Mahindra Lifespace Developers Limited — Q4 FY26 earnings call

value of all the launches that we have planned, plus Rainforest, which was technically launched in the last quarter, it is roughly 10,000 crores. So we would hope to actually really do well on the pre-sale side, but the part that we are seeing in the market, I think we have seen some slowdown in terms of footfalls in our sales gallery, and obviously some of them will come back, but we want to be cautious in terms of what the impact of war is.

Analyst questioned potential upside to pre-sales guidance given large launch pipeline, but management expressed caution due to external market factors.

Asked by Parikshit

The combined inventory from that project would be close to 2,100 to 2,200 crores. Then we'll have the leftover, so to say the inventory from Mahindra Blossom. We sold 60%, and we had held some of the good quality inventory for subsequent sustenance sales. You'll see maybe 2,000 to 2,200 crores, plus another 800 crores from Mahindra Blossom, that will be there, so 3,000.

Analyst inquired about scarce inventory in Bangalore, and management clarified available inventory from existing projects and active BD efforts.

Asked by Parikshit

With Mitsui, as well as other discussions underway, and the support of Mahindra, and a very healthy balance sheet, it allows us to flex financial muscle when we need to, and that gives us flexibility to pursue larger deals, but more importantly, the right deals. We have a healthy portfolio. Earlier today, we had the board meeting, and it was clearly told to us, supported that, hey, you work on building a good business for the long term, capital is not going to be a constraint.

Analyst asked about funding for business development, and management assured that capital is not a constraint due to strategic partnerships and strong balance sheet.

Asked by Parikshit

while even the walk-ins have moderated, I think there is this intent to purchase. It's just that given the geopolitical scenario, you know, people are just waiting. They say, 'Let's see what is happening, when is it going to get settled?' because energy is something which impacts everything and everyone. And, generally, without talking about other things in India, they are just waiting for the other elections also to get over.

Analyst questioned the impact of lower walk-ins and when demand would normalize, with management attributing it to external factors causing deferrals.

Asked by Pritesh

Ahmedabad, right now we're in a position where we cleaned up all the legacy issues, the approvals are in place. We've already started the marketing activities and started talking to the consultants in the local market. And I'm positive that this year Ahmedabad should kick in and we'll have the fourth front which will start.

Analyst inquired about progress on anchor clients for Ahmedabad and Pune, and management provided an update on Ahmedabad's readiness and marketing efforts.

Asked by Pritesh

Thane land is now fully a residential zone, so I think that is one big thing that has happened in this financial year. We are free to develop it the way we want to develop it, residential. We have started the initial design with the design team, we are looking at a mixed use, looking at a certain amount of commercial, high street retail, residential.

Analyst sought clarification on the Thane project's status and planned residential/commercial mix, which management detailed as a mixed-use development with significant value potential.

Asked by Host

I think our aspiration is to play in premium, mid-premium, super-premium, whatever you want to call it. I don't think we want to go into the luxury segment. And in case of Mumbai, we have put a price point of somewhere around ₹60,000- ₹70,000 per square foot as a definition of what that means.

Analyst asked about the company's play in the luxury segment, and management clarified their focus on premium and mid-premium segments, avoiding the ultra-luxury market.

Asked by Host

system, by and large, remains the same but we as a company have really improved... the fact that we've got 8 OCs in a very timely manner, regimented manner, the fact that we were able to launch as per what we committed at the beginning of the year, that's kind of a proof that we have got better at what we do as a team, as a system.

Analyst inquired about the efficiency of the approval process, and management highlighted significant internal improvements leading to timely OCs and RERA filings.

Asked by Parikshit