Q2/H1 FY27 call: residential sales ₹1,988 crore, PAT ₹102 crore, GDV pipeline ₹50,000 crore
Transcript of the 22 October 2026 earnings call for Q2 and H1 FY27 is out.
By ScoutQuest · · 2 min read
- H1 Residential Sales
- ₹1,988 crores, 60% year-on-year growth; sustenance sales 40% of the total
- GDV Addition / Total GDV
- GDV addition of ₹7,100 crores in H1; total GDV at ₹50,000 crores
- H1 Revenue and PAT
- ₹2,101 crores; PAT ₹102 crores; cost of debt 7.55%
What the update contains
The company has submitted the transcript of its earnings conference call held on 22 October 2026, covering the second quarter and half year ended 30 September 2026. The call had the MD and CEO, the Chief Business Officers for Residential and Industrial, and the CFO, and included a presentation followed by questions and answers.
Residential performance in H1 FY27
- Sales of roughly ₹1,988 crores, a 60% year-on-year growth.
- Sustenance sales contributed 40% of sales, a deliberate effort to reduce dependence on new launches for sales.
- Launches mentioned: Rainforest at Bhandup, BeaconHill, and Citadel Phase 3.
- RERA received for Mahalunge Phase 1, Mahindra Rivenza; an occupancy certificate was received for a phase at the Chennai project Lakewoods, which still has 4 towers under construction and development.
Land, deals and GDV
- GDV addition of ₹7,100 crores in H1 FY27; total GDV maintained at a healthy ₹50,000 crores.
- Sai Baba: another society added, roughly ₹1,000 crores.
- Chembur: another society of ₹500 crores added to the two existing societies worth ₹1,700 crores, taking the cluster to roughly ₹2,200 crores.
- K2 in Kandivali: a greenfield acquisition of ₹5,600 crores.
- Citadel Commercial is described as a tower planned for launch in the next financial year.
- A large contract was signed with another Tier 1 contractor, Capacite, in the last quarter for BeaconHill and Rainforest.
Financials and balance sheet
- Overall H1 FY27 consolidated residential and industrial sales and revenue: ₹2,101 crores.
- PAT: ₹102 crores.
- Net debt to equity is negative, and cost of debt is 7.55%.
- A few more occupancy certificates are in the pipeline, which management said will allow recognition of both revenue and profitability.
Industrial and industrial parks
- Legacy OBL lands in MWC were cleaned up; this raised the acreage number and slightly lowered realisation, because these lands are outside the boundary land of the industrial park and fetch a lower realisation.
- H1 for this segment was slightly lower than management's expectation, as some deals are in the pipeline and close to completion, with closures expected later this month.
- Management expects a lot more conversion of the pipeline in this quarter and is accelerating land aggregation at Origins Pune.
What management indicated ahead
- More conversion of the industrial pipeline in the current quarter and deal closures later this month.
- Citadel Commercial launch in the next financial year.
- Continued augmentation of the GDV portfolio from deals available in the market, alongside converting existing GDV into sales.
- A refinement of the stated strategy, with Mumbai, Pune and Bangalore as focus markets and premium and mid-premium segments as the focus, after the exit from affordable housing.
How to read this
The transcript sets out the operating and financial numbers management chose to highlight, the new project and land additions, and management's own expectations for pipeline conversion and launches. It does not by itself change any reported figure; it explains the company's view of the half year in management's words.
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Clarification: subsidiary name corrected to Mahindra Sakura Developers Private Limited in Q2 disclosure
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Mahindra Lifespace reported H1 pre-sales growth of 48% YoY and gave FY guidance of 4,500-5,000 crore rupees in residential pre-sales, targeting 9,500 crore rupees annual pre-sales by FY30
23 Oct 2026
More numbers
- H1 FY27 residential sales₹1,988 crores
- Residential sales growth year-on-year60%
- GDV addition in H1 FY27₹7,100 crores
- Total GDV portfolio₹50,000 crores
- H1 FY27 consolidated residential and IC sales and revenue₹2,101 crores
- H1 FY27 PAT₹102 crores
- Cost of debt7.55%
- K2 Kandivali greenfield acquisition GDV₹5,600 crores
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