NSE: MAHLIFE · BSE: 532313
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Projects, project management and development (99%), Operating of commercial complexes (1%). Cyclical, asset-heavy residential and commercial real estate developer with an emerging annuity rental portfolio.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 394 | 607 | 212 | 372 | 1,178 |
| EBITDA (ex other income) | 7 | (42) | (171) | (170) | (96) |
| margin % | 1.9 | (7.0) | (80.7) | (45.6) | (8.1) |
| Owners' profit | 155 | 101 | 98 | 61 | 297 |
| EPS, as reported (₹) | 10.48 | 6.56 | 6.34 | 3.95 | 14.64 |
| ROE % · ROCE % | 8.8 · 0.8 | 5.7 · (0.1) | 5.2 · (4.7) | 3.2 · (3.4) | 8.2 · (0.9) |
| Debt / equity (x) | 0.15 | 0.15 | 0.47 | 0.76 | 0.18 |
| Cash from operations | (52) | (148) | (661) | (542) | (545) |
| Capex | (13) | (14) | (16) | (15) | (18) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8 | 167 | 9 | 32 | 18 | 459 | 670 | 962 |
| Profit before tax | (50) | (15) | (17) | (56) | (45) | 58 | 1 | 102 |
| Net profit | (14) | (22) | 85 | 51 | 48 | 109 | 90 | 86 |
| EPS (₹) | (0.90) | (1.45) | 5.49 | 2.93 | 2.47 | 5.43 | 4.42 | 4.01 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 18.9 | 20.5 | 25 of 57 | 57% |
| P/B | 1.8 | 1.9 | 30 of 64 | 54% |
| ROCE | (1.2) | 6.4 | 59 of 66 | 11% |
| ROE | 8.2 | 8.0 | 32 of 64 | 51% |
| Debt / Equity | 0.2 | 0.4 | 23 of 64 | 65% |
| EBITDA margin | 11.4 | 29.6 | 53 of 66 | 20% |
| Revenue growth | 2909.5 | 12.8 | 1 of 67 | 100% |
| Profit growth | 66.9 | 7.5 | 16 of 66 | 77% |
| Market cap | 6595 | 1781 | 15 of 67 | 79% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Q2 FY27: pre-sales up 66%, H1 PAT at Rs 102 crore, net cash balance sheet | investor communications | medium | — | — |
| 27 Oct 2026 · Mahindra Lifespace plans Bengaluru project worth INR 1,250 crore | compliance | low | — | — |
| 26 Oct 2026 · Clarification corrects subsidiary name in Q2 and half-year results | results | medium | — | — |
| 23 Oct 2026 · Mahindra Lifespace Q2 FY27 consolidated profit at Rs 16.34 crore | compliance | minimal | — | — |
| 22 Oct 2026 · Earnings call completed; presentation and recording now available | investor communications | low | — | — |
| 22 Oct 2026 · H1 FY27 sales rise 48%, profit reaches Rs 102 crore | investor communications | medium | — | — |
| 22 Oct 2026 · H1 sales rise 48%, but Q2 profit after tax falls to Rs 16 crore | results | high | — | — |
| 22 Oct 2026 · Mahindra Lifespaces Q2 FY27 results: pre-sales jump 66% YoY | results | high | — | — |
| 22 Oct 2026 · Mahindra Lifespace Q2 FY27: pre-sales rise 66% YoY to Rs 1,988 Cr | results | high | — | — |
| 22 Oct 2026 · H1 pre-sales rise 66 percent as revenue jumps and cash improves | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.