Mahindra Lifespace Developers financials and balance sheet

NSE: MAHLIFEBSE: 532313RealtySmall Cap

Formerly Mahindra Gesco Developers

₹335.20₹16.10 (4.58%)BSE ₹334.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹351.30.

52-week range of traded prices to 23 Oct 2026

₹286.80Low, 30 Mar 2026₹427.05High, 1 Dec 2025

Market cap: ₹7,152 Cr652nd largest listed
P/E: 23.8
P/B: 2.0
Dividend yield: 1.04%
ROE: 8.5%
ROCE: 0.1%
Debt to equity: 0.17
Volume, NSE: 2,43,89039.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Mahindra Lifespace Developers annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹1,178 Cr, year to Mar 2026A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,178
Materials and goods−1,007
Employee costs−127
Other expenses−166
Operating profit−122
Depreciation−24
Other income+88
One-off items+26
Finance costs−11
Profit before tax−43
Tax−7.9
Joint ventures+349
Net profit298

What the company owns

Inventory₹5,175 Cr
Plant, investments and other assets₹2,269 Cr
Cash and bank₹535 Cr
Receivables₹228 Cr
Current investments₹88 Cr

What pays for it: net worth and liabilities

Net worth₹3,627 Cr
Other liabilities₹3,539 Cr
Borrowings₹645 Cr
Owed to suppliers₹484 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Mahindra Lifespace Developers quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 15 May	Mar 2021Filed 13 May	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
Revenue from operations	762	566	593	611	166	394	607	212	372	1,178
	712	509	567	668	260	483	717	383	542	1,300
Materials and goods bought	–	–	0	0	0	0	514	190	300	1,007
Employee costs	–	–	74	82	76	84	79	84	112	127
Other expenses	–	–	493	586	184	399	124	109	131	166
Operating profit before depreciation	50	57	26	−57	−94	−89	−110	−171	−170	−122
Operating margin	6.6%	10.1%	4.4%	−9.3%	−56.2%	−22.7%	−18.2%	−80.7%	−45.6%	−10.3%
Materials, % of revenue	–	–	0.0%	0.0%	0.0%	0.0%	84.7%	89.5%	80.5%	85.5%
Employee costs, % of revenue	–	–	12.5%	13.4%	45.5%	21.2%	13.1%	39.6%	30.0%	10.8%
Other expenses, % of revenue	–	–	83.2%	95.8%	110.7%	101.5%	20.4%	51.5%	35.2%	14.1%
Depreciation and amortisation	5	4	4	8	7	7	12	14	18	24
Operating profit after depreciation	46	53	22	−65	−100	−96	−122	−185	−188	−145
Other income	69	78	61	35	22	15	53	67	92	88
Finance costs	20	41	12	8	11	7	11	7	19	11
Profit before one-off items and tax	94	90	71	−37	−90	−88	−80	−125	−115	−69
One-off items	0	0	0	−135	0	97	68	0	0	26
Profit before tax	94	90	71	−172	−90	9	−12	−125	−115	−43
	33	31	25	−2	−6	−62	3	−44	9	8
Current tax	29	30	3	5	4	9	4	3	3	13
Deferred tax	4	1	22	−7	−11	−72	−1	−47	7	−6
Share of profit of joint ventures and associates	45	45	73	−24	12	90	118	179	186	349
	102	103	119	−195	−71	162	103	98	61	298
Belonging to the company's shareholders	102	103	120	−195	−72	162	101	98	61	297
Belonging to outside owners of subsidiaries	–	–	−1	0	0	–	1	0	0	–
Other comprehensive income	–	–	−1	1	0	0	0	0	0	−1
Total comprehensive income	–	–	118	−194	−71	162	103	98	61	297
Net margin	13.4%	18.3%	20.0%	−31.8%	−43.0%	41.1%	17.0%	46.3%	16.5%	25.3%
Net margin without joint ventures and associates	7.6%	10.4%	7.8%	−27.8%	−50.3%	18.2%	−2.5%	−38.3%	−33.5%	−4.3%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 23 Apr	Mar 2020Filed 15 May	Mar 2021Filed 13 May	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 22 Oct
	1,973	1,743	1,673	1,838	1,806	1,873	1,896	3,627	3,660
	1,930	1,701	1,631	1,789	1,806	1,873	1,896	3,627	3,659
Share capital	51	51	51	155	155	155	155	213	213
Reserves	1,878	1,650	1,580	1,634	1,651	1,718	1,741	3,414	3,446
Belonging to outside owners of subsidiaries	44	42	42	49	0	0	0	0	0
	203	207	243	280	265	873	1,432	645	625
Repayable after a year	33	63	75	60	8	648	918	0	0
Repayable within a year	171	144	168	220	257	225	514	645	625
	966	721	817	1,131	1,791	2,431	3,591	4,644	4,768
Trade payables	188	128	135	173	192	195	233	484	498
Other financial liabilities	79	85	34	39	335	377	258	104	469
Other liabilities	503	340	455	670	980	1,611	2,578	3,392	3,150
Provisions	10	10	10	12	12	9	7	18	24
Tax owed	15	15	15	15	15	15	1	1	1
	54	77	82	69	14	659	934	24	24
Other financial liabilities	4	3	2	5	2	5	7	8	8
Provisions	4	4	5	4	5	6	9	16	16
Deferred tax	13	8	0	0	0	0	0	0	0
	2,994	2,542	2,573	3,037	3,611	4,963	6,421	8,295	8,452
Held for sale or for a demerger	–	–	–	–	–	25	–	–	–
	846	736	737	901	892	1,053	1,253	1,672	1,449
Plant in use, after depreciation	8	11	4	17	14	24	25	26	–
Plant being built	10	12	15	3	5	5	5	10	–
Intangible assets	0	0	0	0	1	1	0	1	1
Goodwill	66	66	66	66	0	0	0	0	0
Property held to earn rent	21	21	20	20	19	0	0	0	0
Investments	688	548	558	622	709	827	844	1,181	977
Loans given	3	20	4	4	0	6	41	51	54
Other financial assets	0	0	2	15	17	14	148	169	206
Deferred tax	–	0	3	79	59	106	99	–	81
Trade receivables	2	0	0	0	0	0	0	0	0
Other assets	48	57	65	73	68	69	89	233	78
	2,148	1,806	1,836	2,137	2,718	3,885	5,168	6,623	7,002
Inventories	1,345	1,204	1,345	1,442	2,098	3,378	4,462	5,175	5,636
Trade receivables	137	114	56	92	129	107	139	228	223
Cash and cash equivalents	135	92	115	198	49	91	238	79	58
Other bank balances	159	40	20	27	28	16	18	455	350
Current investments	0	0	0	0	196	86	60	88	193
Loans given	20	63	85	77	18	31	0	0	0
Other financial assets	179	150	70	51	15	12	17	30	37
Other assets	172	142	145	249	185	164	234	566	505
Net debt	−91	74	108	55	−8	680	1,116	23	24

