LODHA

July 24, 2026 BSE Limited Scrip Code: 543287 Debt Segment – 976262, 976764, 976895, 976923, 977163, 977293 National Stock Exchange of India Limited Debt Segment Trading Symbol: LODHA Dear Sirs, Sub: Investor Presentation on Unaudited Financial Results for the quarter ended June 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, we enclose herewith the Investor Presentation on Unaudited Financial Results for the quarter ended June 30, 2026. The same is also being uploaded on the Company’s website at www.lodhagroup.com. Kindly take the above information on your record. Thanking you, Yours faithfully, For Lodha Developers Limited (Formerly known as Macrotech Developers Limited) Sanjyot Rangnekar Company Secretary & Compliance Officer Membership No. F4154 Enc.: As above INVESTOR PRESENTATION First Quarter FY 2027 | July 2026 1 DISCLAIMER Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like regulatory changes, local political or economic developments, technological risks, and many other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. Lodha Developers Limited will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward- looking statements to reflect subsequent events or circumstances. 2 TABLE OF CONTENTS Highlights 7 Operational Performance 11 Financials 17 Growth Drivers 21 Company Overview 33 Annexures 41 3 LODHA – DELIVERING PROFITABILITY & GROWTH, WITH LOW RISK Profit & brand focused strategy, combined with low leverage – medium term trajectory of 20% PAT CAGR Strong profitability track record Brand & Operational Excellence Conservative leverage: Net debt ceiling of < 0.5x D/E FY26 highlights • Strong brand – especially on lifestyle and trust • Adj. EBITDA margin of ~34% • AA (Stable) - 7 upgrades since 2021 • Only large RE company acting as General • PAT Margin ~20% • Net debt at INR 49.3bn, 0.20x Equity as on Jun-26 Contractor, enabled by strong internal • PAT at INR 34.3bn, >6x over FY21-26 engineering and design capabilities • Target to be debt free at DevCo level in next few years • RoE at ~16% • Industry leading ESG practices & ratings DevCo RentCo LandCo Amongst India’s Largest Housing Developers 10x growth in Annuity income in next six years Focus to maximize value from land in Palava and • Delivered INR 205 bn pre-sales in FY26 • FY26 Annuity income INR 2.9 bn Upper Thane (other than required for DevCo up to • 28% CAGR over last five years, consistent growth over FY31 and earmarked for DC Park) five years since listing Data center • ~3,700 acres of high quality land at Palava & Diversified portfolio providing resilient growth • ~660 acre, shovel ready DC land (DC Park) around Navi Upper Thane in MMR; largest major metro land Mumbai with AWS, STT & Digital Edge already signed • Present across luxury, prem. & mid-income segments holding of any developer in India up in the DC park through ~40 operating locations in MMR, Pune, Bengaluru & NCR (starting FY27) • 3 GW power in place, to augment further • Location witnessing transformative infrastructure upgrades Long growth runway • Plan to build 1 GW powered shell (BTS) on ~90 acres, • Market share of <3.5% (value terms) in primary housing largely self-funded from land sales in DC Park sales in Top 6 cities (current 4 + Hyderabad and Retail, Office and Industrial & Warehousing Chennai) • Performance from existing assets ahead of underwriting Strong visibility • Unsold GDV of INR ~2,000bn (excl. land forming part • Good growth visibility of LandCo): Limited business development required over next few years, substantially increasing free cash 4 flow BRAND AND OPERATIONAL STRENGTH ENABLES UNIQUE COMBINATION OF GROWTH AS WELL AS DELEVERAGING INR Bn Pre - sales PAT1 Net Debt 205 34 160 ~28 % CAGR 176 28 > 6x 145 16 93 121 18 71 13 90 54 30 40 5 60 3.5x 0.8x 0.6x 0.2x 0.2x 0.2x FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 FY21 FY22 FY23 FY24 FY25 FY26 x Net D/E, ceiling of 0.5 x Along with new project additions INR ~1.4 tn GDV since IPO and growing investment in annuity streams 5 1. PAT adjusted for forex and exceptional items FOCUS TO DELIVER ~20% PAT CAGR INR Bn PAT 85 + ~20 % CAGR 35 FY26 FY31 With conservative leverage – ceiling of <= 0.5x Net D/E 6 KEY PERFORMANCE INDICATORS – Q1FY27 (1/2) Revenue • INR 50.0 bn ( 43% YoY) in best ever quarterly performance • INR 13.7 bn ( >2x YoY), best ever quarterly PAT; 33% of full year guidance of 41 bn (INR 34.3 bn in FY26 + 20% growth) PAT • PAT margin at 26.9% vs 