In May’23, MLIFE had unveiled a strategy of reaching INR 80-100bn of annual residential plus industrial cluster sales by CY28 or 5x in 5 years (CY23-28). While it has achieved FY25 sales bookings of INR 28.0bn, with a healthy launch pipeline having GDV of over INR 390bn as of Mar’25, we estimate FY26/27E sales bookings of INR 36bn/INR 41bn, respectively.