Revenue doubled sequentially as Lotus Developers lifted margin to 39.94%
Revenue grew faster than expenses, while Q2 pre-sales rose 83% YoY to Rs 470 cr; other income still made up 10.29% of pre-tax profit.
Filed 15 Oct 2026, 19:19 IST · after market close · Sri Lotus Developers & Realty Ltd (LOTUSDEV)
Key takeaways
- Consolidated Q2FY27 revenue rose 102.93% QoQ as operating profit grew 122.81%, lifting operating margin by 3.57 percentage points to 39.94%.
- Net profit increased 93.64% QoQ even as the tax rate rose 0.25 percentage points, while other income contributed 10.29% of pre-tax profit.
- Q2FY27 pre-sales grew 83% YoY to Rs 470 cr, and management retained its FY27 pre-sales guidance of Rs 1,800-2,000 cr.
Price around the results
Revenue growth outpaced the cost base
Sri Lotus Developers & Realty reported consolidated Q2FY27 revenue growth of 102.93% QoQ, while expenses rose 91.57%. The faster revenue growth drove operating profit up 122.81% and widened operating margin by 3.57 percentage points to 39.94%. The results were filed after market close on 15 October.
Profit growth was not solely operating
Net profit rose 93.64% QoQ, with interest unchanged and depreciation increasing 66.67% from a low base. The tax rate edged up 0.25 percentage points to 25.18%, so the quarter's profit growth was not aided by a lower tax rate. Other income contributed 10.29% of pre-tax profit, making it a material though minority part of earnings.
Margin was well above the reported peer median
The 39.94% operating margin was 29.97 percentage points above the 9.97% median for the 12 Consumer Discretionary peers that had reported the same quarter. The available trend shows Q1FY27 operating margin at 36.37%, so Q2 marked a sequential improvement of 3.57 percentage points rather than another decline. There is no year-on-year comparison in the reported data.
Management points to launches and a larger project pipeline
Management said Q2FY27 pre-sales rose 83% YoY to Rs 470 cr and that Lotus Aquaria and Lotus Trident had seen initial traction after their launches. The company said it expects FY27 pre-sales of Rs 1,800-2,000 cr and revenue and PAT growth of 55-60% over FY26. Management also said four FY27 launches carry combined estimated GDV of Rs 3,500-4,000 cr, while the GIFT City project is expected to commence in Q1 FY28 and has estimated GDV of Rs 2,000-2,200 cr.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹269 cr | ₹132 cr | +102.93% |
| Other income | ₹12 cr | ₹14 cr | -10.84% |
| Expenses | ₹161 cr | ₹84 cr | +91.57% |
| Operating profit | ₹107 cr | ₹48 cr | +122.81% |
| Operating margin (%) | 39.94% | 36.37% | — |
| Interest | ₹1 cr | ₹1 cr | +0.00% |
| Depreciation | ₹1 cr | ₹0 cr | +66.67% |
| Profit before tax | ₹118 cr | ₹61 cr | +94.25% |
| Tax | ₹30 cr | ₹15 cr | +96.18% |
| Net profit | ₹89 cr | ₹46 cr | +93.64% |
| EPS (₹) | ₹1.68 | ₹0.93 | +80.65% |
Operating margin of 39.94% compares with a Consumer Discretionary sector median of 9.97% across 12 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Q2 FY27 pre-sales grew 83% year on year to INR 470 Crs.
- Lotus Aquaria and Lotus Trident were launched toward June end and showed strong initial traction.
Guidance & outlook
- The company expects FY27 pre-sales of INR 1,800-2,000 Crs and revenue and PAT growth of 55-60% over FY26.
- Four projects are planned for launch with combined estimated GDV of approximately INR 3,500-4,000 Crs.
- The company expects to launch four projects in FY27 with combined GDV of INR 3,500-4,000 Crs.
Expansion
- The GIFT City mixed-use project has approximately 1 million sq. ft. of carpet area and estimated GDV of INR 2,000-2,200 Crs.
- The GIFT City project is expected to commence in Q1 FY28 and be completed in FY31.
- Three new projects and additional area secured for Lotus Insignia together add INR 2,700-2,800 Crs of GDV.
- Ongoing projects have estimated GDV of approximately INR 4,500-4,700 Crs.
- Upcoming residential projects have estimated GDV of approximately INR 8,700-8,900 Crs.
- Upcoming commercial projects have estimated GDV of approximately INR 6,600-6,800 Crs.
New products
- The company is developing a mixed-use GIFT City project combining premium retail, Grade-A commercial offices and high-end residential units.
New initiatives
- The GIFT City project is being developed under a profit-sharing joint development agreement with Mr. Abhishek Bachchan.
- The company was appointed preferred developer for Lotus Supremus, Lotus Empressa and Lotus Stellar, with additional area secured for Lotus Insignia.
- The company continues to focus on redevelopment and joint development as the core of its strategy.
Competition
- The company aims to strengthen its luxury and ultra-luxury positioning in Mumbai's western suburbs.
What to watch
- Whether operating margin holds above 39.94% after the 3.57-percentage-point QoQ expansion.
- Whether quarterly pre-sales build from Rs 470 cr toward management's FY27 guidance range of Rs 1,800-2,000 cr.
- Progress on the four planned launches with combined estimated GDV of Rs 3,500-4,000 cr.