18.6% in Q1FY26 • Launched Lodha Theoretical Physics Institute, India’s first privately funded institution of its kind, to be headed by Wolf prize winner Prof. Jainendra Jain ESG & Brand • Completed 4th edition of Lodha Genius Programmme, in association with Ashoka Performance University and IISER Pune with over 400 high potential students participating from across India 8 OTHER HIGHLIGHTS – Q1FY27 (2/2) Pre-sales Collections Price Growth1 INR 46.3 bn (4% YoY) FY27 Guidance: INR 240 bn INR 42.1 bn (46% YoY) 3% in Q1FY27 H1 to be low 40s% of sales, balance in H2 Annuity Net debt Income INR 49.3 bn INR 3.0 bn •Reduction of INR 4.5bn QoQ •Net debt/ equity at 0.20x well below (Annualized basis exit rental on Jun-26) ceiling of 0.5x •Avg. cost of debt steady at 7.8% 9 1. YTD, on like to like basis CASHFLOW INR Bn Particulars Q1FY27 Total Collections 42.1 Collections from ‘DevCo’ 41.1 Income from ‘RentCo’ 1.0 Net Collections1 38.8 Operating Expenses (19.9) Const Expense (13.3) SG&A (5.1) Taxes (1.5) Operating CashFlow 18.9 Interest (1.4) Surplus for Growth & Capital Providers 17.5 Growth Investments in ‘DevCo’ business2 (11.5) Investment in ‘RentCo’3 (1.5) (Increase )/ Decrease in Net Debt 4.5 1. Net of Stamp Duty, GST and Hospitality & Property Management expenses 2. Represents Land & approval cost 10 3. Capital invested in building annuity portfolio MARKET PERFORMANCE FOR Q1FY27 INR Bn Average Sales Price on Market Pre-Sales1 Saleable Area Collections2 Construction spends (INR psf) MMR 40.9 30,083 31.6 10.2 Of which Extended Eastern Suburbs 18.9 6,979 17.4 3.4 Pune 2.2 10,764 4.0 2.2 Bengaluru 2.0 13,412 3.0 0.8 Offices & Retail (for rent) - - 0.8 0.2 Warehousing & Industrial - - 0.3 - Others3 1.3 - 2.2 - Total 46.3 42.1 13.5 12 1. Pre-sales includes DM Sales of INR 0.2bn; 2. Collections from DM sales not included; 3. Land sales to govt and others LAUNCHES IN Q1FY27 New Project / Location New Phase Total Own/ JDA Market Project Area (Mn Est. GDV No of Area (Mn Est. GDV No of Area (Mn Est. GDV No of .Sq.ft) (INR bn) Projects .Sq.ft) (INR bn) Projects .Sq.ft) (INR bn) Projects MMR Own - - - 0.4 3.3 1 0.4 3.3 1 Total - - - 0.4 3.3 1 0.4 3.3 1 13 ROBUST DEV-CO LAUNCH PIPELINE FOR REST OF FY27 New Projects New Phase of existing projects Total Own/ JDA Market Area Area Area Project Est. GDV No of Est. GDV No of Est. GDV No of (Mn (Mn (Mn (INR bn) Projects (INR bn) Projects (INR bn) Projects .Sq.ft) .Sq.ft) .Sq.ft) MMR Owned 0.3 9.0 1 4.1 38.1 5 4.3 47.1 6 MMR JDA 1.3 20.0 1 2.1 63.3 4 3.4 83.3 5 Pune Owned 1.0 10.0 1 0.7 7.7 1 1.7 17.7 2 Pune JDA - - - 0.6 5.0 1 0.6 5.0 1 Bangalore Owned 0.7 10.0 1 1.0 12.9 2 1.7 22.9 3 Bangalore JDA 1.6 20.0 1 1.2 15.0 1 2.8 35.0 2 NCR JDA 1.1 29.5 2 - - - 1.1 29.5 2 Total 5.9 98.5 7 9.7 142.1 14 15.6 240.6 21 14 BUSINESS DEVELOPMENT 1QFY27 Market Period Added Saleable Area (msf) Est. GDV (in INR bn) Pune Q1 1.9 23 Total 1.9 23 Unsold GDV of INR ~2,000bn (excl. land forming part of LandCo), large enough for next 5 years growth 15 MARKET WISE SUPPLY Planned Inventory Launches Residual Completed Ongoing In next 12 months1 12 to 60 months Collections unsold unsold Market from Sold units Land Bank Own Land JDA Projects Own Land JDA Projects INR bn msf MMR 193.7 3.9 12.8 5.3 3.4 47.6 10.2 ~600 msf Pune 22.7 0.0 4.2 1.7 0.6 5.4 - - Largest land bank amongst any Real Bengaluru 20.9 - 2.0 1.7 2.8 0.7 7.5 - Unsold Estate company in GDV of INR India’; started ~2,000bn NCR - - - - 1.1 - - - LandCo to monetize for next 60 months DevCo Total 237.4 3.9 19.0 8.8 7.9 53.7 17.7 ~600 msf Data Center - 1 GW 438 acres Offices & Retail - 2.1 1.1 - - - 0.7 - Warehousing & Industrial - 2.4 1.9 0.8 - - - - Park RentCo Total - 4.5 3.0 0.8 + 1 GW 0.7 438 acres Value of Completed and Ongoing unsold of DevCo is INR ~38bn and INR ~375bn respectively 16 1. As on Jun-26 FINANCIAL PERFORMANCE INR Bn Revenue Adj. EBITDA PAT 50.0 21.5 13.7 43% 79% >2x 34.9 6.8 12.0 34% 43% 19% 27% Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Expansion in Adj. EBITDA & PAT margin in Q1FY27 due to higher contribution from land sales Adj. EBITDA = After adding finance cost included in cost of project to EBITDA xx% Adj. EBITDA margin & PAT margin 18 P&L INR bn Particulars Q1FY27 Q1FY26 Growth % FY26 FY25 Growth % Revenue 50.0 34.9 43.1% 166.8 137.8 21.0% Adj. EBITDA1 21.5 12.0 79.1% 56.5 49.6 13.9% Adj. EBITDA (%) 43.0% 34.4% 860 Bps 33.9% 36.0% (210) Bps PAT 13.7 6.8 103.3% 34.3 27.7 24.0% PAT (%) 