Interim report
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October 30, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 977163, 977293, 976923 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sir/Ma’am, Sub: Outcome of the Board Meeting Ref: Regulation 30 , 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”) In continuation to our letter dated October 26, 2026, this is to inform you that the Board of Directors of Lodha Developers Limited (‘the Company’), at its meeting held today, i.e., October 30, 2026 has: 1. Approved the Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026. Pursuant to Regulation 30, 33 and 52 read with Schedule III of the Listing Regulations, we enclose a copy of the Unaudited Financial Results (Consolidated and Standalone) of the Company along with the Limited Review Report of the Auditors as Annexure - A. 2. Noted the request received from Ms . Sanjyot Rangnekar, Company Secretary and Compliance officer (Key Managerial Personnel) for early retirement from the services of the Company with effect from close of business hours on October 30, 2026. A copy of the letter is enclosed as Annexure - B. 3. Approved the appointment of Ms. Savita Kodain as Company Secretary and Compliance Officer (Key Managerial personnel) of the Company, effective from October 31, 2026, based on the recommendation of the Nomination and Remuneration Committee. The details required under Regulation 30 of the Listing Regulations read with the relevant SEBI circular(s) are enclosed as Annexure - C. The above information is also being uploaded on the Company’s website at www.lodhagroup.com. The meeting of Board of Directors of the Company commenced at 3:30 p.m. (IST) and the aforesaid items were approved until at 5.30 p.m. (IST). The meeting is still in progress for consideration of other items. Kindly take the above information on your record. Thanking you, Yours faithfully, For Lodha Developers Limited (Formerly known as Macrotech Developers Limited) Sanjay Chauhan Chief Financial Officer Enc.: As above
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 42nd Floor, Building Commerz Ill, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Lodha Developer Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results ('the Statement') of Lodha Developers Limited ('the Holding Company') and its subsidiaries {the Holding Company and its subsidiaries together referred to as 'the Group') and its joint ventures (refer Annexure 1 for the list of subsidiaries and joint ventures included in the Statement) for the quarter ended 30 September 2026 and the year to date results for the period 1 April 2026 to 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. This Statement, which is the responsibility of the Holding Company's management and approved bytre Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('hd AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed tre information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. Chartered Accountants Offices;, Mmedabad, Bengliuru, Bhli>aneswar, Oiardigam, Choonli, De/Jad111, Goo, GunJJram, Guooh1'( H}tierabad lndon,, number AAC-2085 and has its registered Jaf)ur, Koch£ Ko#lata, Mumbai. New Dehi Noida and Pune office at L-41, Connaught Circus, Outef Circle, New Delhi, 110001, India Annexure - A
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Lodha Developer Limited Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 5. We did not review the interim financial information of two (2 ) subsidiaries included in the Statement, whose financial information (before consolidation adjustments) reflects total assets oft 24.9 million as at 30 September 2026, and total revenues of Nil and Nil, total net loss after tax oft 0.8 million and t 0.3 million, total comprehensive (loss) oft 0.8 million and t 0.3 million, for the quarter and year-to-date period ended on 30 September 2026, respectively, and net cash inflows oH 0.6 million for the six months ended 30 September 2026, as considered in the Statement. These interim financial information have been reviewed by other auditors whose review reports have been furnished to us by the management of the Holding Company, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. 6. The review of unaudited consolidated financial results for the quarter ended 30 June 2026, included in the Statement was carried out and reported by M S K A & Associates LLP (formerly M S K A & Associates) who have expressed an unmodified conclusion vide their review report dated 24 July 2026, whose review report has been furnished to us by the management of the Holding Company and which has been relied upon by us forthe purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. 7. The review of unaudited consolidated quarterly and year-to-date financial results for the period ended 30 September 2025 and audited consolidated financial results for the year ended 31 March 2026 included in the Statement was carried out and reported by M S KA & Associates LLP (formerly M SK A & Associates) who an expressed an unmodified conclusion vide their review report dated 30 October 2025 and an unmo dified opinion vide their audit report dated 24 April 2026, respectively, whose reports have been furnished to us by the management of the Holding Company and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. For Walker Chandiok & Co LLP Chartered Accountants Firm Registrati o: 001076N/N500013 Rakesh R. A Partner Membership No.: 109632 UDIN: ,2.6109' 3.2 'Z.&l A\JUV \ OlO Place: Mumbai Date: 30 October 2026 Charlered Accountants Walker Chandiok & Co LlP is registered with limited liability wilh identification number Off,ces iJ Ahmedabad, Benglluru, Bhlilaneswar, Oiardgarh. Che11nai, Delradi,,, Gee, Gun.gram, Gu..,hai, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaf)ur, Kochi, Kolata, Mumba,: New Delhi, Nakia and Pune 41, Connaught Circus, Outer Circle, New Deihl, 110001, India
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Lodha Developer Limited Independent Auditor's Review Report on Unaudited Consolidated Quarterly Financial Results and Year to Date Results of the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) Annexure 1 List of entities included in the Statement other than Holding Company Sr. No Name of the Entity Relationship with Holdini:i Company 1 Roselabs Finance Limited 2 National Standard (India) Limited 3 Sanathnaqar Enterprises Limited 4 Simtools Private Limited 5 Bellissimo lndusloQic Benqaluru 1 Private Limited 6 Lodha DC Park and Infra Private Limited (formerly Corissance Developers Private Limited) 7 Cowtown lnfotech Services Limited 8 Noverra Hospitalitv Private Limited 9 DioiRealtv Technologies Private Limited 10 G Corp Homes Private Limited 11 Goel Ganqa Ventures India Private Limited 12 Belissimo Juhu Residencies Limited (Formerly known as V Hotels Limited) 13 Bellissimo Finvest Private Limited Subsidiaries 14 Bellissimo Developers Private Limited (formerly Chaithanya Bilva Private Limited) 15 Bellissimo lnfratech Private Limited (formerly Solidrise Realty Private Limited) 16 Bellissimo Digital Infrastructure Development Management Private Limited 17 Bellissimo Digital Infrastructure Investment Management Private Limited 18 Siddhivinavak Realties Private Limited 19 Citrine Enterprises LLP (w.e.f. 14 Mav 2026) 20 Bellissimo Hospitality International PTE Limited (w.e.f. 31 Juy 2026) 21 Thane Commercial Tower A Management Private Limited (up to 10 June 2026) 22 LDC International PTE Limited (w.e.f. 22 September 2026) 23 Palava lnduslogic 4 Limited (formerly Palava lnduslogic4 Private Limited) 24 Bellissimo FC Mumbai 1 Limited (formerly Bellissimo In City FC Mumbai 1 Private Limited) 25 One Box Warehouse Private Limited Joint Ventures 26 Palava lnduslogic 2 Limited (formerly Palava lnduslogic 2 Private Limited) 27 Janus Loqistics and Industrial Parks Private Limited 28 Opexifi Services Private Limited (merged with One Box Warehouse Private Limited w.e.f. 01 July 2026) Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Off,ces i, Mmedabad, Bengii!lru, Bht.baneswar. a.arrtigarh, Chenna, Delrad111, Goo, Gun.gram, Gu'"3ha/i, Hyderabad, Indore, AAC-2085 and has its registered office al L- Jaf}ur, Kochi, Kofkata, Mumbai: New Delhi, Naida and Pune 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) CIN: