NSE: LODHA - Macrotech Developers Limited

Yield per half year: -6.24%
Dividend yield: +0.27%
Sector: Real Estate

Reporting Macrotech Developers Limited

Capitalization

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Капитализация, млрд ₹						878.47	1 037.53	814.61		701.23	910.20	-2.48
Выручка, млрд ₹	82.49	77.54	132.55	117.99	122.26	53.54	91.47	94.7	103.16	103.16	93.03	-3.34
Чистая прибыль, млрд ₹	6.72	5.52	17.86	16.36	7.31	0.4016	12.02	4.87	15.49	15.49	8.02	16.21
EV, млрд ₹				252.88	183.05	1 058.12	651.37	526.16	1 180.95	1 180.95	719.93	45.19
EBIT, млрд ₹	18.08	11.96	31.03	30.57	17.32	29.57	24.03	9.4	30.25	30.25	22.11	11.80
EBITDA, млрд ₹	22.01	16.23	34.88	32.37	20.24	30.3	24.78	10.33	32.29	32.29	23.59	9.79
Баланс стоимость, млрд ₹	39.73	43.61	22.19	38.41	45.52	45.99	121.05	126.63	174.69	174.69	102.78	30.86
FCF, млрд ₹	-12.7	-19.4	6.54	-5.69	37.36	25.22	19.54	26.6	23.43	23.43	26.43	-8.91
Операционный денежный поток, млрд ₹	-11.42	-18.74	6.96	-4.63	37.73	25.24	19.98	27.5	25.12	25.12	27.11	-7.81
Операционная прибыль, млрд ₹	18.08	11.96	30.9	30.33	16.91	11.28	21.12	19.82	30.93	30.93	20.01	12.84
Операционные расходы, млрд ₹	5.66	5.65	14.55	13.89	9.43	6.05	-1	14.33	8.91	8.91	7.54	-1.13
CAPEX, млрд ₹	1.28	0.6569	0.4167	1.06	0.3748	0.0204	0.4449	0.9037	1.7	1.7	0.6888	35.31

	2017Q1	2017Q4	2018Q1	2020Q1	2020Q4	2021Q1	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Капитализация, млрд ₹							1 150.47				975.35				830.47					985.43	-10.30
Выручка, млрд ₹										16.67	17.74	32.55	16.17	17.5	29.31	40.19	28.47	26.26	40.83	33.01	6.85
Чистая прибыль, млрд ₹										-9.33	4.05	7.44	1.78	2.02	5.03	6.66	4.75	4.23	9.44	6.02	13.42
EV, млрд ₹								385.14		329.48		457.59	653.29	840.11	978.56	1 182.47	1 599.21	1 305.36		1181.14	9.21
EBIT, млрд ₹										-7.81	5.11	7.55	3.06	3.92	8.49	9.95	7.68	6.96	13.03	9.22	8.95
EBITDA, млрд ₹										-7.59	5.32	7.85	3.3	4.22	8.83	11.12	8.29	7.63	13.7	9.91	9.18
Баланс стоимость, млрд ₹									121.62	114.68	115.26	126.63	127.22	129.89	135.16	174.69	175.34	181.85		159.39	6.96
FCF, млрд ₹					5.03	10.86		0.395		0.4382	8.84	7.41	0.48	0.586	-0.298	13.43				4.32	12.63
Операционный денежный поток, млрд ₹					5.03	10.87		0.395		0.4382	9.01	7.66	0.48	0.586	0.115	13.92				4.55	12.69
Операционная прибыль, млрд ₹										-7.81	5.11	7.5	3.06	3.88	8.71	9.3	6.96	6.38	12.39	8.75	7.30
Операционные расходы, млрд ₹										2.14	3.5	4.42	1.64	3.64	4.04	3.3	2.39	2.09	16.84	5.73	33.04
CAPEX, млрд ₹	0.1187	0.0361	0.1803	0.1782	0.00073	0.0115					0.1762	0.254			0.413	0.491				0.2691	111.87

