Mahindra Lifespace Developers Ltd(MAHLIFE)

NSE: MAHLIFEBSE: 532313

₹ 336.65-4.14%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,183 crWebsite: www.mahindralifespaces.comUpdated: 23 Oct 2026

About

Mahindra Lifespace Developers Ltd is the real estate arm of the Mahindra Group, developing residential projects across Mumbai, Pune, and Bengaluru, and operating integrated industrial and logistics parks (IC&IC) under the Origins brand. The residential segment focuses on mid-premium and premium housing (₹1 - 5 Cr ticket size), having fully exited affordable housing. Its development footprint is 47.56 million sq ft of residential projects across seven cities plus over 5,000 acres of integrated developments and industrial clusters, as of FY25.^[1][2]

Business segments

Residential segment develops mid-premium and premium housing (₹1 - 5 Cr range) across Mumbai, Pune, and Bengaluru; the company has fully exited affordable housing and has no luxury exposure.^[3]
IC&IC segment develops and leases industrial/logistics parks under the Origins brand; revenues were ₹713 Cr in FY26, up 44% YoY from ₹495 Cr in FY25.^[4]
IC&IC revenues were Rs 63 Cr in Q2 FY27 vs Rs 99 Cr in Q2 FY26, and Rs 113 Cr in H1 FY27 vs Rs 219 Cr in H1 FY26.^[5]

Brands and portfolio

Brands: 'Mahindra Happinest' for value homes, 'Mahindra World City' for integrated cities and 'Origins by Mahindra' for industrial clusters (FY25).^[2]
IC&IC business has a combined gross area of 5,737 acres and leasable potential of about 3,986 acres; total land leased reached 2,390 acres as of FY25.^[2]
Joint venture with Actis develops built-to-suit industrial and warehousing facilities; Mahindra Water Utilities runs water and sewerage facilities at Tirupur.^[2]

Key operating numbers

Residential pre-sales of Rs 1,063 Cr in Q2 FY27 vs Rs 752 Cr in Q2 FY26, on 0.69 msft; H1 FY27 pre-sales Rs 1,988 Cr, up 66% YoY.^[5]
Full-year residential pre-sales of ₹3,405 Cr in FY26, up ~21% from ₹2,804 Cr in FY25, on volume of 3.53 msft.^[4]
Residential collections of Rs 625 Cr in Q2 FY27 vs Rs 568 Cr in Q2 FY26; H1 FY27 Rs 1,152 Cr vs Rs 1,086 Cr in H1 FY26.^[5]
Sustenance sales (Vista, Blossom, Marina 64, IvyLush) contributed ~41% of H1 FY27 sales.^[5]
IC&IC land leased was 38.9 acres in H1 FY27 vs 35.6 acres a year earlier.^[5]
Inventory value stood at Rs 6,950 Cr in Q2 FY27; launches were 0.22 msft in the quarter.^[5]
Inventory overhang in Mumbai Metropolitan Region rose from 13 to 15 - 16 months in Q1 FY27.^[6]

GDV pipeline and land bank

H1 FY27 GDV additions of Rs 7,100 Cr, including K2 Kandivali (Rs 5,600 Cr) and Chembur 3 and Borivali 3 society redevelopments; total GDV ~Rs 50,400 Cr.^[5]
FY26 GDV additions were ₹18,060 Cr including the Thane mixed-use parcel (₹7,500 Cr GDV); cumulative GDV at end-FY26 was ₹45,180 Cr.^[4]
Estimated net cash flow of Rs 15,280 Cr from inventory, ongoing and pipeline projects as of Q2 FY27.^[5]
IC&IC land bank of 1,520 net leasable acres is expected to deliver ₹5,000 - 6,000 Cr revenues and ~₹1,500 Cr PAT (MLDL share).^[4][5]

Industrial clusters

Origins Pune land aggregation reached 473 gross acres of ~500 planned as of Q2 FY27; 5 MOUs/LOIs signed in the IC&IC pipeline.^[5]
Origins Chennai 2A received OC in December 2025; ~50% of the area was under LOI within 30 days of opening.^[7]
Origins Ahmedabad cleared all legacy approvals as of Q4 FY26 and is targeting its first anchor client and first leasing in FY27.^[4]
Origins Chennai is developed via Mahindra Industrial Park Chennai Ltd, a JV with Sumitomo; the partnership was extended to Origins Chennai Phase 2B as of Q1 FY27.^[2][6]

Project launches

H1 FY27 pre-sales were driven by Rainforest, BeaconHill and Citadel Phase 3 launches.^[5]
Mahindra Rivenza was launched on 1 October 2026 in Mahalunge, Pune (RERA: PR1261012602102, PM1261012602103).^[8]
Planned H2 FY27 launches: Mahalunge Ph1 and Saibaba Ph1 in Q3; Navrat and WestEra in Q4 FY27.^[5]
Mahindra Blossom (Hopefarm, Bengaluru; ₹1,800 Cr GDV) recorded over ₹1,000 Cr of bookings in one weekend at launch in Q3 FY26; Mitsui Fudosan holds 49%.^[7]

Expansion and targets

Thane mixed-use project (₹7,500 Cr GDV, ~6 - 6.5 msft) has R-Zone designation; initial phase targets end-FY27 or early FY28.^[6]
K2 Kandivali (~15 acres, ₹5,600 Cr GDV) is targeted for launch within 12 - 15 months from Q1 FY27.^[6]
Commercial annuity strategy targets ₹150 - 200 Cr annual rental income from Bhandup, Thane and Citadel Pune in about 4 - 5 years.^[4]

Partnerships and financing

Mitsui Fudosan took a 49% stake in Blossom; the partnership is multi-project, with Mitsui committed to at least one additional deal.^[4]
Tata Projects engaged as EPC contractor for Mahindra Vista (Kandivali) and IvyLush Pune.^[3]
Net debt to equity was -0.28 in Q2 FY27, from -0.17.^[5]
Board approved a rights issue of up to Rs 1,496 crore on 13 May 2025.^[2]

Market Cap

₹7,183 Cr

High / Low

₹428 / 288

Stock P/E

21.9

Price / Book

2.0

Book Value

₹170

EPS

₹13.9

No. of Shares

21.33 Cr

ROCE

7.6%

ROE

10.8%

OPM

-4.6%

Debt / Equity

0.18

Sales

₹1,178 Cr

Net Profit

₹298 Cr

Promoter holding

52.4%

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Mahindra Lifespace Developers Ltd(MAHLIFE)

About

Business segments

Brands and portfolio

Key operating numbers

GDV pipeline and land bank

Industrial clusters

Project launches

Expansion and targets

Partnerships and financing

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

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