L45200MH1995 PLC093041 Registered Office: 412, Floor• 4, 17G Vardhaman Chamber, Cawasji Patel Road, Hornlman Ci rcle, Fort, Mumbai• 400001 Corporate office: One Lodha Place, near Lodha World Towers, Sena pati Bapat Marg, Mumbai 400 013 Tel; +9122 6133 4400; Email; investor.relations@fodhagroup.com UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER, 2026 Quarter ended Six Monlh• ended 30-Jun-26 30-Sep-26 30-Sep-25 30-Sep-26 30-Sep-25 Sr. No, Particulars (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 .22 23 24 25 26 '27 28 29 lnCome oJ Revenue From Opera tions bl Other Income Total Income Expenses oJ Cost of Proje_cls b) Employee Benefits Expense cJ Finance Costs d) eJ o) bJ a) bl Depreciation, lmpalrf11enl and Amortisation Expense Other Expenses Total Expenses Profit before Share of Profit in Associate and Joint Venture (1-2) Shore of Net Profit/ floss) in Associates and Joint Venture Profit before tax (3-4) Tax credit/ {expensel for the period/year Current Tax Deferred Tox Net Profit for the pe1lod / yeor (5•6) Other Comprehensive Income/ (Loss) Items that will not be reclassified lo Statement of Profit and Loss Gain on Property Revaluation Re-measurement of defined benefit obUgotion Income Tax effect Item• lhat will be reclassified lo Statement of Prom and Loss Effective portion of Cash Flow Hedges Income T ox Effect Other Comprehensive Income for the period / yeor Total Comprehensive Income for the period/ year (7+8) Profit for the period/ year ottributoble to: (I) Owners of the Company (II) Non-controlling Interest Other Comprehensive Income/ (Loss) for the period/ year allrlbulable lo: (I} Owners of the Company (HJ Non-controlling Interest Total Comprehensive Income for the period/ year attributable lo: {I) Owners of the Company {Ill Non-controlling Interest Paid-up Equity Shore Copllal {Face Value of i IO each) Olher Equity rExclvding Revaluation Reserve) NeJ Worth Earnings Per Share (EPS) (amount in l!') {not annualised excepl year end EPSJ Basic DIiuted Current Rolio !Reier Note 3) Long lerm Debi lo Working Capital (Refer Note 3) Curren! Uabllitv Rollo [Reier Note 31 Total Debts lo Tofol Assets !Refer Note 31 Debi Equltv Rolio !Refer Nole 31 Nel Oebf Equity Rolio [Reier Note 31 Debtors Turnover /Refer Note 31 lnvenlorv Turnover !Refer Note 31 Debi Service Coverooe Rollo' /Reier Nole 31 Interest Service Coverage Ratio ' !Reier Note 3) Bod Debi to Account Receivable Rollo" (Reier Nole 3) Ooerotlno Morain%' lf�efer Note 31 Net Profil Morain%' fReler Note 31 • Not Annualized excepl for year ended on 31-Morch-2026. �==� 44,674 1,175 45,849 25,231 1.935 1,853 829 2,625 32,473 13,376 44 13,420 (1.679) (1,606) 10,135 - 5 fl) 55 (15) 44 10,179 10,135 10,130 5 44 44 . 10,179 10,174 5 9,994 238,439 249,150 10.14 10.12 1J4 0.17 0.87 0.17 0.42 0.21 15.41 0.83 1.86 5.58 - 36.12% 2.2.11% 49,967 37,985 94,641 72,902 1,000 804 2,175 2,134 50,967 38,789 96,816 75,036 25.425 21,991 50,656 42,941 1,844 1,710 3,779 3,230 1,791 l, 565 3,644 3,043 692 714 1,521 1,373 3,474 3,196 6,099 5,799 33,226 29,176 65,699 56,386 17,741 9,613 31,117 18,650 18 (5) 62 (7) 17,759 9,608 31,179 18,643 (3,900) (1,747) (5,579) {4.0S2J (1281 37 (1,734) 58 13,731 7,898 23,866 14,649 - . . (15) 10 (lOJ (28) 3 13) 2 7 (30) - 25 - 8 - (71 (34) 7 10 (21) 13,697 7,905 23,876 14,628 13,731 7,898 23,866 14,649 13,721 7,887 23,851 14,634 10 11 15 15 (34) 7 10 (21) (3'1] 7 10 (21) - . . . 13,697 7,905 23,876 14,628 13,687 7,894 23,861 14,613 10 11 15 15 9,991 9,985 9,994 9,985 232,384 198,374 238,439 198,374 243,092 209,076 249,150 209,076 13.73 7.90 23.87 14,66 13.70 7.87 23.82 14.64 l.83 1.83 l.74 1.83 0.18 0.21 0.17 0.21 0.86 0.83 0.87 0.83 0.17 0.18 0.17 0.18 0.42 0.46 0.42 0.46 0.20 0.28 0.21 0.28 14.81 19.41 14.76 17.86 0.89 0.70 0.75 0.88 2.48 1.22 2.49 1.67 5.49 3.90 S.53 3.78 . . - 43.11% 34.44% 39.81% 34.42% 26.94% 10.36% 24.65% 19.52% (fin mllllon) Year ended 31-Mar-26 (Audited) 166,762 4,433 171,195 97,964 6,587 6,567 3,454 13,002 127,574 43,621 92 43,713 (9,933) 527 34,307 59 {681 2 . (7) 34,300 34,307 34,282 25 (7) (71 . 34,300 34,275 25 9,989 218,434 229,141 34.34 34.25 l.75 0,16 0.88 0.17 0.43 0.24 14.83 0.8S 2.04 4.39 . 33.89% 20.04%
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It In mllllonl STATEMENT Of UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES As at Asal Sr. No. Particulars 30-Sep-26 31-Mar-26 (Unaudited) (Audited) A ASSETS 1) Non-Current Assets Properly. Plant and Equipmenl 10,334 9,696 Investment Properly 23,779 11,967 Investment Property Under Development 6,469 2,558 Goodwill 1,944 2,128 Intangible Assets 92 61 lnlongible Assets Under Oevelopmepl 114 102 Investments accounted for using the Equity Method 2,550 2,547 Financial Assets Investments 7,946 6,687 Loons 190 755 Other Financial Assets 4,002 4,193 Non-CurrentTox Assets fNetj 729 976 Deferred T ox Assets (Nel) 1,368 2,570 Other Non-Current Assets 939 924 llotal Non-Current Assets 60,456 45,164 2) Current Assets Inventories 404,000 402,538 Financial Assets Investments 14,558 5,303 Loons 31,532 27,901 Trade Receivables 10,923 14,720 Cash and Cash Equivalents 12,680 27,026 Bonk Balances other than Cash and Cash Equlvalents 13,477 8,835 Other Financial Assets 66,395 46,648 Other Current Assets 13,071 11,231 Total Current Assets 566,636 544,202 Total Assets (1 + 2) 627,092 589,366 B EQUITY AND LIABILITIES 1) Equity Equity Shore capltal 9,994 9,989 Other Equity 242,876 222,873 Non-Conlrolllng Interests 710 1,430 253,580 234,292 2) Non-Current Llabililles Financial Liabilities Borrowings 40,463 37,162 Lease Liability 249 99 Trade Payables Due lo Micro and Small Enterprises 1.066 888 Due to Others 515 673 Other Financial Liabilities 1,925 1,905 Provisions 491 452 Deferred Tax Liabilities (Nelj 3,294 2,828 Total Non-Current Llabilltles 48,003 44,007 3) Current Llablllties Financial Liabilities Borrowings 63,472 61,677 Lease Uoblllly 104 22 Trade Payables: Due to Micro and Small Enlerprlres 4,117 3,678 Due to Others 26.408 30,351 Other Financial Liabilities 133,238 101,322 Provisions 178 169 Current Tax Liabilities (Net) 765 419 Other Current Liabilities 97,227 113.429 Total Current Liabilities 325,509 311,067 Tolal EquHy and Llabillties (1 + 2 + 3) 627,092 589,366
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(fin mllll I OD UNAUDITED CONSOUDATED STATEMENT OF CASH FLOW Six Month• ended Sr. Particulars 30-Sep-25 No. 30-Sep-26 (Unaudited) (Unaudited) (A) Operating Activities Profit Before Tax 31,179 18,643 Adjustments for: Oepreciolfon, Amortisation and lmpolrmenl Expense 1,521 1,373 (Profil)/ Loss on Sole of Properly, Plant and Equipmenl (1) - Shore of Net (Prolil)/ Loss in Associate and Joint Venture (62) 7 Net Foreign Exchange (Goin)/ Loss 8 8 Interest Income (1,259) (945) Finance Costs - Including Copitorcsed 4,410 3,674 Provision for Shore based poymenl 386 355 Profit on Sole of Investments (532) (264) Sundry Balances / Excess Provisions written off/ (bock) fnet) 99 (44) Gains arising from fair valuation of financial instruments (99) (664) Operating Profit Before Working Capita/ Changes 35,650 22,143 Working Capital Adjustments: Increase in Trade and Other Receivables (11,938) (10,252) (Increase)/ Decrease in Inventories 17,798 (2,111) Oecreose in Trade and Other payables (22,760) (12,140) Cash Generated from / (used In) Operating Actlvllies lB,750 {2,360) Income Tax pold (net) (5.028) (2,794) Net Cash Flows from/ (Used 1n) Operallng Activities 13,722 {5,154) (BJ Investing Activttles Purchase of Properly, Plant and Equipment including Investment Property & Intangible Assets (2,261) (1,101) (Investment in) / Proceeds from Bank Deposits (nel) (10,115) 3,596 Purchase of Non-Current Investments (net) (1,200) (1,841) Purchase of Current Investments (net) (8,624) (5,133) lnteresl received 1,168 737 Loons (Given)/ Received back (net) {3,074) (4,301) Net Cash Flows trorri/ {Used In) lnvestlng Activities {24,106) (8,043) (CJ financing Activities Anonce Costs Paid (4,152) (3,767) Proceeds from Borrowings 30,069 41,598 Proceeds from Issue of Share Copltol (Including Security Premlvm) 113 258 Purchase of Non Controlling Interest 1735) - Pioceeds from Shore AppUcalion Money pending allotment 17 2 Payment of Dividend on Equity Shores (4,246) (4,243) Payment of Lease Liability (55) (11) Repoymenl of Borrowings (24,973) (16,245) Nel Cash Flows from/ (used In) Financing Activities {3,962) 17,592 (D) N·el Increase/ (Decrease) in Cosh and Cosh Equlvolenls (A .. B+C} : (14,346) 4,395 Add: Cash and Cash Equlvalenfs at the beginning of the period 27,026 9,336 Cash and Cash Equivalents acquired on Acquisition of Subsidiory . 7 Ca,h and Cash Equivalents at the end of the period 12,680 13,738
