# Realty - National — company-by-company sector analysis

> Realty - National: Lodha Developers Ltd owns the largest revenue base; Prestige Estates Projects Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Realty - National has underperformed NIFTY 500 by 16.6% over 52 weeks and 3.4% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 5 of 7 beat the sector itself. Lodha Developers Ltd leads with revenue of ₹18,181 crore, based on 7 of 7 comparable companies through Jun 2026.

### Is the Realty - National sector outperforming NIFTY 500?

Realty - National has underperformed NIFTY 500 by 16.6% over 52 weeks and 3.4% over 13 weeks. 3 of 7 covered companies beat NIFTY on Mansfield relative strength, while 5 of 7 beat the sector itself.

### Which Realty - National company is largest by revenue?

Lodha Developers Ltd leads with revenue of ₹18,181 crore, based on 7 of 7 comparable companies through Jun 2026.

### Which Realty - National company is growing fastest?

Prestige Estates Projects Ltd has the fastest current revenue growth at 72.7%, across 7 of 7 comparable companies.

### Which Realty - National company has the strongest 4-Factor Sector Score?

Lodha Developers Ltd ranks first at 66.4/100 with 94% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Realty - National company reports the most CAPEX?

Lodha Developers Ltd reports the largest latest CAPEX at ₹49 crore, with 3 of 7 companies comparable.

### Which Realty - National company has the least gross debt?

DLF Ltd has the lowest comparable gross debt at ₹306 crore. Prestige Estates Projects Ltd has the highest at ₹17,659 crore.

### Which Realty - National company has the lowest comparable PEG?

Lodha Developers Ltd has the lowest comparable Guarded PEG at 0.64, among 3 of 7 companies that pass the metric’s comparability rules.

### How much history does this Realty - National comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Realty - National has underperformed NIFTY 500 by 16.6% over the last 52 weeks. Over 13 weeks the gap is a lead of 3.4%. 3 of 7 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is broad. Sobha Ltd is the strongest against the sector itself at +14.7%. Readings are as of 2026-07-19.

13-week sector return versus NIFTY 500: 3.4%
52-week sector return versus NIFTY 500: -17%
Stocks leading NIFTY: 3/7
Stocks leading sector: 5/7

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 7
Combined market value: ₹4.5 L Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Lodha Developers Ltd (LODHA): 66/100 — Favorable setup; evidence 94%
   - Growth & earnings 23.7/35 | Capital efficiency 16.3/25 | Valuation 18.4/20 | Relative strength 8.0/20
   - Exact sum: 23.7 + 16.3 + 18.4 + 8 = 66.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Godrej Properties Ltd (GODREJPROP): 62/100 — Mixed-positive evidence; evidence 72%
   - Growth & earnings 21.7/35 | Capital efficiency 11.8/25 | Valuation 10.3/20 | Relative strength 18.5/20
   - Exact sum: 21.7 + 11.8 + 10.3 + 18.5 = 62.3
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Prestige Estates Projects Ltd (PRESTIGE): 59/100 — Mixed-positive evidence; evidence 73%
   - Growth & earnings 25.1/35 | Capital efficiency 12.9/25 | Valuation 7.1/20 | Relative strength 13.9/20
   - Exact sum: 25.1 + 12.9 + 7.1 + 13.9 = 59
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Sobha Ltd (SOBHA): 56/100 — Mixed-positive evidence; evidence 87%
   - Growth & earnings 29.3/35 | Capital efficiency 9.8/25 | Valuation 3.5/20 | Relative strength 13.1/20
   - Exact sum: 29.3 + 9.8 + 3.5 + 13.1 = 55.7
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Brigade Enterprises Ltd (BRIGADE): 47/100 — Mixed-negative evidence; evidence 73%
   - Growth & earnings 12.7/35 | Capital efficiency 14.6/25 | Valuation 11.4/20 | Relative strength 8.2/20
   - Exact sum: 12.7 + 14.6 + 11.4 + 8.2 = 46.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. DLF Ltd (DLF): 35/100 — Adverse evidence; evidence 83%
   - Growth & earnings 8.9/35 | Capital efficiency 12.2/25 | Valuation 4.7/20 | Relative strength 8.8/20
   - Exact sum: 8.9 + 12.2 + 4.7 + 8.8 = 34.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. Aditya Birla Real Estate Ltd (ABREL): 24/100 — Adverse evidence; evidence 62%
   - Growth & earnings 6.7/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 4.1/20
   - Exact sum: 6.7 + 3 + 10 + 4.1 = 23.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Lodha Developers Ltd is the scale leader at ₹18,181 crore, 43.3% ahead of Prestige Estates Projects Ltd. Prestige Estates Projects Ltd's growth is 72.7% from a ₹12,686 crore base, with 14 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Lodha Developers Ltd is the scale benchmark; Prestige Estates Projects Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Lodha Developers Ltd's growth falls below Prestige Estates Projects Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Lodha Developers Ltd · ₹18,181 crore | 43.3% versus #2 · Prestige Estates Projects Ltd | 8/8 recent comparable periods | 7/7 companies · 115 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Lodha Developers Ltd (LODHA): ₹18.2K Cr
2. Prestige Estates Projects Ltd (PRESTIGE): ₹12.7K Cr
3. DLF Ltd (DLF): ₹8.2K Cr
4. Brigade Enterprises Ltd (BRIGADE): ₹5.7K Cr
5. Sobha Ltd (SOBHA): ₹5.6K Cr

### Revenue growth — fastest growers
1. Prestige Estates Projects Ltd (PRESTIGE): 73%
2. Sobha Ltd (SOBHA): 32%
3. Lodha Developers Ltd (LODHA): 26%
4. Brigade Enterprises Ltd (BRIGADE): 12%
5. Godrej Properties Ltd (GODREJPROP): 4.2%

### 20-quarter Revenue history
- DLF: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.5K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹1.4K Cr | Sep 2024 ₹2.0K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹3.1K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- LODHA: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.1K Cr | Mar 2022 ₹3.4K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹4.0K Cr | Jun 2024 ₹2.8K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹4.1K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.8K Cr | Dec 2025 ₹4.7K Cr | Mar 2026 ₹4.7K Cr | Jun 2026 ₹5.0K Cr
- PRESTIGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.3K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹2.2K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.4K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹196 Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹936 Cr | Sep 2023 ₹343 Cr | Dec 2023 ₹330 Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹739 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹969 Cr | Mar 2025 ₹2.1K Cr | Jun 2025 ₹435 Cr | Sep 2025 ₹740 Cr | Dec 2025 ₹498 Cr | Mar 2026 ₹3.5K Cr | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹820 Cr | Mar 2023 ₹843 Cr | Jun 2023 ₹654 Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.7K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.3K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 —
- ABREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.2K Cr | Mar 2023 ₹982 Cr | Jun 2023 ₹894 Cr | Sep 2023 ₹863 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹814 Cr | Jun 2024 ₹353 Cr | Sep 2024 ₹266 Cr | Dec 2024 ₹204 Cr | Mar 2025 ₹395 Cr | Jun 2025 ₹146 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹81 Cr | Mar 2026 ₹83 Cr | Jun 2026 —
- SOBHA: Sep 2021 ₹819 Cr | Dec 2021 ₹668 Cr | Mar 2022 ₹562 Cr | Jun 2022 ₹582 Cr | Sep 2022 ₹667 Cr | Dec 2022 ₹868 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹908 Cr | Sep 2023 ₹741 Cr | Dec 2023 ₹685 Cr | Mar 2024 ₹763 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹934 Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹852 Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹943 Cr | Mar 2026 ₹2.0K Cr | Jun 2026 ₹1.3K Cr