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 13 May	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr	Sep 2026Half yearFiled 22 Oct
	−68	−52	−148	−661	−542	−545	−176
	−53	−34	−137	−657	−506	−503	−162
	34	36	−52	−510	−347	−395	−268
Receivables	55	−142	9	30	−225	−428	34
Inventories	−129	−78	−763	−1,224	−1,002	−433	−437
Payables	107	255	703	685	880	466	136
Other working capital	1	0	0	0	0	0	0
Tax paid	−13	−18	−12	−4	−36	−42	16
Interest paid	11	0	0	0	0	0	0
Capital spending	4	13	14	16	15	18	24
Free cash flow	−72	−65	−162	−677	−557	−563	−199
	110	123	28	214	273	−145	273
Plant and property sold	1	12	0	1	1	0	0
Companies bought	0	0	0	0	0	−276	0
Interest received	93	36	63	10	8	41	23
Dividends received	0	33	94	33	182	101	209
	−20	12	−28	489	416	531	−119
Borrowings raised	467	506	864	1,865	2,119	2,868	1,378
Borrowings repaid	−455	−470	−835	−1,257	−1,561	−3,687	−1,398
Interest paid	−27	−21	−1	−81	−99	−64	−19
Lease payments	−5	−4	−25	−4	−2	−11	−6
Dividends paid	0	0	31	36	41	60	74
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	2	0	2	0	1,486	0
Net change in cash	23	83	−149	42	147	−159	−22

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Mahindra Lifespace Developers dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 15 May	Mar 2021Filed 13 May	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
	₹8.30	₹6.64	₹7.77	−₹12.55	−₹4.65	₹10.48	₹6.56	₹6.34	₹3.95	₹14.64
As stated that year	₹24.91	₹19.93	₹23.32	−₹37.66	−₹13.96	₹10.48	₹6.56	₹6.34	₹3.95	₹14.64
	₹8.28	₹6.63	₹7.76	−₹12.52	−₹4.65	₹10.43	₹6.55	₹6.33	₹3.95	₹14.61
As stated that year	₹24.85	₹19.88	₹23.27	−₹37.57	−₹13.96	₹10.43	₹6.55	₹6.33	₹3.95	₹14.61
	₹2.00	₹2.00	₹2.00	–	–	₹2.00	₹2.30	₹2.65	₹2.80	₹3.50
As declared that year	₹6.00	₹6.00	₹6.00	–	–	₹2.00	₹2.30	₹2.65	₹2.80	₹3.50
	–	–	₹125.25	₹110.41	₹105.82	₹115.75	₹116.75	₹120.82	₹122.26	₹170.00
On that year's share count	–	–	₹375.76	₹331.24	₹317.46	₹115.75	₹116.75	₹120.82	₹122.26	₹170.00
Dividend payout	24.1%	29.8%	25.7%	–	–	19.1%	35.1%	41.8%	70.9%	25.1%
Shareholder yield	–	–	–	–	0.0%	0.0%	0.6%	0.4%	0.9%	−22.7%
Market cap at the year end (₹ crore)	1,591	2,263	1,851	988	2,925	6,105	5,444	9,095	4,638	6,277

