External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

Mahindra Lifespace Developers Ltd / Equity Bottom-Up

<ul><li>Beating expectations, Mahindra Lifespaces (MLDL) posted a solid show with presales of INR 28bn in FY25 (28% YoY growth, estimate of INR 24bn), the highest ever</li><li>MLDL achieved new BD of INR 181bn in FY25 (4.5x of recent annual average), which sets it up for a new phase of aggressive growth, underpinned by a sharp ramp-up in its project pipeline over the last two years</li><li>Through disciplined project acquisitions, largely asset light deals, and strategic focus on core markets (MMR, Pune, Bengaluru), the company has built a GDV pipeline — crucial for achieving its ambitious target of 5x growth in presales by FY30 to INR 100bn</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Beating expectations, Mahindra Lifespaces (MLDL) posted a solid show with presales of INR 28bn in FY25 (28% YoY growth, estimate of INR 24bn), the highest everMLDL achieved new BD of INR 181bn in FY25 (4.5x of recent annual average), which sets it up for a new phase of aggressive growth, underpinned by a sharp ramp-up in its project pipeline over the last two yearsThrough disciplined project acquisitions, largely asset light deals, and strategic focus on core markets (MMR, Pune, Bengaluru), the company has built a GDV pipeline — crucial for achieving its ambitious target of 5x growth in presales by FY30 to INR 100bnContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra Lifespaces: All Ingredients in Place for Re-Rating. Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Mahindra Lifespaces (MLDL) clocked bookings of INR3.3b in 3QFY25 (44% miss), down 25% YoY, as volumes declined 15% YoY to 0.5msf.</li><li>IC&amp;IC segment – In the IC&amp;IC segment, MLDL leased 12.4 acres in Jaipur (3 customers) and Chennai (2 customers) for a total of INR457m in 3QFY25. Collections – The company collected INR3.7b during the quarter and spent INR1.3b on construction.</li><li>The net debt-to-equity ratio stood at 0.5x and the cost of debt was 8.9%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra Lifespaces (MLDL) clocked bookings of INR3.3b in 3QFY25 (44% miss), down 25% YoY, as volumes declined 15% YoY to 0.5msf.IC&amp;IC segment – In the IC&amp;IC segment, MLDL leased 12.4 acres in Jaipur (3 customers) and Chennai (2 customers) for a total of INR457m in 3QFY25. Collections – The company collected INR3.7b during the quarter and spent INR1.3b on construction.The net debt-to-equity ratio stood at 0.5x and the cost of debt was 8.9%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahindra Lifespaces - Feeble Bookings; Poor Performance from JV and IC&IC

APAC IPOs & Placements, Aequitas Research

Rosita Fernandes

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

IndiQube Spaces Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indiqube-spaces-ltd" target="_blank" data-smartkarma-citation="entities:44238:1" rel="noopener">IndiQube Spaces Ltd (1628202D IN)</a>  (ISL) is planning to raise about US$100m in its upcoming India IPO. </li>
<li>ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.</li>
<li>ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.</li>
</ul>



IndiQube Spaces Ltd (1628202D IN)  (ISL) is planning to raise about US$100m in its upcoming India IPO. 
ISL is a managed workplace solutions provider offering technological workplace solutions. As per CBRE Report, ISL is among the leading operators in Bengaluru as of Jun 24.
ISL offers enterprise workplace solutions, from large hubs to small spokes, enhancing employee experience through integrated interiors, amenities, and various value-added services for a seamless, efficient office environment.


IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

Thematic (Sector/Industry)

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

<ul><li>Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarter</li><li>LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2</li><li>These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarterLODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

India

Mahindra Lifespace Developers Limited specializes in the construction and operation of commercial and residential property complexes, projects management services and business centers.

Mahindra Lifespace Developers Ltd (MLIFE IN)

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Mahindra Lifespace Developers Ltd (MLIFE IN)

Mahindra Lifespaces: All Ingredients in Place for Re-Rating. Maintain BUY

Beating expectations, Mahindra Lifespaces (MLDL) posted a solid show with presales of INR 28bn in FY25 (28% YoY growth, estimate of INR 24bn), the...

HDFC Securities

Mahindra Lifespaces - Feeble Bookings; Poor Performance from JV and IC&IC

Mahindra Lifespaces (MLDL) clocked bookings of INR3.3b in 3QFY25 (44% miss), down 25% YoY, as volumes declined 15% YoY to 0.5msf.

Motilal Oswal

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

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Mahindra Lifespaces: All Ingredients in Place for Re-Rating. Maintain BUY

Beating expectations, Mahindra Lifespaces (MLDL) posted a solid show with presales of INR 28bn in FY25 (28% YoY growth, estimate of INR 24bn), the...

HDFC Securities

Mahindra Lifespaces - Feeble Bookings; Poor Performance from JV and IC&IC

Mahindra Lifespaces (MLDL) clocked bookings of INR3.3b in 3QFY25 (44% miss), down 25% YoY, as volumes declined 15% YoY to 0.5msf.

Motilal Oswal

IndiQube Spaces Pre-IPO - Capacity Has Been Expanding, Though Margins Remain Unstable

​IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.

Rosita Fernandes

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

IndiQube Spaces Ltd is set to raise $100m in its India IPO, offering managed workplace solutions to enhance employee experience and efficiency.