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Notes to unaudited Consolidated Financial Results : The above unaudited consolidated linonciol results for the quarter and six months ended 30-September-2026 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at their respective meetings held on 30-Oclober-2026. The statutory auditors hove carried out the limited review at the above financial results of the Holding Company and expressed an unmodified conclusion. 2 During the quarter ended on 30-September-2026, the Holding Company has allotted 2,91,397 equity shares having a face value of �JO each upon exercise of options granted under the Lodha Developers Limited- Employee Stock Option Schemes. 3 Definitions for Ratios: a) Current Ratio b) Long term Debt to Working Capital Ratio c) Current Liability Ratio d) Total Debts to Total Assets Ratio e) Debt Equity Ratio f) Net Debt Equity Ratio g) Debtors Turnover' h) Inventory Turnover' i) Debt Service Coverage Ratio* j) Interest Service Coverage Ratio* k) Bad Debt to Account Receivable Ratio I) Operating Margin % m) Net Profit Margin % : Current Assets/ Current Liabilities : Long Terrn Debt/ Working Capital : Current Liabilites / Total Liabilities : Total Debts/ Total Assets : Total Debt/ Total Equity (Share Capital+ Applicable Reserves) : Total Debt less Cash & Cash Equivalent, Fixed Deposits and Liquid Investments/ Total Equity (Share Capital+ Applicable Reserves) : Revenue from Operations/ Average Trade Receivables : Cost of Projects/ Average Cost Based Inventory : Earnings before Interest Expenses#, Depreciation, Impairment, Amortisation Expense and Tax/ (Interest Expenses + Principal Repayment (excluding refinancing and prepayment)) : Earnings before Interest Expenses#, Depreciation, Impairment, Amortisation Expense and Tax/ Interest cost : Bad Debt/ Average Trade Receivables : Earnings before Interest Expenses#, Depreciation, Impairment, Amortisation Expense & Tax less Other Income/ Revenue from Operation : Profit After tax/ Total Income # Interest expenses represents Finance cost debited to Consolidated Statement of Profit and Loss and Interest cost charged through cost of projects. * in times 4 The Group operates in only one reportable segment i.e. Real estate development and accordingly the financial results are reported as single reportable segment.
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5 The figures for the corresponding previous year/periods have been regrouped/ reclassified, wherever considered necessary, to make them comparable with current periods classification. Place : Mumbai Date : 30-Octobrer-2026 For and on behalf of the Board of Directors of Lod Managing Director DIN: 002660B9
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Walker Chandiok &_Co LLP Walker Chandiok & Co LLP 42nd Floor, Building Commerz Ill, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Review Report on Unaudited Standalone Quarterly Financial Results and Year to Date Results of the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Lodha Developers Limited 1. We have reviewed the accompanying statement of unaudited standalone financial results ('the Statement') of Lodha Developers Limited ('the Company') for the quarter ended 30 September 2026 and the year to date results for the period 1 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'). 2. The Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ('Ind AS 34'), prescribed under section 133 of the Companies Act, 2013 ('the Act'), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial. information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. The review of unaudited standalone financial results for the quarter ended 30 June 2026, included in the Statement was carried out and reported by MS KA & Associates LLP (formerly MS KA & Associates) who has expressed an unmodified conclusion vide their review report dated 24 July 2026, whose review report has been furnished to us by the Management and which has been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. Walker Chandiok & Co LLP is registered with limited liability w�h identification �bad. Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, number AAC-2085 and has its registered Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Review Report on Unaudited Standalone Quarterly Financial Results and Year to Date Results of the Company pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) 6. The review of unaudited standalone quarterly and year-to-date financial results for the period ended 30 September 2025 and audited standalone financial results for the year ended 31 March 2026, included in the Statement was carried out and reported by M S K A & Associates LLP (formerly M S K A & Associates) who has expressed an unmodified conclusion vide their review report dated 30 October 2025 and an unmodified opinion vide their audit report dated 24 April 2026, respectively, whose reports have been furnished to us by the Management and which have been relied upon by us for the purpose of our review of the Statement. Our conclusion is not modified in respect of this matter. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration : 001076N/N500013 Rakesh R. Partner Membership No.: 109632 UDIN:16I0.9632N�P81L .. �l3'-f Place: Mumbai Date: 30 October 2026 Chartered Accountants Walker Chandiok & Co LLP is registered with limiled liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) CIN: L45200MH1995PLC093041 Registered Office: 412, Floor- 4, 17G Vardhaman Chamber, Cawasji Patel Road, Hornlmon Circle, Fort, Mumbai - 400 001 Corporate office: One Lodha Place, near Lodha World Towers, Senapati Bapat Marg, Mumbai 400 013 Tel: +9122 6133 4400; Email: investor.relalions@lodhagroup.com UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2026 Quarter Ended Six Months Ended 30-Sep-25 30-Sep-26 30-Sep-25 Sr. No. Particulars 30-Sep-26 (Unaudited) 30-Jun-26 (Unaudited) (Unaudited) (Unaudited) (Unaudited) Income a) Revenue From Operations b) Other Income Total Income 2 Expenses a) Cost of Projects b) Employee Benefits Expense c) Finance Costs d) Depreciation, Impairment and Amortisation Expense e) Other Expenses Total Expenses 3 Profit before tax (1-2) 4 Tax credit /(expense) for the period/year a) Current Tax b) Deferred Tax 5 Net Profit for the period / year (3-4) 6 Other Comprehensive Income / (Loss) a) ::;�1��t will not be reclassified to Statement ot Profit Gain on Property Revaluation Remeasurements of Defined Benefit Obligations Income tax effect b) �::s that will be reclassified to Stafement ot Profit and Effective Portion of the Cash Flow Hedges Income Tax Effect other Comprehensive Income tor the period / year 7 Total Comprehensive Income for the period / year (5+6) 8 Paid-up Equity Share Capital (Face Value off 10 each) 9 Other Equity (Excluding Revaluation Reserve) 10 Net Worth 11 Earnings Per Share (EPS) (amount In� (not annualised except year end EPS) Basic Diluted 12 Current Ratio (Refer Note 5) 13 �ong term Debt to Working Capital (Refer Note 5) 14 Current Liability Ratio (Refer Note 5) 15 Total Debts to Total Assets (Refer Note 5) 16 Debt Equity Ratio (Refer Note 5) 17 Net Debt Equity Ratio (Refer Note 5) 18 Debtors Turnover (Refer Note 5) 19 Inventory Turnover (Refer Note 5) 20 Debt Service Coverage Ratio* (Refer Note 5) 21 Interest Service Coverage Ratio* (Refer Note 5) 22 Bad Debt to Account Receivable Ratio• (Refer Note 5) "� lnperating Margin %* (Refer Note 5) 32,748 1,302 34,050 19,333 1,760 1,913 744 1,822 25,572 8,478 (1,534) (494) 6,450 4 (1) 55 (15) 43 6,493 9,994 220,771 231,683 6.45 6.44 l.6 l 0.25 0.86 0.20 0.52 0.35 15.35 0.68 l.32 3.90 31.64% 18.94% 43,779 29,834 76,527 63,327 1,155 639 2,457 2,096 44,934 30,473 78,984 65,423 24,161 19,394 43,494 39,846 1,661 l,567 3,421 2,969 l,986 1,871 3,899 3,598 647 654 1,391 1,282 2,710 2,694 4,532 4,755 31,165 26,180 56,737 52,450 13,769 4,293 22,247 12,973 (3,357) (1,009) (4,891) (3,214) 83 72 (411) 40 10,495 3,356 16,945 9,799 (14) 8 (10) (27) 3 (2) 2 7 (30) 25 8 (7) (33) 6 10 (20) 10,462 3,362 16,955 9,779 9,991 9,985 9,994 9,985 218,434 187,792 220,771 187,792 229,343 198,695 231,683 198,695 10.51 3.36 16.96 9.82 10.48 3.35 16.92 9.79 l.66 1.74 l.6 l 1.74 0.22 0.23 0.25 0.23 0.87 0.84 0.86 0.84 0.20 0.21 0.20 0.21 0.52 0.55 0.52 0.55 0.32 0.39 0.35 0.39 19.25 16.60 18.40 16.97 0.91 0.75 0.80 0.80 2.03 l.06 l.92 l.57 4.42 2.29 4.20 2.84 38.44% 25.11% 35.53% 29.42% 23.36% l l.01% 21.45% 14.98% (tin million) Year Ended 31-Mar-26 (Audited) 145,417 8,768 154,185 90,173 6,047 7,510 3,197 10,526 117,453 36,732 (8,138) 605 29,199 59 (70) 3 (8) 29,191 9,989 207,686 218,593 29.25 29.16 l.59 0.20 0.88 0.19 0.49 0.32 17.95 0.89 l.98 3.82 28.98% 18.94%
