Mahindra Lifespace Developers (532313) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 residential pre-sales reached ₹572 Cr, with nine-month pre-sales at ₹1,773 Cr and strong launches in key cities including Bengaluru, Mumbai, Pune, and Chennai.

• Nine-month consolidated residential and IC sales totaled ₹2,125 Cr, with PAT at ₹208 Cr, a turnaround from a loss in the prior year.

• The company added ₹10,600 Cr GDV in 9M FY26, bringing total GDV to approximately ₹47,000 Cr, and maintains a robust project pipeline.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved and reviewed by statutory auditors.

• Healthy balance sheet with net debt/equity of -0.12 and cost of debt at 6.7%.

Financial highlights

• Q3 FY26 residential sales were ₹572 Cr (up from ₹334 Cr YoY); nine-month sales were ₹1,773 Cr (up from ₹1,749 Cr YoY).

• Q3 FY26 IC revenues were ₹134 Cr (up from ₹70 Cr YoY); nine-month IC revenues were ₹352 Cr (up from ₹284 Cr YoY).

• Q3 FY26 net profit was ₹109 Cr; nine-month PAT was ₹208 Cr (versus a loss in the prior year).

• Residential collections for the period were ₹1,472 Cr, up 8% YoY.

• Operating cash flow for nine months was ₹558 Cr, with a closing cash balance of ₹724 Cr.

Outlook and guidance

• Pre-sales guidance for FY 2027 is set at ₹4,500–5,000 Cr, with expectations to surpass prior year numbers as new launches are recognized.

• FY 2026 launches (excluding Bhandup and Mahalakshmi) are expected to contribute ₹3,500 Cr in GDV, with FY 2027 targeted at ₹5,000–7,000 Cr.

• Multi-year growth visibility with cumulative GDV of ~₹46,770 Cr and robust launch pipeline across key markets.

• Continued focus on mid-premium and premium segments, with careful ticket size management to sustain demand.

• High pre-sales visibility, with new launches and sustenance sales driving future growth.