Macrotech Developers (Lodha) shares fell over 1% on Wednesday despite reporting a steady business update for the September quarter (Q2FY26). Pre-sales rose nearly 7% to ₹4,570 crore year-on-year (YoY), even with limited new launches. Collections were strong at ₹3,480 crore, up 13% (YoY). 

SEBI-registered analyst A & Y Market Research noted that its net debt stood at ₹5,370 crore, within its comfort zone of 0.5x net debt-to-equity. 

So what weighed on investor sentiment? 

Concerns surrounding the execution of Lodha's projects dragged the stock lower, according to A & Y Market Research. A & Y Market Research concluded that Lodha's Q2 reflected steady operations and disciplined debt management, but near-term growth visibility remains a concern. 

Brokerage firm Nuvama has flagged challenges in achieving Lodha's FY26 booking guidance of ₹21,000 crore, with steep growth required in the second half. Sales momentum in Mumbai and Pune appeared to be tapering, and last year's land sales base makes comparisons tricky. They added that business development and approval costs have pushed debt higher by about ₹300 crore sequentially. 

What could work for Lodha?

The analyst noted that the Supreme Court's clearance of pending environmental approvals could unlock multiple launches in the second half of the year. Lodha has an aggressive launch pipeline that could help it meet guidance targets. 

Additionally, brokerage firm Jefferies anticipates a substantial upside, citing the Navi Mumbai airport-led infrastructure as a key catalyst for Lodha's land assets. 

Prime Minister Narendra Modi has inaugurated the first phase of the Navi Mumbai International Airport (NMIA) today. Operations are likely to begin in December 2025.

 Technical outlook 

 Lodha stock is currently approaching the crucial support zone of ₹1,046-₹1,073, and its weakness is evident. Given the current market conditions, they advised traders to exercise caution and wait for the price to react within this support zone that will likely determine the stock's short-term direction.

What is the retail mood?

Data on Stocktwits shows that retail sentiment has been 'neutral' over past few months.

Lodha shares have declined 18% year-to-date (YTD). 

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