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(fin million) STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES Sr. Particulars As al As at No. 30-Sep-26 31-Mar-26 (Unaudited) (Audited) A ASSETS 1) Non-Current Assets Property, Plant and Equipment 9,576 8,981 Investment Property 22,465 10,620 Investment Property Under Development 5,205 1,911 Goodwill 1,588 1,766 Intangible Assets 80 71 Financial Assets Investments 27,489 25,502 Loans 7,170 7,169 Other Financial Assets 15,991 19.461 Non-Current Tax Assets [Net) 138 658 Other Non-Current Assets 763 751 Total Non-Current Assets 90,465 76,890 2) Current Assets Inventories 369,966 365,882 Financial Assets Investments 11,943 3,927 Loans 35,366 29,673 Trade Receivables 7,750 8,883 Cash and Cash Equivalents 9,520 22,056 Bank Balances other than Cash and Cash Equivalents 9,981 7,070 Other Financial Assets 71,604 52,322 Other Current Assets 10,315 8,962 Total Current Assets 526,445 498,775 Total Assets (1 + 2) 616,910 575,665 B EQUITY AND LIABIUTIES I) EQuify Equity Share Capitol 9,994 9,989 Other Eauitv 225,208 212,125 235,202 222,114 2} Non-Current Liabilities Financial Liabilities Borrowinqs 50,190 36,813 Lease Liabilities 163 4 Trade Payables Due to Micro and Small Enterprises 103 58 Due to others 28 121 Other Financial Liabilities 728 714 Provisions 440 409 Deferred Tax Liabilities [Net) 2,979 2,608 Total Non-Current Liabilities 54,631 40,727 3) Current liabllilies Financial Liabilities Borrowinos 71,386 70,430 Lease Liabilities 94 7 Trade Payables Due to Micro and Small Enterprises 763 886 Due to Others 31,340 36,777 Other Financial Liabilities 131.193 100,169 Provisions 163 154 Current Tax Liabilities 480 344 Other Current Liabilities 91.658 104,057 Total Current Liabilities 327,077 312,824 Total EQuity and Liabilities (1 + 2 + 3) 616,910 575,665
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(fin million) STATEMENT OF UNAUDITED STANDALONE CASH FLOW For the six months ended 30-Sep-26 30-Sep-25 (Unaudited) (Unaudited) (A) Operating Activities Profit Before Tax 22,247 12,973 Adjustments for : Depreciation, Impairment and Amortisation Expense 1,391 1,282 Net Foreion Exchanqe Loss 5 8 Sundry Balances / Excess Provisions Written Off/ (Back) (Net) 21 (25) Profit on Sale of Current Investments (470) (116 Gain orisina from Fair Valuation of Financial Instruments (97) (318) Provision for Share based oavment 386 355 Interest Income (1,171) (961) Finance Costs- Including capitalized 4,442 4,042 Operating Profit Before Working Capital Changes 26,754 17,240 Working Capital Adjustments: (lncrease)/Decrease in Trade and Other Receivables (10,440) (9,038) Decrease/ (Increase) in Inventories 15,764 1,698 (Decrease)/ Increase in Trade and Other Payables (22,457) (17,917) Cash Generated from/ (Used in) Operating Activities 9,621 (8,017) Income Tax (Paid)/Refund (Net) (4,235) (2,405) Net Cash Flows from/ (Used in) Operating Activities 5,386 (10,422) (B) Investing Activities Purchase of Property, Plant and Equipment (including Investment (1,789) (665) Property & Intangible assets) Purchase of Non-Current Investments /1.251 I {6,913) Proceeds from Sale of Non-Current Investments - 1,404 (Purchase) / Sale of Current Investments (7,450) (8,159) (Investment in) / Proceeds from Bank Deposits (Net) (8,556) 4,000 Loans (Given)/ Received back (Net) (5,150) 2,743 Interest Received 640 389 Net Cash Flows from/ (used in} Investing Activities (23,556 (7,201' (C) Financing Activities Proceeds from Issue of Equity Shares including Securities Premium 113 258 Proceeds from Share Application Money pending allotment 17 2 Proceeds from Borrowings 28,897 40,818 Repayment of Borrowings (14,557) (11,995) Purchase of Subsidiaries Equity (735) - Repayment of Lease Liability (55) (11) Payment of Dividend on Equity Shares (4,246) (4,243) Finance Costs paid (3,800) (3,330) Net Cash Flows from/ (used in) Financing Activities 5,634 21,499 (D) Net Increase/ (Decrease) in Cash and Cash Equivalents (A+B+C): (12,536) 3,876 Add: Cash and Cash Equivalents at the beginning of the period 22,056 8,165 Cash and Cash Equivalents at end of the period 9,520 12,041
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Noles to Unaudited Standalone Financial Results : The above unaudited standalone financial results for the quarter and six months ended 30-September-2026 have been reviewed by the Audit Committee and approved by the Board of Directors ('the Board') at their respective meetings held on 30-October-2026. The statutory auditors have carried out the limited review of the above standalone financial results of the Company and expressed an unmodified conclusion. 2 During fhe quarfer ended on 30-September-2026, fhe Company has allotted 2,91,397 equity shares having a face value of i!'lO each upon exercise of options granted under the Lodha Developers Limited- Employee Stock Option Schemes. 3 A Scheme of merger by absorption of two listed subsidiaries namely National Standard (India) Limited and Roselabs Finance Limited wifh the Company was filed with the Hon'ble NCLT, Mumbai bench on l l-June-2026 ('fhe Scheme'). The Scheme was approved by the shareholders on 09- October-2026 and is under process for final approval by the Hon'ble NCLT, Mumbai Bench. Pending the approval of fhe Scheme, the Sfandalone financial results have been prepared without giving impact to the said scheme. 4 The total listed secured redeemable Non-Convertible Debentures (NCDs), outstanding as on 30-September-2026 is i!' 26,905 million. The NCDs are secured by way of a registered mortgage over the identified project land, construction fhereon and project receivables, as staled in the respective debenture trust deed. The security cover in respect of listed secured redeemable NCDs as at 30-September-2026 is more than the requisite coverage of 1.5 times for NCDs of i!'l 8,905 million and 1.5 times of project land & 1.2 times of project receivables for NCD of i!'3,000 million and 2.25 times of project land for NCD of i!'5,000 million. 5 Definitions for Ratios: a) Current Ratio b) Long term Debi to Working Capital Ratio c) Current Liability Rafio d) Total Debts to Tofal Assets Ratio e) Debt Equity Ratio f) Net Debt Equity Ratio g) Debtors Turnover" h) Inventory Turnover" i) Debi Service Coverage Ratio* j) Interest Service Coverage Ratio* k) Bad Debt to Account Receivable Ratio I) Operating Margin % m) Net Profit Margin % : Current Assets/ Current Liabilities : Long Term Debt/ Working Capital : Current Liabilities/ Total Liabilities : Total Debts/ Total Assets : Total Debt/ Total Equity (Share Capital+ Applicable Reserves) : Total Debt less Cash & Cash Equivalent, Fixed Deposits and Liquid Investments/ Total Equity (Share Capital + Applicable Reserves) : Revenue from Operations/ Average Trade Receivables : Cost of Projects/ Average Cost Based Inventory : Earnings before Interest Expenses#, Depreciation, Impairment and Amortisation Expense and Tax/ (Interest Expenses+ Principal Repayment (excluding refinancing, prepayment and group debt)) : Earnings before Interest Expenses#, Depreciation, Impairment and Amortisation Expense and Tax / Interest cost : Bad Debt/ Average Trade Receivables : Earnings before Interest Expenses#, Depreciation, Impairment and Amortisation Expense & Tax less Other Income/ Revenue from Operations : Profit After tax/ Total Income # Interest expenses represents Finance cost debited to Standalone Statement of Profit and Loss and Interest cost charged through cost of projects. • in times 6 The Company operates in only one reportable segment i.e. Real estate development and accordingly the financial results are reported as single reportable segmenf. 7 The figures for the corresponding previous year/period's have been regrouped/ reclassified, wherever considered necessary, to make them comparable wifh current period's classificafion. Place : Mumbai Date : 30-Ocfober-2026 For and on behalf of the Board of Directors of Lodha D velopers Limited Managing Director DIN: 00266089