### 20-quarter Revenue growth history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 26% | Sep 2022 -12% | Dec 2022 -3.6% | Mar 2023 -5.9% | Jun 2023 -1.3% | Sep 2023 3.5% | Dec 2023 1.7% | Mar 2024 47% | Jun 2024 -4.3% | Sep 2024 47% | Dec 2024 0.5% | Mar 2025 47% | Jun 2025 99% | Sep 2025 -17% | Dec 2025 32% | Mar 2026 -42% | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 67% | Sep 2022 -17% | Dec 2022 -14% | Mar 2023 -5.5% | Jun 2023 -40% | Sep 2023 -0.9% | Dec 2023 65% | Mar 2024 23% | Jun 2024 76% | Sep 2024 50% | Dec 2024 39% | Mar 2025 5.1% | Jun 2025 23% | Sep 2025 45% | Dec 2025 14% | Mar 2026 12% | Jun 2026 43%
- PRESTIGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 -18% | Jun 2024 11% | Sep 2024 3.0% | Dec 2024 -7.9% | Mar 2025 -29% | Jun 2025 24% | Sep 2025 5.6% | Dec 2025 134% | Mar 2026 167% | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 68% | Mar 2024 -13% | Jun 2024 -21% | Sep 2024 219% | Dec 2024 194% | Mar 2025 49% | Jun 2025 -41% | Sep 2025 -32% | Dec 2025 -49% | Mar 2026 63% | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 43% | Mar 2024 102% | Jun 2024 65% | Sep 2024 -22% | Dec 2024 25% | Mar 2025 -14% | Jun 2025 19% | Sep 2025 29% | Dec 2025 7.6% | Mar 2026 -0.1% | Jun 2026 —
- ABREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.5% | Mar 2024 -17% | Jun 2024 -61% | Sep 2024 -69% | Dec 2024 -81% | Mar 2025 -52% | Jun 2025 -59% | Sep 2025 -63% | Dec 2025 -60% | Mar 2026 -79% | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -19% | Dec 2022 30% | Mar 2023 115% | Jun 2023 56% | Sep 2023 11% | Dec 2023 -21% | Mar 2024 -37% | Jun 2024 -30% | Sep 2024 26% | Dec 2024 79% | Mar 2025 63% | Jun 2025 33% | Sep 2025 51% | Dec 2025 -23% | Mar 2026 60% | Jun 2026 50%

## Operating Economics & Margin Trend

What the numbers say: Lodha Developers Ltd leads opm at 38%; Godrej Properties Ltd leads margin change at +11 percentage points.

Investor read: Lodha Developers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Lodha Developers Ltd · 38% | 52% versus #2 · Brigade Enterprises Ltd | 7/8 recent comparable periods | 7/7 companies · 135 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Lodha Developers Ltd (LODHA): 38%
2. Brigade Enterprises Ltd (BRIGADE): 25%
3. Prestige Estates Projects Ltd (PRESTIGE): 25%
4. DLF Ltd (DLF): 23%
5. Godrej Properties Ltd (GODREJPROP): 15%

### Margin change — fastest expanders
1. Godrej Properties Ltd (GODREJPROP): +11.0 pp
2. Lodha Developers Ltd (LODHA): +10.0 pp
3. Sobha Ltd (SOBHA): +3.0 pp
4. Brigade Enterprises Ltd (BRIGADE): −3.0 pp
5. DLF Ltd (DLF): −8.0 pp

### 20-quarter OPM history
- DLF: Sep 2021 31% | Dec 2021 34% | Mar 2022 24% | Jun 2022 29% | Sep 2022 34% | Dec 2022 32% | Mar 2023 27% | Jun 2023 28% | Sep 2023 34% | Dec 2023 34% | Mar 2024 35% | Jun 2024 17% | Sep 2024 25% | Dec 2024 26% | Mar 2025 31% | Jun 2025 13% | Sep 2025 17% | Dec 2025 19% | Mar 2026 23% | Jun 2026 —
- LODHA: Sep 2021 21% | Dec 2021 23% | Mar 2022 26% | Jun 2022 17% | Sep 2022 24% | Dec 2022 23% | Mar 2023 24% | Jun 2023 20% | Sep 2023 24% | Dec 2023 30% | Mar 2024 26% | Jun 2024 27% | Sep 2024 27% | Dec 2024 32% | Mar 2025 29% | Jun 2025 28% | Sep 2025 29% | Dec 2025 30% | Mar 2026 30% | Jun 2026 38%
- PRESTIGE: Sep 2021 28% | Dec 2021 27% | Mar 2022 21% | Jun 2022 24% | Sep 2022 26% | Dec 2022 25% | Mar 2023 26% | Jun 2023 31% | Sep 2023 26% | Dec 2023 30% | Mar 2024 38% | Jun 2024 42% | Sep 2024 27% | Dec 2024 35% | Mar 2025 35% | Jun 2025 38% | Sep 2025 37% | Dec 2025 22% | Mar 2026 25% | Jun 2026 —
- GODREJPROP: Sep 2021 -78% | Dec 2021 -26% | Mar 2022 16% | Jun 2022 -27% | Sep 2022 -66% | Dec 2022 -28% | Mar 2023 21% | Jun 2023 -16% | Sep 2023 -28% | Dec 2023 -20% | Mar 2024 9.0% | Jun 2024 -25% | Sep 2024 3.0% | Dec 2024 1.0% | Mar 2025 4.0% | Jun 2025 -62% | Sep 2025 -80% | Dec 2025 -40% | Mar 2026 15% | Jun 2026 —
- BRIGADE: Sep 2021 26% | Dec 2021 28% | Mar 2022 22% | Jun 2022 26% | Sep 2022 25% | Dec 2022 25% | Mar 2023 24% | Jun 2023 27% | Sep 2023 24% | Dec 2023 22% | Mar 2024 25% | Jun 2024 27% | Sep 2024 27% | Dec 2024 28% | Mar 2025 28% | Jun 2025 25% | Sep 2025 24% | Dec 2025 26% | Mar 2026 25% | Jun 2026 —
- ABREL: Sep 2021 11% | Dec 2021 9.4% | Mar 2022 10% | Jun 2022 12% | Sep 2022 15% | Dec 2022 7.0% | Mar 2023 15% | Jun 2023 15% | Sep 2023 5.7% | Dec 2023 18% | Mar 2024 24% | Jun 2024 11% | Sep 2024 10% | Dec 2024 -8.8% | Mar 2025 -7.8% | Jun 2025 -29% | Sep 2025 -75% | Dec 2025 -112% | Mar 2026 -200% | Jun 2026 —
- SOBHA: Sep 2021 23% | Dec 2021 24% | Mar 2022 11% | Jun 2022 13% | Sep 2022 14% | Dec 2022 10% | Mar 2023 10% | Jun 2023 7.0% | Sep 2023 10% | Dec 2023 11% | Mar 2024 8.0% | Jun 2024 9.0% | Sep 2024 8.0% | Dec 2024 5.0% | Mar 2025 8.0% | Jun 2025 3.0% | Sep 2025 7.0% | Dec 2025 4.0% | Mar 2026 8.0% | Jun 2026 6.0%

