Mahindra Lifespace Developers Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2024 • Projects, Project Management & Development: 97.9% • Operating of Commercial Complexes: 2.1%
AI Sector View
AI GENERATEDRealty
Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.
PROS
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 47.9% CAGR over last 5 years
- Working capital cycle has improved - days down from 1547 to 613
- Stock looks reasonably valued - P/E of 22.7 is below its historical median
- Company comfortably covers its interest (29.1x coverage)
- Company has a consistent dividend-paying track record
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- Company has a low return on capital employed of 4.6%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -3.82x)
- A large part of profit comes from other income (28.6% of PBT)
- Company has a low return on equity of 6.5% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 643.60 | 35.83 | 159311.06 | 1.24 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1113.00 | 26.96 | 111226.00 | 0.38 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1891.15 | 52.85 | 67642.25 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1505.00 | 56.92 | 64824.90 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1747.40 | 24.16 | 63535.85 | 0.46 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1745.00 | 32.85 | 52564.02 | 0.57 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 599.05 | 37.26 | 21558.43 | 0.17 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 638.90 | 30.00 | 20844.71 | 0.24 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1284.65 | 108.49 | 14348.99 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1217.35 | 56.45 | 13020.02 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 762.15 | 10.27 | 10722.39 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| MAHLIFE | 353.20 | 22.67 | 7536.36 | 0.99 | 85.55 | -83.31 | 962.13 | 2909.48 | 8.34 | 10.71 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 98 | 18 | 82 | 14 | 188 | 8 | 167 | 9 | 32 | 18 | 459 | 670 | 962 | |
| 141 | 53 | 121 | 68 | 230 | 55 | 193 | 64 | 87 | 70 | 429 | 714 | 875 | |
| Operating Profit | -43 | -35 | -39 | -54 | -42 | -48 | -25 | -55 | -55 | -52 | 30 | -44 | 87 |
| OPM % | -43.97% | -196.45% | -47.54% | -378.59% | -22.10% | -626.94% | -15.18% | -597.19% | -172.10% | -298.80% | 6.49% | -6.55% | 9.05% |
| 12 | 8 | 7 | 40 | 19 | 8 | 18 | 46 | 9 | 16 | 36 | 54 | 15 | |
| Interest | 4 | 0 | 0 | 3 | 6 | 7 | 4 | 2 | 4 | 2 | 2 | 3 | 2 |
| Depreciation | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 6 | 6 | 7 | 6 | 6 | 5 |
| Profit before Tax | -38 | -30 | -36 | -20 | -33 | -50 | -15 | -17 | -56 | -45 | 58 | 1 | 111 |
| Tax % | 24.42% | 35.71% | 30.07% | 63.80% | 28.94% | -0.04% | -114.63% | -8.86% | 17.12% | -6.24% | 35.39% | -773.68% | 22.93% |
| Net Profit | 0 | 0 | 0 | 0 | 127 | -140 | -22 | 851 | 513 | 479 | 1,089 | 901 | 86 |
| -0.28 | -1.22 | 3.23 | 4.62 | 0.75 | -0.83 | -1.33 | 5.04 | 2.93 | 2.47 | 5.43 | 4.42 | 4.01 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 762 | 566 | 593 | 611 | 166 | 394 | 607 | 212 | 372 | 1,178 | 2,108 | |
| 712 | 509 | 567 | 668 | 260 | 483 | 717 | 383 | 542 | 1,300 | 2,088 | |
| Operating Profit | 50 | 57 | 26 | -57 | -94 | -89 | -110 | -171 | -170 | -122 | 20 |
| OPM % | 6.60% | 10.14% | 4.36% | -9.30% | -56.25% | -22.74% | -18.15% | -80.67% | -45.63% | -10.32% | 0.97% |
| 69 | 78 | 61 | -100 | 22 | 112 | 121 | 67 | 92 | 113 | 120 | |
| Interest | 20 | 41 | 12 | 8 | 11 | 7 | 11 | 7 | 19 | 11 | 9 |
