Lodha Developers Limited

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, 975192, 975560, 976262 National Stock Exchange of India Limited Trading Symbol: LODHA Dear Sirs, Sub: Investor Presentation on Audited Financial Results for the quarter and year ended March 31, 2

95%

t India’s Largest Real Estate Developers ◼ INR ~1.1tn of Pre-sales and INR > 1tn of collections (~95% of Pre-sales) since FY14 Diversified portfolio providing resilient growth ◼ ~40 operating projec

INR 2.2

xury, premium, mid- income & affordable Focus on 3 cities contributing 2/3rd primary homes sales (INR 2.2tn) amongst Top 7 Indian cities ◼ ~10% market share in MMR ◼ Accelerating growth in Pune ◼ Entered

10%

ocus on 3 cities contributing 2/3rd primary homes sales (INR 2.2tn) amongst Top 7 Indian cities ◼ ~10% market share in MMR ◼ Accelerating growth in Pune ◼ Entered growth phase in Bengaluru Operational

INR 86

focused RE companies ▪ No margin leakage to GC Industry leading ESG practices & ratings US$ 1 = INR 86; All areas in saleable area Strong operating cash flow generation giving ability to grow & de-lev

20%

cash flow generation giving ability to grow & de-lever in tandem Targeting consistent growth of ~20% p.a. in housing FY 25 performance: ◼ Operating cash flow: INR ~66bn ◼ Net debt well below 0.5x N

0.5x

f ~20% p.a. in housing FY 25 performance: ◼ Operating cash flow: INR ~66bn ◼ Net debt well below 0.5x Net Debt/Equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90%

INR 4.25

◼ Net debt well below 0.5x Net Debt/Equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% of FY24) Strong profitability track record; further expansion due to scale up,

90%

0.5x Net Debt/Equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% of FY24) Strong profitability track record; further expansion due to scale up, price growth & deb

30%

ther expansion due to scale up, price growth & debt reduction ◼ Sustained adj. EBITDA margin of >30% ◼ FY25 Pro-forma RoE at ~20%, achieving our target Conservative leverage: Net debt ceiling of

INR 39.9

◼ Rental income from warehousing/industrial, retail high street and select office ◼ Net debt at INR 39.9bn, 0.20x Equity, well ◼ Growing Property Management below ceiling ◼ AA (Stable) - 7 upgrades a

0.20x

ome from warehousing/industrial, retail high street and select office ◼ Net debt at INR 39.9bn, 0.20x Equity, well ◼ Growing Property Management below ceiling ◼ AA (Stable) - 7 upgrades already si

“Digital App) Grand Total 1.7 0.2 1.1 0.4 0.4 1.0 3.1 5.3 8.4 0.1 0.1 - - 0.3 0.5 0.9 2.1 3.0 3.0 0.4 2.0 0.6 0.5 2.1 5.6 2.8 3.0 4.8 1.2 3.4 0.1 2.0 8.7 15.5 5.8 8.5 0.0 5.6 2.9 - - 8.5 17.7 11.5 21.2 26.3 Further scale up over next few years will help achieve INR 15bn rental income target for FY31 24 Retail – Annuity stream adjunct to our core resi.”

“– Steady growth potential ✓ Acquired ~33 acres of land in NCR and ~45 acres of land in Chennai in FY25, now present at five locations ✓ Further increased our stake in Digital Infrastructure platform ✓ Net leasing of 0.8 msf in FY25 o Added marquee names like Zomato, DP World & DHL etc.”

“PAT FY24 34.3 33% FY24 16.2 15% FY24 45% 71% FY25 49.6 36% FY25 27.7 20% FY25 FY25 Adj.”

“EBITDA = After Grossing up of Finance cost included in cost of project Adj.”

“EBITDA margin & PAT margin Micro-market performance for FY25 Micro-markets MMR - South & Central MMR – Thane MMR - Extended Eastern Suburbs MMR - Western Suburbs Pune MMR - Eastern Suburbs MMR - Extended Western Suburbs Bangalore Offices & Retail (for rent) Land Sales3 Total 1Pre-sales includes DM Sales of INR 1.8 bn 2Collections from DM sales not included 3Land sales to govt.”

“Pre-Sales1 Average Sales Price (INR psf) Collections2 Construction spends INR bn 14.6 3.0 6.3 2.4 10.1 7.7 - 3.8 - 0.2 48.1 37,716 11,357 7,408 18,458 9,526 17,748 - 11,985 - 15.0 2.5 5.6 4.4 6.3 7.0 0.0 2.6 0.7 0.2 3.4 1.3 2.9 0.7 1.5 0.9 0.1 0.4 0.1 44.4 11.4 33 Launches in FY25 Micro-market Own/ JDA Project New Project / Location New Phase of existing projects Total Area (Mn .Sq.ft) Est.”

“GDV (INR bn) No of Projects MMR - Extended Eastern Suburbs Own 0.9 6.5 Pune JDA 1.1 10.4 Bangalore Own 0.0 0.0 1 1 0 0.2 1.5 0.4 3.6 0.8 10.5 2 2 1 1.1 8.0 1.5 14.0 0.8 10.5 3 3 1 Total 2.0 16.9 2.0 1.5 15.6 5.0 3.4 32.5 7.0 35 Business Development FY25 Micro-market Period Added Saleable Area (msf) Est.”

“Clubhouse 40 Financial highlights for Q4FY25 INR bn Particulars Q4FY25 Q4FY24 Growth % FY25 FY24 Growth % Revenue Adj.”

“PAT (%) 20.9% 16.3% 460bps 19.6% 15.4% 410bps Networth 202.5 Net D/E (x) 0.20 1Adjusted EBITDA = After Grossing up of Finance cost included in cost of project 2Adjusted PAT = PAT ex.”

“Pimpri-Chinchwad Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~13bn Absorption: INR 155bn 2.”

Four initial focus areas

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Steady as it goes

1

Four initial focus areas

1. Education excellence for India’s most capable minds 2. Innovation – with focus on fundamental research in STEM 3. Environment 4. Indian Culture Board of Advisors comprising of some of India’s most esteemed professionals and intellectuals: Aditya Puri Former MD and CEO, HDFC Bank Sanjiv Mehta Former MD and CEO, HUL Dr. Manjul Bhargava Fields Medal Winner & Professor in Mathematics, Princeton University Lakshmi Narayanan Former Vice Chairman & CEO, Cognizant; Vice-chancellor KREA University; guiding LF on LMSI Sivakumar Sundaram Dr. Nachiket Mor CEO (Publishing), Times of India Group; guiding LF on Indian Culture Former India Country Director, BMGF & former Member, Board of Directors, RBI; guiding LF on LMSI Prof Jerold Kayden Professor at Harvard University; guiding LF on Educational excellence Lodha Mathematical Sciences Institute (LMSI) to be operational in August 2025. to be led by Dr. Kumar Murty, former Director of the Fields Institute (Toronto) LMSI: Lodha Mathematical Sciences

Steady as it goes

Mortgage an enabler, not inducer of demand • Conservative Central Bank, low risk mortgage market: LTV <85%, no teaser rates • Rate cycle on downward trajectory • 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 Mortgage as % of GDP 89% 68% 44% 45% 52% 39% 34% n a p a J a i s y a a M l e r o p a g n S i y n a m r e G A S U K U s d n a l r e h t e N 18% 20% 11% i a d n I i a n h C d n a l i a h T Low penetration of mortgage provides significant room for growth Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement Source: HDFC Limited, IMF 60 Low risk to margins from construction cost inflation ✓ Construction costs typically forms 25% to 45% of the sales price • Of which, o