % annualized rate This, in turn, implies impact on COGS of <2% p.a. for our portfolio 55
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THANK YOU! FOR ANY FURTHER INFORMATION, PLEASE WRITE TO INVESTOR.RELATIONS@LODHAGROUP.COM 56