Company Update : Mahindra Lifespace by Motilal Oswal Financial Services Ltd
Muted launches dent performance
Net cash boosted by timely proceeds realization
Operational performance
* MLDL achieved bookings of INR4.5b, down 56% YoY and 57% QoQ (35% below estimate), due to muted launches during the quarter.
* Sales volume in 1QFY26 stood at 0.6msf, down 50% YoY and 44% QoQ (11% below estimate).
* Blended realization in 1QFY26 was down 11% YoY and 24% QoQ to ~INR7,741 psf (27% below estimates).
* The company achieved quarterly collections of INR5.2b, down 4% YoY and up 11% QoQ.
* In 1QFY26, MLDL added a project with INR35b GDV, up 2.5x YoY.
* Revenue from the IC&IC business stood at INR1.2b, up 17% YoY. Total leased area stood at 18.7 acres.
* The company completed its rights issue of INR15b, approved in 4QFY25, during 1QFY26, moving to a net cash position with a net cash to equity ratio of 0.23x.
Financial performance
* MLDL’s revenue came in at INR320m, down 83% YoY and up ~3.5x QoQ (77% below estimate).
* For 1QFY26, MLDL reported an operating loss of INR550m against a loss of INR416m for 1QFY25.
* PAT was up 4x YoY at INR512m (3.5x above estimates) due to a higher share of profit realization from minority interest as compared to our estimates.
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