Neutral Mahindra Lifespaces; target of Rs 382: Motilal Oswal

Neutral

Motilal Oswal's research report on Mahindra Lifespaces

MLDL achieved bookings of INR10.5b in 4QFY25, down 3% YoY and up 3x QoQ (53% above estimates). FY25 bookings stood at INR28b, up 20% YoY (15% beat). This growth was driven by strong bookings of ~INR21b in 1QFY25 and 4QFY25 combined, following the successful launches of Vista Ph2, IvyLush, Zen, and Green Estates. The company aims to achieve its pre-sales target of ~INR95b by FY30. 4Q sales volume stood at 1.0msf, up 21% YoY and 2x QoQ (80% above estimate). For FY25, sales volume rose 28% YoY to 3.2msf (17% above estimate).

Outlook

We reiterate our NEUTRAL rating on the stock with a revised TP of INR382, a 14% upside.

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Mahindra Lifespaces - 29042025 - moti