26.9% 18.6% 830 Bps 20.0% 19.5% 50 Bps Networth 248.3 Net D/E (x) 0.20 1. Adj. EBITDA = After adding finance cost included in cost of project to EBITDA 19 BALANCE SHEET INR bn As at As at As at As at EQUITY AND LIABILITIES ASSETS June - 26 Mar - 26 June - 26 Mar - 26 Equity Share Capital 10.0 10.0 Tangible Assets 24.1 24.2 Other Equity 236.8 222.9 Intangible Assets 2.2 2.3 Non-Controlling Interests 1.4 1.4 Investments 28.0 14.5 Total Equity 248.3 234.3 Loans 34.1 28.7 Borrowings 102.8 98.8 Lease Liability 0.1 0.1 Inventories 393.8 402.6 Trade Payables 31.7 35.6 Trade Rec. (Incl. accrued rev.) 37.6 35.4 Other Financial Liabilities 104.3 103.2 Cash and Bank Balances 34.3 39.4 Provisions 0.7 0.6 Other Financial Assets 27.5 26.6 Current Tax Liabilities (Net) 2.3 0.4 Non-Current Tax Assets 0.6 1.0 Deferred Tax Liabilities (Net) 2.8 2.8 Deferred Tax Assets 2.6 2.5 Other Liabilities 104.1 113.5 Other Assets 12.3 12.2 Total Liabilities 348.7 355.1 Total Assets 597.0 589.4 Total Equity and Liabilities 597.0 589.4 20 14 MILLION NEW HOMES REQUIRED FOR HIGH INCOME HOUSEHOLDS THIS DECADE LIKELY SUPPLY OF ~2.75 MILLION VS 2021 2030 Annual HH Housing completions in Top-7 cities: GDP: USD 3tn GDP: USD 7-8tn Income HH Cumulative 2.75 mn units over CY21-30 in the HH: 296mn HH: 386mn (AHI) Category high-income segment we cater to (~50% of the (INR mn) overall supply) Lodha target segment Mn units >2.8 High 9mn 23mn (6%) ~1mn units (50% Est. ~1.75mn units (50% (3%) of ~2mn) in of 3.5mn) in CY26-30 CY21-25 assuming 10% CAGR 0.8 0.8 Formal housing 68mn market starts 125mn (32%) 0.7 0.5-2.8 Upper Mid (23%) 0.6 >INR 0.5mn AHI 0.6 0.5 0.4 0.5 0.4 85mn (29%) 119mn (31%) 0.3 0.2-0.5 Lower Mid 1 2 3 4 5 6 7 8 9 0 2 2 2 2 2 2 2 2 2 3 Y Y Y Y Y Y Y Y Y Y C C C C C C C C C C 92mn 134mn (45%) <0.2 Low (24%) 134n (4%) Even assuming significant industry supply growth1, supply is likely to be <10 mn units. Once in a country’s lifetime opportunity! 22 Source: WEF/Future of Consumption report, EY, Anarock; HH: Household; DEVCO HAS SIGNIFICANT HEADROOM TO GROW Primary Home Sales in Top 6 cities – CY251: INR 5,900 Bn Lodha Pre-Sales2: INR 205 Bn Market share in Top 6 cities at ~3.5%, significant runway for growth 1. In top 6 Cities: MMR, NCR, Bengaluru, Pune, Hyderabad, Chennai; 2. FY26 pre-sales 23 Source (Market Data): Anarock CY2025 PALAVA - THE EPICENTER OF MMR’S INFRASTRUCTURE UPGRADES Towards Ahmedabad Palava Palava Katai Naka Bullet Train Station ~40 min Drive Airoli Katai Naka Corridor Palava to ~5 mins ~10-15 mins Palava Airoli Tunnel Through ~20 mins Parsik Hills Airoli – To BKC Navi Mumbai IT Hub International Airport Mulund Mulund – Airoli --- Palava in ~20 mins First Bullet Train station after BKC Proximity to new airport Opening soon at Palava Enhancing attractiveness of Palava (Opening: 2028/29) (Inaugurated in Oct-25, operations at scale in CY26) Kalyan-Taloja Metro, Virar-Alibaug Multimodal corridor, Goregaon - Mulund Link road and other road upgrade projects will also support Palava’s evolution Please note the above maps are at different scales 24 MULUND – AIROLI – PALAVA FREEWAY Likely to open imminently • Airoli as well as Mumbai to come closer to Palava with Mulund-Airoli-Palava freeway This freeway is a three part project: • Part A (Mulund - Airoli) – Opening soon • Part B (Airoli to Kalyan Shil Phata) – Opening soon Part A is significantly progressed • Part C (Kalyan Shil Road - Katai) – Construction has begun • With completion of Part A and B, travel time from Palava to Airoli will be down to 15-20 min and to Mumbai (Eastern Express Highway / Mulund) down to 25 mins Tunnel which is in Part B is largely complete, work underway on exit side 25 Images as of Oct-25 PALAVA: LARGE HOUSING PRICE ARBITRAGE VS MUMBAI’S CORE SUBURBS Substantial growth in revenues & margins to come over next 5 years Palava 11k - 14k Thane 18k - 25k BKC Airoli 52k - 16k - 72k 26k Mulund 25k - 33k Goregaon 33k - 47k Palava & Upper Thane set to deliver INR 10+ tn of sales over the next three decades with ~50% EBITDA margins 26 Nos in circle indicate FY 26 average selling price in INR/sf carpet area in those suburbs LARGE SCALE DATA CENTRE OPPORTUNITY • Large integrated DC Park with reliable infra - 660 Acres of shovel ready land around Navi Mumbai, with approvals o Highly reliable power supply: 3 GW power availability (from state and national grid), to augment further o 5 optic fiber routes (existing) - will increase further