Cash flow Cash flow quarterly Assets

Balance sheet

IFRS

Reporting Annual Quarterly

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	LTM	5 year average	CAGR 5
Наличность, млрд ₹			2.94	2.84	2.55	3.53	1.19	2.28	4.77	13.11	18.27	18.27	7.92	72.68
Short Term Investments ₹			0.2896	6.58	12.69	12.85	12.99	22.65	4.05	21.19	21.04	21.04	16.38	10.13
Total Receivables ₹			23.08	29.19	35.75	21.59	19.95	11.07	34	20.07	19.74	19.74	20.97	-0.21
Total Current Assets ₹			258.88	344.53	440.23	466.5	334.88	328.36	337.63	357.5	445.58	445.58	360.79	5.88
Чистые активы, млрд ₹					14.9	14.82	14.8	14.06	13.84	357.5		13.84	83.00	89.01
Активы, млрд ₹			310.29	379.2	478.11	498.64	406.93	393.08	384.79	391.55	472.25	472.25	409.72	3.02
Short Term Debt ₹			119.13	178.28	201.23	251.27	162.89	139.25	13.9	67.94	57.14	57.14	88.22	-18.90
Long Term Debt ₹					24.94	5.14	21.34	42.68	27.16	22.57	19.7	19.7	26.69	-1.59
Задолженность, млрд ₹			268.9	334.39	455.56	454.88	356.21	341.82	263.17	264.33	296.91	296.91	304.49	-3.58
Чистый долг, млрд ₹			135.41	190.11	223.61	252.88	183.05	179.65	110.6	77.49	58.71	58.71	121.90	-20.34
Долг, млрд ₹					226.16	256.41	184.23	181.93	115.37	90.6	76.98	76.98	129.82	-16.01
Interest income ₹					1.78	0.4286	0.7492	2.96	3.13	1.23			1.70	23.47
Расходы на обслуживание долга ₹					3.82	5.56	7.32	24.76	19.35	4.79	4.82	4.82	12.21	-8.02
Чист. проц. доходы, млрд ₹					-2.03	-5.13	-6.57	-11.26	-6.8	-4.79		1.23	-6.9100	-1.36
Goodwill ₹	6.61	16.79	13.28	9.79	7.48	6.61	5.47	5.47	5.39	5.3			5.65	-4.32
Амортизация, млрд ₹			3.93	4.27	3.85	1.8	2.92	0.7342	0.7477	0.928	2.04	2.04	1.47	-6.92
Себестоимость, млрд ₹			58.75	59.93	89.08	73.78	95.5	36.04	60.63	60.64	63.33	63.33	63.23	-7.89
Товарно материальные запасы ₹			225.52	298.68	391.63	415.12	290.31	283.01	273.58	301.17	339.93	339.93	297.60	3.21

	2020Q4	2021Q1	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	5 quarters average	CAGR 5
Наличность, млрд ₹							-12.91	10.28	-15.6	13.11	-23.35	11.31	16.32	26.35	-52.54	8.64		2.02	-5.24
Short Term Investments ₹							25.82	21.67	31.2	21.19	46.7	28.89	3.37	20.07	105.08	52.28		41.94	12.59
Total Receivables ₹			9.37	9.37	43.27	43.27		13.66		12.27		6.83	6.91	34.24		20.98		16.25	11.32
Total Current Assets ₹							12.91	339.35	15.6	357.5	23.35	377.02	382.96	445.58	52.54	452.21		342.06	3.70
Чистые активы, млрд ₹		14.06		13.75		13.84		12.89		357.5								82.41	91.01
Активы, млрд ₹			386.35	386.35	384.79	384.79		373.23		391.55		410.22	410.59	472.25		473.85		431.69	3.89
Short Term Debt ₹			107.76	107.76	88.21	88.21		75.75		67.93		61.21	59.33	57.14		62.14		61.55	-1.77
Long Term Debt ₹	24.89			43.72		27.16		28.73		22.57		26.04		19.7		17.63		22.93	-9.31
Задолженность, млрд ₹				307.24	263.17	263.17		257.97		264.33		279.72	274.81	296.91	-175.34	291.35		193.49	0.82
Чистый долг, млрд ₹							12.91	94.19	15.6	77.49	23.35	76.09	71.46	50.63	52.54	71.25		64.39	-1.31
Долг, млрд ₹	186.62			151.48		115.37		104.48		90.5		87.4	87.79	76.98		79.9		84.51	-2.46
Расходы на обслуживание долга ₹								1.25	1.18	1.17	1.24	1.23	1.17	1.16	1.17	1.37	1.44	1.26	4.24
Чист. проц. доходы, млрд ₹				-1.56	-1.57	-1.22	-1.19	-1.25	-1.18	-1.17	-1.24	-1.23	-1.17					-1.1980	-0.17
Goodwill ₹	5.47	5.47	5.43	5.43	5.39	5.39		5.34		5.3		5.3	5.3					5.33	-0.34
Амортизация, млрд ₹								0.2191	0.2166	0.2961	0.24	0.293	0.333	1.17	0.604	0.665	0.672	0.6888	15.08
Себестоимость, млрд ₹								10.5	10.42	20.71	11.47	9.99	16.78	27.59	19.11	17.79	24	21.05	7.42
Товарно материальные запасы ₹			282.29	282.29	273.58	273.58		280.17		301.17		311.45	309.1	339.93		355.29		323.39	3.36