| Depreciation | 5 | 4 | 4 | 8 | 7 | 7 | 12 | 14 | 18 | 24 | 23 |
| Profit before Tax | 139 | 135 | 143 | -196 | -78 | 99 | 106 | 54 | 71 | 306 | 125 |
| Tax % | 23.77% | 23.17% | 17.16% | 0.86% | 8.14% | -62.88% | 2.68% | -81.07% | 12.97% | 2.57% | 34.50% |
| Net Profit | 106 | 103 | 119 | -195 | -71 | 162 | 103 | 98 | 61 | 298 | 82 |
| EPS | 23.03 | 19.88 | 23.27 | -37.57 | -13.96 | 9.96 | 6.55 | 6.34 | 3.95 | 13.97 | — |
| Dividend Payout % | 24.09% | 30.49% | 25.74% | 0.00% | 0.00% | 20.00% | 35.08% | 41.81% | 70.85% | 25.05% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 7%
- 5 Years:
- 48%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- —
- 3 Years:
- 43%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 6%
- 3 Years:
- -12%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 7%
- 3 Years:
- 6%
- Last Year:
- 11%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 41 | 51 | 51 | 51 | 51 | 155 | 155 | 155 | 155 | 213 |
| Minority Interest | 43 | 45 | 44 | 42 | 42 | 49 | 0 | 0 | 0 | 0 |
| 1,654 | 2,002 | 1,874 | 1,645 | 1,574 | 1,630 | 1,648 | 1,714 | 1,736 | 3,404 | |
| 532 | 241 | 208 | 210 | 246 | 285 | 267 | 878 | 1,414 | 653 | |
| Trade Payables | 203 | 194 | 188 | 128 | 135 | 173 | 192 | 195 | 233 | 484 |
| 412 | 465 | 629 | 466 | 521 | 667 | 1,290 | 1,902 | 2,783 | 3,427 | |
| Total Liabilities | 2,886 | 2,998 | 2,994 | 2,542 | 2,570 | 2,959 | 3,552 | 4,843 | 6,321 | 8,181 |
| 76 | 73 | 74 | 77 | 70 | 83 | 17 | 24 | 26 | 27 | |
| Capital Work in Progress | 8 | 9 | 10 | 12 | 15 | 3 | 5 | 5 | 5 | 10 |
| 742 | 926 | 688 | 548 | 558 | 622 | 905 | 914 | 904 | 1,269 | |
| 1,171 | 912 | 1,345 | 1,204 | 1,345 | 1,442 | 2,098 | 3,378 | 4,462 | 5,175 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107 | 139 | 228 | |
| Cash & Bank | 84 | 130 | 294 | 132 | 135 | 225 | 77 | 107 | 256 | 535 |
| 804 | 946 | 583 | 567 | 447 | 582 | 449 | 309 | 530 | 937 | |
| Total Assets | 2,886 | 2,998 | 2,994 | 2,542 | 2,570 | 2,959 | 3,552 | 4,843 | 6,321 | 8,181 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 87 | 212 | 195 | -50 | -55 | -34 | -137 | -661 | -542 | -545 | |
| Cash from Investing | 141 | -180 | 288 | 88 | 110 | 123 | 28 | 214 | 273 | -145 |
| Cash from Financing | -255 | -40 | -370 | -67 | -20 | 12 | -27 | 489 | 416 | 531 |
| -44 | -25 | 85 | -42 | 23 | 83 | -148 | 42 | 147 | -159 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-08 - Mahindra Lifespace Developers Limited has informed the Exchange about Addendum to the Integrated Annual Report FY 2025-26 in relation to certain sustainability metrics
2026-09-07 - Mahindra Lifespace Developers Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-27 - Mahindra Lifespace Developers Limited has informed the Exchange about Disinvestment
2026-08-21 - Mahindra Lifespace Developers Limited has informed the Exchange about Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company
2026-08-10 - Mahindra Lifespace Developers Limited has informed the Exchange regarding a press release dated August 10, 2026, titled "Mahindra Group Announces Dedicated Strategic Focus on Holidays and Lifespaces Sector to Accelerate Growth".
2026-08-05 - Mahindra Lifespace Developers Limited has informed the Exchange about Credit Rating
2026-07-30 - Mahindra Lifespace Developers Limited has informed the Exchange about Transcript
2026-07-25 - Mahindra Lifespace Developers Limited has informed the Exchange about Credit Rating
2026-07-24 - Mahindra Lifespace Developers Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for MAHLIFE
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