Electricity Price (cents/kWh) • Approved under Green Integrated Data Centre Park Policy by Maharashtra Govt. – Turkey 5 significant fiscal incentive for operators India 9 o Signed 2 MOUs with the govt. to invest & facilitate investment of INR South Korea 11 130,000 crores (US$ ~14 bn) in our DC Park Canada 11 • Lowest cost with fiscal incentives US 13 o Capex reduction up to 15% with cost US$ ~6 mn/ MW for turnkey shell Japan 17 compared to $8-12 mn/ MW for turnkey shell globally France 24 Italy 30 o 30+% Opex reduction with 90% green power bringing power costs to UK 30 ~US$0.06/KWH, very competitive vs. other major economies Germany 34 • Strong traction with anchor operators in place, sold ~120 acres 0 20 40 o Amazon Web Services (AWS); ST Telemedia (STT) – part of Temasek, a Singapore Govt. venture Source: International Energy Association(IEA) o Digital Edge, a global co-location data center operator, latest entrant to the park (Jun-26) Out of ~660 acres, 132 acres already sold as of 30th June 2026 and further, ~143 acres will be monetized generating INR ~90bn (@ 600 million / acre) over next 3-4 years. This will fund build out of 1 GW (input power) of power shell on ~90 acres which will generate INR 20+ bn of annual rental income. Balance ~300 acres for future expansion. 27 BUDDING DIGITAL ECOSYSTEM Has led to value scale up at Palava • Three large global data centre player have checked into our DC Park o Latest transaction with Digital Edge at INR ~425mn/acre (Jun-26), substantially higher than previous transaction at INR ~210mn acre in CY25 425 INR mn / acre 16x in ~5 years 210 120 50 26 29 Lodha Morgan Lodha GDIP Coldchain Logistic Amazon Web STT Global Data Digital Edge Stanley JV Co. Services (AWS) Centers CY 21 CY 22 CY 23 CY 24 CY 25 CY 26 Shovel ready eco-system and tie-up with Maharashtra Govt. under its Green Data Centre policy. Land value expected to grow significantly 28 GRADUALLY BUILDING ANNUITY INCOME POOL (1/4) ◼ Build 1 GW power shell DC on ~90 acres on BTS basis, rental potential of INR 20.0+bn by FY32 Data center Annuity income ◼ Focus on developing premium high street retail adjunct to residential developments ◼ Select high quality offices ◼ 5 locations with ~5.1 msf Warehousing Office & leasable area and ◼ 3.9 msf area with rental & Industrial Retail annual rental potential of potential of INR 6.0bn by INR 4.0 bn by FY32 FY32 Targeting 10x growth in Annuity income next six years 29 RENTAL INCOME PLANNED TO GROW 10X BY FY32 ( FY26) VS Data Center, Retail & Office and Warehousing & Industrial (2/4) Annualized Rental income Estimated FY32 Annuity Asset Total Completed Already Balance Unit from area Annual Rental Area leased Type Area/Capacity invested investment Area leased as of income 31.3.2026 INR bn 100.0 – Data Centre GW 1.0 --- --- --- 20.0+ 0.2 110.0 Retail & Office Msf 3.9 2.1 1.3 1.8 6.0 18.6 12.4 Warehousing & Msf 5.1 2.4 2.61 1.2 4.0 17.9 6.8 Industrial 119.2 – Total 9.1 msf + 1.0 GW 4.5 msf 3.9 msf 3.0 30.0+ 36.7 129.2 As of Jun-26 1. Includes ~0.4 msf of pre-leased area in under construction asset 30 RETAIL & OFFICE High Quality Completed Developments (3/4) Our head office: One Lodha Place High street retail at One Lodha Place Xperia Mall at Palava High street retail at Palava 31 WAREHOUSING & INDUSTRIAL Steady growth potential (4/4) ✓ 5.1 msf area spread across 5 locations under development o Host to marquee names like Sketchers, Tesla, Zomato, Owens Corning, Schlumberger, DHL, NX Logistics, GXO Logistics, DP World & FM Logistics, Compass etc. One of MMR’s largest warehousing parks - Palava India’s largest warehousing box operationalized by Skechers 32 BEST- IN - CLASS ESG PERFORMANCE S&P Global Corporate World’s Most Trustworthy Sustainability Assessment 2025 Companies 2025 Scored 78/100 in the S&P CSA retaining the Only Indian real estate co. to feature in the position in top 10 globally World’s Most Trustworthy Companies’ by Newsweek MSCI ESG Rating FTSE4Good Index Series Received relative rating ‘A’ Member of the FTSE4Good Index (from AAA-CCC scale) Series 34 EMINENT BOARD OF DIRECTORS Abhishek Lodha Mukund Chitale Akhil Gupta Managing Director Independent Director and Chairman Independent Director • MSc. in Industrial & Systems engineering from • CA with >45 years of experience • CA with +40 years of experience Georgia Institute of Technology • Former President of ICAI & Chairman of • Former Vice Chairman of Bharti • Worked with McKinsey & Company, USA