### 20-quarter Margin change history
- DLF: Sep 2021 +2.2 pp | Dec 2021 +1.3 pp | Mar 2022 −2.8 pp | Jun 2022 −6.0 pp | Sep 2022 +2.6 pp | Dec 2022 −1.6 pp | Mar 2023 +3.3 pp | Jun 2023 −0.7 pp | Sep 2023 +0.5 pp | Dec 2023 +2.0 pp | Mar 2024 +8.0 pp | Jun 2024 −11.0 pp | Sep 2024 −9.0 pp | Dec 2024 −8.0 pp | Mar 2025 −4.0 pp | Jun 2025 −4.0 pp | Sep 2025 −8.0 pp | Dec 2025 −7.0 pp | Mar 2026 −8.0 pp | Jun 2026 —
- LODHA: Sep 2021 +7.1 pp | Dec 2021 −8.0 pp | Mar 2022 −5.6 pp | Jun 2022 −3.7 pp | Sep 2022 +2.5 pp | Dec 2022 −0.3 pp | Mar 2023 −2.3 pp | Jun 2023 +2.6 pp | Sep 2023 +0.1 pp | Dec 2023 +7.0 pp | Mar 2024 +2.0 pp | Jun 2024 +7.0 pp | Sep 2024 +3.0 pp | Dec 2024 +2.0 pp | Mar 2025 +3.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 −2.0 pp | Mar 2026 +1.0 pp | Jun 2026 +10.0 pp
- PRESTIGE: Sep 2021 +0.1 pp | Dec 2021 +3.7 pp | Mar 2022 −3.1 pp | Jun 2022 +0.4 pp | Sep 2022 −2.3 pp | Dec 2022 −2.3 pp | Mar 2023 +5.2 pp | Jun 2023 +7.3 pp | Sep 2023 +0.3 pp | Dec 2023 +5.0 pp | Mar 2024 +12.0 pp | Jun 2024 +11.0 pp | Sep 2024 +1.0 pp | Dec 2024 +5.0 pp | Mar 2025 −3.0 pp | Jun 2025 −4.0 pp | Sep 2025 +10.0 pp | Dec 2025 −13.0 pp | Mar 2026 −10.0 pp | Jun 2026 —
- GODREJPROP: Sep 2021 +16.4 pp | Dec 2021 +8.6 pp | Mar 2022 +67.3 pp | Jun 2022 +81.5 pp | Sep 2022 +11.1 pp | Dec 2022 −1.8 pp | Mar 2023 +5.1 pp | Jun 2023 +10.9 pp | Sep 2023 +38.4 pp | Dec 2023 +8.0 pp | Mar 2024 −12.0 pp | Jun 2024 −9.0 pp | Sep 2024 +31.0 pp | Dec 2024 +21.0 pp | Mar 2025 −5.0 pp | Jun 2025 −37.0 pp | Sep 2025 −83.0 pp | Dec 2025 −41.0 pp | Mar 2026 +11.0 pp | Jun 2026 —
- BRIGADE: Sep 2021 −2.6 pp | Dec 2021 +4.9 pp | Mar 2022 −2.1 pp | Jun 2022 −3.3 pp | Sep 2022 −0.9 pp | Dec 2022 −3.0 pp | Mar 2023 +2.2 pp | Jun 2023 +1.2 pp | Sep 2023 −0.6 pp | Dec 2023 −3.0 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +3.0 pp | Dec 2024 +6.0 pp | Mar 2025 +3.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.0 pp | Dec 2025 −2.0 pp | Mar 2026 −3.0 pp | Jun 2026 —
- ABREL: Sep 2021 +3.0 pp | Dec 2021 +0.3 pp | Mar 2022 +2.0 pp | Jun 2022 −0.5 pp | Sep 2022 +3.5 pp | Dec 2022 −2.4 pp | Mar 2023 +4.6 pp | Jun 2023 +3.5 pp | Sep 2023 −8.8 pp | Dec 2023 +10.9 pp | Mar 2024 +9.6 pp | Jun 2024 −4.5 pp | Sep 2024 +4.4 pp | Dec 2024 −26.7 pp | Mar 2025 −32.3 pp | Jun 2025 −39.8 pp | Sep 2025 −85.5 pp | Dec 2025 −102.9 pp | Mar 2026 −192.7 pp | Jun 2026 —
- SOBHA: Sep 2021 −6.5 pp | Dec 2021 −2.0 pp | Mar 2022 −16.1 pp | Jun 2022 −26.4 pp | Sep 2022 −8.8 pp | Dec 2022 −14.2 pp | Mar 2023 −0.9 pp | Jun 2023 −5.9 pp | Sep 2023 −4.2 pp | Dec 2023 +1.0 pp | Mar 2024 −2.0 pp | Jun 2024 +2.0 pp | Sep 2024 −2.0 pp | Dec 2024 −6.0 pp | Mar 2025 0.0 pp | Jun 2025 −6.0 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 +3.0 pp

## Profit Scale & Acceleration

What the numbers say: DLF Ltd leads with ₹4,415 crore of TTM profit, 6.9% above Lodha Developers Ltd. Prestige Estates Projects Ltd shows ≥100% on the scoring scale (111.7% uncapped) growth from a ₹1,306 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: DLF Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: DLF Ltd · ₹4,415 crore | 6.9% versus #2 · Lodha Developers Ltd | 6/8 recent comparable periods | 7/7 companies · 115 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. DLF Ltd (DLF): ₹4.4K Cr
2. Lodha Developers Ltd (LODHA): ₹4.1K Cr
3. Godrej Properties Ltd (GODREJPROP): ₹1.8K Cr
4. Prestige Estates Projects Ltd (PRESTIGE): ₹1.3K Cr
5. Brigade Enterprises Ltd (BRIGADE): ₹725 Cr

### Profit growth — fastest growers
1. Prestige Estates Projects Ltd (PRESTIGE): 100%
2. Sobha Ltd (SOBHA): 100%
3. Lodha Developers Ltd (LODHA): 39%
4. Godrej Properties Ltd (GODREJPROP): 33%
5. Brigade Enterprises Ltd (BRIGADE): 6.5%

