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What is the story about?
Max Estates reported more than 8% year-on-year increase in consolidated revenue to ₹52.8 crore in the second quarter of FY27, compared with ₹48.8 crore in the year-ago period. However, consolidated profit after tax declined to ₹4.7 crore from ₹7.81 crore in Q2 FY26.
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA), excluding other income, stood at ₹5.3 crore during the quarter. Profit before tax was ₹7.2 crore, while lease rental income from Max Towers, Max House and Max Square remained broadly stable year on year at ₹39 crore.
The real estate developer recorded pre-sales of ₹2,092 crore in Q2 FY27, representing nearly 14 times the value recorded in the corresponding quarter last year. This took pre-sales for the first half of FY27 to ₹3,184 crore. Collections nearly doubled year on year to ₹560 crore in Q2, taking H1 collections to ₹1,051 crore.
Estate 361 in Gurugram contributed ₹962 crore to Q2 pre-sales, taking its H1 tally to ₹1,747 crore. Collections from the project stood at ₹171 crore during the quarter and ₹312 crore in the first half, as per a press release filed at NSE.
Max One recorded pre-sales of ₹584 crore in Q2, taking cumulative pre-sales to ₹2,088 crore. Collections stood at ₹112 crore in the quarter and ₹172 crore in H1 FY27.
Estate 105 reported pre-sales of ₹546 crore in Q2, taking its H1 total to ₹765 crore. Collections stood at ₹173 crore during the quarter and ₹299 crore in the first half. The company plans to launch the project's next phase, with an estimated gross development value (GDV) of ₹3,000 crore, in calendar year 2027.
Expansion of development pipeline
Max Estates said it has signed a memorandum of understanding (MoU) for a proposed joint development agreement covering 9.76 acres in Indirapuram, Ghaziabad. The project has a potential saleable area of around 1.5 million square feet and an estimated GDV of ₹2,500-3,000 crore. The transaction is subject to due diligence, requisite approvals and execution of a definitive agreement.
The company has also entered into an MoU for the proposed acquisition of 84.71 acres in West Delhi, with an estimated GDV potential of ₹10,000-12,000 crore. The consideration of ₹420 crore is proposed to be discharged through a share swap. The transaction and proposed development remain subject to applicable approvals and completion requirements.
The company said its balance GDV pipeline exceeds ₹29,000 crore from Q3 FY27 onwards. It aims to add around 2 million square feet of residential development annually.
A 7.25-acre project on Golf Course Extension Road in Gurugram, with development potential of around 1.3 million square feet and GDV of more than ₹3,900 crore, is expected to be launched in Q3 FY27.
Commercial portfolio and debt
Max Estates said its operational commercial assets — Max Towers and Max Square in Noida, and Max House Phase I and II in Okhla — continued to maintain 100% occupancy.
Its under-construction Max Square Two project in Noida has 0.9 million square feet of leasable area and an annual rental potential of ₹125 crore. Around 310,000 square feet has been pre-leased at a premium of more than 25% to prevailing rentals in the micro-market.
Max District in Sector 65, Gurugram, has 1.6 million square feet of leasable area and an annual rental potential of ₹225 crore. Around 200,000 square feet has been pre-leased at a premium of more than 35% to prevailing micro-market rentals.
The company expects its overall commercial portfolio to generate annual rental income of more than ₹700 crore on a 100% basis over the next four years. It aims to add around 1 million square feet of commercial development annually.
As of September 30, 2026, external debt stood at ₹2,117 crore, including lease rental discounting (LRD) debt of ₹944 crore. Cash and cash equivalents, including RERA balances, stood at ₹1,898 crore, taking net debt to around ₹219 crore.
Sustainability recognition
Max Estates said that it secured a dual five-star rating from the Global Real Estate Sustainability Benchmark (GRESB) for the second consecutive year in 2026. It scored 100 out of 100 in Development, ranking first in its peer group, and 93.5 out of 100 in Standing Investments. Max Towers and Max Square also received the British Safety Council's Sword of Honour.
Commenting on the performance, Sahil Vachani, Vice Chairman and Managing Director of Max Estates, said the company had seen continued confidence from homebuyers in its residential and commercial offerings. He also cited the near-doubling of collections year on year and full occupancy across its operational commercial portfolio.
Vachani said the proposed land acquisition in Delhi and joint development in Ghaziabad would strengthen the company's development pipeline.
Max Estates shares closed 2.98% higher at ₹515 on November 4, gaining ₹14.90 ahead of the company's Q2 FY27 earnings announcement.
