Macrotech Developers Ltd, a prominent player in India’s real estate landscape, stands as one of the largest developers, notably active in the Mumbai Metropolitan Region (MMR) and Pune markets. Specializing in real estate development, the company has earned a distinguished reputation for its impactful contributions to the sector.
In this comprehensive article, we delve into every aspect of Microtech Developers Ltd, exploring its history, projects, market presence, and the pivotal role it plays in shaping the real estate industry in India.
About Macrotech Developers
Established in the 1980s, Macrotech Developers Ltd (MDL) has evolved into one of India’s largest real estate developers, leaving an indelible mark on the Mumbai Metropolitan Region (MMR) market. With an impressive track record, MDL has successfully developed properties spanning over 85 million square feet (MSF) as of FY23. The company boasts a diverse portfolio, encompassing luxury, premium, mid-income, and affordable segments, with a substantial 60% of its revenue derived from the affordable and mid-income categories.
Geographically, MDL has strategically positioned itself in three key cities: MMR, where it commands a noteworthy 10% market share, Pune, and a pilot phase presence in Bangalore. Currently managing 33 operational projects, MDL is dedicated to its mission of providing quality living spaces. With 40 ongoing and 30 planned residential projects in the pipeline, the company is set to shape the real estate landscape across approximately 95 msf, showcasing its commitment to innovation, quality, and market leadership as it continues to flourish.
Macrotech Developers Q3 FY23-24 Results Summary
- Consolidated Net Profit: ₹505 crore, showing a robust 25% increase compared to the previous year.
- Revenue from Operations: Recorded a significant surge of 65.2% at ₹2,930.6 crore in Q3FY24, up from ₹1,774 crore in the corresponding period last year.
- Total Income: Reached ₹2,958.7 crore in the December quarter, a substantial rise from ₹1,902.4 crore in the year-ago period.
- EBITDA: Stood at ₹883 crore, demonstrating a noteworthy growth compared to ₹404 crore in the same quarter of the previous fiscal year.
- EBITDA Margin: Improved to 30%, compared to 23% in the corresponding period last year.
- Sale Bookings: The company achieved ₹3,410 crore during the October-December period, up by 12% YoY, contributing to a total target of ₹14,500 crore for the full fiscal year.
- Market Expansion: Macrotech Developers entered the Bengaluru market, experiencing strong demand with the first phase selling out within three days of launch.
- New Projects: Added three projects in the December quarter with a Gross Development Value (GDV) of ₹6,000 crore, surpassing the full-year guidance with a 9mFY24 business development of ₹203 billion.
- Outlook: Anticipates continued demand growth in 2024 due to potential lower home loan rates following global central banks’ indications of peaking interest rates and a steady reduction in benchmark rates.
Below are the trading platforms that you can use to purchase Macrotech Developers shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| January 2024 | 1,140.48 | 991.72 |
| February 2024 | 1,163.76 | 1,011.96 |
| March 2024 | 1,187.51 | 1,032.61 |
| April 2024 | 1,152.92 | 1,002.54 |
| May 2024 | 1,135.88 | 987.72 |
| June 2024 | 1,176.77 | 1,023.28 |
| July 2024 | 1,165.00 | 1,013.05 |
| August 2024 | 1,211.60 | 1,053.57 |
| September 2024 | 1,260.07 | 1,095.71 |
| October 2024 | 1,235.36 | 1,074.23 |
| November 2024 | 1,272.42 | 1,106.45 |
| December 2024 | 1,304.23 | 1,134.11 |
Macrotech Developers’ share price is anticipated to follow a dynamic trajectory in 2024, with projections ranging from a minimum of ₹987.72 in May to a maximum of ₹1,304.23 in December. The stock is expected to witness fluctuations throughout the year, showcasing potential opportunities for investors.
As of now, the current price stands at ₹1,056, with a market cap of ₹1,01,853 crore. The stock’s high/low values are ₹1,228 and ₹356, respectively.