### 20-quarter Net profit history
- DLF: Sep 2021 ₹378 Cr | Dec 2021 ₹379 Cr | Mar 2022 ₹406 Cr | Jun 2022 ₹469 Cr | Sep 2022 ₹477 Cr | Dec 2022 ₹518 Cr | Mar 2023 ₹570 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹622 Cr | Dec 2023 ₹656 Cr | Mar 2024 ₹920 Cr | Jun 2024 ₹645 Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹763 Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 —
- LODHA: Sep 2021 ₹220 Cr | Dec 2021 ₹286 Cr | Mar 2022 ₹535 Cr | Jun 2022 ₹271 Cr | Sep 2022 ₹-933 Cr | Dec 2022 ₹405 Cr | Mar 2023 ₹746 Cr | Jun 2023 ₹179 Cr | Sep 2023 ₹203 Cr | Dec 2023 ₹505 Cr | Mar 2024 ₹667 Cr | Jun 2024 ₹476 Cr | Sep 2024 ₹423 Cr | Dec 2024 ₹945 Cr | Mar 2025 ₹923 Cr | Jun 2025 ₹675 Cr | Sep 2025 ₹790 Cr | Dec 2025 ₹958 Cr | Mar 2026 ₹1.0K Cr | Jun 2026 ₹1.4K Cr
- PRESTIGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹162 Cr | Mar 2023 ₹505 Cr | Jun 2023 ₹318 Cr | Sep 2023 ₹910 Cr | Dec 2023 ₹165 Cr | Mar 2024 ₹236 Cr | Jun 2024 ₹307 Cr | Sep 2024 ₹235 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹312 Cr | Sep 2025 ₹457 Cr | Dec 2025 ₹245 Cr | Mar 2026 ₹292 Cr | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹56 Cr | Mar 2023 ₹454 Cr | Jun 2023 ₹134 Cr | Sep 2023 ₹73 Cr | Dec 2023 ₹63 Cr | Mar 2024 ₹478 Cr | Jun 2024 ₹519 Cr | Sep 2024 ₹334 Cr | Dec 2024 ₹158 Cr | Mar 2025 ₹378 Cr | Jun 2025 ₹598 Cr | Sep 2025 ₹403 Cr | Dec 2025 ₹194 Cr | Mar 2026 ₹645 Cr | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹43 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹22 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹56 Cr | Mar 2024 ₹211 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹115 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹249 Cr | Jun 2025 ₹158 Cr | Sep 2025 ₹170 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹191 Cr | Jun 2026 —
- ABREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹7 Cr | Mar 2023 ₹142 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹-33 Cr | Dec 2023 ₹80 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-42 Cr | Mar 2025 ₹-135 Cr | Jun 2025 ₹-27 Cr | Sep 2025 ₹-18 Cr | Dec 2025 ₹-75 Cr | Mar 2026 ₹5 Cr | Jun 2026 —
- SOBHA: Sep 2021 ₹48 Cr | Dec 2021 ₹33 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹19 Cr | Dec 2022 ₹32 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹26 Cr | Dec 2024 ₹22 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹73 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹92 Cr | Jun 2026 ₹51 Cr

### 20-quarter Profit growth history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 26% | Dec 2022 37% | Mar 2023 40% | Jun 2023 12% | Sep 2023 30% | Dec 2023 27% | Mar 2024 61% | Jun 2024 23% | Sep 2024 122% | Dec 2024 61% | Mar 2025 39% | Jun 2025 18% | Sep 2025 -15% | Dec 2025 14% | Mar 2026 -1.0% | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 68% | Sep 2022 -524% | Dec 2022 42% | Mar 2023 39% | Jun 2023 -34% | Sep 2023 — | Dec 2023 25% | Mar 2024 -11% | Jun 2024 166% | Sep 2024 108% | Dec 2024 87% | Mar 2025 38% | Jun 2025 42% | Sep 2025 87% | Dec 2025 1.4% | Mar 2026 9.2% | Jun 2026 103%
- PRESTIGE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.9% | Mar 2024 -53% | Jun 2024 -3.5% | Sep 2024 -74% | Dec 2024 -81% | Mar 2025 -82% | Jun 2025 1.6% | Sep 2025 94% | Dec 2025 666% | Mar 2026 579% | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 13% | Mar 2024 5.3% | Jun 2024 287% | Sep 2024 358% | Dec 2024 151% | Mar 2025 -21% | Jun 2025 15% | Sep 2025 21% | Dec 2025 23% | Mar 2026 71% | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 235% | Jun 2024 268% | Sep 2024 2.7% | Dec 2024 321% | Mar 2025 18% | Jun 2025 95% | Sep 2025 48% | Dec 2025 -13% | Mar 2026 -23% | Jun 2026 —
- ABREL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1,042% | Mar 2024 -86% | Jun 2024 — | Sep 2024 — | Dec 2024 -153% | Mar 2025 -755% | Jun 2025 -256% | Sep 2025 -732% | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -60% | Dec 2022 -3.0% | Mar 2023 -40% | Jun 2023 -14% | Sep 2023 -21% | Dec 2023 -53% | Mar 2024 -86% | Jun 2024 -50% | Sep 2024 73% | Dec 2024 47% | Mar 2025 486% | Jun 2025 133% | Sep 2025 181% | Dec 2025 -32% | Mar 2026 124% | Jun 2026 264%

## Capacity Spending & Returns On It

What the numbers say: Lodha Developers Ltd reports ₹49 crore of CAPEX; DLF Ltd has the highest covered intensity at 2%. Coverage is only 3 of 7 companies and 8 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Lodha Developers Ltd · ₹49 crore | 81.5% versus #2 · DLF Ltd | 4/4 recent comparable periods | 3/7 companies · 8 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Lodha Developers Ltd (LODHA): ₹49 Cr
2. DLF Ltd (DLF): ₹27 Cr
3. Sobha Ltd (SOBHA): ₹1 Cr

### CAPEX intensity — highest reinvestment intensity
1. DLF Ltd (DLF): 2.0%
2. Lodha Developers Ltd (LODHA): 1.2%
3. Sobha Ltd (SOBHA): 0.2%

### 20-quarter CAPEX history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 ₹67 Cr | Sep 2023 ₹27 Cr | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹18 Cr | Mar 2023 ₹25 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹41 Cr | Mar 2024 ₹49 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 ₹2 Cr | Mar 2022 ₹1 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter CAPEX intensity history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 4.7% | Sep 2023 2.0% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.0% | Mar 2023 0.8% | Jun 2023 — | Sep 2023 — | Dec 2023 1.4% | Mar 2024 1.2% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 0.3% | Mar 2022 0.2% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: DLF Ltd has the clearest covered balance-sheet capacity with ₹9,280 crore net cash and gross debt of ₹306 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: DLF Ltd · ₹306 crore | 73.7% versus #2 · Sobha Ltd | 8/8 recent comparable periods | 7/7 companies · 79 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. DLF Ltd (DLF): ₹306 Cr
2. Sobha Ltd (SOBHA): ₹1.2K Cr
3. Aditya Birla Real Estate Ltd (ABREL): ₹5.6K Cr
4. Brigade Enterprises Ltd (BRIGADE): ₹6.3K Cr
5. Lodha Developers Ltd (LODHA): ₹9.9K Cr

### Net debt — lowest net debt
1. DLF Ltd (DLF): ₹-9.3K Cr
2. Sobha Ltd (SOBHA): ₹-328 Cr
3. Lodha Developers Ltd (LODHA): ₹3.9K Cr

