MAXESTATES
Max Estates share price & financials
- Price
- ₹452.6
- Market cap
- ₹8.1k Cr
- Sector
- Realty
- Calls analysed
- 7
Max Estates Q1 FY27
What went well
- Pre-sales of ₹1,100 crores in Q1 FY27, reflecting 5x YoY growth, driven by full sellout of Phase-1 of Terraces at Estate 361 (₹500 crores).
- Collections of ₹575 crores in Q1 FY27, consistent with historical range, enabling construction funding without incremental debt.
- All operating commercial assets are 100% occupied, with lease rental income up 5% YoY to ₹40 crores.
What Max Estates does
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
- Residential (LiveWell)
- Commercial (WorkWell)
- Mixed-use (PlayWell)
- Total portfolio area
- ~18.4 mn sq. ft. across residential, commercial and mixed-use developments
- Number of projects
- 11 projects across Noida, Gurugram and Delhi
- Operational commercial assets
- 4 buildings (Max Towers, Max House I, Max House II, Max Square) with combined leasable area of ~1.3 mn sq. ft.
- Commercial projects under construction
- 2 (Max Square Two, Max District)
- Residential/mixed-use projects under construction or launch
- 6 (Estate 128, Estate 360, Estate 361, Max One, Sector 105, Sector 59)
- Geographic footprint
- Delhi NCR — Noida, Gurugram and Delhi
Guidance record · Q1 FY27
what the last two calls moved 17 tracked 1 delivered 3 missed 13 open- FY26 Presales missed said Q4 FY25 Promised: INR 6,000 crores to INR 6,500 crores for FY26 Q1 FY27: FY26 target has passed. The final verdict was 'missed'.
- FY27 Collections revised down said Q4 FY26 Promised: INR 2,500 crores to INR 3,000 crores for the next year (FY27) Q1 FY27: 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.
- Cumulative Presales on track said Q3 FY25 Promised: INR 21,000 crores cumulatively over the next 3 years / by FY28 Q1 FY27: 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.
All 17 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 0.9%, net profit down 30.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 40 | 40 | 51 | 49 +21% | 50 +24% | 49 +24% | 52 +1% |
| EBITDA | 9 | 12 | 9 | 14 | 10 +18% | 3 −75% | -3 −135% | 8 −42% |
| Net profit | -1 | 16 | 14 | 12 | 8 +667% | 0 −100% | -4 −129% | 8 −30% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +24.8% 1Y
1Y: ₹449.2 on 10 Sept 2025 → ₹560.45. High ₹560.45 (11 Sept 2026), low ₹308.75 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +7.3%
- 17 Aug
- Q4 FY26
- +2.5%
- 26 May
- Q3 FY26
- +11.3%
- 10 Feb
- Q2 FY26
- −1.0%
- 4 Nov
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.
Financials, as filed
Revenue grew 23.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹107 Cr | ₹93 Cr | ₹160 Cr | ₹199 Cr |
| Operating profit | ₹32 Cr | ₹18 Cr | ₹44 Cr | ₹24 Cr |
| Operating margin | 29.9% | 19.2% | 27.7% | 11.9% |
| Interest | ₹19 Cr | ₹43 Cr | ₹62 Cr | ₹65 Cr |
| Depreciation | ₹15 Cr | ₹25 Cr | ₹34 Cr | ₹32 Cr |
| Net profit | ₹18 Cr | ₹-55 Cr | ₹26 Cr | ₹16 Cr |
| Net margin | 16.9% | -59.3% | 16.5% | 7.9% |
| Cash from operations | ₹-456 Cr | ₹271 Cr | ₹225 Cr | ₹-616 Cr |
| Free cash flow | ₹-979 Cr | ₹-50 Cr | ₹-452 Cr | ₹-696 Cr |
| ROCE | 2.0% | 0.0% | 3.0% | 1.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹78 Cr | ₹0 Cr | ₹147 Cr | ₹161 Cr | ₹163 Cr |
| Reserves | ₹531 Cr | ₹1.2k Cr | ₹1.0k Cr | ₹2.1k Cr | ₹2.3k Cr |
| Borrowings | ₹315 Cr | ₹862 Cr | ₹962 Cr | ₹2.1k Cr | ₹2.4k Cr |
| Other liabilities | ₹101 Cr | ₹144 Cr | ₹961 Cr | ₹5.8k Cr | ₹7.6k Cr |
| Total liabilities | ₹1.0k Cr | ₹2.2k Cr | ₹3.1k Cr | ₹10.2k Cr | ₹12.4k Cr |
| Fixed assets | ₹898 Cr | ₹1.4k Cr | ₹1.8k Cr | ₹2.8k Cr | ₹2.5k Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹13 Cr | ₹160 Cr | ₹93 Cr | ₹724 Cr | ₹385 Cr |
| Other assets | ₹114 Cr | ₹629 Cr | ₹1.2k Cr | ₹6.6k Cr | ₹9.5k Cr |
| Total assets | ₹1.0k Cr | ₹2.2k Cr | ₹3.1k Cr | ₹10.2k Cr | ₹12.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +1.93 pp while FIIs trimmed −1.29 pp. The shareholder count shrank 4% to 29,722.
