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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹6918 Cr.
Stock P/E
112.7
P/B
1.9
Current Price
₹324.3
Book Value
₹ 170
Face Value
10
52W High
₹428.4
52W Low
₹ 288
Dividend Yield
1.08%

Mahindra Life. Dev Overview

Business

Mahindra Lifespace Developers Ltd. (MLDL) is the real estate and infrastructure development arm of the Mahindra Group. The company's core business involves developing and selling residential properties, as well as developing and managing integrated cities and industrial/logistics parks. It operates on a typical real estate development model: acquiring land, planning and designing projects, securing necessary approvals, constructing properties (often through contractors), marketing, and selling units to generate revenue. Its business model also includes leasing industrial and commercial spaces within its integrated developments.

Revenue Mix

Mahindra Lifespace operates primarily through two segments:

Residential Development: Focuses on developing and selling apartments, villas, and plotted developments across various price points, from affordable and mid-market housing (Mahindra Happinest) to premium residences.

Industrial & Integrated Cities (IIC): Develops large-format, multi-product integrated cities (e.g., Mahindra World City in Chennai and Jaipur) and industrial & logistics parks (Origins by Mahindra). These developments offer ready infrastructure for industrial, commercial, and residential uses.

The revenue mix generally sees a significant contribution from Residential Development, with the IIC segment providing a more stable, recurring income stream through plot sales/leases and asset management. Specific percentage contributions vary year-on-year based on project launches and completion cycles.

Industry

The Indian real estate industry is large, fragmented, and highly competitive, characterized by cyclicality and significant regulatory oversight (e.g., RERA). Mahindra Lifespace is positioned as a reputable, organized player known for quality, transparency, and timely delivery, benefiting from the strong brand equity of the Mahindra Group. It primarily operates in key urban and industrial growth corridors across India, focusing on premium, mid-market, and affordable segments in residential, and large-scale industrial infrastructure. It competes with a mix of national developers like DLF, Godrej Properties, Prestige Estates, and regional players.

MOAT

Brand Trust: The backing of the Mahindra Group provides immense brand credibility, fostering trust among customers and stakeholders in a segment often plagued by concerns about delivery and quality.

Execution Capability & Scale: Proven track record in executing large-scale, complex projects, particularly its integrated cities and industrial parks, which require significant land acquisition, planning, and infrastructure development expertise.

Strategic Land Bank: Has access to and a history of acquiring significant land parcels, especially critical for its large-format integrated developments.

Sustainability Focus: A strong emphasis on sustainable development practices (green buildings, resource efficiency) differentiates it and appeals to an increasingly environmentally conscious market.

Growth Drivers

Urbanization & Demographic Tailwinds: Rapid urbanization, growing middle-class income, and nuclearization of families drive demand for organized housing across India.

Government Initiatives: Policies supporting affordable housing, infrastructure development (like industrial corridors), and ease of doing business can stimulate demand.

Demand for Organized Developers: Increasing preference among homebuyers for reputed, financially strong developers offering transparency and assurance of delivery, away from unorganized players.

Growth in Industrial & Logistics: India's manufacturing push, e-commerce boom, and improved infrastructure are driving demand for modern industrial and logistics spaces, benefiting the IIC segment.

New Project Launches: Strategic launches of new residential and industrial projects in high-growth micro-markets will fuel revenue and earnings.

Risks

Cyclicality of Real Estate: The sector is highly sensitive to economic downturns, interest rate changes, and consumer sentiment, leading to fluctuations in demand and property prices.

Regulatory & Approval Risks: Delays in obtaining statutory approvals (environmental, construction, RERA) can lead to project delays and cost overruns. Changes in government policies (e.g., land acquisition, taxation) can impact profitability.

Interest Rate Fluctuations: Higher interest rates can impact homebuyer affordability and increase borrowing costs for developers.

Competition: Intense competition from national and regional developers can put pressure on pricing and profit margins.

Land Acquisition Challenges: Difficulty in acquiring suitable land parcels at viable prices, along with legal and environmental hurdles, can impede growth.

Funding & Liquidity: Real estate is capital-intensive; access to adequate and timely financing at competitive rates is crucial.

Management & Ownership

Mahindra Lifespace Developers Ltd. is promoted by the well-regarded Mahindra Group, one of India's largest and most diversified conglomerates. The promoter holding is substantial, aligning management interests with shareholder returns. The company benefits from the group's strong corporate governance standards and strategic oversight. The management team typically comprises experienced professionals from the real estate and infrastructure sectors, known for a focus on quality and sustainable development.

