Mahindra Lifespaces Q2 profit falls 65.9% as H1 pre-sales rise 66%

Mahindra Lifespace Developers Ltd reported a 65.9% year-on-year fall in consolidated net profit to ₹16.34 crore for the quarter ended 30 September 2026, even as residential pre-sales rose 66% in the first half of FY27. The board approved the results at a meeting on 22 October 2026, and the company disclosed them in a filing with the BSE.

The profit figure compares with ₹47.91 crore in Q2 FY26. The company attributed the decline mainly to a higher tax expense of about ₹33 crore during the quarter. Consolidated EBITDA was a loss of about ₹55 crore, compared with a loss of ₹52.4 crore a year earlier.

Bookings grew faster than reported profit

Residential pre-sales in Q2 rose 41% year on year to about ₹1,063 crore. Sales volume was 0.69 million sq ft, and collections were ₹625 crore. For H1 FY27, pre-sales reached about ₹1,988 crore, against about ₹1,200 crore in H1 FY26. The first-half figure covered 1.29 million sq ft of saleable area, or 0.85 million sq ft on a RERA carpet-area basis.

Consolidated sales increased 32% in Q2 to ₹1,126 crore. For the first half, sales rose 48% to ₹2,101 crore. H1 residential collections were ₹1,152 crore, compared with ₹1,086 crore in the same period last year. The company also reported gross development value additions of ₹7,100 crore in H1, up from ₹5,200 crore a year earlier; Q2 additions were ₹1,500 crore.

Quarterly figures also reflected one-time items. The company recorded a ₹76.52 crore gain from the Ample Parks Group divestment. Reversals of cost-to-completion provisions added about ₹25 crore to consolidated income. Standalone profit was ₹127.43 crore, against a loss of ₹24.51 crore a year earlier, supported by these items. Consolidated revenue from operations was ₹32.42 crore and total income was ₹104.02 crore, against total income of ₹33.06 crore a year earlier.

Launches and targets in the second half

Managing director and chief executive Amit Kumar Sinha said the company had recorded 66% growth in pre-sales in H1 FY27. Management is targeting residential pre-sales of ₹4,500 crore to ₹5,000 crore for the full financial year and expects four main residential launches in H2. It has not provided exact launch dates in the information available.

The company cited BeaconHill, Rainforest and Citadel Phase 3 among its H1 launches. It added ₹7,100 crore in gross development value during the half. Handovers totalled 992 units in Q2 and 1,949 units in H1; there were no completions in the quarter. The company also reported a net debt-to-equity ratio of -0.28 at 30 September, which it described as a cash-surplus position.

For the market, the results show stronger bookings alongside a quarterly earnings decline, with tax expense and one-time items affecting comparisons. Investors will track whether the planned H2 launches support the annual pre-sales target and how profitability moves as projects progress. The next key number is the FY27 residential pre-sales target of ₹4,500 crore to ₹5,000 crore.