Max Estates

Max Estates reported robust presales of over INR 1,900 crores in Gurgaon for Estate 361, with 60% of the launched inventory sold within 35 days. The average price realization for Estate 361 stood at INR 22,000 per square foot, reflecting a significant premium over the micro market and the company's previous launch, Estate 360. Management highlighted that 66-70% of these sales were driven by end-users, underscoring strong demand for their differentiated product offering.

The company demonstrated strong commercial leasing momentum by pre-leasing 200,000 square feet at Max District, Sector 65, Gurugram. This long-term lease agreement is expected to generate gross rentals exceeding INR 270 crores over the lease period. Notably, this transaction was concluded 2.5 years ahead of project completion and achieved a 35% premium to prevailing micro market rentals, validating the company's commercial strategy and brand strength. The overall commercial portfolio is projected to yield an annuity rental income potential of more than INR 700 crores annually.

Max Estates expanded its land bank by acquiring development rights on a 7.25-acre parcel in Sector 59, Gurugram, with a GDV potential exceeding INR 3,000 crores, slated for launch in FY27. Additionally, a 10.33-acre land parcel was acquired in Sector 105, Noida, with Phase 1 alone off^📎ering a GDV potential of over INR 3,000 crores. These acquisitions contribute to a substantial launch pipeline with a total GDV potential of about INR 14,500 crores, reinforcing the company's growth strategy in the NCR.

For the nine months ending December 2025, Max Estates reported consolidated revenue of INR 150 crores, EBITDA of INR 27 crores, and PAT of INR 20 crores. Lease rental income grew 38% year-on-year to INR 115 crores. The company's net debt stood at INR 414 crores as of December 2025, an increase from a net cash position, primarily due to the deployment of approximately INR 450 crores for new land acquisitions and INR 350 crores on ongoing projects during the quarter.

Max Estates anticipates robust collections for FY27, targeting INR 2,800-3,000 crores from a combination of existing sales (INR 1,500-1,750 crores) and new sales from upcoming launches (INR 1,000-1,300 crores). The company clarified its project margin profiles, with outright assets like Estate 28 yielding 40-45% margins, while Joint Development Agreements (JDAs) such as Estate 360 and 361 are expected to have 22-25% margins. Despite the difference, both models are designed to achieve similar Internal Rates of Return (IRRs) due to varying capital deployment.

The company reiterated its commitment to the National Capital Region (NCR), focusing on both Noida and Gurgaon as key micro markets for residential, senior living, and commercial developments. Max Estates aims to add 1-2 million square feet in residential and 1 million square feet in commercial space annually. In sustainability, the company initiated solar power sourcing for its Max Square project, marking a step towards its long-term goal of shifting 50% of its portfolio's energy usage to renewable sources by 2030.