Mahindra Lifespace Developers (532313) Q4 25/26 earnings summary

Executive summary

• Achieved record Q4 residential pre-sales of ₹1,633 Cr and FY26 pre-sales of ₹3,405 Cr, with 25% YoY growth in consolidated sales to ₹4,118 Cr.

• PAT surged to ₹298 Cr in FY26, nearly 5x growth over FY25, driven by higher share of profits from joint ventures and associates.

• Strategic partnership with Mitsui Fudosan closed for the Blossom project, enhancing capital infusion and business development.

• Significant GDV additions, crossing ₹45,180 Cr, with a healthy launch pipeline and approvals for major projects.

• Strong leasing activity in Jaipur and Chennai, with healthy realization and ongoing land aggregation.

Financial highlights

• Combined residential and IC pre-sales reached ₹4,120 Cr for FY26.

• FY26 consolidated PAT: ₹298 Cr (vs. ₹61 Cr FY25); net debt-to-equity improved to -0.27 (from 0.39).

• Operating cash flow for FY26 was ₹840 Cr, after accounting for approval costs for Mahindra Rainforest.

• Net cash balance at group level stood at ₹1,127 Cr against gross debt of ₹383 Cr.

• Equity net worth increased to ₹3,62,687 lakhs, aided by a rights issue and profit consolidation.

Outlook and guidance

• Pre-sales guidance for FY27 is ₹4,500–5,000 Cr for residential, with industrial sales on top.

• Launch pipeline for FY27 is around ₹10,000 Cr, with Rainforest contributing ₹3,000 Cr.

• Business development target for FY27 is north of ₹10,000 Cr, with a 60/20/20 split across Mumbai, Pune, and Bangalore.

• Multi-year growth visibility with cumulative GDV of ~₹45,180 Cr.

• Management continues to monitor regulatory changes, especially new Labour Codes, for future financial impact.