Delhi NCR developer of residential, commercial and mixed-use real estate under LiveWell/WorkWell brands.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 51.9 | +0.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 15.6 | −11.4 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 8.4 | −30.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 0.22 | −2.4 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | +73.8 pts | Fiscal year | FY ending Mar 2026 | Not in the analysed materials. No older figure is substituted. | |
| Revenue growth (YoY) | 16.57 | −47.7 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
1 of 4 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Presales | INR 6,000 crores to INR 6,500 crores for FY26 | Q4 FY25 | FY26 target has passed. The final verdict was 'missed'. | Missed |
| FY27 Collections | INR 2,500 crores to INR 3,000 crores for the next year (FY27) | Q4 FY26 | Guidance for FY27 collections revised to INR 2,500-2,700 cr, a cut from the previous top-end of INR 3,000 cr. Q1 collections were INR 575 cr. | Revised Down |
| Cumulative Presales | INR 21,000 crores cumulatively over the next 3 years / by FY28 | Q3 FY25 | Achieved INR 1,100 cr pre-sales in Q1 FY27, bringing cumulative sales to ~INR 6,405 cr. The company remains on track towards its FY28 goal. | On Track |
3 of Max Estates's 17 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 14 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹467.35 on 24 Oct 2025 → ₹510.95. High ₹616.8 (24 Sept 2026), low ₹308.75 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Max Estates develops, builds and manages residential, commercial and mixed-use real estate across Delhi NCR (Noida, Gurugram and Delhi), earning revenue from selling residential units in its launched projects and from leasing office space in its operational commercial buildings. Projects are organised under three brand pillars — LiveWell (residential), WorkWell (commercial) and PlayWell (leisure/retail/mixed-use). The company co-invests with New York Life Insurance, which holds a 49% equity stake in several of its commercial and mixed-use projects. Max Estates was incorporated in 2016 as the real estate arm of Max Group.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
1 of 4 judged targets kept · 13 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Presales | INR 6,000 crores to INR 6,500 crores for FY26 | Q4 FY25 | FY26 target has passed. The final verdict was 'missed'. | Missed |
| FY27 Collections | INR 2,500 crores to INR 3,000 crores for the next year (FY27) | Q4 FY26 | Guidance for FY27 collections revised to INR 2,500-2,700 cr, a cut from the previous top-end of INR 3,000 cr. Q1 collections were INR 575 cr. | Revised Down |
| Cumulative Presales | INR 21,000 crores cumulatively over the next 3 years / by FY28 | Q3 FY25 | Achieved INR 1,100 cr pre-sales in Q1 FY27, bringing cumulative sales to ~INR 6,405 cr. The company remains on track towards its FY28 goal. | On Track |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 17 tracked commitments, with each call’s wording and source.
Call summaries
Max Estates Q1 FY27
Max Estates delivered a strong Q1 FY27, marked by robust pre-sales and collections, particularly from the successful launch of Terraces at Estate 361. The commercial portfolio maintained 100% occupancy, contributing to stable annuity income. The company received an A+ credit rating from ICRA, affirming its financial health and strong pipeline visibility, despite a backdrop of global uncertainty and cautious consumer sentiment.
Read the full callMax Estates Q4 FY26
Max Estates delivered a robust Q4 and FY26, with strong presales exceeding INR5,300 crores for the second year, and significant growth in collections and commercial rental income. Despite a cautious macroeconomic environment and geopolitical tensions, the company maintained 100% occupancy in its commercial portfolio and a lean balance sheet. Management remains optimistic about long-term potential but is cautious on short-term guidance.
Read the full callMax Estates Q3 FY26
Max Estates reported strong presales of over INR 1,900 crores for Estate 361 in Gurgaon, achieving premium pricing and high end-user demand. The company also secured a substantial pre-lease for its Max District commercial project, highlighting robust leasing momentum. With a launch pipeline of INR 14,500 crores GDV and aspirations to add 1-2 million sq ft residential and 1 million sq ft commercial annually, Max Estates is focused on growth in the NCR. Net debt increased to INR 414 crores due to strategic land acquisitions.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 5 fiscal years held (Mar 2022 to Mar 2026).
