ICICI Securities has given Buy recommendation for Macrotech Developers recommended buy rating on the stock with a target price of Rs 1348 in its resear with a target price of Rs. 1348 in its research report issued on Apr 07, 2022

ICICI Securities research report on Macrotech Developers

Macrotech Developers (LODHA) achieved record Q4FY22 India business sales bookings of Rs34.6bn vs. Isec estimate of Rs32.5bn (up 37% YoY and 33% QoQ) and record FY22 sales bookings of Rs90.2bn (previous highest was Rs81.2bn in FY18). We believe that the sales were largely sustenance driven with no major launches during the quarter and the company has achieved its FY22 sales guidance of Rs90.0bn. The company has added new projects having total saleable area of 8.8msf with an estimated GDV of Rs146.0bn in 9MFY22, majority of which are slated for FY23E launch. Considering the strong launch pipeline and momentum in sustenance sales, we estimate sales bookings of Rs110.1bn in FY23E and Rs119.0bn in FY24E.


We upgrade our rating to BUY from HOLD with a revised target price of Rs1,348/share (earlier Rs1,304) incorporating new JDA projects and value the company at a 30% premium to our Mar’22E NAV of Rs1,037/share.

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At 11:42 hrs Macrotech Developers was quoting at Rs 1,180.65, up Rs 16.35, or 1.40 percent.

It has touched an intraday high of Rs 1,223.55 and an intraday low of Rs 1,162.80.

It was trading with volumes of 18,941 shares, compared to its thirty day average of 26,410 shares, a decrease of -28.28 percent.

In the previous trading session, the share closed down 1.82 percent or Rs 21.55 at Rs 1,164.30.

The share touched its 52-week high Rs 1,538.65 and 52-week low Rs 421.15 on 01 December, 2021 and 19 April, 2021, respectively.

Currently, it is trading 23.27 percent below its 52-week high and 180.34 percent above its 52-week low.

Market capitalisation stands at Rs 56,849.05 crore.

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