Also Read: Alembic Pharmaceuticals Q2 Results: Shares jump 20% after profit rises 81%; US business grows 77%
Consolidated earnings before interest, tax, depreciation and amortisation (EBITDA), excluding other income, stood at ₹5.3 crore during the quarter. Profit before tax was ₹7.2 crore, while lease rental income from Max Towers, Max House and Max Square remained broadly stable year on year at ₹39 crore.
The real estate developer recorded pre-sales of ₹2,092 crore in Q2 FY27, representing nearly 14 times the value recorded in the corresponding quarter last year. This took pre-sales for the first half of FY27 to ₹3,184 crore. Collections nearly doubled year on year to ₹560 crore in Q2, taking H1 collections to ₹1,051 crore.
Estate 361 in Gurugram contributed ₹962 crore to Q2 pre-sales, taking its H1 tally to ₹1,747 crore. Collections from the project stood at ₹171 crore during the quarter and ₹312 crore in the first half, as per a press release filed at NSE.
Max One recorded pre-sales of ₹584 crore in Q2, taking cumulative pre-sales to ₹2,088 crore. Collections stood at ₹112 crore in the quarter and ₹172 crore in H1 FY27.
Estate 105 reported pre-sales of ₹546 crore in Q2, taking its H1 total to ₹765 crore. Collections stood at ₹173 crore during the quarter and ₹299 crore in the first half. The company plans to launch the project's next phase, with an estimated gross development value (GDV) of ₹3,000 crore, in calendar year 2027.
Expansion of development pipeline
Max Estates said it has signed a memorandum of understanding (MoU) for a proposed joint development agreement covering 9.76 acres in Indirapuram, Ghaziabad. The project has a potential saleable area of around 1.5 million square feet and an estimated GDV of ₹2,500-3,000 crore. The transaction is subject to due diligence, requisite approvals and execution of a definitive agreement.
The company has also entered into an MoU for the proposed acquisition of 84.71 acres in West Delhi, with an estimated GDV potential of ₹10,000-12,000 crore. The consideration of ₹420 crore is proposed to be discharged through a share swap. The transaction and proposed development remain subject to applicable approvals and completion requirements.
The company said its balance GDV pipeline exceeds ₹29,000 crore from Q3 FY27 onwards. It aims to add around 2 million square feet of residential development annually.
A 7.25-acre project on Golf Course Extension Road in Gurugram, with development potential of around 1.3 million square feet and GDV of more than ₹3,900 crore, is expected to be launched in Q3 FY27.
Commercial portfolio and debt
Max Estates said its operational commercial assets — Max Towers and Max Square in Noida, and Max House Phase I and II in Okhla — continued to maintain 100% occupancy.
Its under-construction Max Square Two project in Noida has 0.9 million square feet of leasable area and an annual rental potential of ₹125 crore. Around 310,000 square feet has been pre-leased at a premium of more than 25% to prevailing rentals in the micro-market.
Max District in Sector 65, Gurugram, has 1.6 million square feet of leasable area and an annual rental potential of ₹225 crore. Around 200,000 square feet has been pre-leased at a premium of more than 35% to prevailing micro-market rentals.
The company expects its overall commercial portfolio to generate annual rental income of more than ₹700 crore on a 100% basis over the next four years. It aims to add around 1 million square feet of commercial development annually.
As of September 30, 2026, external debt stood at ₹2,117 crore, including lease rental discounting (LRD) debt of ₹944 crore. Cash and cash equivalents, including RERA balances, stood at ₹1,898 crore, taking net debt to around ₹219 crore.
Sustainability recognition
Max Estates said that it secured a dual five-star rating from the Global Real Estate Sustainability Benchmark (GRESB) for the second consecutive year in 2026. It scored 100 out of 100 in Development, ranking first in its peer group, and 93.5 out of 100 in Standing Investments. Max Towers and Max Square also received the British Safety Council's Sword of Honour.
Commenting on the performance, Sahil Vachani, Vice Chairman and Managing Director of Max Estates, said the company had seen continued confidence from homebuyers in its residential and commercial offerings. He also cited the near-doubling of collections year on year and full occupancy across its operational commercial portfolio.
Vachani said the proposed land acquisition in Delhi and joint development in Ghaziabad would strengthen the company's development pipeline.
Max Estates shares closed 2.98% higher at ₹515 on November 4, gaining ₹14.90 ahead of the company's Q2 FY27 earnings announcement.
Also Read: Alembic Pharmaceuticals Q2 Results: Shares jump 20% after profit rises 81%; US business grows 77%
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