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ICICI Securities research report on Mahindra Lifespace Developers

In May’23, MLIFE had unveiled a strategy of reaching INR 80-100bn of annual residential plus industrial cluster sales by CY28 or 5x in 5 years (CY23-28). While it has achieved FY25 sales bookings of INR 28.0bn, with a healthy launch pipeline having GDV of over INR 390bn as of Mar’25, we estimate FY26/27E sales bookings of INR 36bn/INR 41bn, respectively. There has been a recent surge in the pace of business development with INR 120bn of incremental GDV from a 37 acre JDA project in Bhandup, Mumbai and a redevelopment project in Andheri, Mumbai (GDV of INR 9.5bn), taking FY25 GDV additions to ~INR 181bn. We believe the 32% stock price correction in last 6 months is mainly due to lower business development.

Outlook

Reiterate BUY with a revised TP of INR 549 (earlier: INR 575) adjusting from company share at 30% premium to NAV.

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Mahindra Lifespace Developers - 29042025 - icici

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