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Max Estates Ltd
NSE:MAXESTATES

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Max Estates Ltd
NSE:MAXESTATES
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Price: 344.2 INR -6.7% Market Closed
Market Cap: ₹56.3B

Max Estates Ltd
Investor Relations

Max Estates Ltd., a relatively young but dynamic player in the Indian real estate sector, emerged as a significant arm of the larger Max Group. With its inception, the company set out to redefine urban development by focusing on crafting sophisticated, sustainable, and customer-centric real estate projects. Its venture into the real estate landscape was primarily motivated by the increasing demand for high-quality commercial and office spaces in growing urban centers. Max Estates distinguishes itself by integrating modern architectural design with green building practices, crafting environments that not only meet the functional requirements of their clients but also contribute positively to their well-being.

The company operates on a solid business model that merges real estate development with intelligent asset management, creating a consistent revenue stream. By acquiring premium land parcels in strategic locations, Max Estates develops commercial projects that cater to a clientele ranging from burgeoning startups to established multinational corporations. Income is generated through leasing these commercial properties, ensuring steady cash flows and long-term financial sustainability. Furthermore, by maintaining ownership of these developed properties, Max Estates adds to its asset portfolio, enhancing its market value over time. This approach not only fortifies its position in the real estate market but also aligns with its vision of building enduring, integrated communities.

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MAXESTATES
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Last Earnings Call
Fiscal Period
Q3 2026
Call Date
Feb 10, 2026
AI Summary
Q3 2026

Strong Residential Presales: Max Estates reported over INR 1,900 crores in presales for Estate 361 in Gurugram and achieved full sell-out at Estate 128 Noida.

Commercial Leasing Momentum: The company pre-leased 200,000 sq ft at Max District, Gurugram at a 35% premium to market, with INR 270 crores in gross rentals secured 2.5 years ahead of completion.

Q3 Financials: Consolidated revenue for 9M FY26 stood at INR 150 crores, with EBITDA of INR 27 crores and PAT of INR 20 crores.

Guidance Maintained: Management remains confident in meeting its sales and launch pipeline targets, aiming for INR 4,000–5,000 crores GDV launches in Q4 FY26.

Healthy Collection Outlook: Collections for FY27 are expected to total INR 2,800–3,000 crores, driven by both existing and new sales.

Robust Pipeline: The company has a launch pipeline of INR 14,500 crores GDV and aims to add 1–2 million sq ft of residential and 1–1.5 million sq ft of commercial annually.

Net Debt and Capital Deployment: Net debt rose to INR 414 crores, mainly due to land acquisition; no incremental debt was taken beyond regular construction finance.

Focus on NCR: Max Estates will remain focused on the National Capital Region, with no near-term plans to expand geographically.

Key Financials
Presales – Estate 128 Noida
INR 2,700 crores
Presales – Estate 360 Gurugram
INR 4,831 crores
Presales – Estate 361 Gurugram
INR 1,900 crores
Average Price Realization – Estate 361
INR 22,000 per sq ft
Commercial Pre-Lease – Max District
200,000 sq ft
Gross Rentals – Max District Lease
INR 270 crores (lease period)
Annual Rental Income – Commercial Portfolio
INR 155 crores
Lease Rental Income (9M FY26)
INR 115 crores
Facility Management Revenue (9M FY26)
INR 40 crores
Consolidated Revenue (9M FY26)
INR 150 crores
EBITDA (9M FY26)
INR 27 crores
Profit Before Tax (9M FY26)
INR 29 crores
PAT (9M FY26)
INR 20 crores
Total Leased Area
1.23 million sq ft
Net Debt (Dec 2025)
INR 414 crores
Gross Debt (Dec 2025)
INR 1,700 crores
Cash and Cash Equivalents (Dec 2025)
INR 1,284 crores
Guided FY27 Collection
INR 2,800–3,000 crores
Operating Margin (Q3 FY26, Adjusted)
>25%
Estate 128 Margin (Outright Purchase)
40–45%
Estate 360/361 Margin (JDA)
22–25%
Other Earnings Calls

Management

Mr. Sahil Vachani
MD, CEO & Director
No Bio Available
Mr. Nitin Kumar Kansal
Chief Financial Officer
No Bio Available
Mr. Rishi Raj
Chief Operating Officer
No Bio Available
Mr. Abhishek Mishra
Company Secretary & Compliance Officer
No Bio Available
Mr. Kumar Alok Shubham
General Manager of Human Capital
No Bio Available
Mr. Vikram Vij
Head - Digital & IT
No Bio Available
Mr. Ankit Jain
Executive Officer
No Bio Available

Contacts

Address
UTTAR PRADESH
Noida
Max Towers L 15, Plot, No C 001/A, Sector 16B,
Contacts
+918447128128
maxestates.in
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