Financials
Net profit, year on year: −30% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 40 | 40 | 40 | 51 | 49 | 50 | 49 | 52 |
| Expenses | 32 | 28 | 31 | 38 | 39 | 47 | 53 | 44 |
| Operating profit | 9 | 12 | 9 | 14 | 10 | 3 | -3 | 8 |
| Operating margin | 21.3% | 28.9% | 22.8% | 27.0% | 20.7% | 5.9% | −6.5% | 15.6% |
| Other income | 13 | 32 | 38 | 29 | 26 | 22 | 21 | 28 |
| Interest | 14 | 15 | 17 | 17 | 16 | 16 | 16 | 17 |
| Depreciation | 8 | 8 | 9 | 8 | 8 | 8 | 8 | 8 |
| Profit before tax | -1 | 20 | 21 | 17 | 12 | 1 | -6 | 11 |
| Tax rate | 14.1% | 22.6% | 34.2% | 29.1% | 32.9% | 96.9% | −33.9% | 26.6% |
| Net profit | -1 | 16 | 14 | 12 | 8 | 0 | -4 | 8 |
| EPS (₹ per share) | 0.13 | 1.23 | 1.08 | 0.71 | 0.45 | -0.07 | -0.31 | 0.29 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 107 | 93 | 160 | 199 |
| Expenses | 76 | 75 | 116 | 176 |
| Operating profit | 32 | 18 | 44 | 24 |
| Other income | 24 | -17 | 89 | 97 |
| Interest | 19 | 43 | 62 | 65 |
| Depreciation | 15 | 25 | 34 | 32 |
| Profit before tax | 23 | -68 | 38 | 23 |
| Net profit | 18 | -55 | 26 | 16 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 78 | 0 | 147 | 161 | 161 | 163 |
| Reserves | 531 | 1,211 | 1,024 | 2,117 | 2,139 | 2,256 |
| Borrowings | 315 | 862 | 962 | 1,656 | 2,098 | 2,412 |
| Other liabilities | 101 | 144 | 961 | 3,295 | 5,765 | 7,582 |
| Total liabilities | 1,025 | 2,216 | 3,094 | 7,229 | 10,163 | 12,414 |
| Fixed assets | 898 | 1,427 | 1,826 | 2,047 | 2,827 | 2,523 |
| Capital work in progress | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 160 | 93 | 587 | 724 | 385 |
| Other assets | 114 | 629 | 1,175 | 4,596 | 6,612 | 9,506 |
| Total assets | 1,025 | 2,216 | 3,094 | 7,229 | 10,163 | 12,414 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Cash from operations | 41 | -456 | 271 | 225 | -616 |
| Cash from investing | -121 | -52 | -292 | -1,993 | -288 |
| Cash from financing | 78 | 521 | 234 | 1,766 | 879 |
| Net cash flow | -2 | 13 | 213 | -2 | -24 |
| Free cash flow | -88 | -979 | -50 | -452 | -696 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Debtor days | 10 | 20 | 31 | 33 | 22 |
| Inventory days | 271 | 6553 | — | — | — |
| Days payable | 197 | 458 | — | — | — |
| Cash conversion cycle | 85 | 6115 | 31 | 33 | 22 |
| Working capital days | -105 | 993 | 6 | 1013 | 5036 |
| Return on capital employed | — | 2.0% | 0.0% | 3.0% | 1.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 45.23% as of Sept 2026; institutions added 1.03 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Max Estates above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 21.89% | unchanged | |
| 20.78% | unchanged | |
| FPI fund | 19.12% | unchanged |
| Mutual fund | 2.94% | −0.17 pp |
| 2.19% | unchanged | |
| Mutual fund | 1.85% | unchanged |
| FPI fund | 1.83% | +0.46 pp |
| Mutual fund | 1.68% | +0.06 pp |
| FPI fund | 1.67% | unchanged |
| 1.58% | unchanged | |
| Mutual fund | 1.56% | +0.09 pp |
| Insurer | 1.27% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹147 Cr | held | Sep '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹31 Cr | held | Mar '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
Shares held by these funds +21%
Sep '24 30.30 L shares Sep '26
Your own record
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