Analysts/Institutional Investor Meet/Con. Call Updates

28 October 2026 BSE Limited National Stock Exchange of India Limited Corporate Services, Exchange Plaza, Piroze Jeejeebhoy Towers, Bandra Kurla Complex, D alal Street, Mumbai – 400 001 Bandra (East), Mumbai 400051 Security BSE NSE ISIN Equity Shares 532313 MAHLIFE INE813A01018 Sub: Transcript of Earnings Conference Call - Regulations 30 & 46 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Ref: Intimation of earnings call vide letters dated 15 October 2026, and Outcome and audio / video recording of earnings conference call dated 22 October 2026 Dear Sir / Madam, In compliance with Regulation 30(6) read with Schedule III and other applicable provisions of the Listing Regulations, please find enclosed the transcript of the earnings call for the second quarter and half year ended on 30 September 2026 (“Financial Results”), held on Thursday, 22 October 2026, with several Analysts/Institutional Investors/Funds. The transcript includes list of management attendees and the dialogues including but not limited to the Questions & Answers. The text transcript and audio / video recordings of the earnings call are uploaded on the website of the Company at the weblink: https://www.mahindralifespaces.com/investor-center/financial-reporting/investor- conferences-and-earning-calls/ No Unpublished Price Sensitive Information was shared / discussed by the Company during the earnings call. This intimation is available on the website of the Company and can be accessed at weblink: https://www.mahindralifespaces.com/investor-center/shareholder-and-services/material- disclosure-intimation/ For Mahindra Lifespace Developers Limited Bijal Parmar Company Secretary & Compliance Officer “Mahindra Lifespaces Developers Limited Q2 and H1 FY27 Earnings Update” October 22, 2026 MANAGEMENT: Mr. Amit Sinha - MD and CEO, MAHINDRA LIFESPACES DEVELOPERS LIMITED Mr. Vimalendra Singh - CBO Residential, MAHINDRA LIFESPACES DEVELOPERS LIMITED Mr. Vikram Goel - CBO Industrial, MAHINDRA LIFESPACES DEVELOPERS LIMITED Mr. Sriram Kumar – CFO, MAHINDRA LIFESPACES DEVELOPERS LIMITED INVESTOR RELATIONS: MR. DEVAVRAT MASTAKAR Page 1 of 12 Mahindra Lifespace Developers Limited October 22, 2026 Devavrat Mastakar: Good afternoon, everyone, and a very warm welcome. I would like to thank everyone for joining this conference call. Today we have with us:  Mr. Amit Kumar Sinha - Managing Director and CEO.  Mr. Vimalendra Singh - CBO Residential.  Mr. Vikram Goel - CBO Industrial.  Mr. Sriram Kumar - Chief Financial Officer. Today's meeting will begin with a brief presentation covering our operational and financial highlights following which we will reply to the questions asked. I would now like to hand over the conference to Mr. Amit Kumar Sinha, Managing Director and CEO of Mahindra Lifespace Developers Limited. Thank you and over to you, Sir. Amit Sinha: Thank you, Dev. Hello, everybody. First of all, let me wish all of you Happy Dusshera and Happy Diwali in advance. Pleasure to speak to you with our results. I will start. Hopefully, you can see the presentation and on the screen you see one of our Chennai project, Lakewoods, which has finished another phase of the development. We have received OC. We have another 4 towers under construction and development, you will see 2 towers are sold out, 2 are in the process of being in the sales mode. So, nice project. If you go forward, We just got RERA for Mahindra Rivenza. This is the project we have in Mahalunge. Why don't I play this video and hopefully, you can see this from your screen. Just go ahead, please play this (Video plays 09.30-10.07) So, this is our project. The Experience Center is an outstanding project execution for you to get a sense of what the project is all going to be about. If you ever get to be in that part of Pune, please let us know, we'd love to host you. Coming to the business presentation. Again, this picture is for Mahindra BeaconHill. This is a 221-meter tower. And at the top, we have a very nice club lounge, which hopefully will be the highlight of the project. We are executing on a well-defined strategy. I will not go into details of it too much, you have seen this before. It's almost 3 years since we put together this and I think in the next few days we're going to fine-tune this a little bit more. I think many of the things that we had planned in terms of ambition, we feel that we are well on track. GDV addition of ₹50,000 crore is something that we have already amassed. It's built on six principles–  Well-engineered portfolio choices for markets being Mumbai, Pune, Bangalore, focus on premium, mid- premium segments.  Exit from affordable.  Very strong, robust BD pipeline.  Focus on high quality, superior customer experience.  We cannot forget the most important part of value chain is product execution - How do we do first-time right, provide on-time delivery, and then how do we leverage standardization and design and specs. IC continues to be a bellwether for us. You've seen how this business has done well for us and given us the contribution towards the in-year profitability. And then all of this needs to keep in mind financial discipline. So, these things are known to you and they're also well supported by some of the other building blocks at the bottom - talent, culture, and using technologies. But I think our goal is to make sure that we have a multi-year track record of executing on all these building blocks and demonstrate a business that is scaling well because we are ensuring the adherence to these strategy elements. If you move forward, the key highlights for us is on the H1 side - Page 2 of 12 Mahindra Lifespace Developers Limited October 22, 2026  Residential; we are having sales of roughly ₹1,988 crores, close to ₹2,000 crores, 60% year-on-year growth. A successful launch of Rainforest, which is Bhandup. Some of you have visited and really liked the Experience Center.  BeaconHill is launched; good early successes. Again, the Experience Center is ready. We should be able to welcome you soon.  Citadel Phase 3; we only had early two phases and the Phase 3 has really taken off and our sales has done really well.  Sustenance sales have contributed 40% of sales this time. We used to have a big part coming from launches. We are actively trying to have a portfolio that gives us good sustenance sales.  We have received RERA for the Mahalunge Phase 1, which is Rivenza, the video that you saw. Lakewood's picture that you saw on the very first slide. We continue to have a strong focus on execution. Tier 1 contractors, we signed a large contract with another Tier 1 contractor Capacite last quarter for BeaconHill and Rainforest. We have received, in the first half, OCs and a few others in the pipeline, which will allow us to recognize both revenue and profitability. Good momentum on the BD side. GDV addition of ₹7,100 crores and the total continue to be at a healthy ₹50,000 crores. On the IC side, we have cleaned up some of the legacy OBL lands in MWC. That's why you see a higher number of acreage and a slightly lower realisation number because these are outside the boundary land. I think the realization of those lands is much lower than what's inside our boundary for industrial park. H1 has been slightly lower than our expectation. The reason is some deals are in the pipeline that are about to complete. We should hear about those closures later this month. But, definitely, in this quarter, we'll get a lot more conversion of the pipeline. And then we are accelerating the land aggregation in Origins Pune Financials-wise, the overall FY27 first half consolidated residential and IC sales and revenue is ₹2,101 crores. PAT of ₹102 crores, healthy Resi collections in H1 FY27. And then robust balance sheet with Net Debt to Equity, which is negative. Very health Cost of Debt - 7.55%. Very, very, very good Balance Sheet from that [Showing first 8,000 characters — download PDF for full document]