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    Max Estates

    MAXESTATES
    Realty·4 Nov 2025
    Management Summary

    Max Estates reported strong H1 FY26 results with significant revenue and lease rental income growth. The company highlighted robust cumulative presales exceeding INR 7,500 crores and a substantial launch pipeline for H2 FY26, targeting INR 6,000-6,500 crores in presales. Strategic land acquisitions and a focus on premium, customer-centric offerings underpin their growth strategy, while maintaining conservative underwriting for residential margins.

    Highlights

    6
    • Consolidated revenue for H1 FY26 grew 24% YoY to INR 100 crores.

    • Consolidated EBITDA for H1 FY26 was INR 24 crores, with PAT at INR 20 crores.

    • Cumulative presales have reached over INR 7,500 crores, with Estate 128 fully sold (INR 2,700 crores booked) and Estate 360 fully sold (INR 4,800 crores presales).

    • Lease rental income for H1 FY26 increased 41% YoY to INR 76 crores, with 100% occupancy across all three commercial assets at rents 25% above micro market average.

    • Secured development rights for a 7.25-acre parcel in Sector 59, Gurgaon, with an anticipated GDV of over INR 3,000 crores, bringing total GDV of acquired/yet-to-be-launched projects to INR 17,000 crores.

    • Achieved a dual 5-star rating in GRESB, ranking #1 in peer entities for both development and standing investment categories.

    Key financials

    Metrics

    6

    Periods

    2

    Headline

    4
    • Consolidated Revenue
      ₹100 Cr
      YoY+24%
    • Consolidated EBITDA
      ₹24 Cr
    • Consolidated PBT
      ₹29 Cr
    • Consolidated PAT
      ₹20 Cr

    H1 FY26

    2
    • Lease Rental Income
      ₹76 Cr
      YoY+41%
    • Max Asset Services Revenue
      ₹26 Cr
      YoY+33%

    Order Book

    high confidence

    Total Value

    ₹ 7,500 crores

    as of 2025-09-30

    quantified

    Composition

    Mix2 projects
    • Estate 128₹ 2,700 crores36.0%
    • Estate 360₹ 4,800 crores64.0%

    Share of order book by project (derived from disclosed amounts)

    Pipeline

    other

    Launch pipeline for H2 FY26 across three developments: Estate 361, Max One, and Max 105.

    "The company has a strong cumulative presales record and a robust launch pipeline for the second half of the fiscal year, expected to drive significant growth."

    Source:
    Prepared remarks

    Capital allocation

    5
    high confidence
    CategoryHeadline
    Capex

    ₹425 crores this quarter · ₹1,200 crores (FY26) planned

    Debt

    Gross ₹1,550 crores · Net ₹1,200 crores

    M&A

    7.25 acre parcel in Sector 59 Golf Course Extension Road, Gurgaon

    acquisition · closed · AUM ₹3,000 crores

    M&A

    Sector 105, Noida (commercial portfolio)

    acquisition · closed

    Liquidity

    Cash ₹1,900 crores

    Net cash balance of INR 350 crores after accounting for borrowings.

    Guidance & targets

    10
    CategoryTargetPriority
    Annuity Income
    Annuity rental income potential
    over INR 700 crores
    High
    Annuity Income
    Max Square Two annuity rental target
    INR 110-plus crores
    High
    Annuity Income
    Max District annuity rental target
    INR 200-plus crores
    High
    Presales
    FY26 Presales
    INR 6,000 crores to INR 6,500 crores
    High
    Growth
    Presales growth
    15% to 20%
    High
    GDV
    Total GDV of acquired and yet to be launched projects
    INR 17,000 crores
    High
    GDV
    GDV of H2 FY26 launches
    INR 9,500 crores
    High
    Commercial Portfolio Rental Income
    Total commercial portfolio rental income
    in excess of INR 700 crores
    High
    Margins
    Outright residential project margins
    40%
    High
    Margins
    Joint development residential project margins
    20%
    High

    RERA Approval for Estate 361

    next quarter
    CurrentAwaiting final RERA approval
    TargetFinal RERA approval received

    Why it matters

    Crucial for the planned December launch of Estate 361, a key project in the H2 FY26 pipeline.

