Lodha Developers Limited

rs,

95, 977163 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sirs, Sub: Investor Presentation on Unaudited Financial Results for the quarter and half year ended Sept

95%

Largest Real Estate Developers ◼ Delivered INR ~1.1tn of Pre-sales and INR > 1tn of collections (~95% of Pre-sales) over FY14-25 Strong profitability and operating cash flow generation enabling growt

60%

ributing to sales ◼ Presence across luxury, premium & mid- income Focus on 3 cities contributing ~60% primary homes sales (INR 3.2tn) amongst Top 6 Indian cities ◼ MMR: ~10% market share in ◼ Pune: 2

INR 3.2

ce across luxury, premium & mid- income Focus on 3 cities contributing ~60% primary homes sales (INR 3.2tn) amongst Top 6 Indian cities ◼ MMR: ~10% market share in ◼ Pune: 2nd largest – growing further ◼

10%

on 3 cities contributing ~60% primary homes sales (INR 3.2tn) amongst Top 6 Indian cities ◼ MMR: ~10% market share in ◼ Pune: 2nd largest – growing further ◼ Bengaluru: Entered growth phase Operationa

30%

C Industry leading ESG practices & ratings FY 25 performance: ◼ Sustained adj. EBITDA margin of >30% ◼ FY25 Pro-forma RoE at ~20%, achieved our target ◼ Operating cash flow: INR ~66bn ◼ Net debt a

20%

ices & ratings FY 25 performance: ◼ Sustained adj. EBITDA margin of >30% ◼ FY25 Pro-forma RoE at ~20%, achieved our target ◼ Operating cash flow: INR ~66bn ◼ Net debt at 0.2x of equity ◼ Rewardin

0.2x

FY25 Pro-forma RoE at ~20%, achieved our target ◼ Operating cash flow: INR ~66bn ◼ Net debt at 0.2x of equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% vs FY2

INR 4.25

ow: INR ~66bn ◼ Net debt at 0.2x of equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% vs FY24) Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at I

90%

bt at 0.2x of equity ◼ Rewarding shareholders: Steadily growing dividend: INR 4.25/sh for FY25 (+90% vs FY24) Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 53.7bn, 0.25x E

0.5x

owing dividend: INR 4.25/sh for FY25 (+90% vs FY24) Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 53.7bn, 0.25x Equity (Sep-25), well below ceiling ◼ AA (Stable) - 7 upgra

INR 53.7

5/sh for FY25 (+90% vs FY24) Conservative leverage: Net debt ceiling of < 0.5x D/E ◼ Net debt at INR 53.7bn, 0.25x Equity (Sep-25), well below ceiling ◼ AA (Stable) - 7 upgrades since 2021 Annuity like

“13 Palava 02 GROWTH DRIVERS 14 ‘20:20’ Action Plan Focus to deliver ~20% Pre-sales CAGR & 20% RoE with net debt ceiling of 0.5x D/E INR bn Pre-Sales Annuity Income* 500 ~20 % CAGR 6x 176 FY25 FY31 2.5 FY25 Embedded EBITDA of ~33% for FY25 with RoE of ~20%.”

“Digital App) Grand Total 8.8 1.2 1.7 2.3* 2.2 3.5 3.9 2.1 1.0 5.7 2.9 3.0 17.4 12.2 16.5 7.8 3.2 11.6 33.9 20.1 Further scale up over next few years will help achieve INR 15bn rental income target for FY31 As of Sep-25; *Includes ~0.4 msf of pre-leased area in under construction asset 21 Retail & Office – Annuity stream adjunct to our core resi.”

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

“19.4 5.9 6.6 13.7 10.2 13.6 20.0 0.8 90.2 31,213 28,854 11,310 7,173 19,831 9,643 12,351 17.9 5.4 4.6 12.2 7.1 9.7 4.7 1.4 4.8 2.0 1.9 6.0 1.9 3.5 1.0 63.6 21.1 30 Launches in 1H FY26 Micro-market Launch Period Own/ JDA Project Area (Mn .Sq.ft) Est.”

“3.02 4.42 3.28 35 Lodha Amara, Clubhouse 04 Financials 36 Financial highlights for Q2FY26 INR bn Particulars Q2FY26 Q2FY25 Growth % 1H FY26 1H FY25 Growth % Revenue Adj.”

“PAT (%) 20.4% 15.8% 460 bps 19.5% 16.0% 350 bps Networth 213.5 Net D/E (x) 0.25 1Adjusted EBITDA = After Grossing up of Finance cost included in cost of project 2Adjusted PAT = PAT ex.”

“World Happiness Index Ranking 1 Four initial focus areas 2 Education for the Gifted 3 4 Innovation Environment Indian Culture Board of Advisors comprising of some of India’s most esteemed professionals & intellectuals: Key Q2 FY26 updates Aditya Puri Sanjiv Mehta Dr.”

“Eastern Suburbs Added 10 projects with GDV of INR ~163bn Absorption: INR 285bn Tied up INR 703bn of GDV and development potential of ~30 msf across 32 projects in various micro-markets of MMR Source: Absorption for FY25 basis registration data 50 Pune – Will contribute to growth in a sustainable manner Accelerating growth in INR 550bn market by establishing presence across multiple locations 1.”

“Pimpri-Chinchwad Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~13bn Absorption: INR 190bn 2.”

“South-West Added 1 project with GDV of INR ~4bn Absorption: INR 85bn 4.”

Latency

1

Steady as it goes

1

Latency

• • To Europe (Marseilles): current - ~140-150 ms; best case - ~120 ms To USA (Miami): current - ~220-240 ms; best case - ~170 ms o Significant benefits under Green Data Centre policy, Maharashtra to the tune of US$1 billion (across entire park) o Govt. of India policy on data center (draft circulated) to provide further benefits ✓ Value of residual DC earmarked land @ current market rate (~INR 0.3 bn/acre): ~INR 100 bn. Third party land sales planned to be continued for next few years to strengthen eco-system at Palava ✓ Dedicated team exploring how to capture higher share of value through models like powered shell; partnerships with entities having strong AI knowledge / network PUE: Power Usage Effectiveness 12 Budding digital ecosystem has led to value scale up at Palava ✓ Two global large data centre player have started at Palava; last land transaction at INR ~210mn/acre INR mn/acre 210 8x in ~4 years 120 26 29 50 Lodha Morgan Stanley JV Lodha GDIP Coldchain Logistic Co. Leading Gl

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