Ethics Committee of BSE Enterprises • On the boards of Bharti Life Insurance & • Previously, Director on the Board of L&T 360 ONE WAM Ltd Rajeev Bakshi Harita Gupta Lee Polisano Independent Director Independent Director Independent Director • PGDM from IIM – Bangalore, +40 years • MS in Chemistry from IIT – Delhi, 30+ years • Founding partner & President of PLP experience of experience Architecture, UK with >45 years of • Former MD & CEO of Metro Cash & Carry • Head of Global Experience at Sutherland experience • Formerly associated with Pepsico, Cadbury • Held leadership roles at Microsoft, NIIT Tech. • Globally recognized for architectural & Schweppes • On the Board of Whirlpool & Route Mobile urban design work, emphasizing • On the board of Dalmia Bharat Sugar environment concerns Rajinder Pal Singh Shaishav Dharia Sushil Kumar Modi Non-Executive Director Whole-time Director Whole-time Director, Group Finance Director • Former IAS officer, >45 years of experience • Masters from University of Chicago, MBA • CA, CFA, CS & CWA with expertise in fund • Former Chairman & MD of Punjab & Sind from Georgia Institute of Technology raising and M&A with ~30 years of experience Bank & Chairman of NHAI • 28 years of experience, formerly worked at • Formerly worked with GMR, Aditya Birla Group • Previously, Director on the Board of Maruti McKinsey & Company, KPMG Consulting & JSW Steel Suzuki 35 STRONG MANAGEMENT TEAM Shaishav Dharia Sushil Kumar Modi Prashant Bindal Director Group Finance Director CEO – Lodha Residences 28 | 15 30 | 6 28 | 10 McKinsey & Company Aditya Birla Group & JSW Steel Walmart India & Coca Cola Beverages Rajib Das Sanjay Chauhan Rajesh Sahana CEO – Mumbai Suburbs Chief Financial Officer Chief Customer Officer 22 | 4 22 | 3 32 | 7 Godrej Group, Indiabulls Properties Adani Group, Deloitte Bharti Airtel, Bank of America Raunika Malhotra Tikam Jain President – Brand & Marketing Piyush Vora CEO – Pune 23 | 18 Head – Business Development 34 | 21 ECS Limited, Adayana Learning 44 | 11 Grown at Lodha, was Head of CPT BDO India Janhavi Sukhtankar Rajendra Joshi Satish Shenoy President – Human Resources CEO – Bengaluru Chief Operating Officer 28 | 13 35 | 4 34 | 12 Sanofi India, GlaxoSmithKline Brigade Enterprises, Mahindra Lifespaces Shapoorji Oman Amandeep Singh Rajesh Agrawal Shyam Kaikini CEO - NCR President - Procurement President – Hospitality 23 | 1 39 | 4 31 | 11 DLF, Godrej Properties Adani Enterprises, RIL Taj Hotels, Jumeirah International Deepak Chitnis Siddhant Mehta Anubhav Gupta Chief Designer President - Strategic Leadership Office CEO – Retail & Offices 29 | 19 15 | 2 25 | 1 Oberoi Constructions Pvt Ltd BCG, KPMG International DLF, Godrej Properties 36 Work experience | Lodha tenure Select previous employers LODHA FOUNDATION (LF) Contributing to nation building 1 2 3 4 Four initial Education for the Innovation Environment Indian Culture focus areas Gifted Board of Advisors comprising of some of India’s most esteemed Key Programmes professionals & intellectuals: Lodha Theoretical Physics Institute (LTPI) Aditya Puri Sanjiv Mehta Dr. Manjul Bhargava • First of its kind privately funded institution in India dedicated to Former MD & CEO, Former MD & CEO, Fields Medal Winner & fundamental research in Theoretical Physics, headed by Wolf HDFC Bank HUL Professor in Mathematics, prize-winner theoretical physicist Prof. Jainendra Jain Princeton University Lodha Mathematical Sciences Institute (LMSI) Sivakumar Sundaram Prof Jerold Dr. Nachiket Mor • Dedicated to Mathematical Research, to be headed by Fields CEO (Publishing), Times of Kayden Former India Country Director, medal-winner Manjul Bhargava India Group; guiding LF on Professor at Harvard BMGF & Former Member, Board of Lodha Genius Programme Indian Culture University; guiding LF on Directors, RBI; guiding LF on LMSI • Identifies and nurtures India’s brightest young minds, in Educational Excellence partnership with institutions such as Ashoka University and IISER, Pune Lakshmi Narayanan Unnati Programme Former Vice Chairman & CEO, • Community development initiatives across healthcare access, Cognizant; Vice-chancellor KREA awareness, upskilling and livelihood enablement to improve University; guiding LF on LMSI well-being *in non-construction work force 37 OUR SUSTAINABILITY STRATEGY: DO GOOD, DO WELL We recognize ESG issues as long-term risks that also present opportunities for value creation when strategically