With a stock P/E of 59.6, a book value of ₹135, and a dividend yield of 0.09%, Macrotech Developers maintains a robust financial profile. The company’s Return on Capital Employed (ROCE) is 8.76%, and its Return on Equity (ROE) stands at 10.1%, making it an interesting prospect in the market. The face value of Macrotech Developers’ stock is ₹10.0.
| When | Maximum Price | Minimum Price |
| January 2025 | 1,330.32 | 1,023.32 |
| February 2025 | 1,364.43 | 1,049.56 |
| March 2025 | 1,417.64 | 1,090.49 |
| April 2025 | 1,389.84 | 1,069.11 |
| May 2025 | 1,349.36 | 1,037.97 |
| June 2025 | 1,410.08 | 1,084.68 |
| July 2025 | 1,382.43 | 1,063.41 |
| August 2025 | 1,425.19 | 1,096.30 |
| September 2025 | 1,475.07 | 1,134.67 |
| October 2025 | 1,513.42 | 1,164.17 |
| November 2025 | 1,551.26 | 1,193.28 |
| December 2025 | 1,590.04 | 1,223.11 |
In 2025, Macrotech Developers’ share price is anticipated to experience a positive trajectory, with projections ranging from a minimum of ₹1,023.32 in January to a maximum of ₹1,590.04 in December. The stock is expected to exhibit growth throughout the year, presenting potential opportunities for investors.
As of now, the company’s current share price stands at ₹1,056. Macrotech Developers has strategically built a portfolio of brands such as Lodha, CASA, Crown, Lodha Luxury, iThink, Lodha Excelus, Lodha Supremus, and Lodha Signet, catering to different segments of the real estate market.
With a significant market share of >10% in the Mumbai Metropolitan Region (MMR), Macrotech Developers solidifies its position as a leader in the region, maintaining a substantial presence in three of the seven micro-markets in MMR. These factors, coupled with the projected share price targets for 2025, underscore the company’s continued growth and market prominence.
| When | Maximum Price | Minimum Price |
| January 2026 | 1,637.74 | 1,259.80 |
| February 2026 | 1,679.74 | 1,292.10 |
| March 2026 | 1,745.25 | 1,342.50 |
| April 2026 | 1,711.02 | 1,316.17 |
| May 2026 | 1,661.19 | 1,277.84 |
| June 2026 | 1,735.94 | 1,335.34 |
| July 2026 | 1,701.90 | 1,309.16 |
| August 2026 | 1,754.54 | 1,349.65 |
| September 2026 | 1,815.95 | 1,396.88 |
| October 2026 | 1,863.16 | 1,433.20 |
| November 2026 | 1,909.74 | 1,469.03 |
| December 2026 | 1,957.49 | 1,505.76 |
In 2026, Macrotech Developers’ share price is expected to continue its upward trajectory, presenting a positive outlook for investors. Projections indicate a range from a minimum of ₹1,259.80 in January to a maximum of ₹1,957.49 in December. The company’s strategic initiatives, including the development of land reserves with approximately 3.6 million square feet (MSF) under development and 1.4 msf under construction, showcase its commitment to expansion. Macrotech Developers has secured notable clients like Skechers and Schlumberger in its pipeline.
Additionally, the company is in advanced discussions for land acquisition in NCR, Maharashtra, and Bengaluru. Operating performance highlights include the sale of 10.3 msf across MMR and Pune in FY23, with robust pre-sales of Rs. 22.6 billion. New projects, totaling around Rs. 200 billion Gross Development Value (GDV) and 14 msf saleable area in FY23, underscore the company’s ambitious growth plans. The launch of 12 new projects in FY23 and the anticipation of launching approximately 10.6 msf across 20 projects in FY24 further exemplify Macrotech Developers’ commitment to expansion and innovation in the real estate sector.
| When | Maximum Price | Minimum Price |
| January 2027 | 1,996.64 | 1,535.87 |
| February 2027 | 2,047.83 | 1,575.26 |
| March 2027 | 2,127.70 | 1,636.69 |
| April 2027 | 2,085.98 | 1,604.60 |
| May 2027 | 2,025.22 | 1,557.86 |
| June 2027 | 2,116.36 | 1,627.97 |
| July 2027 | 2,074.86 | 1,596.05 |
| August 2027 | 2,139.03 | 1,645.41 |
| September 2027 | 2,213.90 | 1,703.00 |
| October 2027 | 2,271.46 | 1,747.28 |
| November 2027 | 2,328.24 | 1,790.96 |
| December 2027 | 2,386.45 | 1,835.73 |
In 2027, Macrotech Developers’ share price is poised for continued growth, with projected values ranging from a minimum of ₹1,535.87 in January to a maximum of ₹2,386.45 in December.