### 20-quarter Gross debt history
- DLF: Sep 2021 ₹5.7K Cr | Dec 2021 ₹5.7K Cr | Mar 2022 ₹4.2K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹3.9K Cr | Dec 2022 ₹3.9K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 — | Sep 2023 ₹3.3K Cr | Dec 2023 — | Mar 2024 ₹4.8K Cr | Jun 2024 ₹4.8K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.1K Cr | Jun 2025 ₹4.1K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹306 Cr | Jun 2026 —
- LODHA: Sep 2021 ₹15.1K Cr | Dec 2021 ₹15.1K Cr | Mar 2022 ₹11.5K Cr | Jun 2022 ₹11.5K Cr | Sep 2022 ₹10.4K Cr | Dec 2022 — | Mar 2023 ₹9.1K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹8.7K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹7.7K Cr | Jun 2024 ₹7.7K Cr | Sep 2024 ₹8.0K Cr | Dec 2024 ₹8.0K Cr | Mar 2025 ₹7.1K Cr | Jun 2025 ₹7.1K Cr | Sep 2025 ₹9.6K Cr | Dec 2025 ₹9.6K Cr | Mar 2026 ₹9.9K Cr | Jun 2026 —
- PRESTIGE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹7.4K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹9.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹13.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹13.2K Cr | Jun 2025 — | Sep 2025 ₹14.5K Cr | Dec 2025 — | Mar 2026 ₹17.7K Cr | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 ₹5.2K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6.4K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹10.7K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹12.6K Cr | Jun 2025 — | Sep 2025 ₹16.3K Cr | Dec 2025 — | Mar 2026 ₹15.9K Cr | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹4.9K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4.6K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹5.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.5K Cr | Jun 2025 — | Sep 2025 ₹5.4K Cr | Dec 2025 — | Mar 2026 ₹6.3K Cr | Jun 2026 —
- ABREL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹1.3K Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹1.1K Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2.5K Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹5.0K Cr | Jun 2025 — | Sep 2025 ₹5.5K Cr | Dec 2025 — | Mar 2026 ₹5.6K Cr | Jun 2026 —
- SOBHA: Sep 2021 ₹2.8K Cr | Dec 2021 ₹2.7K Cr | Mar 2022 ₹2.5K Cr | Jun 2022 ₹2.8K Cr | Sep 2022 ₹2.2K Cr | Dec 2022 ₹2.2K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.3K Cr | Sep 2023 ₹2.0K Cr | Dec 2023 ₹2.0K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 ₹1.2K Cr

### 20-quarter Net debt history
- DLF: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹3.0K Cr | Jun 2022 ₹3.0K Cr | Sep 2022 ₹2.4K Cr | Dec 2022 ₹2.4K Cr | Mar 2023 ₹588 Cr | Jun 2023 — | Sep 2023 ₹-317 Cr | Dec 2023 — | Mar 2024 ₹-1.8K Cr | Jun 2024 ₹-1.8K Cr | Sep 2024 ₹-2.8K Cr | Dec 2024 ₹-2.8K Cr | Mar 2025 ₹-6.9K Cr | Jun 2025 ₹-6.9K Cr | Sep 2025 ₹-5.5K Cr | Dec 2025 ₹-5.5K Cr | Mar 2026 ₹-9.3K Cr | Jun 2026 —
- LODHA: Sep 2021 ₹14.4K Cr | Dec 2021 ₹14.4K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹10.2K Cr | Sep 2022 ₹8.9K Cr | Dec 2022 — | Mar 2023 ₹6.6K Cr | Jun 2023 ₹6.7K Cr | Sep 2023 ₹6.6K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹2.4K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹5.3K Cr | Dec 2024 ₹5.3K Cr | Mar 2025 ₹2.5K Cr | Jun 2025 ₹2.5K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹6.3K Cr | Mar 2026 ₹3.9K Cr | Jun 2026 —
- SOBHA: Sep 2021 ₹2.7K Cr | Dec 2021 ₹2.6K Cr | Mar 2022 ₹2.7K Cr | Jun 2022 ₹2.7K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹2.0K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹1.4K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹-566 Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹-834 Cr | Dec 2025 ₹-834 Cr | Mar 2026 ₹-328 Cr | Jun 2026 ₹-328 Cr

## Return On Capital Employed

What the numbers say: Lodha Developers Ltd leads ROCE at 16.4%, 5.9 percentage points above Brigade Enterprises Ltd. Prestige Estates Projects Ltd has the strongest latest improvement at +2 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Lodha Developers Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Lodha Developers Ltd · 16.4% | 56.2% versus #2 · Brigade Enterprises Ltd | 6/8 recent comparable periods | 7/7 companies · 48 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Lodha Developers Ltd (LODHA): 16%
2. Brigade Enterprises Ltd (BRIGADE): 11%
3. Prestige Estates Projects Ltd (PRESTIGE): 10%
4. Godrej Properties Ltd (GODREJPROP): 7.6%
5. Sobha Ltd (SOBHA): 6.9%

### ROCE change — fastest improvers
1. Prestige Estates Projects Ltd (PRESTIGE): +2.0 pp
2. Sobha Ltd (SOBHA): +1.2 pp
3. Godrej Properties Ltd (GODREJPROP): +1.0 pp
4. Lodha Developers Ltd (LODHA): −0.5 pp
5. DLF Ltd (DLF): −1.5 pp

### 20-quarter ROCE history
- DLF: Sep 2021 4.1% | Dec 2021 — | Mar 2022 3.8% | Jun 2022 — | Sep 2022 3.8% | Dec 2022 — | Mar 2023 3.7% | Jun 2023 3.6% | Sep 2023 3.7% | Dec 2023 4.9% | Mar 2024 4.3% | Jun 2024 5.8% | Sep 2024 4.0% | Dec 2024 5.4% | Mar 2025 4.2% | Jun 2025 5.8% | Sep 2025 4.1% | Dec 2025 7.8% | Mar 2026 2.7% | Jun 2026 —
- LODHA: Sep 2021 15% | Dec 2021 — | Mar 2022 14% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 13% | Jun 2023 — | Sep 2023 11% | Dec 2023 14% | Mar 2024 13% | Jun 2024 17% | Sep 2024 16% | Dec 2024 20% | Mar 2025 17% | Jun 2025 21% | Sep 2025 17% | Dec 2025 21% | Mar 2026 17% | Jun 2026 —
- SOBHA: Sep 2021 25% | Dec 2021 27% | Mar 2022 16% | Jun 2022 — | Sep 2022 11% | Dec 2022 — | Mar 2023 14% | Jun 2023 — | Sep 2023 8.5% | Dec 2023 12% | Mar 2024 6.1% | Jun 2024 9.5% | Sep 2024 4.2% | Dec 2024 7.6% | Mar 2025 3.7% | Jun 2025 7.1% | Sep 2025 3.4% | Dec 2025 6.7% | Mar 2026 3.9% | Jun 2026 8.3%

