Date: May 23, 2026

Business Highlights

LiveWell Residential Offering

Estate 361, Gurugram

  • Pre-Sales: ~INR 1,704 crore
  • Described as India's First Forest Anchored Intergenerational Residential Community.
  • Launched in December 2025.
  • Pre-sales represent over 68% of Phase 1 launched inventory (GDV: INR 2,500 crore).
  • Average price realizations of ~INR 22,000 per sq. ft.

The Terraces (within Estate 361)

  • Launched in May 2026.
  • Offers 1.5 & 2-bedroom smart homes and duplex loft residences.
  • GDV: INR 1,200 crore.
  • Part of Estate 361, which has an overall GDV of INR 9,000 crore spanning 18.23 acres.
  • Phase 1 comprises 120 residences starting at INR 2.4 crore.

Estate 128, Noida

  • Cumulative Pre-Sales: INR 2,734 crore.
  • The project is fully sold out.
  • Collections received to date: INR 1,122 crore.
  • On track for delivery in CY 2027.
  • Construction progress: Phase 1 at 35th/36th floor slab; Phase 2 at 3rd floor slab.

Estate 360, Gurugram

  • Cumulative Pre-Sales: INR 4,831 crore.
  • Collections: INR 1,636 crore.
  • Construction progress: Ground floor of Towers 1 and 2 completed; first floor slab of Towers 3 and 5 completed; second floor slab of Tower 4 completed; second floor slab of Tower 6 completed.

New Opportunity (Sector 59, Gurugram)

  • Location: Golf Course Extension Road, Gurugram.
  • Secured development rights on a prime 7.25-acre land parcel.
  • Offers ~1.3 mn sq. ft. SBUA.
  • GDV: INR 3,900+ crore.
  • Launch targeted in Q4 FY27.

Launch Pipeline

  • Secured GDV pipeline of over INR 17,200+ crore.
  • Annual business development target of ~2 mn sq. ft. residential and 1 mn sq. ft. commercial additions.

Mixed Use Portfolio

Estate 105, Noida

  • Pre-Sales: ~INR 1,783 crore achieved within 10 days of launch.
  • Launched GDV of ~INR 3,000 crore on March 20, 2026.
  • Spanning ~10 acres with a development potential of 2.6 mn sq. ft.
  • The project has been strategically repositioned, doubling its GDV from ~INR 3,000 crore to ~INR 6,000 crore.
  • Phase 2 launch is planned in FY27.

Max One, Sector 16B, Noida

  • Pre-Sales: ~INR 1,415 crore.
  • Contributed ~INR 1,415 crore to FY26 pre-sales, including INR 1,221 crore in bookings inherited from the erstwhile developer and recognised post-RERA.
  • Launched with RERA approval on March 7, 2026.
  • Spanning 2.5 mn sq. ft. across 10 acres.
  • GDV: INR 3,200+ crore.
  • Annuity income potential: INR 145 crore.

WorkWell Commercial Portfolio

Operational Assets

  • Max Towers, Max House (Phase I & II), and Max Square continue at 100% occupancy.
  • Annual Rentals: Max Towers (INR 53 crore), Max House (INR 45 crore), Max Square (INR 60 crore).

Leasing Momentum in FY26

  • At Max District, Sector 65, Gurugram: Signed an LOI for ~2,00,000 sq. ft. of long-term pre-leasing, securing INR 270+ crore in gross rentals over the lease period at a 35%+ premium to micro-market rates.
  • At Max Square Two, Sector 129, Noida: ~86,000 sq. ft. was pre-leased, securing INR 95+ crore in gross rentals.

Under-construction Assets

  • Max Square Two (1 mn sq. ft.): Expected to receive its OC by Q2 FY28, adding INR 125 crore to annuity income.
  • Max District (~1.6 mn sq. ft.): To be delivered in two phases — Q2 FY28 and Q3 FY29 — adding INR 225+ crore to annuity income.
  • Together, these two assets will add INR 350+ crore to the annuity portfolio upon full completion.

5-Year Annuity Potential

  • Overall commercial portfolio has an annuity rental income potential of over INR 700 crore on a 100% basis in the next five years.
  • The company aspires to add 1 mn sq. ft. in the commercial segment every year.

Financial Performance (FY26 Consolidated)

  • Consolidated Revenue: INR 199 crore.
  • Consolidated EBITDA: INR 24 crore.
  • Consolidated PBT: INR 23 crore.
  • Consolidated PAT: INR 15 crore.
  • Total Leased Area (as on 31st March 2026): 1.23 Mn sq. ft.
  • Lease Rental Income: Up 40% YoY to INR 154 crore.
  • Max Asset Services Revenue: INR 88 crore.
  • Debt (as on March 2026): INR 1,855 crore (including LRDs of INR 973 crore).
  • Cash & Cash Equivalents (as on March 2026): INR 1,758 crore.
  • Net Debt: INR 97 crore.

Pre-Sales & Collections

  • FY26 Pre-Sales: INR 5,305 crore (FY25: INR 5,321 crore).
  • Locked-In Pre-Sales Revenue: INR 12,500 crore (to be recognised upon possession).
  • FY26 Collections: INR 1,578 crore (up 61% YoY).
  • Q4FY26 Collections: INR 650 crore.

Management Commentary

Sahil Vachani, Vice Chairman & MD, commented on the Delhi-NCR residential market moderating in 2026 amid global uncertainty and cautious sentiment. He stated that crossing INR 5,300 crore in pre-sales for the second consecutive year affirms the strength of the company's platform and customer trust. He noted that a GDV pipeline of over INR 17,200 crore, net debt of ~INR 97 crore, and annuity rental potential of INR 700+ crore position the company well for sustained growth in FY27.