Industrial Leasing Powers Mahindra Growth

Mahindra Lifespaces' industrial and commercial leasing (IC&IC) revenues grew 44% in FY26, reaching ₹713 crore from the prior year. The business leased 138.4 acres of land throughout the year, signaling robust demand from global and domestic manufacturers seeking premium industrial infrastructure.

Q4 FY26 saw IC&IC revenue jump 70% year-on-year to ₹360 crore from ₹211 crore, reflecting accelerating leasing momentum in key markets. Strong leasing activity and increased realizations were recorded in Jaipur and Chennai, validating Mahindra's strategy to unlock value from its industrial land portfolio.

This growth trajectory is directly fueling expansion of Origins, Mahindra's flagship industrial cluster brand. Mahindra Lifespace Developers and Sumitomo Corporation executed a Second Supplemental Agreement for Origins expansion in Chennai with Phase 2B development. The agreement covers ~95 acres of land under Phase 2B, bringing the combined area across all phases to ~540 acres.

The company received approvals for Origins 2A in December 2025 and is actively working to bring other locations, including Ahmedabad, to market. The IC&IC segment is projected to generate revenues of 5,000–6,000 crore and a PAT of approximately 1,500 crore over the next decade from its 1,520 net leasable acres.

Building on strong interest from Japanese manufacturers in establishing operations in India, the expansion is expected to support the next wave of global and domestic investments and reinforce Chennai's position as a preferred industrial and logistics hub. Amit Kumar Sinha, MD & CEO of Mahindra Lifespace Developers, stated the company achieved 25% sales growth across residential and IC&IC businesses with GDV additions of ₹18,000 crore.