### 20-quarter ROCE change history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 — | Mar 2023 −0.1 pp | Jun 2023 — | Sep 2023 −0.1 pp | Dec 2023 — | Mar 2024 +0.6 pp | Jun 2024 +2.2 pp | Sep 2024 +0.3 pp | Dec 2024 +0.5 pp | Mar 2025 −0.1 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +2.4 pp | Mar 2026 −1.5 pp | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 — | Mar 2023 −0.7 pp | Jun 2023 — | Sep 2023 −3.7 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 +6.5 pp | Mar 2025 +4.5 pp | Jun 2025 +4.4 pp | Sep 2025 +1.1 pp | Dec 2025 +0.7 pp | Mar 2026 −0.5 pp | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −13.9 pp | Dec 2022 — | Mar 2023 −2.1 pp | Jun 2023 — | Sep 2023 −2.6 pp | Dec 2023 — | Mar 2024 −8.0 pp | Jun 2024 — | Sep 2024 −4.3 pp | Dec 2024 −4.8 pp | Mar 2025 −2.4 pp | Jun 2025 −2.4 pp | Sep 2025 −0.8 pp | Dec 2025 −0.9 pp | Mar 2026 +0.2 pp | Jun 2026 +1.2 pp

## Valuation Against Growth & Quality

What the numbers say: Lodha Developers Ltd has the lowest comparable Guarded PEG at 0.64×, 80.5% below DLF Ltd. Only 3 of 7 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Lodha Developers Ltd · 0.64× | 80.5% versus #2 · DLF Ltd | 0/8 recent comparable periods | 3/7 companies · 30 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Lodha Developers Ltd (LODHA): 0.6
2. DLF Ltd (DLF): 3.3
3. Sobha Ltd (SOBHA): 9.8

### P/E — lowest P/E
1. Brigade Enterprises Ltd (BRIGADE): 26.3
2. Lodha Developers Ltd (LODHA): 27.7
3. Godrej Properties Ltd (GODREJPROP): 38.0
4. DLF Ltd (DLF): 38.2
5. Prestige Estates Projects Ltd (PRESTIGE): 57.4

### 20-quarter Guarded PEG history
- DLF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.2 | Sep 2022 7.5 | Dec 2022 1.3 | Mar 2023 6.7 | Jun 2023 4.9 | Sep 2023 2.1 | Dec 2023 3.1 | Mar 2024 3.5 | Jun 2024 3.3 | Sep 2024 — | Dec 2024 — | Mar 2025 1.2 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 3.3 | Mar 2026 — | Jun 2026 —
- LODHA: Sep 2021 — | Dec 2021 8.0 | Mar 2022 1.2 | Jun 2022 0.7 | Sep 2022 — | Dec 2022 2.0 | Mar 2023 1.0 | Jun 2023 1.3 | Sep 2023 3.5 | Dec 2023 3.4 | Mar 2024 3.0 | Jun 2024 — | Sep 2024 2.7 | Dec 2024 — | Mar 2025 1.1 | Jun 2025 — | Sep 2025 0.8 | Dec 2025 — | Mar 2026 0.6 | Jun 2026 —
- SOBHA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11.0 | Mar 2024 5.5 | Jun 2024 — | Sep 2024 — | Dec 2024 9.8 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DLF: Sep 2021 65.5 | Dec 2021 58.6 | Mar 2022 51.7 | Jun 2022 46.8 | Sep 2022 48.9 | Dec 2022 48.8 | Mar 2023 47.2 | Jun 2023 59.7 | Sep 2023 62.8 | Dec 2023 80.3 | Mar 2024 93.4 | Jun 2024 74.8 | Sep 2024 79.5 | Dec 2024 57.3 | Mar 2025 44.9 | Jun 2025 50.9 | Sep 2025 41.9 | Dec 2025 44.6 | Mar 2026 30.0 | Jun 2026 —
- LODHA: Sep 2021 124.7 | Dec 2021 55.7 | Mar 2022 48.3 | Jun 2022 39.5 | Sep 2022 33.5 | Dec 2022 40.9 | Mar 2023 31.9 | Jun 2023 40.6 | Sep 2023 50.7 | Dec 2023 64.5 | Mar 2024 64.1 | Jun 2024 90.0 | Sep 2024 66.3 | Dec 2024 64.7 | Mar 2025 47.5 | Jun 2025 51.3 | Sep 2025 38.4 | Dec 2025 32.2 | Mar 2026 20.9 | Jun 2026 27.6
- PRESTIGE: Sep 2021 45.3 | Dec 2021 44.8 | Mar 2022 42.0 | Jun 2022 33.1 | Sep 2022 33.9 | Dec 2022 35.7 | Mar 2023 28.8 | Jun 2023 29.9 | Sep 2023 26.2 | Dec 2023 27.7 | Mar 2024 27.7 | Jun 2024 55.2 | Sep 2024 55.9 | Dec 2024 105.2 | Mar 2025 83.6 | Jun 2025 147.9 | Sep 2025 123.2 | Dec 2025 90.6 | Mar 2026 52.1 | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 94.7 | Sep 2022 87.2 | Dec 2022 85.1 | Mar 2023 68.3 | Jun 2023 76.3 | Sep 2023 66.4 | Dec 2023 84.5 | Mar 2024 96.0 | Jun 2024 123.0 | Sep 2024 79.2 | Dec 2024 56.7 | Mar 2025 40.1 | Jun 2025 48.4 | Sep 2025 39.1 | Dec 2025 38.9 | Mar 2026 28.4 | Jun 2026 —
- BRIGADE: Sep 2021 — | Dec 2021 — | Mar 2022 151.3 | Jun 2022 134.9 | Sep 2022 62.1 | Dec 2022 43.4 | Mar 2023 48.6 | Jun 2023 48.5 | Sep 2023 57.0 | Dec 2023 70.3 | Mar 2024 69.4 | Jun 2024 68.9 | Sep 2024 65.8 | Dec 2024 60.5 | Mar 2025 36.1 | Jun 2025 39.2 | Sep 2025 29.4 | Dec 2025 27.0 | Mar 2026 22.3 | Jun 2026 —
- ABREL: Sep 2021 342.2 | Dec 2021 131.1 | Mar 2022 156.6 | Jun 2022 52.4 | Sep 2022 50.5 | Dec 2022 36.7 | Mar 2023 33.3 | Jun 2023 48.0 | Sep 2023 63.0 | Dec 2023 117.0 | Mar 2024 85.2 | Jun 2024 155.0 | Sep 2024 241.1 | Dec 2024 205.9 | Mar 2025 167.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOBHA: Sep 2021 125.2 | Dec 2021 82.2 | Mar 2022 48.5 | Jun 2022 37.4 | Sep 2022 47.1 | Dec 2022 60.7 | Mar 2023 64.4 | Jun 2023 53.7 | Sep 2023 65.8 | Dec 2023 95.6 | Mar 2024 166.5 | Jun 2024 426.3 | Sep 2024 488.2 | Dec 2024 316.0 | Mar 2025 215.2 | Jun 2025 164.4 | Sep 2025 161.3 | Dec 2025 106.4 | Mar 2026 92.2 | Jun 2026 77.8

## Enterprise Value & Book Value

What the numbers say: Brigade Enterprises Ltd leads both ev/ebitda at 11.8× and p/bv at 2.51×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Brigade Enterprises Ltd · 11.8× | 29.8% versus #2 · Prestige Estates Projects Ltd | 0/8 recent comparable periods | 6/7 companies · 130 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Brigade Enterprises Ltd (BRIGADE): 11.8
2. Prestige Estates Projects Ltd (PRESTIGE): 16.8
3. Lodha Developers Ltd (LODHA): 18.6
4. Godrej Properties Ltd (GODREJPROP): 22.5
5. Sobha Ltd (SOBHA): 28.7

