Target: ₹630

CMP: ₹537.25

We interacted with the management of Mahindra Lifespace Developers Limited (MLDL). The company focuses on achieving profitable growth and not just building scale, underscored by recently joined CEO & MD, Amit Sinha. It would focus on mid-premium and premium segments along with a selective assessment of projects in Happinest (value/affordable category).

We retain a Buy on the stock with a revised price target of ₹630, as we roll forward our NAV & valuation to September 2025 earnings and considering strong scalability in business over the next five years.

Our interaction with the management indicate towards achieving profitable growth with scale.

The focus is on mid-premium and premium projects with selective preference towards value homes. Key launches in Thane, Kandivali, Pune and Mumbai remain largely on track. Expect construction to gather pace from Q3 as construction commences on new projects.

It has set an aspirational target to achieve 5x sales booking of ₹8,000-10,000 crore by FY2028. BD pipeline would be scaled to ₹40,000-50,000 crore from current ₹5,500 crore, excluding Thane project.