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Walker Chandiok &_Co LLP To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001 Walker Chandiok & Co LLP 42nd Floor, Building Commerz 111, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Dear Sirs, 1. This certificate is issued in accordance with the terms of our engagement letter dated 28 September 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (The "Company"). 2. The accompanying statement containing "Details of security coverage maintained against listed secured redeemable Non-Convertible Debentures ('NCDs') of the Company outstanding as at 30 September 2026" {hereinafter referred to as 'the Statement') has been prepared by the Company's management for the purpose of submission of the Statement along with this certificate to the Debenture Trustee of the Company, pursuant to the requirements of Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange Board of India ('SEBI') (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended} and Regulation 15(1 )(t){ii)(a) of Securities and Exchange Board of India (Debentures Trustee) Regulations, 1993 (as amended) read with Chapter V of HO/17/11/12(2)2026-DDHS-POD1/I/22420/2026 dated 28 September 2026 (collectively referred to as 'the Regulations'). We have initialed the Statement for identification purposes. 3. The Certificate is required by the Company for the purpose of onward submission with Axis Trustee Services Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with the Regulations in respect of following Listed, Secured, Redeemable, Non-convertible debentures (NCDs) as at 30 September 2026: ISIN No. of debentures Face value per Amount outstanding as outstanding as at 30 debenture (Rs.) at 30 September 2026 September 2026 (Rs. In million) INE670K07349 25,000 49,204 1,230 Total 1,230 Management's Responsibility 4. The preparation of the Statement, including the preparation and maintenance of all accounting and other relevant supporting records and documents, is solely the responsibility of the management of the Company. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 5. The Management is also responsible for ensuring compliance with the requirements of the Regulations, and enture Trust Deed (DTDs) for the purpose of furnishing this Statement and providing all relevant • n to the Debenture Trustees. tanls abao, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune Walker Chandiok & Co LLP is registered with limiled liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Auditor's Responsibility 6. Pursuant to requirements as referred to in paragraph 2 above, it is our responsibility to express a limited assurance in the form of a conclusion as to whether the details included in the accompanying Statement regarding maintenance of security cover as per the terms of the DTDs in respect of listed NCDs of the Company outstanding as at 30 September 2026, are in agreement with the unaudited standalone financial results of the Company, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026 and that the calculation thereof is arithmetically accurate. 7. We have performed a limited review of the unaudited standalone financial results of the Company for the period ended 30 September 2026 prepared by the Company pursuant to the requirements of the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and issued an unmodified conclusion dated 30 October 2026. Our review of these unaudited standalone financial results was conducted in accordance with Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI"). 8. We conducted our examination of the Statement, in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) ('the Guidance Note'), issued by the Institute of Chartered Accountants of India ('the ICAI'). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 9. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, issued by the ICAI. 10. Limited assurance engagement involves making inquiries, primarily with the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. The procedures performed vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The procedure selected depend on the auditor's judgment, including the assessment of the areas where a material misstatement of the subject matter information is likely to arise. We have performed the following procedures in relation to the Statement: a. Obtained the details of security cover from terms of the DTDs in respect of the listed NCDs outstanding as at 30 September 2026; b. Enquired and understood Management's assessment of compliance with the details of security cover and corroborated the responses from the understanding obtained by us during the review of the unaudited standalone financial results as referred in paragraph 6 above, and such further inspection of supporting and other documents as deemed necessary; c. Traced the value of assets forming part of the security cover from the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026; d. Recomputed the security coverage ratio based on the information as obtained in points (a) and (c) above; e. Verified the arithmetical accuracy of the Statement; and f. Performed necessary inquiries with the Management and obtained necessary representations. Walker Chandiok & Co LLP is registered with limited liability with identification number ,JJ/li�J;�ledabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai. Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office at L- ""-="�"':IO"• o·ochl Kolkata, Mumbai, New Delhi, Noida and Pune 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Conclusion 11. Based on the procedures performed as referred to in paragraph 10 above and according to the information, explanations and representations provided to us by the Management of the Company, nothing has come to our attention that causes us to believe that: a. the book values of the assets of the Company contained in Columns 'C' and 'F' of the Statement are not in agreement with the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at 30 September 2026; and b. The security cover available for debenture holders against the outstanding listed NCDs is not in line with DTDs and related documents. Restriction on distribution or use 12. Our work was performed solely to assist you in meeting in your responsibilities in relation to your compliance with the requirements of the Regulations. Our obligations in re.spect of this certificate are entirely separate from, and our responsibility and liability are in no way changed by, any other role we may have as statutory auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will extend any duty of care we may have in our capacity as statutory auditors of the Company. 13. The certificate is addressed to and provided to the Board of Directors of the Company solely for the purpose of enabling it to comply with the requirements of the Regulations which requires it to submit this certificate along with the accompanying Statement to the Stoc:k Exchange and Debenture Trustees, and should not be used, referred to or distributed for any other purpose or to any other party without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing. For Walker Chandiok & Co LLP Chartered Accou nts Firm Registratio No. 001076N/N500013 Rakesh R. Partner Membership No.: 109632 UDIN:.l6I09r; 3,l K'IMSWR I� Place: Mumbai Date: 30 October 2026 Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahaa, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune 41, Connaughl Circus, Outer Circle, New Delhi, 110001, India
