Mahindra Lifespace Developers Ltd (MAHLIFE) reported a strong performance in Q2FY26, achieving pre-sales of around 1.17 million sq. ft. valued at ₹7.5 billion, driven by both new project launches and sustained sales momentum.

Backed by a robust project pipeline of approximately ₹427 billion and near-term launches worth ₹65–70 billion, the company is targeting ₹45–50 billion in pre-sales over the next two years and ₹100 billion by FY30. With a healthy IC&IC portfolio, ongoing land monetisation, and a strengthened balance sheet post its recent rights issue, MAHLIFE remains well-positioned for continued growth.

Solid pre-sales momentum: BD activity remains high: During 2QFY26, MAHLIFE achieved pre-sales of ~1.17msf (121% yoy/102% qoq) valued at ~Rs 7.5bn (89% yoy/66% qoq), supported by new launches and sustenance sales. Collections stood at ~Rs 5.7bn (+24% yoy/+10% qoq). In 2Q, MAHLIFE added a redevelopment project in Chembur with a GDV of ~Rs 17bn. Post-2QFY26, it has added two projects with a combined GDV of ~Rs 43bn: (a) a redevelopment project in Malad (West) (~Rs 8bn) and (b) a land acquisition near Mahalunge, Pune (~Rs 35bn). YTD FY26, project additions total a GDV of ~Rs 95bn. MAHLIFE continues to actively pursue new BD opportunities to further strengthen its portfolio.

Healthy IC&IC portfolio; monetisation the key: In 2QFY26, MAHLIFE leased 16.9 acres for ~Rs 1bn (vs 16.1 acres/~Rs 0.9bn in 2QFY25 and 18.7 acres/~Rs 1.2bn in 1QFY26). Management targets the launch of Origins Chennai–2 and Origins Ahmedabad in the near-to-mid-term. The company’s IC&IC portfolio remains healthy, with a gross leasable area of ~5,737 acres (net: 3,986 acres). Of this, ~1,561 acres is available for leasing and set to be monetised over the next 8–10 years, generating a PAT of Rs 15bn–20bn.

Launch pipeline ramps up; Rs 45bn–50bn pre-sales goal by FY27: With strong BD additions over the past 2–3 years, MAHLIFE’s focus has now shifted to launching key projects. It is gearing up to launch projects with a total GDV of ~Rs 65-70bn, including (a) Citadel Phase-III, (b) Hopefarm Phase-I, (c) Bhandup Phase-I, (d) the Mahalaxmi project and (e) Marina 64 (plot A). Beyond FY26, launches are planned for Sai Baba Nagar redevelopment, Mahalakshmi, Santacruz, and Thane projects, along with subsequent phases of ongoing developments. The company is targeting pre-sales of Rs 45bn–50bn over next two years and ~Rs 100bn by FY30, with a major contribution from the residential segment. Post the recent rights issue, MAHLIFE has repaid its debt and turned net cash positive creating headroom for further BD.