Even as global equity markets grapple with heightened volatility amid geopolitical tensions and slowing growth concerns, leading brokerage houses remain resolutely bullish on Macrotech Developers (Lodha). Backed by strong operational momentum and a robust launch pipeline, analysts see substantial upside potential in the stock over the next 12 months.
In their latest reports, Jefferies, Nomura, and Axis Capital have reaffirmed Buy ratings on Macrotech, citing the company’s resilient financial performance and strategic expansion into new markets like Bengaluru. While Jefferies has set the highest target price at ₹1,600 (a potential upside of 22.8% from the current ₹1,303 level), Axis Capital has raised its target to ₹1,510, and Nomura maintains a target of ₹1,450.
Analysts point out that Macrotech’s ability to deliver industry-leading pre-sales growth, robust collections, and sustained margin expansion stands out even in a challenging macro environment. “FY25 has been a year of record pre-sales for Lodha, and FY26 guidance looks equally strong,” Nomura wrote, highlighting that the company’s deep micro-market penetration model insulates it from broader sectoral slowdowns.
Axis Capital noted that the company’s comfortable leverage (net debt-to-equity ratio of 0.2x) and strong operating cash flow (OCF) visibility add to its investment appeal, especially at a time when global capital flows are shifting toward safer, cash-generative assets.
Jefferies further emphasized Macrotech’s proactive business development strategy and its continued expansion of its annuity portfolio through the digital infrastructure segment as key differentiators.
Despite the broader uncertainty, India’s residential real estate sector, especially in the premium and branded segment, continues to witness healthy demand. Analysts believe that players like Lodha, with strong brand equity and execution capabilities, are best positioned to capitalize on this trend.
With the stock currently trading around ₹1,305, brokerages are betting that Macrotech’s operational resilience, disciplined financial management, and strategic growth initiatives will continue to drive value creation for investors.
