Mahindra Lifespace Developers reported a pre-sale of ₹572 crores in Q3 FY26 and ₹1773-1800 crores in the nine-month period. The company achieved GDV addition of ₹10,600 crores. Six OCs were received in the last 45 days. Residential and IC sales combined reached ₹2125 crores, with a PAT of ₹109 crores for the quarter and ₹208 crores for the nine-month period. Net debt to equity ratio is at -0.12 and cost of debt is at 6.7%.
Financial Performance
In Q3 FY26, Mahindra Lifespace Developers reported residential sales of ₹572 crores, compared to ₹334 crores in the prior year. For the nine months ended, sales reached ₹1773 crores against ₹1749 crores in the previous year, reflecting approximately 2% growth. IC performance remains strong with nearly 30% growth over the nine-month period. The company’s GDV addition stood at ₹10,560 crores.
Key Operational Highlights
The company saw strong momentum on the execution front, with BD continuing to be robust. Several OCs were achieved recently, including six in the last 45 days. The company also continues to invest in partnering with tier 1 and 1.5 vendors, particularly for Core and Shell and bigger parts of the project. This investment is also visible in employee training, culture, and culture creation efforts.
Industrial Clusters (IC) Business
Strong leasing activity was observed in Jaipur and Chennai. The company received approval for the Origins 2A Sumitomo partnership extension, enabling the launch of approximately 125 acres of land for leasing. Expansion into other locations such as Ahmedabad is also underway.
Financial Position
The consolidated residential and IC sales reached ₹2125 crores for the nine-month period. The Profit After Tax (PAT) stood at ₹208 crores for the period, including ₹109 crores for Q3. Residential collections were strong at ₹1472 crores. Thanks to the rights issue, the balance sheet remains healthy with a net debt to equity ratio of -0.12. The current cost of debt is competitively priced at 6.7%.
Residential Segment Performance
For the nine-month period, the residential segment’s PAT was approximately ₹43 crores. The Q3 residential PAT was nearly ₹64 crores, attributable to OCs received in Eden phase 1, Nestalgia phase 1, and Happinest Chennai.
Future Outlook and Projects
The company’s existing GDV stands at approximately ₹47,000 crores. Mahindra Blossom generated pre-sales of over ₹1000 crores within its first weekend. The Origins Chennai location is experiencing good traction for leasing. OC2A has already achieved LOIs for almost 50% of its space in the last 30 days.
GDV Potential
The cash flow potential from existing GDV and projects is estimated at ₹13,065 crores, excluding Thane, Pink, and Murud. Once included, these could add roughly another ₹3000 crores.
Guidance
Mahindra Lifespaces has set a pre-sales guidance of ₹4,500 to 5,000 crores for FY27. This trajectory assumes no significant market slowdowns.
Source: BSE