addressed. Our strategy enables us to identify initiatives that amplify our impact and foster collaboration with our diverse stakeholders on this journey Green & Open Carbon & Clean Climate Water Air Quality tn Spaces Energy Mobility Resilience e m n o Greenery & Urban Net Positive Carbon Water Positive Nature Based Solutions Walkable Communities Climate Resilient r iv Planning Impact Developments Source Control Reducing Vehicle Disaster Risk Reduction n E Habitat Protection & Carbon Reduction Water Conservation & emissions Resilience Reuse Community Education Health & Safety Learning & Growth Collaboration and Development Engagement la Lodha Genius We Care ic o Unnati Programme Everyone Home Safe Employee Engagement Stakeholder engagement S Human Rights programs Lodha Schools L&D Initiatives Transparency Enterprise Risk Board Effectiveness Ethical Business e c Management Practices n a n Best-in-class Code of Conduct Integrity r Board diversity and e v reporting Identify and mitigate the o independence Fairness G key material risks Benchmarking 38 OUR ENVIRONMENTAL STRATEGY: Sustainable Urbanization through Environmental Upgradation Anchored to the twin pillars of Harnessing Nature’s Power & Minimizing Environmental Impact, our sustainability strategy addresses six key environmental domains, ensuring a holistic and lasting impact across the urban landscape Green and Open Spaces Carbon and Energy Water Air Quality Clean Mobility Climate Resilience • Achieved carbon neutrality for Scope 1, Scope 2, and select Scope 3 categories for FY2025, verified in accordance with ISO 14068-1 • Pioneered the use of LC3 concrete in road infrastructure, a first in India, marking a major step towards sustainable urbanization and decarbonization in construction. • Currently have ~10 MW of renewable electricity PPAs across our developments; an additional 15 MW in the pipeline • ~72.5 msf of area certified under green building certifications • Recognized as a contributor to NITI Aayog’s report, "Scenarios Towards Viksit Bharat and Net Zero — Sectoral Insights: Buildings," released in February 2026 as part of India’s official net-zero roadmap. • Piloted IoT sensors to check real time concrete strength (helps in quality in general and make incorporation of new SCM easier) • Initiated study of flood risk and mitigation for Dombivli region of MMR with a leading planning & designing firm and a premier technology institute of India, 39 OUR APPROACH TO GOVERNANCE Philosophy, Pillars & Goals PILLARS OF GOVERNANCE OUR GOVERNANCE FRAMEWORK Diverse Board which plays a crucial role in 1 overseeing and safeguarding long term interests of stakeholders Transparent procedures and practices and Responsible Integrity and 2 Business Conduct Transparency informed decisions Taking ethical Ensuring business decisions in transparency and compliance with integrity in our applicable legislation business dealings 3 Compliance with relevant laws Well defined corporate structure that establishes Fairness Accountability 4 checks & balances and delegated decision-making Clear and fair Board and the communications with management are stakeholders accountable to stakeholders Committed to predictability and proactive 5 communication leading to no surprises 40 PALAVA & UPPER THANE SET TO DELIVER INR 10+ TN OF SALES over next 3 decades with ~50% EBITDA margins 3 mega trends shaping Palava & Upper Thane to become sought after suburbs 1. Mumbai – World’s densest metropolis, sea restricts expansion in West and South 2. India going through once in a country’s lifetime transition from low to mid- income, leading to significant demand for aspirational and premium housing 3. Palava City at the epicentre of Mumbai Region (MMR)’s infrastructure upgrades: Upcoming a. Mulund – Airoli - Palava Freeway to make Airoli, Mumbai’s IT Hub, predictable 20 min drive from Palava (opening soon) b. First stop of Mumbai-Ahmedabad Bullet train after BKC at Palava, predictable 20 min journey to BKC (Est. CY28/29) c. Kalyan Taloja Metro – Line 12: Three station within Palava, connected to suburban metro network (CY28) Operationalized a. Navi Mumbai airport at just 40 min drive from Palava (inaugurated in Oct-25, full operations in CY26) b. Mumbai Trans Harbor Link: Brings South Mumbai closer (Operational - CY24) 42 ONGOING INFRA PROJECTS (Airport, Metro, Bullet Train, Multi-modal Corridor etc.) to supercharge Palava’s growth Mumbai – Ahmedabad Virar Extended Eastern