Lodha Developers Ltd reported a 15 per cent increase in net debt during the October–December quarter, driven by aggressive land acquisitions to support business expansion.

In an operational update, the company said its net debt stood at Rs 61.7 billion at the end of the third quarter of FY26, up from Rs 53.7 billion as of 30 September 2025. Lodha, which sells properties under the Lodha brand, is among India’s leading real estate developers.

Despite the higher borrowings, the company said its leverage remains well within internal thresholds. It noted that net debt continues to stay below its ceiling of 0.5 times net debt to equity, even after significant investment in business development during the first nine months of the financial year.

During the December quarter, Lodha Developers acquired five land parcels across the Mumbai Metropolitan Region, Delhi-NCR and Bengaluru. The company typically secures land through a mix of outright purchases and partnerships with landowners to build a robust pipeline of future projects.

The Mumbai-based developer plans to build primarily residential projects on these parcels, with an estimated total revenue potential of about Rs 338 billion. Last month, Lodha entered into a partnership with MRG Group to develop two projects in Gurugram, marking its entry into the Delhi-NCR housing and commercial real estate market. The company is also developing a warehousing project in the region.

Lodha Developers already has a strong presence in residential markets across the Mumbai Metropolitan Region, Pune and Bengaluru. In the previous financial year, the company’s sales bookings rose to Rs 176.3 billion, compared with Rs 145.2 billion a year earlier. For the current financial year, it has set a sales bookings target of Rs 210 billion.

Since inception, Lodha Developers has delivered around 110 million sq ft of real estate and is currently developing more than 130 million sq ft across its ongoing and planned portfolio.