The company’s strategic vision includes a strong focus on building recurring income, targeting a net income of Rs. 5 billion by FY26 and an ambitious Rs. 15 billion by FY31. Macrotech Developers is channeling efforts into a pan-India digital infrastructure platform, collaborating with Bain Capital and Ivanhoe Cambridge, with a specific emphasis on warehousing and industrial sectors. The company is also expanding its Property Management business in alignment with residential growth and carefully selecting high-quality office and retail portfolios to further bolster its financial position and industry standing.
| When | Maximum Price | Minimum Price |
| January 2028 | 2,434.18 | 1,872.45 |
| February 2028 | 2,496.59 | 1,920.46 |
| March 2028 | 2,593.96 | 1,995.36 |
| April 2028 | 2,543.10 | 1,956.23 |
| May 2028 | 2,469.03 | 1,899.25 |
| June 2028 | 2,580.14 | 1,984.72 |
| July 2028 | 2,529.54 | 1,945.80 |
| August 2028 | 2,607.78 | 2,005.98 |
| September 2028 | 2,699.05 | 2,076.19 |
| October 2028 | 2,769.23 | 2,130.17 |
| November 2028 | 2,838.46 | 2,183.43 |
| December 2028 | 2,909.42 | 2,238.01 |
- January 2028: ₹1,872.45 (Minimum)
- December 2028: ₹2,909.42 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2029 | 2,967.61 | 2,282.77 |
| February 2029 | 3,043.70 | 2,341.31 |
| March 2029 | 3,162.40 | 2,432.62 |
| April 2029 | 3,100.39 | 2,384.92 |
| May 2029 | 3,010.09 | 2,315.45 |
| June 2029 | 3,145.55 | 2,419.65 |
| July 2029 | 3,083.87 | 2,372.21 |
| August 2029 | 3,179.25 | 2,445.57 |
| September 2029 | 3,290.52 | 2,531.17 |
| October 2029 | 3,376.07 | 2,596.98 |
| November 2029 | 3,460.47 | 2,661.90 |
| December 2029 | 3,546.99 | 2,728.45 |
- January 2029: ₹2,282.77(Minimum)
- December 2029: ₹3,546.99 (Maximum)
| When | Maximum Price | Minimum Price |
| January 2030 | 3,617.93 | 2,783.02 |
| February 2030 | 3,710.69 | 2,854.38 |
| March 2030 | 3,855.41 | 2,965.70 |
| April 2030 | 3,779.81 | 2,907.55 |
| May 2030 | 3,669.72 | 2,822.86 |
| June 2030 | 3,834.86 | 2,949.89 |
| July 2030 | 3,759.67 | 2,892.05 |
| August 2030 | 3,875.95 | 2,981.50 |
| September 2030 | 4,011.60 | 3,085.85 |
| October 2030 | 4,115.90 | 3,166.08 |
| November 2030 | 4,218.80 | 3,245.23 |
| December 2030 | 4,324.27 | 3,326.36 |
- January 2030: ₹2,783.02 (Minimum)
- December 2030: ₹4,324.27 (Maximum)
Financial Condition Of Macrotech Developers: Last 5 Years
| Financials | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Sales (Rs. Cr.) | 11,907 | 12,443 | 5,449 | 9,233 | 9,470 |
| Expenses (Rs. Cr.) | 8,728 | 10,526 | 4,066 | 7,047 | 7,406 |
| Operating Profit (Rs. Cr.) | 3,179 | 1,917 | 1,383 | 2,186 | 2,064 |
| OPM (%) | 27% | 15% | 25% | 24% | 22% |
| Other Income (Rs. Cr.) | 72 | 119 | -140 | 293 | -1,037 |
| Interest (Rs. Cr.) | 568 | 740 | 1,136 | 688 | 482 |
| Depreciation (Rs. Cr.) | 194 | 292 | 73 | 75 | 93 |
| PBT (Rs. Cr.) | 2,489 | 1,003 | 33 | 1,716 | 452 |
| Tax (%) | 34% | 26% | -44% | 30% | -8% |
| Net Profit (Rs. Cr.) | 1,644 | 742 | 48 | 1,208 | 490 |
| EPS (Rs.) | 20.66 | 9.19 | 0.51 | 12.49 | 5.05 |
- Over the past five years, Macrotech Developers has faced a dynamic financial landscape, witnessing a decline in sales from ₹11,907 crore in 2019 to ₹5,449 crore in 2021, followed by a recovery to ₹9,470 crore in 2023.