Virar – Alibaug Multimodal Corridor High-Speed Rail (CY28/CY29) Suburbs (CY30) 1st bullet train station after BKC at Palava, Extended Western Puts Palava at center of major commercial travel time -20 mins (Opening: 2028/29) Suburbs trade route Kalyan Upper Thane Western Thane Dombivli Goregaon - Mulund Link Road (CY28) Suburbs Thane Station Brings Western Suburbs closer to Palava Goregaon Mulund AiroliKatai Kalyan Taloja Metro – Line 12 (CY28) Eastern Suburbs Three station within Palava, connected to MUMBAI suburban metro network BKC Mulund – Airoli – Palava Freeway Navi Mumbai (Opening soon) Taloja Cuts travel time b/w Mumbai/ Airoli & Palava Central Mumbai to 20 mins Navi Mumbai International Airport Sewri (inaugurated in Oct-25) South Mumbai Boost to economic activity around Palava Mumbai Trans Harbor Link Chirle (40mins) (Operational - CY24) Junction PUNE Brings South Mumbai closer Alibaug Kalyan - Taloja Metro, Goregaon - Mulund Link road and other road upgrade projects will also support Palava’s evolution 43 MMR Expanding presence across through ‘SUPERMARKET’ strategy 4. Thane 1. Extended Western Suburbs Vasai Added 2 projects with GDV of INR 15bn Naigaon 1 Bhayander Potential growth market for Lodha Absorption: INR 155bn Absorption: INR 120bn Mira Road Ghodbunder 4 5. Extended Eastern Suburbs Kalyan Thane 2 Dombivali Have ~600 msf of development potential Wagle Estate 2. Western Suburbs Malad Asangaon Absorption: INR 150bn Airoli Goregaon Added 9 projects with GDV of INR Mulund Ghansoli 5 Andheri 213bn Powai Vikhroli 6. Navi Mumbai Absorption: INR 530bn Bandra Vashi 6 Kurla Potential growth micro-market for Lodha CBD 7 Belapur Prabhadevi Absorption: INR 165bn Worli Dadar 3. South Central Mumbai Lower Parel 7. Eastern Suburbs Added 14 projects with GDV of INR 3 594bn Added 10 projects with GDV of INR Colaba ~163bn Absorption: INR 355bn Absorption: INR 270bn Tied up INR 999 bn of GDV and development potential of ~36 msf across 35 projects in various micro-markets of MMR 44 Source: Absorption for FY26 basis registration data PUNE Will contribute to growth in a sustainable manner 1. Pimpri - Chinchwad 4. Central Pre-IPO, had 1 project With annual sales potential of INR >2bn Added 1 project with GDV of INR ~4bn Added 1 project with GDV of INR ~13bn Absorption: INR 24bn Absorption: INR 200bn 5. North - East 2. North - West Added 4 projects with GDV of INR ~87bn Added 2 projects with GDV of INR ~45bn Absorption: INR 132bn Absorption: INR 175bn 3. South - West 6. South - East Added 1 project with GDV of INR ~4bn Added 1 projects with GDV of INR ~12bn Absorption: INR 96bn Absorption: INR 72bn Tied up INR ~188bn of GDV with development potential of ~20 msf across 11 projects in various micro-markets of Pune 45 Source: Absorption for FY26 basis registration data BENGALURU Will contribute to growth in a sustainable manner 1. North West Potential growth market for Lodha Absorption: INR 96bn 4. North East Added 4 projects with GDV of INR 142bn 2. Central Absorption: INR 462bn Potential growth market for Lodha Absorption: INR 8bn 5. South East Added 3 projects with GDV of INR 50bn 3. South West Absorption: INR 372bn Potential growth market for Lodha Absorption: INR 84bn Tied up INR ~192bn of GDV with development potential of ~16msf across 7 projects in various micro-markets of Bengaluru 46 Source: Absorption for FY26 basis Propequity NCR Initiating pilot Rationale o Second largest real estate markets of India with 1 absorption of INR 1,355bn 2 205 o Dearth of trusted developers offering a premium quality product 30 • Signed two projects with GDV of INR 33 bn and development 468 3 potential of 1.1 msf through JDA in Gurgaon - To start 36 operations in FY27 • Creating dedicated team with local capability based in NCR 972 4 5 • Appointed Mr. Amandeep Singh (ex-DLF and Godrej Properties) as CEO for the market. Team build up in progress Figures in each circle is FY26 housing sales in INR bn; Source: PropEquity 47 ROBUST JOB CREATION TO SUSTAIN HOUSING DEMAND India’s average wage growth across industries has been sustained at 9-10% for long 10.7% Covid 10.6% 10.4% 10.4% 10.4% 10.2% 10.2% year 9.5% 9.3% 9.3% 9.3% 9.3% 9.1% 8.9% 6.1% 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Wage bill of 60 large listed companies (excl. large-cap IT ) representing 16 sectors grew in double digit Wage bill growth (FY25 vs FY24) Head count growth (FY25 vs FY24) 11.5% 6.3% 7.3% 4.0% Excl. large-cap IT