Max Estates LimitedReal EstateMAXESTATES
Q1 FY27 concall · earnings callMax Estates Limited
Max Estates delivered a 5x year-on-year growth in residential pre-sales to Rs 1,100 crores, reflecting strong brand strength and a large locked-in embedded PBT of Rs 4,500-5,500 crores, even as it refrains from giving forward sales guidance in a volatile environment.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Pre-sales | ₹1,100 Cr | +5x YoY growth | |
| Collections | ₹575 Cr | — | |
| Total Embedded Revenue Potential | ₹17,500 Cr | — | |
| Already Sold & Contracted Revenue | ₹13,500 Cr | — | |
| Residential Launch Pipeline GDV | ₹16,100 Cr | — | |
| Consolidated Revenue | ₹52 Cr | — | |
| Consolidated EBITDA | ₹8 Cr | — | |
| PAT | ₹8 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹40.04 Cr+65.7% YoY-0.3% QoQ | ₹15.81 CrTurned profitable YoYTurned profitable QoQ | ₹1.04Turned positive YoYTurned positive QoQ |
| Q2 FY25 | ₹40.18 Cr+96.1% YoY-0.8% QoQ | ₹-1.38 CrLoss narrowed YoYLoss narrowed QoQ | ₹-0.09Loss/share narrowed YoYLoss/share narrowed QoQ |
| Q1 FY25 | ₹40.49 Cr— YoY+34.9% QoQ | ₹-2.00 Cr— YoYLoss narrowed QoQ | ₹-0.14— YoYLoss/share narrowed QoQ |
| Q4 FY24 | ₹30.01 Cr— YoY+24.2% QoQ | ₹-4.73 Cr— YoYLoss narrowed QoQ | ₹-0.32— YoYLoss/share narrowed QoQ |
| Q3 FY24 | ₹24.17 Cr— YoY+18% QoQ | ₹-7.51 Cr— YoYLoss widened QoQ | ₹-0.51— YoYLoss/share widened QoQ |
TL;DR
- Residential pre-sales reached Rs 1,100 crore, a 5x year-on-year growth.
- Total embedded revenue potential from launched portfolio is INR 17,500 crores, with INR 13,500 crores already sold.
- Embedded PBT estimated at Rs 4,500-Rs 5,500 crores is locked in ahead of P&L recognition.
- All three operating commercial assets (Max Towers, Max House, Max Square) are at 100% occupancy.
- Target annual addition of 2 million square feet of residential development.
- Expect annual rental income of approximately Rs 700 crores at peak occupancy from under-construction commercial pipeline.
Said on the call
“A substantial majority of our future reported earnings is already locked in, well ahead of P&L recognition, which meaningfully derisks our running trajectory.”
From the Q&A
| Topic | What management said |
|---|---|
| Elevated Marketing Expenses | Management clarified higher Y-o-Y marketing costs in Q1 were due to launches in the current quarter vs. none last year; expenses will align with planned launches. |
| BD & Competition | Management sees consolidation towards organized, trusted players; remains confident in its product and brand to command strong sales despite new competition in Gurgaon. |
| FY27 Collections Guidance | Management reiterated comfort with full-year collections target of Rs 2,500-2,700 crores, expecting positive OCF of Rs 750-1,000 crores after project deployment of Rs 1,500-1,800 crores. |
| Relationship with Antara (Max India) | Clarified Arm's-length relationship; Antara acts as a development manager for senior living components, receiving ~9.5% fee on relevant topline. Antara-branded units sell at a 7-10% premium. |
| No Pre-sales Guidance | Management stated they will not give pre-sales guidance due to volatile macroeconomic environment, focusing instead on quality of sales and execution. |
| Remaining Commercial Capex | Rs 1,500-1,800 crores of remaining capital expenditure on commercial assets is fully tied up via equity and sanctioned debt. |
Guidance
- Expect annual rental income of approximately Rs 700 crores at peak occupancy from under-construction commercial pipeline.
- Target annual addition of 2 million square feet of residential development.
- Will continue to target 1 million square feet of new commercial business development annually.
- Full-year collections expected in the range of Rs 2,500-2,700 crores.
- Planned project deployment of Rs 1,500-1,800 crores, with OCF of Rs 750-1,000 crores remaining for BD efforts.
Source
Summary written from the transcript filed by Max Estates Limited for the call held on 17 Aug 2026; published 21 Aug 2026, 13:17 IST.
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