{"id":31072,"date":"2024-12-09T11:22:53","date_gmt":"2024-12-09T05:52:53","guid":{"rendered":"https:\/\/www.fundsindia.com\/blog\/?p=31072"},"modified":"2024-12-09T12:17:33","modified_gmt":"2024-12-09T06:47:33","slug":"alpha-macrotech-developers-ltd-equity-research-desk","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-macrotech-developers-ltd-equity-research-desk\/31072","title":{"rendered":"Alpha | Macrotech Developers Ltd . &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA-1024x512.png\" alt=\"\" class=\"wp-image-31075\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Macrotech-Developers-Ltd-without-CTA.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Macrotech Developers Ltd &#8211; Building a better life<\/span><\/h2>\n\n\n\n<p>MacroTech Developers Ltd., part of the Lodha Group, is one of India\u2019s largest residential real estate developers. Founded in 1995 and based in Mumbai, the company excels in luxury, premium, and mid-income housing. With 65,000+ homes delivered across 100 mn sq. ft., its portfolio spans nearly 40 projects. Expanding into annuity income streams, it has expanded into facilities management, industrial warehousing, and leasing retail and office spaces. The company has maximum operations in MMR, Pune, and Bengaluru.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-8.png\"><img loading=\"lazy\" width=\"748\" height=\"503\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-8.png\" alt=\"\" class=\"wp-image-31076\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-8.png 748w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-8-300x202.png 300w\" sizes=\"(max-width: 748px) 100vw, 748px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/h2>\n\n\n\n<ul><li>Residential real estate: Luxury, premium, mid-income, and affordable segments (~60% sales from mid-income and affordable).<\/li><li>Logistics &amp; industrial parks: Built-to-suit structures, standard facilities, and land parcels for manufacturing, warehousing, and data centers.<\/li><li>Commercial spaces: Corporate offices, IT campuses, boutique offices.<\/li><li>Retail projects: Shopping and entertainment spaces.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-9.png\"><img loading=\"lazy\" width=\"822\" height=\"299\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-9.png\" alt=\"\" class=\"wp-image-31077\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-9.png 822w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-9-300x109.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-9-768x279.png 768w\" sizes=\"(max-width: 822px) 100vw, 822px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries:<\/strong> As of FY24, the company has 14 subsidiaries, 3 joint ventures and 4 associate companies.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Strategies<\/span><\/h2>\n\n\n\n<ul><li><strong>Industrial Parks Expansion: <\/strong>Diversifying into logistics and industrial parks with a 4,500-acre development in Palava and Upper Thane, Mumbai, offering excellent connectivity via rail, road, and ports.<\/li><li><strong>Focus on Data Centers:<\/strong> Preparing the Palava site for data center use by selling land parcels to major players and exploring annuity models through land leasing.<\/li><li><strong>Strategic Acquisitions:<\/strong> Acquired stakes in three industrial and logistics park entities for \u20b9307 crore and a 100% stake in Opexefi Services, enhancing capabilities in industrial and digital infrastructure.<\/li><li><strong>High-Quality Land Bank:<\/strong> Leveraging premium land holdings to attract major clients; Amazon India purchased ~39 acres in Palava at \u20b912 crore\/acre for a hyper-scale data center.<\/li><li><strong>Controlled Expansion:<\/strong> Engaging in high-value deals with major data center players, negotiating land sales at \u20b920 crore\/acre for future developments.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Operational Performance<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.10316-crore.png\"><img loading=\"lazy\" width=\"828\" height=\"532\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.10316-crore.png\" alt=\"\" class=\"wp-image-31078\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.10316-crore.png 828w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.10316-crore-300x193.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/Revenue-Breakup-FY24-_-Total-Revenue-FY24-Rs.10316-crore-768x493.png 768w\" sizes=\"(max-width: 828px) 100vw, 828px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Q2FY25<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue: <\/strong>\u20b92,630 crore, a 50% increase from \u20b91,750 crore in Q2FY24.