J.P. Morgan has maintained a Neutral rating on Macrotech Developers (Lodha) with a target price of ₹1,300, implying a modest upside of about 1.8% from the current market price of ₹1,277.00.
While the company reported pre-sales of ₹44.5 billion for Q1FY26 — up 10% year-on-year and achieving 21% of its full-year guidance — J.P. Morgan noted that slower free cash flow (FCF) generation and muted Q2 guidance could cap immediate upside.
The brokerage also highlighted that embedded EBITDA margins improved by 1 percentage point sequentially to 33%, and believes that growth in collections over the next few quarters will be the key driver of stock performance.
Disclaimer: This article is based on J.P. Morgan’s brokerage report and does not constitute investment advice. Please consult a certified financial advisor before making any investment decisions.