### P/BV — lowest P/BV
1. Brigade Enterprises Ltd (BRIGADE): 2.5
2. Sobha Ltd (SOBHA): 3.1
3. Godrej Properties Ltd (GODREJPROP): 3.2
4. DLF Ltd (DLF): 3.5
5. Aditya Birla Real Estate Ltd (ABREL): 4.2

### 20-quarter EV/EBITDA history
- DLF: Sep 2021 45.6 | Dec 2021 43.9 | Mar 2022 40.5 | Jun 2022 38.6 | Sep 2022 42.1 | Dec 2022 45.1 | Mar 2023 45.8 | Jun 2023 61.0 | Sep 2023 64.6 | Dec 2023 83.8 | Mar 2024 99.2 | Jun 2024 77.3 | Sep 2024 82.2 | Dec 2024 72.8 | Mar 2025 60.0 | Jun 2025 67.4 | Sep 2025 56.3 | Dec 2025 51.4 | Mar 2026 36.1 | Jun 2026 —
- LODHA: Sep 2021 38.4 | Dec 2021 30.8 | Mar 2022 27.5 | Jun 2022 26.9 | Sep 2022 21.8 | Dec 2022 25.6 | Mar 2023 23.4 | Jun 2023 34.4 | Sep 2023 39.8 | Dec 2023 49.9 | Mar 2024 48.1 | Jun 2024 55.7 | Sep 2024 41.2 | Dec 2024 40.8 | Mar 2025 30.9 | Jun 2025 33.6 | Sep 2025 25.6 | Dec 2025 22.5 | Mar 2026 14.8 | Jun 2026 18.6
- PRESTIGE: Sep 2021 9.9 | Dec 2021 12.3 | Mar 2022 13.2 | Jun 2022 10.2 | Sep 2022 12.5 | Dec 2022 12.7 | Mar 2023 9.9 | Jun 2023 11.0 | Sep 2023 11.2 | Dec 2023 14.0 | Mar 2024 13.6 | Jun 2024 20.6 | Sep 2024 21.8 | Dec 2024 24.9 | Mar 2025 18.0 | Jun 2025 28.5 | Sep 2025 25.3 | Dec 2025 23.5 | Mar 2026 16.8 | Jun 2026 —
- GODREJPROP: Sep 2021 — | Dec 2021 — | Mar 2022 220.8 | Jun 2022 52.8 | Sep 2022 51.0 | Dec 2022 52.9 | Mar 2023 42.4 | Jun 2023 47.8 | Sep 2023 43.0 | Dec 2023 55.0 | Mar 2024 61.8 | Jun 2024 78.2 | Sep 2024 55.4 | Dec 2024 51.3 | Mar 2025 37.4 | Jun 2025 40.1 | Sep 2025 31.4 | Dec 2025 29.2 | Mar 2026 22.5 | Jun 2026 —
- BRIGADE: Sep 2021 23.6 | Dec 2021 21.7 | Mar 2022 19.4 | Jun 2022 17.4 | Sep 2022 15.8 | Dec 2022 14.3 | Mar 2023 15.2 | Jun 2023 17.6 | Sep 2023 17.4 | Dec 2023 23.1 | Mar 2024 22.8 | Jun 2024 25.2 | Sep 2024 25.8 | Dec 2024 21.8 | Mar 2025 15.5 | Jun 2025 18.6 | Sep 2025 14.3 | Dec 2025 14.3 | Mar 2026 11.8 | Jun 2026 —
- ABREL: Sep 2021 32.8 | Dec 2021 27.3 | Mar 2022 25.3 | Jun 2022 20.4 | Sep 2022 19.9 | Dec 2022 16.1 | Mar 2023 14.9 | Jun 2023 18.8 | Sep 2023 23.2 | Dec 2023 34.5 | Mar 2024 34.8 | Jun 2024 42.7 | Sep 2024 61.3 | Dec 2024 63.2 | Mar 2025 93.5 | Jun 2025 80.5 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SOBHA: Sep 2021 14.6 | Dec 2021 15.8 | Mar 2022 13.6 | Jun 2022 12.3 | Sep 2022 15.5 | Dec 2022 16.1 | Mar 2023 15.9 | Jun 2023 17.1 | Sep 2023 18.7 | Dec 2023 24.8 | Mar 2024 36.3 | Jun 2024 56.6 | Sep 2024 57.7 | Dec 2024 44.9 | Mar 2025 34.7 | Jun 2025 40.2 | Sep 2025 39.0 | Dec 2025 32.9 | Mar 2026 28.4 | Jun 2026 28.7

### 20-quarter P/BV history
- DLF: Sep 2021 2.9 | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 2.2 | Sep 2022 2.4 | Dec 2022 2.5 | Mar 2023 2.4 | Jun 2023 3.3 | Sep 2023 3.5 | Dec 2023 4.8 | Mar 2024 5.9 | Jun 2024 5.4 | Sep 2024 5.7 | Dec 2024 5.1 | Mar 2025 4.2 | Jun 2025 5.3 | Sep 2025 4.2 | Dec 2025 4.0 | Mar 2026 3.0 | Jun 2026 —
- LODHA: Sep 2021 6.0 | Dec 2021 7.4 | Mar 2022 7.0 | Jun 2022 4.0 | Sep 2022 3.9 | Dec 2022 4.6 | Mar 2023 3.7 | Jun 2023 5.4 | Sep 2023 6.1 | Dec 2023 7.6 | Mar 2024 8.4 | Jun 2024 11.0 | Sep 2024 7.4 | Dec 2024 7.7 | Mar 2025 6.6 | Jun 2025 8.1 | Sep 2025 5.6 | Dec 2025 5.0 | Mar 2026 3.3 | Jun 2026 4.7
- PRESTIGE: Sep 2021 2.3 | Dec 2021 2.8 | Mar 2022 2.8 | Jun 2022 1.9 | Sep 2022 1.9 | Dec 2022 2.0 | Mar 2023 1.8 | Jun 2023 2.5 | Sep 2023 2.4 | Dec 2023 4.3 | Mar 2024 4.2 | Jun 2024 7.6 | Sep 2024 6.6 | Dec 2024 4.6 | Mar 2025 3.1 | Jun 2025 5.9 | Sep 2025 4.2 | Dec 2025 4.4 | Mar 2026 3.2 | Jun 2026 —
- GODREJPROP: Sep 2021 7.3 | Dec 2021 6.2 | Mar 2022 5.4 | Jun 2022 4.0 | Sep 2022 3.8 | Dec 2022 3.9 | Mar 2023 3.3 | Jun 2023 5.0 | Sep 2023 4.7 | Dec 2023 5.9 | Mar 2024 6.8 | Jun 2024 9.6 | Sep 2024 8.9 | Dec 2024 7.2 | Mar 2025 5.9 | Jun 2025 6.6 | Sep 2025 3.4 | Dec 2025 3.3 | Mar 2026 2.5 | Jun 2026 —
- BRIGADE: Sep 2021 3.8 | Dec 2021 4.0 | Mar 2022 4.2 | Jun 2022 3.9 | Sep 2022 3.8 | Dec 2022 3.5 | Mar 2023 3.8 | Jun 2023 4.5 | Sep 2023 4.0 | Dec 2023 6.1 | Mar 2024 6.4 | Jun 2024 9.6 | Sep 2024 9.0 | Dec 2024 5.9 | Mar 2025 4.6 | Jun 2025 7.0 | Sep 2025 3.9 | Dec 2025 3.3 | Mar 2026 2.6 | Jun 2026 —
- ABREL: Sep 2021 3.0 | Dec 2021 2.8 | Mar 2022 2.6 | Jun 2022 2.3 | Sep 2022 2.4 | Dec 2022 2.1 | Mar 2023 1.9 | Jun 2023 2.6 | Sep 2023 3.2 | Dec 2023 3.6 | Mar 2024 4.8 | Jun 2024 6.7 | Sep 2024 7.7 | Dec 2024 6.9 | Mar 2025 5.4 | Jun 2025 6.7 | Sep 2025 5.1 | Dec 2025 5.0 | Mar 2026 3.3 | Jun 2026 —
- SOBHA: Sep 2021 3.4 | Dec 2021 4.1 | Mar 2022 3.2 | Jun 2022 2.3 | Sep 2022 2.8 | Dec 2022 2.5 | Mar 2023 1.9 | Jun 2023 2.3 | Sep 2023 3.0 | Dec 2023 4.1 | Mar 2024 6.1 | Jun 2024 8.4 | Sep 2024 8.4 | Dec 2024 4.9 | Mar 2025 3.7 | Jun 2025 6.2 | Sep 2025 3.6 | Dec 2025 3.4 | Mar 2026 2.9 | Jun 2026 3.3

