Shares of Mahindra Lifespace Developers Ltd rose in early trade on Monday after the real estate developer reported higher residential pre-sales and a swing to profit in the December quarter, supported by new launches, steady collections, and lower leverage.
The stock has traded within a wide 52-week range, reflecting volatility across real estate equities, and has trended higher in recent months alongside improving residential demand and balance-sheet repair across the sector.
Quarterly Performance
Mahindra Lifespace reported residential pre-sales of INR5.72 billion in the third quarter ended Dec. 31, 2025, compared with INR3.34 billion a year earlier. Residential collections rose to INR3.86 billion, up from INR3.66 billion in the year-ago quarter.
The company reported consolidated net profit of INR1.09 billion for the quarter, compared with a loss of INR230 million in the same period last year. The improvement was driven by higher residential execution, improved industrial leasing income and lower finance costs.
Net debt to equity stood at minus 0.12, compared with 0.50 a year earlier, reflecting higher cash balances and reduced borrowing. The cost of debt declined to 6.7% from 8.9% a year earlier, the company said.
Nine-Month Results
For the nine months ended December, residential pre-sales rose to INR17.73 billion, compared with INR17.49 billion a year earlier. Consolidated residential and industrial sales stood at INR21.25 billion, up from INR19.58 billion in the year-ago period.
The company reported nine-month net profit of INR2.08 billion, compared with a loss of INR240 million in the same period last year. Residential collections increased 8% year on year to INR14.72 billion, supporting operating cash flows.
Operating cash flow for the nine-month period was INR5.58 billion, while closing cash and bank balances stood at INR7.24 billion at the end of December.
Sales Mix and Launch Activity
Sustenance sales contributed around 60% of nine-month residential sales, led by projects such as Vista, IvyLush, Citadel, and Green Estates. New launches during the period included NewHaven, Marina64, Citadel (Tower-L), Lakewoods, and Blossom in Bengaluru.
The company said it added gross development value (GDV) of INR10.6 trillion during the nine-month period, taking total GDV to about INR46.8 trillion, providing multi-year visibility on growth.
Planned launches in the March quarter include projects in Mahalaxmi and Bhandup, subject to approvals, the company said.
Industrial and Integrated Cities Business
Industrial and integrated cities revenues rose to INR1.34 billion in the quarter, compared with INR700 million a year earlier. Nine-month IC&IC revenues increased to INR3.52 billion from INR2.84 billion in the prior year period, supported by leasing activity in Jaipur and Chennai.
Sector Context
Indian equities have remained volatile amid tighter financial conditions and selective risk appetite. Broader market pressure on high-growth sectors, including software and SaaS stocks, has kept investors focused on cash flows and balance sheet strength, trends that have also shaped sentiment toward real estate developers.
Mahindra Lifespace said it remained focused on execution, disciplined capital allocation, and scaling its residential and industrial platforms over the medium term.