Outlook

Mahindra Lifespace Developers is well-positioned within the Indian real estate sector, leveraging its strong brand reputation, diversified business model across residential and industrial segments, and focus on sustainable practices. The long-term tailwinds of urbanization, industrial growth, and a shift towards organized developers bode well for the company. However, the inherent cyclicality of the real estate market, potential regulatory hurdles, and intense competition remain ongoing challenges. Its ability to continuously acquire strategic land banks, execute projects efficiently, and maintain a healthy launch pipeline will be crucial for sustained growth amidst varying market conditions.

Mahindra Life. Dev Share Price

Live · BSE / NSE · Inception: 1999
| |
Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Mahindra Life. Dev Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 82 14 188 8 167 9 32 18 459 670
Other Income 7 40 19 8 18 46 9 16 10 54
Total Income 89 55 207 16 186 55 41 33 469 723
Total Expenditure 121 68 230 55 193 64 87 70 429 714
Operating Profit -32 -14 -23 -39 -7 -9 -46 -37 40 10
Interest 0 3 6 7 4 2 4 2 2 3
Depreciation 4 4 4 4 4 6 6 7 6 6
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 26 0
Profit Before Tax -36 -20 -33 -50 -15 -17 -56 -45 58 1
Provision for Tax -11 -13 -10 0 17 1 -10 3 21 -6
Profit After Tax -25 -7 -24 -50 -32 -18 -47 -48 38 7
Adjustments 75 79 36 36 10 103 98 96 71 83
Profit After Adjustments 50 72 13 -14 -22 85 51 48 109 90
Adjusted Earnings Per Share 3 4.2 0.8 -0.8 -1.3 5 2.4 2.2 5.1 4.2

Mahindra Life. Dev Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 1086 593 762 566 593 611 166 394 607 212 372 1179
Other Income 61 94 69 78 61 35 22 15 53 67 92 89
Total Income 1148 687 831 644 654 646 188 408 660 279 464 1266
Total Expenditure 662 508 712 509 567 668 260 483 717 383 542 1300
Operating Profit 486 180 119 135 87 -22 -72 -75 -57 -104 -78 -33
Interest 51 36 20 41 12 8 11 7 11 7 19 11
Depreciation 13 4 5 4 4 8 7 7 12 14 18 25
Exceptional Income / Expenses 0 0 0 0 0 -135 0 97 68 0 0 26
Profit Before Tax 421 138 139 135 143 -196 -78 99 106 54 71 -42
Provision for Tax 138 43 33 31 25 -2 -6 -62 3 -44 9 8
Profit After Tax 283 95 106 103 119 -195 -71 162 103 98 61 -50
Adjustments -17 -3 -4 -2 1 1 -0 -7 -1 -0 -0 348
Profit After Adjustments 266 92 102 101 120 -193 -72 154 101 98 61 298
Adjusted Earnings Per Share 18.6 6.4 7.6 6 7.1 -11.5 -4.3 9.2 6 5.8 3.6 13.9

Mahindra Life. Dev Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 1475 1630 1700 2059 1930 1701 1631 1789 1806 1873 1896
Minority's Interest 97 39 43 45 44 42 42 49 0 0 0
Borrowings 1117 449 275 58 33 63 75 60 8 648 918
Other Non-Current Liabilities 183 119 95 48 22 14 4 -70 -53 -94 -83
Total Current Liabilities 737 773 773 789 966 721 817 1131 1791 2417 3591
Total Liabilities 3609 3010 2886 2998 2994 2542 2570 2959 3552 4843 6321
Fixed Assets 354 77 76 73 74 77 70 83 17 24 26
Other Non-Current Assets 258 699 735 811 772 659 676 738 816 909 1127
Total Current Assets 2997 2233 2075 2113 2148 1806 1824 2137 2718 3885 5168
Total Assets 3609 3010 2886 2998 2994 2542 2570 2959 3552 4843 6321

Mahindra Life. Dev Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 57 48 119 75 50 135 92 115 198 49 91
Cash Flow from Operating Activities 300 -174 70 194 168 -63 -68 -52 -148 -661 -542
Cash Flow from Investing Activities 42 106 141 -180 288 88 110 123 28 214 273
Cash Flow from Financing Activities -336 139 -255 -40 -370 -67 -20 12 -27 489 416
Net Cash Inflow / Outflow 6 72 -44 -25 85 -42 23 83 -148 42 147
Closing Cash & Cash Equivalent 63 119 75 50 135 92 115 198 49 91 238

