Lodha Developers Limited

rs,

, 976764, 976895, 976923 National Stock Exchange of India Limited Trading Symbol: LODHA Dear Sirs, Sub: Investor Presentation on Unaudited Financial Results for the quarter ended June 30, 2025 Purs

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 ◼ Third largest in Pune – growing furthe

10%

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

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 enabling growth with robust cap

0.5x

obust capital structure 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% vs 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% vs 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 <

20%

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 < 0.5x D/E ◼ Net debt at INR

INR 50.8

~20%, achieving our target Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 50.8bn, 0.24x Equity, well below ceiling ◼ AA (Stable) - 7 upgrades since 2021 Annuity like cashflo

0.24x

ing our target Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 50.8bn, 0.24x Equity, well below ceiling ◼ AA (Stable) - 7 upgrades since 2021 Annuity like cashflow from to

Steady as it goes

1

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 55 Low risk to margins from construction cost inflation ✓ Construction costs typically forms 25% to 45% of the sales price • Of which, o