Share

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	5 year average	CAGR 5
EPS				36.58	8.17	39.22	13.12	5.05	15.99		15.99	16.31	14.37
Цена акции ао						1233.56	1090.84	1023.55	1389.4	1197.35	1197.35	1186.94	-0.59
Число акций ао, млн	826.76	826.76	826.76	826.76	894.64	930.26	916.17	964.55	968.96		968.96	934.92	1.61
FCF/акцию	-15.37	-23.47	7.91	-6.88	41.76	27.11	21.33	27.57	24.18		24.18	28.39	-10.35

	2016Q4	2017Q4	2018Q4	2019Q4	2020Q4	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	5 quarters average	CAGR 5
EPS									-19.53	8.4	7.72	1.89	2.09	5.2	6.81	4.76	4.23	9.45		6.09	12.69
Цена акции ао						1236.72	1189.2	1023.18	1081.53	1011.42	958.84	829.23	722.53	858.02					1197.35	913.19	4.54
Число акций ао, млн	826.76	826.76	826.76	826.76	894.64	930.26				964.34				967.88						916.78	3.20
FCF/акцию	-3.48	4.71			5.62					9.16	7.67	0.5074	0.6077	-0.3079	13.74					4.44	12.37

Efficiency

IFRS

Reporting Annual Quarterly

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
ROE, %	16.92	12.65	80.46	42.6	16.05	0.8732	14.4	3.93	10.28		10.28	9.09	9.11	-8.52
ROA, %	2.17	1.45	3.73	3.28	1.8	0.1022	3.09	1.25	3.59		3.59	3.94	1.97	14.81
ROIC, %								2.68			2.69	6.48	2.68	0.00
ROS, %		7.11	13.47	13.87	5.98	0.7501	13.15	5.14	15.02	15.02	15.02	22.83	9.82	82.10
ROCE, %		26.69	137.61	69.86	34.15	57.68	15.55	6.14	15.28	17.25	17.25	12.70	22.38	-21.45
Ebit margin, %					14.16	21.85	26.28	9.92	29.33	29.33	29.33		23.34	6.07
Рентаб EBITDA, %		20.93	26.31	27.44	16.56	56.6	27.09	10.9	31.3	31.3	31.3	23.69	31.44	-11.17
Чистая рентаб, %	8.15	7.11	13.47	13.87	5.98	0.7501	13.15	5.14	15.02		15.02	22.83	8.01	20.22
Operation Margin, %		15.43	23.31	25.7	13.83	21.06	23.09	20.92	29.98	29.98	29.98	29.75	25.01	7.32
Доходность FCF, %						2.87	1.88	3.26					2.67	4.34

	2021Q2	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	Industry average	5 quarters average	CAGR 5
ROE, %					2.23	-8.14	3.51	5.88	1.4	1.64	3.96	4.9	3.22	2.64		9.09	3.27	9.99
ROA, %	0.4165	0.5705	0.7422	1.39		-2.5		1.9		0.9844	1.23	1.51		1.78		3.94	1.48	-1.30
ROIC, %											2.69					6.48	2.69	0.00
ROS, %						-55.98	22.81	22.87	11.03	11.54	17.17	16.56	16.7	16.11	23.13	22.83	17.93	6.14
ROCE, %	5.87	5.71	4.58	17.91		-6.78		5.94		2.5	5.3	5.68		3.67		12.70	4.62	-9.18
Ebit margin, %										22.42	28.98	24.76	26.99	26.52	31.9		27.83	1.94
Рентаб EBITDA, %						-45.55	30.01	24.11	20.4	24.1	30.12	27.68	29.11	29.06	33.55	23.69	29.90	2.18
Чистая рентаб, %						-55.98	22.81	22.87	11.03	11.54	17.17	16.56	16.7	16.11	23.13	22.83	17.93	6.14
Operation Margin, %						-46.86	28.79	23.05	18.92	22.19	29.71	23.13	24.47	24.3	30.34	29.75	26.39	0.42
Доходность FCF, %							0.906				-0.0359						0.4350	-119.91

