Real estate developer Mahindra Lifespace Developers reported a net profit of ₹108.88 crore in Q3 FY26, reversing a loss of ₹22.49 crore recorded in the same quarter last year, supported by residential project completions and strong momentum in its industrial parks business.
The company said profits during the quarter were driven by higher residential revenues, following the completion of three housing projects, and increased income from its Integrated Cities & Industrial Clusters (IC&IC) segment. Revenue is recognised using the project completion method.
Revenue Growth Accelerates
For the quarter ended December 2025, revenue from operations surged 174.48% year-on-year to ₹459.16 crore.
- IC&IC business revenue stood at ₹134 crore, up 91.42% YoY, with the leasing of 17.9 acres of industrial land
- Residential revenues benefited from project handovers completed during the quarter
Total expenses increased 117.44% YoY to ₹436.81 crore, largely due to higher construction costs.
The company also recognised an exceptional item of ₹25.83 crore, linked to the implementation of new labour codes and the acquisition of the remaining 25.65% stake in Mahindra Homes Private Ltd, taking its ownership to 100%.
Strong Pre-Sales Momentum
Residential pre-sales in Q3 FY26 stood at ₹572 crore, with a saleable area of 0.6 million sq ft, marking a 71.25% YoY increase. Gross development value (GDV) additions during the quarter were ₹1,010 crore.
Amit Kumar Sinha, Managing Director and CEO, said the company has a robust pipeline of residential launches leading into FY27, while demand for high-quality industrial plots remains strong across its industrial parks.
Nine-Month Performance
For 9M FY26, Mahindra Lifespace reported:
- Profit of ₹208.02 crore, compared with a loss of ₹23.79 crore in 9M FY25
- Revenue of ₹508.69 crore, up 40.12% YoY
Residential pre-sales for the nine-month period stood at ₹1,773 crore, while collections rose 7.83% YoY to ₹1,472 crore. In the IC&IC segment, the company leased 53.5 acres, recognising ₹352 crore in revenue, up 23.94% YoY.
Balance Sheet and Stock Performance
Mahindra Lifespace remained cash-surplus, with a net debt-to-equity ratio of -0.12 as of December 31, 2025, providing financial flexibility for future growth.
Shares of the company closed at ₹383.15 on the BSE on Monday.
Why It Matters
Mahindra Lifespace’s Q3 FY26 performance highlights the earnings volatility inherent in the project completion accounting model, while also underscoring the company’s strengthening execution across both residential real estate and industrial infrastructure. Sustained industrial demand and a healthy launch pipeline are likely to remain key growth drivers over the medium term.
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