Mahindra Lifespace Developers (532313) Q2 26/27 earnings summary

Executive summary

• H1 FY2027 residential pre-sales reached INR 1,988 crore, up 66% YoY; GDV additions were INR 7,100 crore, taking potential portfolio GDV to ~INR 50,400 crore.

• Consolidated residential and IC sales were INR 2,101 crore, up 48% YoY; H1 PAT was INR 102 crore.

• Growth priorities include MMR, Pune and Bengaluru, sustained sales, selective business development and disciplined capital allocation.

Financial highlights

• Residential pre-sales were INR 1,063 crore in Q2 FY27 versus INR 752 crore in Q2 FY26, and INR 1,988 crore in H1 versus INR 1,200 crore.

• H1 PAT was INR 101.89 crore versus INR 99.17 crore YoY; Q2 PAT was INR 16.34 crore versus INR 47.91 crore.

• H1 residential collections were INR 1,152 crore versus INR 1,086 crore YoY; Q2 collections were INR 625 crore versus INR 568 crore.

• IC & IC revenue was INR 113 crore in H1 versus INR 219 crore; segment PAT was INR 46 crore, including profit from the Ample Parks stake sale.

• Consolidated H1 total income was INR 1,081.56 crore versus INR 73.67 crore YoY; PBT after JV and associate earnings was INR 160.50 crore versus INR 92.34 crore.

Outlook and guidance

• FY2027 residential pre-sales guidance is INR 4,500–5,000 crore, with INR 4,750 crore cited as the midpoint; H2 launches and sustenance inventory are expected to support sales.

• FY2027 GDV additions are expected at INR 10,000–20,000 crore, ideally toward the higher end; management cited a strong H2 launch and business-development pipeline.

• Mahalunge Phase 1 and Sai Baba Phase 1 are planned for Q3, followed by Navrat and WestEra in Q4; Mahalunge Rivenza launch was targeted for early December.

• Strategic ambition includes INR 8,000–10,000 crore sales and scaling to INR 10,000 crore by FY30; IC & IC has 1,509 acres available for lease.