All companies Excl. large-cap IT All companies 48 Source: Aon SUPPLY SIDE CONSOLIDATING unlikely to keep pace with accelerating demand Multiple forces leading to consolidation…. …and market share gains for Top 15 listed developers ✓ Regulatory push: 23% RERA, Demonetization, GST, Amendment to Benami Act. ✓ Funding squeeze for Tier – 2 & 3 developers: o NBFC’s exiting market after large losses post IL&FS implosion 13% o Inability to sell during construction ✓ Consumer loss of confidence with Tier – 2 & 3 developers: o Having burnt their lifetime savings FY20 FY26 o Failure to deliver or untimely delivery with poor quality …as launches have shifted from affordable & lower-end of the While no of units sold declined in CY25, mid-income (INR <8mn) to larger ticket sizes industry has grown in value terms… 8.0 600 Launch distribution (basis unit value) in terms of no of units 500 6.0 400 CY25 14% 20% 24% 22% 20% 4.0 300 CY24 16% 28% 26% 14% 16% 200 2.0 CY23 19% 31% 28% 13% 9% 100 CY22 20% 35% 28% 11% 6% - - CY21 26% 39% 24% 8% 3% CY19 CY20 CY21 CY22 CY23 CY24 CY25 CY20 30% 40% 21% 6%3% Sales Value (INR tn) Sales Volume ('000 units) (RHS) INR <4.0 mn INR 4.0 to 8.0 mn INR 8.0 mn to 15.0 mn 49 INR 15.0 to 25.0 mn INR >25.0 mn Source: Anarock, Propequity STEADY AS IT GOES Mortgage an enabler, not inducer of demand Mortgage as % of GDP 89% ✓ Conservative Central Bank, low risk mortgage market: LTV < 85%, no teaser rates 68% 52% ✓ Strong performance of mortgages 44% 45% through all parts of the cycle - 39% 34% Intense competition for safe haven mortgage assets leading to plentiful 18% 20% availability 11% ✓ A floating rate product; rate cycle a a d a n e y A K s w In e te ll r e u s n t d r e a r te st o c o h d an b g y e h m o o m d e i b fi u e y s ers. id n I n ih C n a lia h is y a la a p a J r o p a g n a m r e S U U d n a lr e T M n G h tenure, not EMI iS te N ✓ Salary growth of 8-10% enables Low penetration of mortgage provides significant room for growth mortgage repayment in 7-8 years Housing sales driven by fundamental need and nominal price growth, not by mortgage inducement 50 Source: HDFC Limited, IMF MULTIPLE BENEFITS OF CONSISTENT HOUSING PRICE INCREASE below wage growth • Improves affordability leading to increased volumes • Leads to significant wealth creation for home owning middle class (‘Wealth Effect’) • Boosts consumption as consumer confidence increases • Housing is a vehicle for generating retirement surplus; rising home prices enable older population to maintain spending power • Creates an inflation hedge especially for young home owners • Rising home prices have a positive impact on the housing and allied industries which in turn has a big multiplier effect on the economy • Has the highest labor to output ratio • Housing is among the largest employment generators • Has among the biggest multiplier effects on SME segment through supply chain • Highest ability to pull the unskilled masses from the farm & convert them into skilled workforce over time 51 LOW RISK TO MARGINS FROM CONSTRUCTION COST INFLATION • Construction costs typically forms 25% to 45% of the sales price o Of which, one-third is related to low skilled and semi-skilled labor: plentiful supply through migration from rural areas (250+ mn people estimated to be ‘underemployed’ in agriculture), so not exposed to significant spike and is not sticky • Commodity inflation, though often sharp, generally of short cycles as demand and supply adjust to new normal, bringing price moderation in the short term • 3-4 years of construction provides flexibility to manage costs across the project lifecycle • Ready and advance under-construction inventory provides hedge against the commodity price inflation 52 MODERATE CONSTRUCTION COST INFLATION April ’22 to June ’26 Commodity/Component % Share in total cost % Change Weighed Impact Steel 10.8% 0.0% 0.0% Flooring materials 5.0% -8.5% -0.4% Electrical 4.0% 6.9% 0.3% Plumbing 2.0% -13.3% -0.3% Labour 36.7% 26.6% 9.8% External Windows 3.4% 42.7% 1.5% RMC 11.4% 4.6% 0.5% Lifts & Elevators 4.4% -2.8% -0.1% Carpentry Materials 2.6% 9.7% 0.3% Painting 0.8% 5.6% 0.0% CP Fittings 1.8% 0.0% 0.0% Firefighting 1.3% 13.1% 0.2% Gypsum 1.8% 26.1% 0.5% Others 13.9% 1.4% 0.2% Overall 12.3% Construction cost increase since 1st April 22 at <3 % annualized rate This, in turn, implies impact on COGS of <2% p.a. for our portfolio 53 THANK YOU! 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