Sri Lotus Developers and Realty Limited (LOTUSDEV) share price
₹242.92 on NSE as of 2026-10-07. -0.74% on the day. market cap ₹11,872 Cr. P/E 45.8. 52-week range ₹102.84 to ₹244.73. Realty.
Sri Lotus Developers & Realty Q1 FY27: Revenue Doubles, Cash Flow Runs ₹326 Cr the Other Way
At a glance
Sri Lotus Developers builds and sells flats and offices in Mumbai's luxury market. Revenue for the three months to June 2026 was ₹132 crore. That is 116% above the same quarter a year earlier, when it was ₹61 crore. Operating profit was ₹48 crore against ₹29 crore. Net profit was ₹45 crore against ₹26 crore. Earnings per share, the profit divided by the number of shares, was ₹0.93 against ₹0.59.
The quarter before that reads differently. The three months to March 2026 brought ₹308 crore of revenue and ₹96 crore of profit. June is therefore both a doubling and a 57% fall on that quarter. Developers here book revenue as the concrete cures, not when a buyer signs a cheque.
The cheques are arriving on a schedule of their own. Pre-sales are flats sold before they are finished. The company reports ₹409 crore of pre-sales in the quarter, 567% above a year earlier. Collections, the money actually banked, were ₹150 crore, up 115%. Management guides collections for the year to March 2027 at roughly ₹1,000 crore. Management ties that ramp to Arcadian and Maroon reaching about 90% of project cost completion by the year end.
The full year to March 2026 brought ₹769 crore of revenue and ₹243 crore of profit. Operating cash flow was negative ₹326 crore. Inventory, the stock of unsold and unfinished property, stood at ₹824 crore. The working capital cycle measures the gap between paying for a project and being paid for it. It stretched from 392 days to 520.
Introduction
Sri Lotus Developers and Realty Limited was incorporated in February 2015, formerly named AKP Holdings Limited. It builds homes and offices in Mumbai. The work is redevelopment in the luxury and ultra-luxury pockets of the western suburbs. Redevelopment means replacing an old building with a new one on the same plot. The shares listed on 6 August 2025 after a fresh issue of ₹792 crore. The issue was covered 74 times over. The institutional bidders' category, known as QIB, was covered 175 times.
The year since listing has been a sequence of development agreements. In September 2025 the company was appointed developer for an ultra-luxury redevelopment in Bandra West, near Bandstand Promenade. The development agreement was signed later that month. In October 2025 the board approved five wholly-owned subsidiaries. Their combined lending limit was set at ₹1,400 crore, raised in November to ₹3,000 crore. In January 2026 came a development agreement for a mixed-use GIFT City project of roughly 1 million sq ft. It is structured with a profit-sharing arrangement with Abhishek Bachchan. Gross development value, the total sales value a project is expected to fetch, is estimated at ₹2,000 crore to ₹2,200 crore. In February 2026 the board extended the timeline for deploying about ₹484 crore of unused IPO money.
Not everything filed was a launch. On 28 April 2026 the company disclosed a GST notice on form DRC-01. It covers the financial years 2021-22 through 2023-24, and alleges tax, interest and penalty. An order on form DRC-07 followed on 18 June 2026. It covers the years 2021-22, 2020-21 and 2023-24. The company stated that it will appeal.
The portfolio as reported at June 2026 holds 4 completed projects and 8 ongoing ones. Another 13 are upcoming. Management sizes the pipeline at roughly ₹17,500 crore to ₹18,000 crore of gross development value. That covers 22 ongoing and upcoming projects, 17 of them redevelopment-led.
Business model
The company does not buy land, which is the core of how it works. Almost all new projects arrive as redevelopment or joint development agreements. It persuades a housing society, or a set of office unit holders, to replace a forty-year-old building with a tower. The existing occupants are rehoused, and the surplus floor space is sold at Juhu prices. Of 8.55 lakh sq ft of ongoing carpet area, the usable space inside the walls, 74.9% is redevelopment. Greenfield land, bought outright and built on from scratch, is 16.1%. The plot itself was largely paid for by somebody else, decades ago.
The output is sorted into three baskets. Ultra-luxury covers penthouses and flats of three bedrooms or more, above ₹7 crore. Luxury homes run from ₹3 crore to ₹7 crore. Commercial offices are the third. The revenue mix in the year to March 2025 was 80.7% commercial, so a luxury housing company took four-fifths of its money from selling offices. Most of that came from Signature and Arc One in Andheri West. Signature alone was 61.9% of that year's revenue.
Geography is Mumbai and nothing else: Juhu, Andheri West, Bandra and Versova. Prabhadevi, Nepean Sea Road and Ghatkopar sit in the plan. The company says the Lotus Developers brand commands a 22% pricing premium in the Juhu micro-market, a patch of the city the size of a neighbourhood. Management claims realisation 10% to 15% higher than other developers in the micro-markets where it operates. Average selling price was ₹61,000 per sq ft in the year to March 2025. In the year to March 2026 it was ₹69,000.
Project selection follows what the company calls the Blue water & Garden View concept. In plainer words, the flat should face something other than another flat. The company also reports handing over finished projects 18 to 24 months ahead of RERA timelines. RERA is the regulator that registers projects and holds developers to a delivery date. Signature came 24 months early and Arc One 21. The company reports no RERA cases in its history. Naming has gone to someone with a Mediterranean holiday brochure: Amalfi, Portofino, Aurelia and Celestia. Aquaria, Avalon and Solana complete the set. Ghatkopar gets Solana.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Sri Lotus Developers and Realty Limited.
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