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Mahindra Lifespace Developers PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 23 Apr	Mar 2020Filed 15 May	Mar 2021Filed 13 May	Mar 2022Filed 28 Apr	Mar 2023Filed 26 Apr	Mar 2024Filed 29 Apr	Mar 2025Filed 12 Jun	Mar 2026Filed 28 Apr
Revenue growth	−7.7%	−25.7%	4.7%	3.1%	−72.8%	136.7%	54.1%	−65.0%	75.5%	216.5%
Operating profit growth	–	14.1%	−55.0%	–	–	–	–	–	–	–
Net profit growth	9.8%	1.1%	14.8%	–	–	–	−36.4%	−4.4%	−37.6%	386.0%
Earnings per share growth	9.8%	−20.0%	17.0%	–	–	–	−37.4%	−3.4%	−37.7%	270.6%
	–	–	6.2%	−10.7%	−4.3%	9.5%	5.6%	5.3%	3.3%	10.8%
	–	–	–	−16.9 pts	6.4 pts	13.8 pts	−3.8 pts	−0.3 pts	−2.1 pts	7.5 pts
From the net margin	–	–	–	−16.0 pts	−3.8 pts	8.4 pts	−5.6 pts	10.0 pts	−3.4 pts	1.7 pts
From asset turnover	–	–	–	−1.1 pts	10.2 pts	4.7 pts	1.2 pts	−11.4 pts	0.6 pts	7.2 pts
From borrowing	–	–	–	0.2 pts	0.0 pts	0.6 pts	0.6 pts	1.1 pts	0.7 pts	−1.4 pts
Return on capital employed	–	–	1.0%	−3.3%	−5.2%	−4.5%	−5.9%	−6.7%	−5.6%	−3.4%
Cash conversion	–	–	–	–	–	−32.2%	−144.3%	−672.8%	−883.6%	−182.8%
Interest cover	2.3	1.3	1.8	–	–	–	–	–	–	–
Debt to equity	–	–	0.10	0.12	0.15	0.15	0.15	0.47	0.76	0.18
Receivable days	–	–	85	68	124	85	78	184	136	71
Inventory days	–	–	–	–	–	–	1,490	6,494	5,436	1,876
Payable days	–	–	–	–	–	–	136	374	284	175
Cash conversion cycle, days	–	–	–	–	–	–	1,432	6,304	5,288	1,771
Working capital days	–	–	652	655	2,308	928	548	2,557	1,741	620
Asset turnover	–	–	0.20	0.22	0.07	0.14	0.18	0.05	0.07	0.16
Assets per rupee of net worth	–	–	1.55	1.52	1.53	1.64	1.85	2.33	3.02	2.66
Sales per rupee of plant	–	–	77.80	55.49	38.13	22.62	43.89	8.94	14.76	44.50
Capital spending to depreciation	–	–	–	–	0.53	2.04	1.15	1.17	0.82	0.76
Plant being built, % of plant in use	–	–	128.7%	111.2%	334.6%	19.5%	37.1%	21.4%	19.0%	38.2%

Interest cover is left blank for the years to Mar 2020, Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 4.0%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	3.6%	47.9%	24.8%
Profit growth, yearly rate	12.3%	–	43.1%
Return on equity, average	–	6.9%	6.5%
Return on capital employed, average	–	−5.2%	−5.3%
Operating margin, average	−22.2%	−35.5%	−45.5%
Net margin, average	12.3%	29.2%	29.4%
Asset turnover, average	–	0.12	0.09
Cash conversion cycle, days, average	–	3,699	4,454
Debt to equity, average	–	0.34	0.47

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−1,949	−1,748	−545
Cash from investing	493	342	−145
Cash from financing	1,420	1,436	531
Capital spending	76	49	18
Dividends paid	168	137	60
Shares bought back	0	0	0
Shares issued for cash	1,491	1,488	1,486
Borrowings raised	8,222	6,852	2,868
Borrowings repaid	7,810	6,505	3,687

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	2	4	3	2	3	4
Altman Z-scorePublished threshold 1.1	–	–	6.85	6.77	6.35	5.57	4.22	3.53	2.84	3.70
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.57	−1.11	0.84	−1.34	−1.89	−0.40
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−4.45	3.23	6.72	12.72	5.81	13.43
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	−1.39	−2.37	−5.15	−3.82
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−19.74	22.11	−73.83	−13.64	48.07	−46.09	−152.10
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	–	–	–	–	124.08	−25.71	−220.09
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−9.76	−46.47	21.78	−16.45	−11.75	20.35	29.30
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.10	42.91	0.17	0.60	0.21	0.25	0.40
Effective tax ratePublished threshold 17.16 per cent	34.98	34.71	34.82	–	–	−692.13	–	–	–	–
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−891.35	–	–	–	–

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
24 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AA; IND A1+Review, Re-affirm	Stable	225
24 Jul 2026	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		350
27 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	100
27 Apr 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	WithdrawnReview, Other		300

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.