Mahindra Lifespace Developers Limited has informed the Exchange about Transcript
MAHLIFE · price
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Mahindra Lifespace shared its Q4 FY25 earnings call transcript, outlining an aggressive growth roadmap. Pre-sales for FY25 stood at ₹2,804 crore (up from ₹670 crore in FY20), with the company now targeting ₹8,000–10,000 crore in pre-sales and ₹45,000 crore in GDV by FY30 (shifted from the earlier FY28 target). About 70–80% of the required land for this goal is already in hand, including marquee projects like Bhandup (₹12,000 crore base case, 6.4 million sq ft, 3,000+ apartments) and a ₹7,500 crore Thane parcel awaiting approvals. The company is focusing on three cities (Mumbai, Pune, Bengaluru), exiting affordable housing and NCR, and transitioning fully to premium projects. IRRs have improved from 3% on older projects to 26% on FY24 vintage, with current portfolio IRR at ~16%. A ~₹1,500 crore rights issue is imminent, primarily to repay ~₹900 crore of long-term debt and fund growth, keeping debt-to-equity at 0.39 (well below the 0.6 ceiling). FY25 operating cash flow hit a record ₹832 crore, and cost of debt is under 9%.
Positive for shareholders — clear multi-year growth visibility, improving project IRRs, healthy balance sheet with planned debt reduction, and an imminent rights issue that could be EPS-dilutive short-term but enables scaling. Stock may react to the ambitious FY30 targets and transparent pipeline disclosure.