About the company LSR
Security pageLSR Group is one of the oldest Russian developers, operating primarily in Saint Petersburg, Moscow and Yekaterinburg. What sets it apart from most competitors is its own production of building materials: from sand and crushed stone to brick and concrete. The shares trade on the Moscow Exchange under the ticker LSRG.
What the company does
Most of the income comes from selling flats in completed buildings. But the group has a second line of business that is rare in the industry: the extraction of aggregates and the production of building materials. Part of the output goes to its own construction sites, and part is sold to third parties.
The point of this structure is control over costs. When cement and crushed stone get more expensive, a developer without its own production pays the market, while a group with production partly pays itself. The downside is that the plants require investment and keep running even when construction slows down.
As across the whole industry, demand is almost entirely mortgage-driven, and construction is funded by project finance while buyers' money sits in special accounts. The interest rate therefore determines both demand and costs at the same time.
Business lines
Real estate development
Residential projects in Saint Petersburg, Moscow and Yekaterinburg, including the high-end segment.
Building materials
Production of brick, concrete and reinforced concrete products.
Extraction of aggregates
Sand, crushed stone and granite — raw materials for the group's own production and for sale.
History
- 1993The company is founded in Saint Petersburg.
- 2007Share offering on the London and Moscow exchanges.
- 2010-еEntry into Moscow and Yekaterinburg, development of the high-end housing segment.
- 2019The reform of shared-equity construction moves the industry to project finance.
Business review
Strengths and weaknesses describe the business itself. Opportunities and threats describe what may happen around it.
Strengths
- In-house production of materials holds costs down when their prices rise.
- A presence in the high-end housing segment, where demand depends less on the mortgage rate.
- Selling materials to third parties brings in revenue outside the cycle of the group's own projects.
- A long operating history and strong brand recognition in the group's key region.
Weaknesses
- Demand for mass-market housing is almost entirely mortgage-driven and shrinks when rates are high.
- Production assets require investment and continue to incur costs when construction slows down.
- The business is concentrated in three cities — there is little geographic diversification.
- Costs rise in step with construction workers' wages and equipment prices.
Opportunities
- In-house production of materials protects costs when their prices rise.
- A presence in the high-end segment, where demand depends less on mortgages.
- Selling materials to third parties brings in revenue outside the cycle of the group's own construction sites.
- A rate cut revives both mortgage lending and project finance.
Threats
- Mortgage demand shrinks when rates are high and subsidised programmes are wound down.
- Production assets require investment and keep running when construction slows down.
- Geographic concentration in three cities.
- Costs rise in step with construction workers' wages and the prices of imported equipment.
Frequently asked questions
What does LSR Group do?
The company builds and sells housing in Saint Petersburg, Moscow and Yekaterinburg, and also extracts sand and crushed stone and produces building materials — brick, concrete and reinforced concrete products.
Why does a developer need its own materials production?
So as not to depend on market prices for cement, brick and crushed stone. When they rise, a company with its own production partly pays itself. The drawback is that the plants require investment and keep running even when construction slows down.
Does the company pay dividends?
The group is one of the dividend stocks of the Russian market, although the size of the payouts has varied with its results and the phase of the real estate market. The declared amounts and dates are in the dividends section of the company profile.
Issuer profile
What the company does
The company is classified under the «Real estate development» sector, using the taxonomy we apply when comparing securities with one another.
The same sector holds 8 issuers on the platform, and their figures are computed by one method — so this company's revenue, profit and leverage can be compared with them directly.
The company is registered in Russia and identified in regulatory disclosure by tax number 7838360491. That number locates its statements in state registries regardless of how its name is spelled — and the spelling differs even between official documents.
Listed securities
The issuer has 5 securities listed: 1 share class, 4 bond issues. All are shown on this page, including those trading in different modes and different currencies.
A further 1 security have already matured or been delisted. They stay in the list below deliberately: together they show how long the company has been borrowing on the market and how regularly it repays.
Across Moscow Exchange quotation list levels the securities split as follows: 5 at level 1. The level reflects how strict the disclosure, turnover and track-record requirements the issue meets are — not how attractive the investment is.
Bond issues
The nearest issue matures on 7 March 2027 and the farthest on 7 February 2030. That spread means the issuer borrows both short and long, and the yields of these issues will differ for the simple reason that the money is lent for different terms.
The largest issue by face value is RU000A1082X0, with a face value of 1,000.00 ₽ per bond, maturing on 7 March 2027. Bond prices in the order book are quoted as a percentage of face value, so a quote of 98.4 means 98.4 % of that amount rather than an absolute price.
Dividend history
Between 2015 and 2025 the issuer made 11 payouts whose record date has already passed. A board recommendation or a forecast does not enter this history, because no money has been paid on them yet.
The most recent payout was 78.00 ₽ per LSRG security (2025) with a record date of 29 April 2025. That is the amount before tax: the broker withholds it on crediting, so less arrives in the account.
Financial statements
The most recent annual report we hold is for 2025 under RAS. The standard is named for a reason: IFRS and RAS compute the same quantities by different rules, disagree by design and are never averaged.
Revenue for 2025 was 18.53B ₽.
That is 71.4 % less than in 2024, when revenue was 64.70B ₽. The comparison stays within one reporting standard — otherwise the decline could turn out to be a change of accounting rules and nothing more.
Net income for 2025 was 9.61B ₽.
Of every unit of revenue, 51.9 % remained as net income. This is the ratio of two figures already named above rather than a separate line from the report: comparing it across companies is meaningful only within one sector and one reporting standard.
Equity stands at 135.29B ₽ against total assets of 302.84B ₽. The difference between the two is the company's liabilities, and the larger it is relative to equity, the more the business depends on borrowed money.
Price as of 11 October 2026 · This section is assembled from our own data on the company's securities, dividends and financial statements. It is a description, not a recommendation.
Securities of this issuer
Shares1
- LSRGГруппа ЛСР ПАО ао502.40 ₽