MAHLIFE Q3 FY26 earnings call.
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Revenue
₹459 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Mahindra Lifespace reported a standout Q3 with residential pre-sales of 572 crore, up 71% YoY from 334 crore, driven by successful launches including Marina 64 in Mumbai and Citadel in Pune. The 9-month GDV addition reached 10,560 crore, demonstrating robust pipeline development. PAT for Q3 came in at 109 crore versus a loss of 23 crore in Q3 FY25, while 9-month PAT stood at 208 crore (vs negative 24 crore last year). The company received 6 OCs in 45 days, validating its execution de-risking strategy. The newly launched Mahindra Blossom in Bangalore achieved over 1,000 crore in sales in its opening weekend with total GDV of 1,800 crore. The IC business continues to scale, with 150 acres unlocked through the Sumitomo partnership, targeting 5,000-6,000 crore in sales potential over ~10 years. Balance sheet remains pristine with negative net debt-to-equity of 0.12. Management targets 4,500-5,000 crore pre-sales for FY27, with FY27 launch pipeline expected at 5,000-7,000 crore. Key risks include inventory overhang rising to 15 months and approval delays impacting project timelines.
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Guidance to track
- Management maintained guidance for FY27 pre-sales in the 4,500-5,000 crore range, with FY28 guidance to be provided after delivering FY27 numbers.
- Excluding Bhandup and Mahalakshmi (~3,500 Cr already in FY26 launches), FY27 launches expected at 5,000-7,000 Cr GDV including new projects and phases.
- IOD and EC received; CC filed, expected within 2-3 weeks. RERA anticipated by March 10, 2026, with sales impact primarily in Q4 FY26.
Risks flagged
- Industry inventory overhang increased from 13 months to 15 months. Management noted that once it crosses 30-36 months, the market typically sees a significant slowdown. Current 15-month level is manageable but warrants monitoring.
- Management acknowledged seeing slowdown in luxury projects especially in NCR region (Gorai area example), where ticket sizes of 7-10 crore face limited buyer pool. Company is not exposed to this segment but broader market sentiment could impact premium mid-market.
- New regulations requiring Environment Clearance before RERA approval caused one-time delays for Bhandup, Mahalakshmi, and Navy projects. Management estimates this cost them a quarter of sales impact as launches shifted by 2-3 months. Impact is non-recurring but affected FY26 guidance delivery.
- Q3 residential PAT of 64 crore (vs negative quarters historically) came from three specific OC deliveries. Analyst asked about sustainability given legacy project impacts on margins. Management acknowledged margin improvement to ~10% but future profitability depends on continued OC delivery cadence.
Key quotes
- We have gotten quite close to that from our portfolio. How can we get the right GDV that gives us the right mix of geographic spread, right mix of great locations where projects are quite successful. Fortunately, we have got a large number of deals coming our way.
- We see some slowdown and more in some of the specific segments of specific markets but we are trending the path very carefully so that we are able to manage our financial goals and growth goals in a balanced way.
- Inventory overhang has gone up from roughly 13 months to now 15 months. So there's slight slowdown that we have seen compared to last year but a real slowdown in the industry when this number crosses 30 or 36 months.
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