MAHINDRA LIFESPACE DEVLTD

Develops residential and commercial real estate in India, primarily in Mumbai, Bangalore, and Pune, with a portfolio of 26 projects and a gross development value (GDV) exceeding ₹45,000 cr. The vast majority of revenue, 99% of segment revenue, comes from projects, project management and development, which involves building and selling residential homes to homebuyers; this segment booked ₹342.17 cr in the most recent period at an EBIT of ₹26.5 cr. The remaining 1% comes from operating commercial complexes, which rents space to tenants and produced only ₹3.46 cr in revenue but a higher EBIT of ₹19.81 cr. FY26 residential pre-sales totalled ₹3,405 cr, with Q4 alone at ₹1,633 cr, and Q1 FY27 pre-sales rose 106% year-on-year to ₹925 cr. FY27 pre-sales guidance is ₹4,500-5,000 cr, supported by a ₹10,000 cr launch pipeline including the Rainforest project (GDV >₹12,000 cr). The industrial clusters and integrated cities (IC&IC) business is targeting an annual revenue run-rate of ₹400-500 cr with ~₹550 cr PAT contribution, having added ₹360 cr of new lease revenue in Q4. The company holds cash on the balance sheet (net debt-to-equity at -0.27), runs across 26 projects at a portfolio IRR of ~17%, and has formed strategic partnerships including a 49% Mitsui Fudosan stake in the Blossom project and a Sumitomo Corporation JV covering ~540 acres in Chennai. The biggest cost line is materials at 186.3% of revenue, reflecting capitalised land and construction costs typical of real estate accounting under the completed contract method.