Broker’s Call: Mahindra Lifespace Developers (Buy)

H1FY27 sales bookings have been stable at ₹1,990 crore, with sustenance sales accounting for about 41 per cent of sales bookings and strong response to four launches across the MMR, Pune and Chennai

Target: ₹478

CMP: ₹336.65

In FY26, Mahindra Lifespace Developers (MLIFE) had unveiled a strategy to reach ₹9,500-10,000 crore in annual residential sales bookings by FY30, or boosting its sales 4x in five years (FY25-30). With FY25 and FY26 GDV additions of ₹18,000 crore each and H1FY27 GDV addition of ₹7,100 crore, MLIFE had a total GDV of about ₹50,400 crore, as of June 2026, now available to monetise. This includes the current inventory in ongoing projects and a decent visibility on achieving about ₹4,500-5,000 crore of FY27 sales bookings, the surge in business development augurs well for MLIFE to achieve its long-term vision. In H1FY27, the company added the K2 Kandivali, Mumbai, land parcel having a GDV of ₹5,600 crore, and guidance for about ₹10,000-20,000 crore worth of additions in FY27.

H1FY27 sales bookings have been stable at ₹1,990 crore, with sustenance sales accounting for about 41 per cent of sales bookings and strong response to four launches across the MMR, Pune and Chennai. For the remainder of FY27, it has an incremental launch pipeline of four new projects: Mahalunge (Pune), Saibaba and Westera society redevelopments (Mumbai) and Navrat (Bengaluru). Given the launch visibility for FY27, we model 17 per cent sales CAGR over FY26-29E, with sales bookings of ₹4,500 crore/5,200 crore/5,500 crore in FY27/28/29E.

We reiterate BUY with a revised TP of ₹478 (vs ₹547 earlier), factoring in higher project costs and trimming the premium to NAV to 20 per cent vs 25 per cent earlier.

Published on October 23, 2026