Business Performance Overview

Max Estates Limited announced its unaudited financial and operational results for Q1 FY2027. The company achieved pre-sales of approximately INR 1,093 crore during the quarter, representing a five-fold (5x) increase compared to the same period last year (YoY).

Residential Portfolio (LiveWell) Performance

Estate 361, Gurugram
  • Project Description: India's first forest-anchored intergenerational residential community.
  • Q1 FY27 Pre-Sales: INR 785 crore.
  • Cumulative Pre-Sales to Date: INR 2,489 crore.
  • Launched GDV (Phase 1): INR 3,750 crore.
  • Inventory Sold: Over 66% of the launched inventory.
  • Q1 Collections: INR 313 crore.
The Terraces (within Estate 361)
  • Launch Date: May 2026.
  • Project GDV: INR 1,200 crore (part of the overall Estate 361 GDV of INR 9,000 crore).
  • Phase 1 GDV: INR 500 crore.
  • Status: Phase 1 was fully sold out in the launch quarter (Q1 FY27).
Estate 360, Gurugram
  • Cumulative Pre-Sales: INR 4,831 crore (~100% sold).
  • Cumulative Collections: INR 1,796 crore.
  • Construction Status: On track with specific floor completions across multiple towers.
Estate 128, Noida
  • Cumulative Pre-Sales: INR 2,734 crore (100% sold for Phase 1 and Phase 2).
  • Cumulative Collections: INR 1,125 crore.
  • Construction Status: On track with specific floor completions; first residential delivery remains on track for FY2028.
New Project: Sector 59, Gurugram
  • Location: Golf Course Extension Road, Gurugram.
  • Land Parcel: 7.25 acres.
  • Development Potential: ~1.3 million sq. ft.
  • GDV Potential: More than INR 3,900 crore.
  • Status: Under design stage.
  • Expected Launch: Q3 FY27.

Mixed-Use Portfolio (LiveWell + WorkWell) Performance

Max One, Sector 16B, Noida
  • Project Origin: Transformative revival of the stalled 'Delhi One' project via acquisition of Boulevard Projects Private Limited (BPPL).
  • Cumulative Pre-Sales: INR 1,504 crore.
  • Development Area: Approximately 2.5 million sq. ft. on a 10-acre land parcel.
  • Project GDV: Over INR 3,200 crore.
  • Annuity Income Potential: INR 145 crore.
Estate 105, Sector 105, Noida
  • Q1 FY27 Pre-Sales: INR 219 crore.
  • Cumulative Pre-Sales: INR 2,002 crore.
  • Inventory Sold: ~67% of launched units.
  • Q1 Collections: INR 193 crore.
  • Strategic Update: Development mix revised to a completely residential portfolio, enhancing project GDV to ~INR 6,000 crore from ~INR 3,000 crore.
  • Phase 2 Launch: Planned in CY27.

Commercial Portfolio (WorkWell) Performance

Operational Assets (100% Occupancy)
  • Max Towers, Noida: Annual rental income of INR 53 crore.
  • Max House Phase I & II, Okhla: Annual rental income of INR 45 crore.
  • Max Square, Noida: Annual rental income of INR 60 crore.
Under-Construction Pipeline
  • Max Square 2, Noida:
  • Leasable Area: 0.9 million sq. ft.
  • Expected OC: Q2 FY28.
  • Annuity Potential: INR 125+ crore.
  • Leasing: LOI signed for ~86,000 sq. ft. at a 25%+ premium to market rentals.
  • Max District, Sector 65, Gurugram:
  • Leasable Area: ~1.6 million sq. ft.
  • Expected OC: Phased in Q2 FY28 and Q3 FY29.
  • Annuity Potential: INR 225+ crore.
  • Leasing: LOI signed for ~200,000 sq. ft. at a 35%+ premium to market rentals.
Annuity Potential
  • The overall commercial portfolio has a 5-year annuity rental income potential of over INR 700 crore on a 100% basis.

Consolidated Financial Highlights (Q1 FY27)

  • Consolidated Revenue: INR 51.9 Crore.
  • Consolidated EBITDA: INR 8.1 Crore.
  • Consolidated PBT: INR 11.4 Crore.
  • Consolidated PAT: INR 8.4 Crore.
  • Total Leased Area (as of June 30, 2026): 1.24 million sq. ft.
  • Lease Rental Income (Max Towers + Max House + Max Square): INR 39.7 Crore in Q1FY27 (up 4.5% YoY).
  • Max Asset Services Revenue: INR 14.6 Crore in Q1FY27 (growth of 16% YoY).
  • Debt (as of June 2026): INR 1,961 Crore (including LRDs of INR 934 Crores).
  • Cash & Cash Equivalents (as of June 2026): INR 1,727 Crore.

Strategic Updates and Outlook

  • Remaining GDV Pipeline: Over INR 16,150 crore to be launched in a phased manner from Q2 FY27 onwards, anchored by Estate 105, Max One, Estate 361, and the new Sector 59 Gurugram project.
  • Residential Development Target: Aims to add around 2 million sq. ft. of residential development annually.
  • Commercial Development Target: Aspires to add 1 million sq. ft. in the commercial segment every year.
  • Net Debt Position: ~INR 234 crore as of the date of the announcement.

Credit Rating

  • ICRA Limited assigned Max Estates a first-time issuer rating of [ICRA]A+ with a Stable outlook. This reflects the company's healthy sales and collections, strong commercial leasing occupancy, and improving cash flow and leverage metrics.

Management Commentary

Sahil Vachani, Vice Chairman & MD, commented that the Q1 performance reaffirms customer trust in the company's wellbeing-led offerings. He highlighted the sellout of The Terraces and the ICRA rating as validation of the company's performance and expressed confidence in sustaining momentum with the strong GDV pipeline and balance sheet.