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ICICI Securities Report
After Mahindra Lifespace Developers Ltd.'s current MD and CEO, Mr. Amit Kumar Sinha, took over from May 2023, the company had unveiled a strategy of reaching Rs 80-100 billion of annual residential plus industrial cluster sales by CY28 or five times in five years (CY23-28), while near-term focus remained on achieving its guidance of Rs 30 billion of residential + industrial cluster sales by FY25.
Mahindra Lifespace has taken its first step towards reaching its long-term targets by clocking Rs 23.3 billion of sales bookings in FY24 driven by Kandivali, Mumbai launch in Q4 FY24, which clocked sales bookings of over Rs 8 billion.
We expect the company's residential bookings to scale up further to Rs 28.4 billion in FY25E and Rs 35.5 billion in FY26E. We cut our rating to Hold from Add post the 16% run-up in the stock price in the last three months with an unchanged target price of Rs 649/share.
Upside risk: Higher price growth in residential segment.
Downside risk: Rise in land and construction costs.
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