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Details of security coverage maintained against listed secured redeemable Non-Convertible Debentures ('NCDs') of the Company outstanding as at 30 September 2026 ("the·Statement") : I I I .•. I No I I I 5,90_3 f I I 9,339 237 1 237 1,588 1,s:� : : 80 Intangible Assets under Oe.velonment Investments Mutual Fund 181 No 39,251 39,432 Loans 42,536 42.536 Inventories 1,543 74,123 No 4_,068 290,232 369,966J z,659J l l Trade 1,104 Receivables 3 No 228 6,415 7,750 Cash and Cash E.Quivalents 9 520 9 520 ; Sank Balances other than Cash and Cash Eauivalents Fixed Deposits 32 1,992 7,957 9,981 I 32 I . I I Others 16.022 No 110,459 126.481 Jotal 1,578 96,858 4,296 514,178 616,9101 2,6941 . I ·L Annexure I (R> ln MlJJJon) Ei>l"111J(0' l 2,659 I 32 - l____l,"69•
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Details of security ooverage maintained against listed secured redeemable Nan-Convertible Debenture� ('NCDs') of the Company outstanding as at 30 September 2026 ("\he Statement'•') LIABILITIES# Debt securities to which this Secured NCD's + certificate pertains Interest Accrued I 1,226 I I No I I I I I 1,226 I 1,226 I I I thereon Other debt sharing pari-passu charge with above debt Other Oebt I 94.24!l I No I I 4,5271 I I I 98,776 Subordinated debt not to be Borrowinas Bank filled Debt Securities 9,998 9,998 Others 11,576 11,576 Trade payables(Current + Non- 32,234 32,234 Current) lease liabilities {Current+ Non- 257 257 Current) Provisions (Current+ Non-Current) 603 603 Others 224 059 224,059 Total 1,ZZ6 94,249 4,527 278,727 378,7291 1,ZZ6 I I I Cover on Book 1.29 Value Cover on Market I I I I z.zo I I . I Value Exclusive Pari-Passu 'Security Security Cover Cover Rati_o Ratio # Liabilities does not include De/e"ed Tax liablllty The Statement is prepared based on the underlying unaudited standalone financial results for the quarter and six months ended 30 September 2026, which have been adopted by the Board of Directors of the Company in its meeting dated 30 October 2026, Annexure I fbinMIUlog_ I I I C!ilum�O ,�, v.ru�f@(�+M• 1,1) 1,226 1,ZZ6 2.20
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Walker Chandiok &..Co LLP To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001 Walker Chandiok & Co LLP 42nd Floor, Building Commerz 111, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Dear Sirs, 1. This certificate is issued in accordance with the terms of our engagement letter dated 28 September 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (The "Company"). 2. The accompanying statement containing "Details of security coverage maintained against listed secured redeemable Non-Convertible Debentures ('NCDs') of the Company outstanding as at 30 September 2026" (hereinafter referred to as 'the Statement') has been prepared by the Company's management for the purpose of submission of the Statement along with this certificate to the Debenture Trustee of the Company, pursuant to the requirements of Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange Board of India ('SEBI') (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debentures Trustee) Regulations, 1993 (as amended) read with Chapter V of HO/17/11/12(2)2026-DDHS-POD1/l/22 420/2026 dated 28 September 2026 (collectively referred to as 'the Regulations'). We have initialed the Statement for identification purposes. 3. The Certificate is required by the Company for the purpose of onward submission with Catalyst Trusteeship Limited (hereinafter the "Debenture Trustee") of the Company to ensure compliance with the Regulations in respect of following Listed, Secured, Redeemable, Non-convertible debentures (NCDs) as at 30 September 2026: ISIN No. of debentures Face value per Amount outstanding as outstanding as at 30 debenture (Rs.) at 30 September 2026 September 2026 (Rs. In million) INE670K07307 35,000 74,846 2,620 INE670K07315 35,000 85,174 3,000 INE670K07331 50,000 100,000 5,000 INE670K07364 30,000 100,000 3,000 Total 13,620 Management's Responsibility 4. The preparation of the Statement, including the preparation and maintenance of all accounting and other relevant supporting records and documents, is solely the responsibility of the management of the Company. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making �======e�stimates that are reasonable in the circumstances. counlants '""'.::�::;;:;i<-llices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, Jaipur, Koc hi,' Kolkata, Mumbai. New Delhi, Naida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities ·and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 5. The Management is also responsible for ensuring compliance with the requirements of the Regulations, and the Debenture Trust Deed (DTDs) for the purpose of furnishing this Statement and providing all relevant information to the Debenture Trustees. Auditor's Responsibility 6. Pursuant to requirements as referred to in paragraph 2 above, it is our responsibility to express a limited assurance in the form of a conclusion as to whether the details included in the accompanying Statement regarding maintenance of security cover as per the terms of the DTDs in respect of listed NCDs of the Company outstanding as at 30 September 2026, are in agreement with the unaudited standalone financial results of the Company, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026 and that the calculation thereof is arithmetically accurate. 7. We have performed a limited review of the unaudited standalone financial results of the Company for the period ended 30 September 2026 prepared by the Company pursuant to the requirements of the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and issued an unmodified conclusion dated 30 October 2026. Our review of these unaudited standalone financial results was conducted in accordance with Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI''). 8. We conducted our examination of the Statement, in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) ('the Guidance Note'), issued by the Institute of Chartered Accountants of India ('the ICAI'). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 9. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, issued by the ICAI. 10. Limited assurance engagement involves making inquiries, primarily with the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. The procedures performed vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The procedure selected depend on the auditor's judgment, including the assessment of the areas where a material misstatement of the subject matter information is likely to arise. We have performed the following procedures in relation to the Statement: a. Obtained the details of security cover from terms of the DTDs in respect of the listed NCDs outstanding as at 30 September 2026; b. Enquired and understood Management's assessment of compliance with the details of security cover and corroborated the responses from the understanding obtained by us during the review of the unaudited standalone financial results as referred in paragraph 6 above, and such further inspection of supporting and other documents as deemed necessary; c. Traced the value of assets forming part of the security cover from the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026; d. Recomputed the security coverage ratio based on the information as obtained in points (a) and (c) above; the arithmetical accuracy of the Statement; and Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahab, Hyderabad, Indore, Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L- 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Page 23
Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 f. Performed necessary inquiries with the Management and obtained necessary representations. Conclusion 11. Based on the procedures performed as referred to in paragraph 10 above and according to the information, explanations and representations provided to us by the Management of the Company, nothing has come to our attention that causes us to believe that: a. the book values of the assets of the Company contained in Columns 'C' and 'F' of the Statement are not in agreement with the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at 30 September 2026; and b. The security cover available for debenture holders against the outstanding listed NCDs is not in line with DTDs and related documents. Restriction on distribution or use 12. Our work was performed solely to assist you in meeting in your responsibilities in relation to your compliance with the requirements of the Regulations. Our obligations in respect of this certificate are entirely separate from, and our responsibility and liability are in no way changed by, any other role we may have as statutory auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will extend any duty of care we may have in our capacity as statutory auditors of the Company. 13. The certificate is addressed to and provided to the Board of Directors of the Company solely for the purpose of enabling it to comply with the requirements of the Regulations which requires it to submit this certificate along with the accompanying Statement to the Stock Exchange and Debenture Trustees, and should not be used, referred to or distributed for any other purpose or to any other party without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing. For Walker Chandiok & Co LLP Chartered Accou ts Firm Registration No: 001076N/N500013 Partner Membership No.: 109632 Place: Mumbai Date: 30 October 2026 Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office al L- Jaipur, Kechi, Kolkata, Mumbai, New Delhi, Neida and Pune 41, Connaughl Circus, Outer Circle, New Delhi, 110001, India
