External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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.

Equity Bottom-Up

Mahindra Lifespace Developers Ltd / Equity Bottom-Up

<ul><li>We attended M&amp;M investor day today where we met management of MLDL</li><li>Key takeaways include a clear five-year aspiration to break into the top-5 developers in their core markets (Mumbai, Bengaluru, Pune) and prioritising deep regional strength over broad but shallow national presence</li><li>To drive this, MLDL has identified five growth pillars: (1) disciplined BD with focus on premium, high-absorption micro-markets, (2) contemporary, pragmatic, and sustainability-led design that enables profitable projects from day one, (3) best-in-class customer experience across the full lifecycle from project entry to four-year construction, delivery, and post-handover, and (4) rigorous financial planning to ensure sustained balance-sheet strength</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.

We attended M&amp;M investor day today where we met management of MLDLKey takeaways include a clear five-year aspiration to break into the top-5 developers in their core markets (Mumbai, Bengaluru, Pune) and prioritising deep regional strength over broad but shallow national presenceTo drive this, MLDL has identified five growth pillars: (1) disciplined BD with focus on premium, high-absorption micro-markets, (2) contemporary, pragmatic, and sustainability-led design that enables profitable projects from day one, (3) best-in-class customer experience across the full lifecycle from project entry to four-year construction, delivery, and post-handover, and (4) rigorous financial planning to ensure sustained balance-sheet strengthContent 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 Set to Press Execution Button. Maintain BUY

<ul><li>Mahindra Lifespaces (MLDL) has demonstrated exceptional execution in its land acquisition/redevelopment strategy during H1FY26, securing new projects with a combined GDV of ~INR 95bn</li><li>This significantly surpasses our initial FY26 BD expectation of INR 80-100bn and represents a remarkable ~2-2.5x multiple of its recent annual averages</li><li>This performance is a clear testament to the company's accelerated growth trajectory and its focused strategy in core markets</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) has demonstrated exceptional execution in its land acquisition/redevelopment strategy during H1FY26, securing new projects with a combined GDV of ~INR 95bnThis significantly surpasses our initial FY26 BD expectation of INR 80-100bn and represents a remarkable ~2-2.5x multiple of its recent annual averagesThis performance is a clear testament to the company's accelerated growth trajectory and its focused strategy in core marketsContent 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: Record BD to Help Achieve 5x Presales Target. Maintain BUY

<ul><li>Mahindra Lifespaces (MLDL) reported presales of INR 4.5bn in Q1FY26 (-55.9%/-57.4% YoY/QoQ)</li><li>The weak print was primarily due to project launches towards the end of the quarter, resulting in sales spillover into Q2FY26</li><li>MLDL's recent launches, Citadel and Malad, have been near sell-outs (70–80% sold), underscoring resilient housing demand in its core markets</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) reported presales of INR 4.5bn in Q1FY26 (-55.9%/-57.4% YoY/QoQ)The weak print was primarily due to project launches towards the end of the quarter, resulting in sales spillover into Q2FY26MLDL's recent launches, Citadel and Malad, have been near sell-outs (70–80% sold), underscoring resilient housing demand in its core marketsContent 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: Launch-Heavy Year Ahead. Maintain BUY

<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

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 Set to Press Execution Button. Maintain BUY

To drive this, MLDL has identified five growth pillars: (1) disciplined BD with focus on premium, high-absorption micro-markets, (2) contemporary,...

HDFC Securities

Mahindra Lifespaces: Record BD to Help Achieve 5x Presales Target. Maintain BUY

This significantly surpasses our initial FY26 BD expectation of INR 80-100bn and represents a remarkable ~2-2.5x multiple of its recent annual...

HDFC Securities

Mahindra Lifespaces: Launch-Heavy Year Ahead. Maintain BUY

MLDL's recent launches, Citadel and Malad, have been near sell-outs (70–80% sold), underscoring resilient housing demand in its core markets

HDFC Securities

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

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