Jefferies has reiterated its buy call on Macrotech Developers (Lodha) with a target price of ₹1,625 per share, highlighting the company’s strong positioning as a key beneficiary of Mumbai’s ongoing infrastructure transformation. The brokerage said the city’s upcoming $80 billion infrastructure upgrade — including the opening of Mumbai’s second airport — will significantly enhance connectivity and real estate demand across the region.
Lodha’s extensive 4,500-acre land bank in and around Mumbai positions it to benefit from rising property values, which Jefferies estimates have increased nearly eightfold over the past four to five years. The brokerage projects a 20% compound annual growth in pre-sales driven by continued expansion and robust demand across core markets.
Jefferies also noted that H1 weakness has made Lodha’s ex-Palava business trade at around 2x enterprise value-to-sales, offering what it views as an attractive entry point for long-term investors. It believes the company’s strong exposure to Mumbai and consistent execution on new launches will sustain its growth momentum over the medium term.
Disclaimer: The views and recommendations above are those of Jefferies. Business Upturn does not endorse them. Please consult a financial advisor before making investment decisions.