Page 24
LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) ASSEIS eronerty, Plant and E.Quipment Capital Work-In- Proe:ress Rhtht of Use Assets Goodwill lntan,;bJe Assets Intangible Assets under Develocment Investments Loans Inventories Trade R.eceivables Cash and Cash Equivalents Bank Balances other than Cash and Cash Eauivalents Others Total Mutual Fund Fixed Deposits 3.436 No 63 118 No 15,472 60,194 No 227 880 No 132 1,89 2 5,578 10 444 No 21,472 76,964 5.9 03 237 1,588 80 39.251 42,536 4,068 290.232 228 6.415 9.520 7,957 110459 4296 514,178 9,339 237 1,588 80 39 432 63 42.536 369,966 25,419 7,750 227 9,520 9,981 I 1321 . I I 126481 I 5,578 I I 616.910 I 31,419) • I • I Annexure I Rs In MIiiian -� ls!!Ot '°' I '""·""' 1,ali �· r I I I I • I £oh,11:nn1_2 total Vi(�l,,��M� Ill) 63 25 419 227 132 5,578 31.419
Page 25
LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Details of security coverage maintained against llst.ed secured redee_mable Non-Convertible Debentures {'NCDs'I of the Company outstanding as at 30 September 2026 ("the Statement" ���l�Jdt!2£!i!i Debt securities to which this Secured NCD's + certificate pertains Interest Accrued I 13,617 I I No I I I I I I 13,617 I 13,617 I I I thereon Other debt sharing pari-passu charge with above debt Other Debt I 81,8581 No I I 4,527 I I I 1 ___ 8_6,385 ISJJb.ardinated debt not to be Borrowin(]S Bank filled Debt Secur:ities I I I I I I 9,998 1 I �:�;: Others I 11.576 Trade payables(Current + Non- 32,234 32,234 Current) Lease Liabilities {Current+ Non- Current) 257 257 Provisions (Current+ Non-Current) 603 603 Others 224 059 224,059 Total 13,617 81,858 4,527 278,727 378,7291 13,617 I I I Cover on Book 1.58 Value Cover on Market I I I I I I I I 2.31 I I . I Value Exclusive Pari-Passu Security Security Cover Cover Ratio Ratio # Uobi//tfo, does 001 fn<Jude Oeferted To� llob/11,y The Statl!ment Is pr�pared bo,:crd an the underfvJng unaudlred .stcmdalone financial results for the quarter and six months ended 30 September 2026� which have been adopted by the Board of Directors of the Company In its meeting dated 30 October 2026. " Annexure I Rs In MIiiion I I Calll"'niii;o- Totlll v.i�e��$<i,"M .. tll 13,617 13,617 I 2.31
Page 26
Walker Chandiok &.Co LLP To The Board of Directors, Lodha Developers Limited 412, 4th Floor, 17G, Vardhman Chamber, Cawasji Patel Road, Horniman Circle, Fort, Mumbai-400 001 Walker Chandiok & Co LLP 42nd Floor, Building Commerz 111, International Business Park, Oberoi Garden City, Off Western Express Highway, Goregaon (East), Mumbai-400063 T +91 22 6626 2699 Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1){d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 ){t){ii){a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Dear Sirs, 1. This certificate is issued in accordance with the terms of our engagement letter dated 28 September 2026 with Lodha Developers Limited (formerly known as "Macrotech Developers Limited") (The "Company"). 2. The accompanying statement containing "Details of security coverage maintained against listed secured redeemable Non-Convertible Debentures ('NCDs') of the Company outstanding as at 30 September 2026" (hereinafter referred to as 'the Statement') has been prepared by the Company's management for the purpose of submission of the Statement along with this certificate to the Debenture Trustee of the Company, pursuant to the requirements of Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange Board of India ('SEBI') (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debentures Trustee) Regulations, 1993 (as amended) read with Chapter V of HO/17/11/12(2)2026-DDHS-POD1/l/22420/2026 dated 28 September 2026 (collectively referred to as 'the Regulations'). We have initialed the Statement for identification purposes. 3. The Certificate is required by the Company for the purpose of onward submission with IDBI Trusteeship Services Limited {hereinafter the "Debenture Trustee") of the Company to ensure compliance with the Regulations in respect of following Listed, Secured, Redeemable, Non-convertible debentures (NCDs) as at 30 September 2026: ISIN No. of debentures Face value per Amount outstanding as outstanding as at 30 debenture (Rs.) at 30 September 2026 September 2026 (Rs. In million) INE670K07273 30,000 100,000 3,000 INE670K07281 20,000 53,500 1,070 INE670K07299 30,000 100,000 3,000 INE670K07356 50,000 100,000 5,000 Total 12,070 Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, number AAC-2085 and has ils registered Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Page 27
Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1 )(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 Management's Responsibility 4. The preparation of the Statement, including the preparation and maintenance of all accounting and other relevant supporting records and documents, is solely the responsibility of the management of the Company. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. 5. The Management is also responsible for ensuring compliance with the requirements of the Regulations, and the Debenture Trust Deed (DTDs) for the purpose of furnishing this Statement and providing all relevant information to the Debenture Trustees. Auditor's Responsibility 6. Pursuant to requirements as referred to in paragraph 2 above, it is our responsibility to express a limited assurance in the form of a conclusion as to whether the details included in the accompanying Statement regarding maintenance of security cover as per the terms of the DTDs in respect of listed NCDs of the Company outstanding as at 30 September 2026, are in agreement with the unaudited standalone financial results of the Company, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026 and that the calculation thereof is arithmetically accurate. 7. We have performed a limited review of the unaudited standalone financial results of the Company for the period ended 30 September 2026 prepared by the Company pursuant to the requirements of the Regulation 33 and Regulation 52 read with Regulation 63(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and issued an unmodified conclusion dated 30 October 2026. Our review of these unaudited standalone financial results was conducted in accordance with Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India ("ICAI''). 8. We conducted our examination of the Statement, in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) ('the Guidance Note'), issued by the Institute of Chartered Accountants of India ('the ICAI'). The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI. 9. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements, issued by the ICAI. 10. Limited assurance engagement involves making inquiries, primarily with the Company's personnel responsible for financial and accounting matters and applying analytical and other review procedures. The procedures performed vary in nature and timing from, and are less in extent than for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. The procedure selected depend on the auditor's judgment, including the assessment of the areas where a material misstatement of the subject matter information is likely to arise. We have performed the following procedures in relation to the Statement: a. Obtained the details of security cover from terms of the DTDs in respect of the listed NCDs outstanding as at 30 September 2026; Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar. Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaipur, Kechi, Kolkata, Mumbai, New Delhi, Naida and Pune 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1){d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 b. Enquired and understood Management's assessment of compliance with the details of security cover and corroborated the responses from the understanding obtained by us during the review of the unaudited standalone financial results as referred in paragraph 6 above, and such further inspection of supporting and other documents as deemed necessary; c. Traced the value of assets forming part of the security cover from the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company for the period ended 30 September 2026; d. Recomputed the security coverage ratio based on the information as obtained in points (a) and (c) above; e. Verified the arithmetical accuracy of the Statement; and f. Performed necessary inquiries with the Management and obtained necessary representations. Conclusion 11. Based on the procedures performed as referred to in paragraph 10 above and according to the information, explanations and representations provided to us by the Management of the Company, nothing has come to our attention that causes us to believe that: a. the book values of the assets of the Company contained in Columns 'C' and 'F' of the Statement are not in agreement with the unaudited standalone financial results, underlying books of account and other relevant records and documents maintained by the Company as at 30 September 2026; and b. The security cover available for debenture holders against the outstanding listed NCDs is not in line with DTDs and related documents. Restriction on distribution or use 12. Our work was performed solely to assist you in meeting in your responsibilities in relation to your compliance with the requirements of the Regulations. Our obligations in respect of this certificate are entirely separate from, and our responsibility and liability are in no way changed by, any other role we may have as statutory auditors of the Company or otherwise. Nothing in this certificate, nor anything said or done in the course of or in connection with the services that are the subject of this certificate, will extend any duty of care we may have in our capacity as statutory auditors of the Company. Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, MC-2085 and has its registered office at L- Jaipur, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune 41, Connaught Circus, Outer Circle, New Delhi, 110001, India
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Lodha Developers Limited Independent Auditor's Certificate on the Statement of security cover for listed, Secured, Redeemable, Non-convertible debt securities pursuant to Regulation 54 read with Regulation 56(1)(d) of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (as amended) and Regulation 15(1 )(t)(ii)(a) of Securities and Exchange Board of India (Debenture Trustees) Regulation, 1993 read with Chapter V of SEBI Master Circular dated 28 September 2026 13. The certificate is addressed to and provided to the Board of Directors of the Company solely for the purpose of enabling it to comply with the requirements of the Regulations which requires it to submit this certificate along with the accompanying Statement to the Stock Exchange and Debenture Trustees, and should not be used, referred to or distributed for any other purpose or to any other party without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration o. 001076N/N500013 Rakesh R. Partner Membership No.: 109632 UDIN:l,, I 09 'i,ic.tz.w"C.< Place: Mumbai Date: 30 October 2026 Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification number Offices in Ahmedabad, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Dehradun, Goa, Gurugram, Guwahati, Hyderabad, Indore, AAC-2085 and has its registered office at L- Jaipur, Kochi, Kolkala, Mumbai, New Delhi, Naida and Pune 41. Connaught Circus, Outer Circle, New Delhi, 110001, India
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) ASSEIS Goodwill I I I I lntanglblll As�Qt?; I I Intangible Assets under Oevelooment Investments Mutual Fund 118 63 No Loans Inventories 6483 69.183 No 4,068 Trade 48 1,059 No 228 Receivables cash and Cash Equivalents Bank Balances other than Cash and Fi>ced Deposits 287 1,737 Ca,;b Eouivalents Others 1.869 14.153 No Totol 10,015 88,421 4,296 ,.903 9 .. 339 I . 237 237 15 88 1,588 80 80 39.251 39432 42,536 42,536 290,232 369,966 6,415 7,750 9.520 95 20 7,957 9,981 I 110.459 U6,481 I 514,178 616 910 4,320 118 25,170 48 287 1.869 31,812 Annexure I �In MIiiien Coltiful,,N ;·noi ,if •' •· Ut Is ,) EofiimnO Tota1 Vl:il&Ml•ll'L+M♦ I.Ii 4,320 118 25.170 48 287 1,869 31,_812
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LODHA DEVELOPERS LIMITED (FORMERLY KNOWN AS MACROTECH DEVELOPERS LIMITED) Details of security coverage maintained against listed secured redeemable Non-Convertible Debentures ('NCDs') of the Company outstanding as at 30 September 2026 ("the Stateme.nt" Debt securities to which this Secured NCD's + certificate pertains Interest Accrued I 12,062 I I No I I I I I I 12,062 I 12,062 I I I thereon Other debt sharing pari-passu charge with above debt Other Debt I s3,413 I No I I 4,527 I I I I 87,940 Subordinated debt not tobe Barrowinas Bank filled Debt Securities 9,998 9,998 Others 11,576 11,576 Trade payables(Current + Non- 32,234 32,234 Current) Lease Liabilities (Current+ Non- 257 257 Current) Provisions (Current+ Non-Current) 603 603 Others 224,059 224,059 Total 12,062 83,413 4,527 278,727 378,729 12,062 Cover on Book 0.83 Value Cover on Market I I I I I I 2.64 I I . I Value Ew.cluslve Pari-Passu securtty Security Cover Cover Ratio Ratio # Uab/11(/0J doc, nor lncludo D•fo,redToN /lab/J/iy The Statement is prepared based on the underlying unaudited standalone financial results for the quartet and six months ended 30 September 2026� which have been adopted by the Board of Directors of the Campany In its meeting dated 30 October 2026. \ , � Annexure I flli In Mil/Ion I Cohnnn,Q Toni VallJf(-1(,t-M• N) 12,062 12,062 2.64
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Annexure - B
Page 33
Annexure - C Details as required under Regulation 30 of SEBI Listing Regulations read along with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026 - Change in Key Managerial Personnel (KMP) Sr. No. Details of Events that need to be provided Information of such event(s) 1. Name of the Key Managerial Personnel Ms. Sanjyot Rangnekar Ms. Savita Kodain 2. Reason for change viz. appointment, re- appointment, resignation, removal, death or otherwise Early retirement from the services of the Company as Company Secretary and Compliance Officer. Appointed as Company Secretary and Compliance Officer. 3. Date of appointment/ re- appointment/ cessation (as applicable) & term of appointment/ re- appointment; With e ffect from close of business hours on October 30, 2026. With effect from October 31, 2026. 4. Brief profile (in case of appointment) N.A. Ms. Savita Kodain is an Associate Member of the Institute of Company Secretaries of India (Membership No. A21240). She holds a B. Com (Hons.) and is a Law Graduate from Delhi University. She brings over 18 years of extensive experience in corporate secreta rial management, corporate governance, legal affairs and regulatory compliance. Prior to joining Lodha, she served as Dy Company Secretary in L & T Finance where she spearheaded major restructuring initiatives, group subsidiary mergers, capital reduction a nd divestment of the group's mutual fund business. Prior to L&T Finance she was associated with National Payments Corporation of India, Arshiya Limited and Unitech Limited, where she managed complex M&A schemes, demergers, capital restructuring and SEBI/RB I/NCLT compliances. Additionally, she served as a member of SEBI working groups advising on ease of doing business viz. debt issuances for large corporates and governance norms for High Value Debt Listed Entities. 5. Disclosure of relationships between directors (in case of appointment of a director) Not Applicable