- Promoters
- 45.3%
- FIIs
- 25.8%
- DIIs
- 8.2%
- Public
- 20.7%
Since Jun 2025
- DIIs +1.93 pp
- FIIs −1.29 pp
- Public −0.67 pp
How it drifted, 11 quarters
Over this window DIIs went from 0.0% to 8.2% — +8.2 pp.
Ownership split by quarter, oldest first. Dec '23: Promoters 49.5%, FIIs 29.5%, DIIs 0.0%, Public 21.0%.Mar '24: Promoters 49.5%, FIIs 27.6%, DIIs 0.2%, Public 22.7%.Jun '24: Promoters 49.4%, FIIs 27.5%, DIIs 0.0%, Public 23.0%.Sep '24: Promoters 45.3%, FIIs 27.6%, DIIs 5.7%, Public 21.5%.Dec '24: Promoters 45.3%, FIIs 27.8%, DIIs 5.8%, Public 21.2%.Mar '25: Promoters 45.3%, FIIs 27.4%, DIIs 6.3%, Public 21.0%.Jun '25: Promoters 45.2%, FIIs 27.1%, DIIs 6.3%, Public 21.4%.Sep '25: Promoters 45.2%, FIIs 26.6%, DIIs 6.8%, Public 21.4%.Dec '25: Promoters 44.9%, FIIs 25.7%, DIIs 7.8%, Public 21.6%.Mar '26: Promoters 45.3%, FIIs 25.9%, DIIs 7.7%, Public 21.2%.Jun '26: Promoters 45.3%, FIIs 25.8%, DIIs 8.2%, Public 20.7%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Small Cap Fund Mutual fund newly disclosed 3.11% held
- Bandhan Small Cap Fund Mutual fund newly disclosed 1.62% held
The same filing shows 0 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Max Estates above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Max Ventures Investment Holdings(P) Ltd. | 21.90% | unchanged |
| SIVA FINVEST PRIVATE LIMITED (formerly known as Siva Enterprises Private Limited) | 20.79% | unchanged |
| New York Life International Holdings Ltd FPI fund | 19.13% | unchanged |
| Invesco India Small Cap Fund Mutual fund | 3.11% | newly disclosed |
| Neelu Analjit Singh | 2.19% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Multi Asset Allocation Fund Mutual fund | 1.85% | unchanged |
| India Insight Value Fund FPI fund | 1.67% | unchanged |
| Bandhan Small Cap Fund Mutual fund | 1.62% | newly disclosed |
| Atul Behari Lall | 1.58% | unchanged |
| Kotak Small Cap Fund Mutual fund | 1.47% | unchanged |
| Habrok India Master Lp FPI fund | 1.37% | unchanged |
| New York Life Insurance Company 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.
Mutual funds in MAXESTATES
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹155 Cr
- 2 schemes
- Biggest holder
- Nippon India Small Cap Fund
- ₹129 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹129 Cr | held | Sep '24 |
| Nippon India Multi Asset Allocation Fund Nippon India Mutual Fund | ₹27 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 Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -23%
- vs est. average cost
- Held by funds
- ₹155 Cr
- 2 schemes · ≈ 1.7% of the company
- Biggest holder
- Nippon India Small Cap Fund
- ₹129 Cr · 0.2% of that fund
Shares held by these funds +21%
Sep '24 30.30 L shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Max Estates
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