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Mahindra Lifespace Developers reported healthy residential pre-sales of ₹ 925 crore

ICICIdirect Research 24 Jul 2026 DISCLAIMER

News: Mahindra Lifespace Developers reported healthy residential pre-sales of ₹ 925 crore (up 106% YoY, - 43% QoQ) and IC&IC sales of ₹ 41 crore (down 67 % YoY, 89% QoQ) for Q1FY27. Resi-presales driven by launch of Rainforest, Beacon Hill in MMR and Citadel Phase 3, in Pune, aditionally sustenacne sales contributed 42% from Blossom, Vista, Marina 64 and IvyLush. Consolidated revenues stood at ₹ 962 crore for Q1FY27 as against ₹ 32 crore/ ₹ 670 crore in Q1FY26/ Q4FY26. Consequently, it reported EBITDA of ₹ 94.5 crore vs EBITDA loss of ₹55/₹ 44 crore in Q1FY26/Q4FY26, EBITDA margins of 9.8%. Consolidated PAT stood at ₹ 86 crore, up 67% YoY, PAT margins of 8.9%. Company secured business worth ₹ 5600 crore during Q1FY27 (₹ 3600 crore in Q1FY26). Collections stood at ₹ 527 crore (₹ 517 crore Q1FY26) net debt to equity ratio at 0.2x.

View: Healthy performance in Q1FY27 led by both project launches and sustenance sales, despite geopolitical uncertainities speak of resilient residential real estate demand. Mahindra Lifespace developers have planned launches of Mahalgune phase 1, lakewoods F&G, Saibaba Phase 1, Navrat Phase 1 and West Era having estimated GDV of ~₹ 7400 crore in 9MFY27E. This along with unsold inventory from launched projects worth ₹ 7580 crore provide confidence that Mahindra Life will be able to achieve its presales guidance of ₹4500-₹ 5000 crore in FY27E. The drop in IC&IC business was due to defferring of business in Q2FY27E, however the company has extended its partnership with sumitomo and has strong pipeline in 9MFY27E so this will be a key moniterable going ahead.

Impact: Positive

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