<\/li><li><strong>Pre-Sales:<\/strong> Improved by 21% YoY, rising from \u20b93,540 crore to \u20b94,290 crore.<\/li><li><strong>Operating Profit:<\/strong> Grew 75%, reaching \u20b9960 crore compared to \u20b9550 crore in Q2FY24.<\/li><li><strong>Net Profit:<\/strong> Doubled to \u20b9420 crore from \u20b9210 crore YoY.<\/li><li><strong>New Projects:<\/strong> Signed two developments in North and East Bengaluru with a Gross Development Value (GDV) of \u20b93,800 crore.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">FY24<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue:<\/strong> \u20b910,316 crore, up 9% from FY23.<\/li><li><strong>Pre-Sales:<\/strong> \u20b914,520 crore, a 20% YoY growth.<\/li><li><strong>Operating Profit:<\/strong> \u20b93,430 crore, an increase of 15% YoY.<\/li><li><strong>Net Profit:<\/strong> \u20b91,610 crore, a 19% YoY growth.<\/li><li><strong>New Launches:<\/strong> 30 launches, including new phases at existing projects.<\/li><li><strong>Bengaluru Foray:<\/strong> Entered the Bengaluru market with two successful project launches.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-11.png\"><img loading=\"lazy\" width=\"751\" height=\"350\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-11.png\" alt=\"\" class=\"wp-image-31079\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-11.png 751w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-11-300x140.png 300w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Financial Performance (FY21-24)<\/span><\/h2>\n\n\n\n<ul><li><strong>Revenue Growth:<\/strong> Achieved a 3-year CAGR of 24% (FY21-24).<\/li><li><strong>Profit Growth: <\/strong>PAT grew at a 3-year CAGR of 69% (FY21-24).<\/li><li><strong>Return Ratios:<\/strong> Maintained an average ROE and ROCE of 10% each over FY21-24.<\/li><li><strong>Debt-to-Equity:<\/strong> Strong balance sheet with a ratio of 0.44.<\/li><li><strong>Pre-Sales Growth:<\/strong> Recorded a 3-year CAGR of 34% in pre-sales (FY21-24).<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-12.png\"><img loading=\"lazy\" width=\"747\" height=\"216\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-12.png\" alt=\"\" class=\"wp-image-31080\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-12.png 747w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-12-300x87.png 300w\" sizes=\"(max-width: 747px) 100vw, 747px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry outlook\u00a0<\/span><\/h2>\n\n\n\n<ul><li><strong>Key Sub-Sectors:<\/strong> Housing, retail, hospitality, and commercial.<\/li><li><strong>Housing Demand Drivers:<\/strong> Strong job creation, rising incomes, favorable affordability, and preference for quality living spaces.<\/li><li><strong>Growth Factors:<\/strong> Urbanization, expanding rental market, and rising property prices.<\/li><li><strong>Corporate Sector Expansion:<\/strong> Increased demand for office spaces and urban housing.<\/li><li><strong>Commercial Growth:<\/strong> Rising demand for retail and office spaces alongside urban housing development.<\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/h2>\n\n\n\n<ul><li><strong>FDI Policy:<\/strong> 100% FDI allowed for township and settlement development projects.<\/li><li><strong>Smart City Mission:<\/strong> Aims to modernize 100 cities, enhancing quality of life with tech-driven urban planning.<\/li><li><strong>Future Growth:<\/strong> Real estate sector projected to reach $5.8 trillion by 2047, contributing 15.5% to GDP (up from 7.3%).<br><\/li><\/ul>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Competitive Advantage<\/span><\/h2>\n\n\n\n<p>Macrotech stands out among competitors like DLF Ltd and Godrej Properties Ltd by delivering superior returns on capital invested. This performance is driven by a consistent increase in sales, highlighting the company&#8217;s efficient operations and strategic focus.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13.png\"><img loading=\"lazy\" width=\"1024\" height=\"146\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13-1024x146.png\" alt=\"\" class=\"wp-image-31081\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13-1024x146.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13-300x43.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13-768x109.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-13.png 1492w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/h2>\n\n\n\n<ul><li><strong>Pre-Sales Growth (FY25):<\/strong> Targeting ~20% growth in pre-sales to  Rs.17,500 crore, with a 5-6% price increase.