Equirus Research says Mahindra Lifespace Developers Has Healthy Outlook, Launches Set to Gain Traction

New Delhi, February 4, 2026: Mahindra Lifespace Developers (MAHLIFE) reported healthy 3QFY26 pre-sales of ~0.6 million square feet (MSF)(~INR 5.7bn), largely driven by sustenance sales. The company has a project pipeline of ~INR 468 billion, with near-term launches of ~INR 50-55 billion. It targets pre-sales of INR 45–50 billion over the next two years and ~INR 100 billion by FY30. MAHLIFE has a healthy IC&IC portfolio of 1,520 acres which are expected to be monetised over next 8-10 years and that could generate INR 15–20 billion of net profit. Equirus is positive on MAHLIFE, given its robust residential portfolio, improving launch pipeline, and a strong balance sheet.

Healthy pre-sales growth momentum: During 3QFY26, MAHLIFE achieved pre-sales of pre-sales of ~0.6 MSF (up 33 per cent YoY & down 49 per cent QoQ) for a value of ~INR 5.7 billion (up 71 per cent YoY & down 24 per cent QoQ), driven mainly by sustenance sales. Collections stood at ~INR 3.9 billion(+7 per cent YoY/-32 per cent QoQ). In 3Q, MAHLIFE has added 3 projects with a GDV of INR 53.1 billion, which include: (a) Redevelopment project in Malad (west), Mumbai (INR 8 billion), (b) Acquired Land near Mahalunge, Pune (INR 35 billion), and (c) Redevelopment project in Matunga, Mumbai (INR 10.1 billion). YTDFY26, it has added projects with a GDV worth ~Rs 105.1 billion. MAHLIFE continues to actively pursue new BD opportunities to further strengthen its portfolio.

Healthy IC&IC portfolio; monetisation the key: In 3QFY26, MAHLIFE eased out 17.9 acres of land for a consideration of ~INR 1.3bn. (12.4 acres during 3QFY25 and 16.9 acres during 2QFY26 / ~INR 0.5bn during 3QFY25 and ~INR 1bn during 2QFY26). The company’s IC&IC portfolio remains healthy, with a gross leasable area of ~5,737 acres (net: 3,986 acres). Of this, ~1,520 acres are available for leasing and expected to be monetised over the next 8–10 years, generating a PAT of INR 15 billion–20 billion.

Strong Launch pipeline; INR 45 billion–50 billion pre-sales goal by FY27: With strong BD additions over the past 2–3 years and receding approval related challenges, MAHLIFE is targeting to launch projects with a total GDV of ~INR 50-55 billion, including (a) Citadel Phase-III, (b) Bhandup Phase-I, (c) the Mahalaxmi project and (d) Marina 64. Beyond FY26, launches are planned for Sai Baba Nagar redevelopment, Navrat, Santacruz, Lokhandwala and Thane projects, along with subsequent phases of ongoing developments. The company is targeting pre-sales of INR 45–50 billion over next two years and ~INR 100 billion by FY30, with a major contribution from the residential segment.