Mahindra Lifespaces reports strong H1 FY26 results, significant growth momentum

Mahindra Lifespace Developers Limited (MLDL) announced strong financial results for H1 FY26, with consolidated sales for residential and integrated cities (IC) reaching INR 1,419 crores. The company reported a profit after tax (PAT) of INR 99 crores for H1 FY26, a notable improvement from a negative PAT in H1 FY25, indicating a swing of approximately INR 100 crores. Residential collections were particularly strong, totaling INR 1,086 crores, marking a 9% growth over the previous year.

The company's gross development value (GDV) additions continued their strong momentum, with H1 FY26 additions at INR 5,200 crores, more than doubling the INR 2,050 crores reported in H1 FY25. Cumulatively, MLDL's GDV now stands at INR 46,000 crores, providing multi-year visibility. Strategic land unlocks, such as the Thane land parcel being designated as R-Zone, contributed significantly, adding INR 7,000 to INR 8,000 crores in GDV. The net debt to equity ratio improved significantly from +0.26 in Q2 FY25 to -0.17 in Q2 FY26, with long-term debt fully paid off from rights issue proceeds, resulting in a cash surplus.

MLDL plans for approximately INR 7,000 crores in new launches for H2 FY26, primarily in key locations like Bangalore, Mahalakshmi, Bhandup, and Citadel Phase 3. The company also reported strong leasing activity and healthy realizations in its IC assets in Jaipur and Chennai, with an annual guidance of INR 400 to INR 500 crores from this business. Eight project completions are planned for FY26, with the bulk in H2, contributing to revenue and EBITDA recognition.