<\/li><li><strong>Volume Growth: <\/strong>Expected 4-5% in existing locations and ~10% in new locations.<\/li><li><strong>New Launches:<\/strong> Plans to roll out 17 new projects in FY25 (excluding current project expansions).<\/li><li><strong>Future Goals:<\/strong> Aiming for a 20% ROE and Rs.500 crore rental income by FY26.<\/li><li><strong>Strategic Strength:<\/strong> Strong brand flexibility enables sales across various price points.<\/li><li><strong>Growth Drivers:<\/strong> Palava and Upper Thane projects identified as key growth catalysts.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14-1024x712.png\" alt=\"\" class=\"wp-image-31082\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-14.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuation<\/span><\/h2>\n\n\n\n<p>Macrotech is well-positioned to achieve its management guidance, supported by its robust operational capabilities, diverse income streams across price points and client segments, and steady expansion into new geographies. We recommend a <strong>BUY<\/strong> rating for the stock with a target price (TP) of <strong>Rs.1,656<\/strong>, based on <strong>55x FY26E EPS<\/strong>.<\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Risks<\/span><\/h2>\n\n\n\n<ul><li><strong>Macro-Economic Conditions: <\/strong>High inflation, economic slowdowns, or elevated interest rates could impact the company\u2019s turnover.<\/li><li><strong>Input Costs and Regulatory Changes: <\/strong>Rising input costs may squeeze profit margins, while regulatory delays in approvals could disrupt cash flow.<\/li><\/ul>\n\n\n\n<p><em><strong>Note:<\/strong> Please note that this is not a recommendation and is intended only for educational purposes. So, kindly consult your financial advisor before investing.<\/em><\/p>\n\n\n\n<p dir=\"ltr\" style=\"line-height: 1.8; margin-top: 0pt; margin-bottom: 0pt; text-align: center;\"><a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Macrotech+Developers+Ltd+-+Dec+2024.docx.pdf\" rel=\"noopener\"><img alt=\"\" src=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/button_read-the-full-alpha-report.png\" style=\"width: 320px; height: 49px;\"><\/a><\/p>\n\n\n\n<h2><span class=\"has-inline-color has-vivid-cyan-blue-color\">Recap of our previous recommendations (As on 06 December 2024)<\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15.png\"><img loading=\"lazy\" width=\"1024\" height=\"229\" src=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15-1024x229.png\" alt=\"\" class=\"wp-image-31084\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15-1024x229.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15-300x67.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15-768x172.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2024\/12\/image-15.png 1166w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-ask-automotive-ltd-equity-research-desk\/30970\">ASK Automotive Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-max-healthcare-institute-ltd-equity-research-desk\/30933\">Max Healthcare Institute Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-newgen-software-technologies-ltd-equity-research-desk\/30891\">Newgen Software Technologies Ltd<\/a><\/p>\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-kirloskar-pneumatic-company-ltd-equity-research-desk\/30824\">Kirloskar Pneumatic Company Ltd<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Macrotech Developers Ltd &#8211; Building a better life MacroTech Developers Ltd., part of the Lodha Group, is one of India\u2019s largest residential real estate developers. Founded in 1995 and based in Mumbai, the company excels in luxury, premium, and mid-income housing. With 65,000+ homes delivered across 100 mn sq. ft., its portfolio spans nearly 40 [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":31075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,1033,745,1063,897,892,1125,903,1124,1126,870],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Macrotech Developers Ltd Stock Analysis December - 2024<\/title>\n<meta name=\"description\" content=\"Discover Macrotech Developers Ltd., a leading real estate company creating luxury, premium, and affordable homes, industrial parks, and commercial spaces.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-macrotech-developers-ltd-equity-research-desk\/31072\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macrotech Developers Ltd Stock Analysis December - 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