Coefficients

IFRS

Reporting Annual Quarterly

	2017	2018	2019	2020	2021	2022	2023	2024	2025	LTM	Industry average	5 year average	CAGR 5
P/E					2187.42	44.97	92.18	72.45		72.45	81.25	599.25	-57.34
P/BV					19.1	4.45	3.53	6.4		6.4	4.98	8.37	-23.92
P/S					16.41	5.91	4.74	10.88		10.88	14.79	9.49	-9.76
P/FCF					34.83	53.1	30.63	29.93	29.93	29.93	22.04	35.68	-2.99
E/P					0.000457	0.0116	0.006	0.0221	0.0221	0.0221	0.03	0.0125	117.22
EV/EBIT				10.57	15.36	27.1	55.99	39.04	39.04	39.04		35.31	20.51
EV/EBITDA			7.81	9.04	34.92	26.28	50.96	36.57		36.57	-34.10	31.55	32.25
EV/S				1.5	19.76	7.12	5.56	11.45	11.45	11.45	16.08	11.07	-10.34
EV/FCF				4.9	41.96	33.34	19.78	50.41	50.41	50.41	48.40	39.18	3.74
Debt/EBITDA		6.48	7.92	9.1	6	4.66	8.77	2.38	2.38	2.38	-6.68	4.84	-16.88
Netdebt/Ebitda	11.71	6.41	7.81	9.04	5.93	4.46	7.51	1.82	1.82	1.82	-5.98	4.31	-21.04
Debt/Ratio		0.473	0.5142	0.4527	0.4628	0.2998	0.2314	0.163	0.163	0.163	0.20	0.2640	-18.84
Debt/Equity		10.19	6.68	4.05	3.96	0.953	0.7155	0.4406	5.56	5.56	8.51	2.33	7.02
Debt/Net Income		12.67	15.67	25.21	453.01	9.59	18.62	4.97	4.97	4.97	10.25	98.23	-59.44
PEG									5.54	5.54		5.54	0.00
Бета							3.5	-2.38	0.9847	0.9847	3.02	0.7016	-34.47
Индекс Альтмана					3.12	4	2.79	2.33	2.32	2.32	2.25	2.91	-5.75

	2020Q4	2021Q3	2021Q4	2022Q1	2022Q2	2022Q3	2022Q4	2023Q1	2023Q2	2023Q3	2023Q4	2024Q1	2024Q2	2024Q3	2024Q4	2025Q1	2025Q2	Industry average	5 quarters average	CAGR 5
P/E					18.96		241.07	50.25	162.2	49.86	55.47	72.44	82.11	58.78	56.26			81.25	65.01	0.28
P/BV			14.54	2.26		2.04	8.46	2.99		5.85	6.68	6.46		6.76				4.98	5.75	17.72
P/S						2.38	54.99	3.15	7.69	9.07	9.44	10.86	13.12	9.78	10.39			14.79	10.72	1.94
P/FCF							110.37				-2786.81							22.04	-1338.2200	-602.49
E/P			0.0025				0.0041				0.0061							0.03	0.0042	34.63
EV/EBIT										214.15	115.21	118.84	208.18	187.44					168.76	-2.63
EV/EBITDA				10.35		13.29		44.67	197.97	42.08	39.53	42.24	49.28	36.4				-34.10	41.91	-2.86
EV/S									40.39	48.02	33.39	29.43	56.18	49.71				16.08	43.35	0.69
EV/FCF									1361.02	1433.64	-3283.77	88.07						48.40	-100.2600	-49.56
Debt/EBITDA	33.44	32.24		5.25		-13.76		11.53		20.73	9.95	6.92		10.47				-6.68	11.92	-1.91
Netdebt/Ebitda					2.77	-12.41	2.93	9.87	7.08	18.05	8.1	4.55	6.34	9.34				-5.98	9.28	-12.35
Debt/Ratio	0.4597	0.3921		0.2998		0.2799		0.2311		0.2131	0.2138	0.163		0.1686				0.20	0.1979	-6.11
Debt/Equity	4.35	2.04		0.953		0.911		0.7147		0.6729	0.6495	0.4406		0.4394				8.51	0.5834	-9.27
Debt/Net Income	82.12	68.73		21.55		-11.2		12.16		43.29	17.44	11.57		18.89				10.25	20.67	9.21
Бета																1.14	0.9847	3.02	1.06	-7.06
Индекс Альтмана																2.32	2.32	2.25	2.32	0.00

Dividends

IFRS

Reporting Annual Quarterly

	2023	2024	LTM	Industry average	5 year average	CAGR 5
Див.выплата, млрд	0.964		0.964		0.9640	0.00
Дивиденд	1	2.25	2.25		1.63	50.00
Див доход, ао, %	0.135	0.2675	0.2675	0.32	0.2013	40.77
Дивиденды / прибыль, %	19.81	6.22	6.22	16.42	13.01	-43.97

	2023Q3	2023Q4	Industry average	5 quarters average	CAGR 5
Див.выплата, млрд		0.964		0.9640	0.00
Дивиденд	1			1.0000	0.00
Див доход, ао, %	0.1384		0.32	0.1384	0.00
Дивиденды / прибыль, %		19.15	16.42	19.15	0.00

	Industry average	5 quarters average	CAGR 5

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Other

IFRS

Reporting Annual

	2023	2024	CAGR 5
Персонал, чел	4200	4564	4.24

	CAGR 5

	CAGR 5