## Market action

Prestige Estates Projects Ltd has the strongest one-year price move in Realty - National at -10.6%. Lodha Developers Ltd leads on Mansfield relative strength against NIFTY at +10.6%. 3 of 7 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Prestige Estates Projects Ltd (PRESTIGE): -11%
2. Godrej Properties Ltd (GODREJPROP): -14%
3. Sobha Ltd (SOBHA): -20%
4. Lodha Developers Ltd (LODHA): -21%
5. DLF Ltd (DLF): -24%

### Strongest relative strength versus NIFTY 500
1. Lodha Developers Ltd (LODHA): 11%
2. Godrej Properties Ltd (GODREJPROP): 7.4%
3. Prestige Estates Projects Ltd (PRESTIGE): 5.4%
4. DLF Ltd (DLF): -2.1%
5. Sobha Ltd (SOBHA): -5.4%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 4 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.

## Every company
- DLF Ltd (DLF) — market value ₹1.6 L Cr; latest fundamentals Mar 2026
- Lodha Developers Ltd (LODHA) — market value ₹1.1 L Cr; latest fundamentals Jun 2026
- Prestige Estates Projects Ltd (PRESTIGE) — market value ₹68.6K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Godrej Properties Ltd (GODREJPROP) — market value ₹61.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Brigade Enterprises Ltd (BRIGADE) — market value ₹17.1K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Aditya Birla Real Estate Ltd (ABREL) — market value ₹15.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Sobha Ltd (SOBHA) — market value ₹14.6K Cr; latest fundamentals Jun 2026

## Source standing of each company

Cross-checked: 3. Unverified: 0. Withheld: 4. Graded companies: 7.

4 of 7 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Prestige Estates Projects Ltd (PRESTIGE) — its two data sources disagree by up to 43% on reported income across 14 comparable periods, so its derived ratios are withheld; Godrej Properties Ltd (GODREJPROP) — its two data sources disagree by up to 9.1% on reported income across 14 comparable periods, so its derived ratios are withheld; Brigade Enterprises Ltd (BRIGADE) — its two data sources disagree by up to 73% on reported income across 14 comparable periods, so its derived ratios are withheld; Aditya Birla Real Estate Ltd (ABREL) — its two data sources disagree by up to 605% on reported income across 12 comparable periods, so its derived ratios are withheld.

- WITHHELD | PRESTIGE | Prestige Estates Projects Ltd | diff_gt_2pct | disagreement up to 43.13% over 14 comparable periods
- WITHHELD | GODREJPROP | Godrej Properties Ltd | diff_gt_2pct | disagreement up to 9.11% over 14 comparable periods
- WITHHELD | BRIGADE | Brigade Enterprises Ltd | diff_gt_2pct | disagreement up to 72.86% over 14 comparable periods
- WITHHELD | ABREL | Aditya Birla Real Estate Ltd | diff_gt_2pct | disagreement up to 605.3% over 12 comparable periods

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Realty - National index?

The Nifty Realty - National index tracks India's listed Realty - National companies as a single basket. This page follows the same 7 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Realty - National sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Realty - National stocks in India?

Ranked by this page's four-factor score, Lodha Developers Ltd places first among 7 listed Realty - National companies, followed by Godrej Properties Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Realty - National stocks are listed in India?

This comparison covers 7 listed Realty - National companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Realty - National company is the biggest?

Lodha Developers Ltd is the largest, with trailing-twelve-month revenue of ₹18,181 crore, ahead of Prestige Estates Projects Ltd at ₹12,686 crore. That covers 7 of 7 companies with comparable reporting through Jun 2026.

### Which Realty - National company is growing fastest?

Prestige Estates Projects Ltd has the fastest revenue growth at 72.7% year on year, across 7 of 7 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Realty - National company has the best profit margins?

Lodha Developers Ltd has the highest operating margin at 38%, from 7 of 7 comparable companies. Godrej Properties Ltd shows the biggest recent improvement, at +11 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Realty - National company makes the most profit?

DLF Ltd earns the most, at ₹4,415 crore of trailing-twelve-month net profit, from 7 of 7 comparable companies. Prestige Estates Projects Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Realty - National company earns the highest return on capital?

Lodha Developers Ltd leads on return on capital employed at 16.4%, across 7 of 7 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Realty - National stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Lodha Developers Ltd screens cheapest at 0.64×. Only 3 of 7 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Realty - National company has the strongest balance sheet?

DLF Ltd carries the lowest comparable gross debt at ₹306 crore, from 7 of 7 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Realty - National sector beating the market?

Realty - National has underperformed NIFTY 500 by 16.6% over the last 52 weeks and 3.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 7 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Realty - National stock has the strongest price momentum?

Lodha Developers Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Realty - National company scores highest for research priority?

Lodha Developers Ltd scores 66.4 out of 100 with 94% evidence confidence, from 23.7 points on growth and earnings, 16.3 on capital efficiency, 18.4 on valuation and 8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Realty - National companies does this comparison cover, and over what period?

It compares 7 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Realty - National sector?

The 7 Realty - National companies on this page carry ₹4,50,788 crore of combined market value. DLF Ltd is the largest at ₹1,59,707 crore, about 35% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### What is the Realty - National sector's P/E ratio?

The median price-to-earnings ratio across the 7 Realty - National companies on this page is 38.2×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

### How is the Realty - National sector performing?

3 of the 7 covered Realty - National companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 16.6% behind NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/realty-national