    So we'll start with early part of December where we are planning to launch Estate 361, which is going to be a development in Gurugram. In Sector 36A, we received our building plan approvals and we are awaiting final RERA approval for this.

    How to verify

    order_book.pipeline.composition[name='Estate 361']

    Risks & concerns

    1
    RiskSeverity

    Overall demand sentiment cooling off

    Management acknowledged a general cooling off in market sentiment but stated Max Estates is not experiencing this due to its brand and product quality.Analyst downplayed

    medium

    Q&A highlights

    8

    “So we'll start with early part of December where we are planning to launch Estate 361, which is going to be a development in Gurugram. In Sector 36A, we received our building plan approvals and we are awaiting final RERA approval for this. This product will have a mix of an Antara Senior Living component and also Max Estates residential.”

    Provides specific timelines, approval status, and product mix for the upcoming launches which are key to future presales.

    asked by Mohit Agrawal

    2 min read7 chapters

    Detailed Narrative

    01

    Strong Financial Performance in H1 FY26

    Max Estates reported a consolidated revenue of INR 100 crores for H1 FY26, marking a 24% year-on-year growth. The consolidated EBITDA stood at INR 24 crores, with profit before tax at INR 29 crores and PAT at INR 20 crores. Lease rental income showed robust growth of 41% YoY, reaching INR 76 crores in the first half, driven by full occupancy across all operational commercial assets.

    02

    Robust Presales and Collections Momentum

    The company achieved cumulative presales of over INR 7,500 crores. Specifically, Estate 128 is fully sold with INR 2,700 crores booked and INR 1,000 crores collected as of September 2025. Similarly, Estate 360 in Gurgaon recorded INR 4,800 crores in presales, with 100% of the project sold and approximately INR 950 crores collected by September 2025.

    03

    Aggressive Launch Pipeline for H2 FY26

    Max Estates plans to launch projects with a cumulative Gross Development Value (GDV) of INR 9,500 crores in the second half of FY26. These include Estate 361 in Gurugram (GDV ~INR 4,500 crores), Max One (GDV ~INR 2,000 crores), and Sector 105 in Noida (GDV ~INR 3,000 crores). These launches are projected to generate presales of INR 6,000-6,500 crores for FY26, indicating a 15-20% growth over the previous financial year.

    04

    Strategic Land Acquisitions and Expanded GDV

    The company recently secured development rights for a 7.25-acre parcel in Sector 59, Golf Course Extension Road, Gurugram, for a residential project with an anticipated GDV exceeding INR 3,000 crores. This acquisition, along with others, has increased the total GDV of acquired and yet-to-be-launched projects to INR 17,000 crores, underscoring the company's growth ambitions in the luxury residential market.

    05

    Commercial Portfolio Performance and Future Annuity Income

    Max Estates' commercial portfolio maintains 100% occupancy across its three assets, with rents approximately 25% above the micro-market average. The company is on track to achieve an annuity rental income potential of over INR 700 crores in the coming few years, with specific targets of INR 110+ crores for Max Square Two and INR 200+ crores for Max District upon completion, driven by 15% escalations every three years for existing assets.

    06

    Conservative Underwriting and Margin Targets

    Management reiterated its conservative underwriting approach for residential projects, assuming no price appreciation and factoring in high construction cost inflation. Despite these assumptions, the company remains confident in achieving 40% margins for outright residential projects and 20% for joint development projects, reflecting a focus on quality and sustainable profitability.

    07

    ESG Leadership and Market Positioning

    Max Estates achieved a dual 5-star rating in GRESB for both development and standing investment categories, securing the #1 rank among its peer entities. This recognition places the company among the top 20% of real estate entities globally for ESG practices. Management emphasized that their brand, product, and customer experience differentiate them, allowing them to maintain strong demand despite a general cooling in market sentiment.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.