Mahindra Life. Dev Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 18.56 6.39 7.62 6.02 7.13 -11.52 -4.27 9.18 6.02 5.82 3.63
CEPS(Rs) 20.67 6.88 8.24 6.42 7.3 -11.13 -3.84 10 6.83 6.64 4.69
DPS(Rs) 3.43 1.71 1.83 1.83 1.83 0 0 1.83 2.11 2.43 2.57
Book NAV/Share(Rs) 102.64 113.55 126.37 122.44 114.74 101.09 96.83 106.01 106.98 110.69 111.94
Core EBITDA Margin(%) 39.06 14.43 6.6 10.14 4.36 -9.3 -56.25 -22.74 -18.15 -80.67 -45.63
EBIT Margin(%) 43.5 29.2 20.88 31.05 26.27 -30.87 -40.19 26.88 19.22 29.08 24.14
Pre Tax Margin(%) 38.76 23.18 18.23 23.76 24.17 -32.12 -46.78 25.23 17.42 25.6 18.94
PAT Margin (%) 26.08 15.95 13.89 18.26 20.02 -31.84 -42.98 41.09 16.95 46.35 16.48
Cash Profit Margin (%) 27.3 16.65 14.5 19.01 20.65 -30.58 -38.77 42.74 18.96 52.83 21.26
ROA(%) 7.71 2.86 3.59 3.51 3.96 -7.03 -2.8 5.85 3.16 2.34 1.1
ROE(%) 20.74 6.1 6.37 5.51 5.97 -10.74 -4.3 9.49 5.73 5.36 3.26
ROCE(%) 17.58 6.76 6.68 7.22 6.66 -9.22 -3.51 5.36 5.63 2.56 2.96
Receivable days 26.13 33.85 33.42 71.33 86.96 75.17 187.48 68.77 66.48 203.32 120.56
Inventory Days 629.57 1008.01 593.17 671.62 694.96 761.54 2798.12 1292.22 1064.86 4711.52 3843.4
Payable days 195.58 249.68 147.44 194.34 172.6 120.99 411.86 189.83 133.02 371.5 260.6
PER(x) 7.22 18.81 15.54 22.48 15.41 0 0 39.65 53.77 92.51 75.68
Price/Book(x) 1.31 1.06 0.94 1.11 0.96 0.58 1.8 3.43 3.03 4.86 2.45
Dividend Yield(%) 2.56 1.43 1.55 1.36 1.67 0 0 0.5 0.65 0.45 0.94
EV/Net Sales(x) 2.84 4.01 2.83 4.59 3 1.77 18.26 15.7 9.3 46.46 15.62
EV/Core EBITDA(x) 6.35 13.26 18.09 19.2 20.48 -49.44 -42.2 -82.62 -98.69 -94.69 -74.28
Net Sales Growth(%) 54 -45.39 28.49 -25.71 4.71 3.05 -72.79 136.73 54.14 -65.04 75.53
EBIT Growth(%) 123.76 -63.33 -8.15 10.51 -11.42 -221.1 64.58 258.35 10.19 -47.09 45.71
PAT Growth(%) 157.47 -66.61 11.95 -2.39 14.81 -263.94 63.28 326.34 -36.41 -4.4 -37.59
EPS Growth(%) 163.5 -65.57 19.27 -20.98 18.47 -261.53 62.92 314.84 -34.43 -3.33 -37.64
Debt/Equity(x) 0.84 0.48 0.38 0.22 0.12 0.14 0.15 0.16 0.15 0.47 0.76
Current Ratio(x) 4.07 2.89 2.68 2.68 2.22 2.5 2.23 1.89 1.52 1.61 1.44
Quick Ratio(x) 1.39 1.2 1.17 1.52 0.83 0.83 0.59 0.61 0.35 0.21 0.2
Interest Cover(x) 9.19 4.85 7.87 4.26 12.47 -24.72 -6.09 16.24 10.68 8.35 4.64
Total Debt/Mcap(x) 0.64 0.45 0.33 0.2 0.12 0.24 0.08 0.05 0.05 0.1 0.31

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR +75% -2% -9% -10%
Operating Profit CAGR 0%
PAT CAGR -38% -28% -14%
Share Price CAGR -8% -9% +12% +10%
ROE Average +3% +5% +4% +5%
ROCE Average +3% +4% +3% +4%

Mahindra Life. Dev Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 52.41 %
FII 7.64 %
DII (MF + Insurance) 22.86 %
Public (retail) 47.59 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 51.1851.1751.1651.1551.1551.1452.4352.4252.4152.41
FII 8.539.129.739.819.999.548.78.127.87.64
DII 23.1922.2421.2720.9120.7120.0921.8222.4622.8422.86
Public 48.8248.8348.8448.8548.8548.8647.5747.5847.5947.59
Others 0000000000
Total 100100100100100100100100100100

Mahindra Life. Dev Peer Comparison

Construction - Real Estate Edit Columns

Mahindra Life. Dev Quarterly Price

10-year quarterly close · BSE
Show Value Show %

News & Updates

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Mahindra Life. Dev Pros & Cons

Pros

  • Debtor days have improved from 371.5 to 260.6days.

Cons

  • Company has a low return on equity of 5% over the last 3 years.
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