- Operating profit margins fluctuated, reaching a peak of 27% in 2019 and stabilizing at 22% in 2023.
- Net profit showed resilience, rebounding to ₹490 crore in 2023 after a challenging period.
- Compounded profit growth over the last five years stood at 10%, highlighting the company’s adaptability.
- The stock price exhibited impressive one-year growth at 109%, indicating renewed investor confidence.
- Return on equity has been consistent, with a last-year figure of 10%, underscoring Macrotech Developers’ commitment to shareholder value.
- Compounded sales growth figures reflect the company’s strategic adjustments to market dynamics: 10 Years: %, 5 Years: 0%, 3 Years: -9%, TTM: -1%.
FAQs
What is Macrotech Developers’ current market cap?
Macrotech Developers presently boasts a market capitalization of ₹1,01,853 crore.
As of now, the share price of Macrotech Developers is valued at ₹1,056.
The anticipated share price target for Macrotech Developers by December 2025 is projected to reach ₹1,590.04.
Looking ahead, the expected share price target for Macrotech Developers by December 2030 is estimated to hit ₹4,324.27.
What is Macrotech Developers’ current P/E ratio?
At present, Macrotech Developers maintains a Price-to-Earnings (P/E) ratio of 59.6.
What is the dividend yield of Macrotech Developers?
Macrotech Developers offers a dividend yield of 0.09%.
How has the company’s sales growth performed over the last 10 years?
While the compounded sales growth over the last 10 years is unspecified, it stands at 0% for 5 years and -9% for 3 years.
The forecasted share price range for Macrotech Developers in January 2024 is expected to fluctuate between ₹991.72 and ₹1,140.48.
How did Macrotech Developers perform in Q3 FY23-24?
In the third quarter of FY23-24, Macrotech Developers achieved notable success, recording a consolidated net profit of ₹505 crores with substantial growth in revenue, EBITDA, and sale bookings.
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Concluding Remarks: Striking a Balance in Macrotech Developers’ Trajectory
In summary, Macrotech Developers Ltd emerges as a robust force in India’s real estate sector, showcasing substantial growth and financial resilience. With a noteworthy market cap of ₹1,01,853 crore and a rich history dating back to the 1980s, the company has solidified its standing, particularly in the Mumbai Metropolitan Region (MMR) and Pune markets.
While the Q3 FY23-24 results highlight commendable financial achievements, a nuanced perspective reveals potential areas of concern. The stock’s valuation at 7.84 times its book value suggests investor confidence but prompts considerations about its pricing. The -0.43% sales growth over the past five years necessitates strategic recalibration, and the company’s lower return on equity (11.0%) warrants attention.
On a positive note, Macrotech Developers’ prudent debt reduction contributes to enhanced financial stability. However, the company’s tax rate and potential capitalization of interest costs underscore the need for vigilant monitoring. As the company navigates its expansion journey, maintaining equilibrium between innovation and financial prudence will be instrumental for sustained success in the dynamic real estate landscape.
What did we learn?
- 1 About Macrotech Developers
- 2 Macrotech Developers Q3 FY23-24 Results Summary
- 3 How to Purchase Macrotech Developers Shares?
- 4 Macrotech Developers Share Price Target 2024 – 2030
- 4.1 Macrotech Developers Share Price Target 2024
- 4.2 Macrotech Developers Share Price Target 2025
- 4.3 Macrotech Developers Share Price Target 2026
- 4.4 Macrotech Developers Share Price Target 2027
- 4.5 Macrotech Developers Share Price Target 2028
- 4.6 Macrotech Developers Share Price Target 2029
- 4.7 Macrotech Developers Share Price Target 2030
- 5 Financial Condition Of Macrotech Developers: Last 5 Years
- 6 FAQs
- 6.1 What is Macrotech Developers’ current market cap?
- 6.2 What is the current share price of Macrotech Developers?
- 6.3 What is the share price target for Macrotech Developers in 2025?
- 6.4 What is the projected share price target for Macrotech Developers in 2030?
- 6.5 What is Macrotech Developers’ current P/E ratio?
- 6.6 What is the dividend yield of Macrotech Developers?
- 6.7 How has the company’s sales growth performed over the last 10 years?
- 6.8 What is the projected minimum and maximum share price for Macrotech Developers in January 2024?
- 6.9 How did Macrotech Developers perform in Q3 FY23-24?
- 7 Concluding Remarks: Striking a Balance in Macrotech Developers’ Trajectory
