Mahindra Lifespace Developers Ltd has appointed CMA Vaibhav Prabhakar Joshi as its Cost Auditor for the Financial Year 2026-27. The Board of Directors approved the appointment on July 23, 2026, following the recommendation of the Audit Committee. The decision ensures compliance with the cost audit requirements for the upcoming fiscal year.

The appointment was formalized during a Board meeting that commenced at 11:30 am and concluded at 2:20 pm IST. CMA Vaibhav Prabhakar Joshi is a Practicing Cost Accountant with Membership No. 15797 and Firm Registration No. 101329. The appointment is effective from July 23, 2026, and covers the term for the Financial Year 2026-27.

CMA Vaibhav Prabhakar Joshi brings over 32 years of experience in corporate finance, accounting, ERP implementation, and strategic consulting. He is an FCMA, MBA (Finance), and SAP Certified Solution Consultant (FICO). He has previously held senior leadership roles at Tata International Limited and currently engages in professional consulting and advisory assignments.

Details of Appointment

Mahindra Lifespace Developers reported a strong financial performance for the first quarter ended June 30, 2026, with consolidated revenue surging 70% to ₹962 crore from ₹32 crore in the corresponding period of the previous year. The company posted a consolidated net profit of ₹86 crore, compared to ₹51 crore in the same quarter last year, driven by robust operational efficiency and a significant turnaround in profitability. The Board of Directors approved the unaudited standalone and consolidated financial results for the quarter at its meeting held on July 23, 2026.

Financial Performance Highlights

The results underscore a marked improvement in the company's bottom-line and operating metrics. The consolidated net profit for Q1FY27 stood at ₹86 crore, a notable increase from ₹51 crore in Q1FY26. This growth was supported by a sharp recovery at the operating level, with EBITDA recording a gain of ₹95 crore against a loss of ₹55 crore in the year-ago period. The company maintained a net debt to equity ratio of -0.20, indicating a cash surplus position as of June 30, 2026.

The following table summarizes the key financial metrics for Q1 on a year-on-year basis:

Operational Performance

A standout feature of the Q1 results was the operational performance. Mahindra Lifespace Developers recorded gross development value additions of ₹5,600 crore during the quarter, compared to ₹3,500 crore in the same period last year. Residential pre-sales grew by 106% to ₹925 crore, comprising a saleable area of 0.60 million sq. ft. and RERA carpet area of 0.39 million sq. ft. Residential collections for the quarter stood at ₹527 crore, slightly higher than ₹518 crore in Q1FY26.

Board Decisions and Appointments

During the board meeting, the company approved several key appointments and corporate actions. The Board allotted 31,000 new fully paid-up equity shares of ₹10 each to eligible employees under the Employee Stock Options Scheme 2012 (ESOS-2012). Additionally, CMA Vaibhav Prabhakar Joshi was appointed as the Cost Auditor for the financial year 2026-27. The Board also approved the incorporation of a subsidiary, Mahindra Sanctum Developers Limited, as a public limited company, and appointed Mr. Vimal Agarwal as the new Internal Auditor, replacing M/s. Mahajan & Aibara LLP.

Change in Internal Auditor

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board approved the cessation of M/s. Mahajan & Aibara LLP as Internal Auditor effective July 23, 2026. The firm tendered its resignation due to the proposed transition of the Internal Auditor role within the Mahindra Group. Consequently, the Board appointed Mr. Vimal Agarwal as the Internal Auditor with effect from July 23, 2026. Mr. Vimal Agarwal is a Chartered Accountant and MBA with 25 years of experience and currently serves as the Group Chief Internal Auditor of Mahindra & Mahindra Limited, the holding company. He is not related to any Director of the company.