Max Estates Q1 Pre-Sales Surge 5x to Rs 1,100 Crore

Q1 FY27 pre-sales reached approximately Rs. 1,100 crores, representing 5x year-on-year growth
Full sellout of Phase-1 of The Terraces at Estate 361 Gurgaon contributed approximately Rs. 500 crores
Sustenance sales across existing portfolio added another Rs. 600 crores
Collections for the quarter stood at approximately Rs. 575 crores (20%-25% of sales value)
Total embedded revenue potential across launched portfolio: Rs. 17,500 crores
Already sold and contracted: Rs. 13,500 crores (Rs. 3,500 crores collected, Rs. 10,000 crores pending collection)
Embedded PBT estimated at Rs. 4,500-5,500 crores
Residential launch pipeline: Rs. 16,100 crores (Rs. 4,000 crores already launched, Rs. 12,000 crores new launches planned through FY27)

Estate 361 Gurgaon:

New residential offering 'The Terraces' launched in May 2026 within Estate 361 on Dwarka Expressway
Phase-1 GDV: Rs. 500 crores (fully sold out in launch quarter)
Overall Estate 361 GDV: Rs. 9,000 crores
Built as fully intergenerational community

Estate 105 Noida:

Max One Noida:

Transformative revival of long-stalled Delhi One project
Project spans 2.5 million square feet
Total GDV: approximately Rs. 3,200 crores
Annuity income: Rs. 145 crores
Achieved highest sale value in Noida at Rs. 37,000 per square foot (excluding GST)

Sector 59 Gurgaon:

All three operating assets (Max Towers, Max House, Max Square) at 100% occupancy
Max Towers latest lease signed at Rs. 156 per square foot per month
Current weighted average rental: Rs. 132 per square foot per month
Mark-to-market upside: over 50%
Premium of more than 50% to immediate micro-market rentals
Both Max Towers and Max Square received 5-Star rating from British Safety Council

Max Square 2:

Leasable area: 1 million square feet
On track for occupancy certificate by Q2 FY28
Expected to add Rs. 125 crores to annuity portfolio
Signed LOI for long-term pre-lease of approximately 90,000 square feet at 25% premium to prevailing micro-market rates

Max District Gurgaon:

Leasable area: 1.6 million square feet
On track for occupancy across Q3 FY28 and Q3 FY29
Expected to add Rs. 200 crores to annuity portfolio
Signed LOI for long-term pre-lease of 200,000 square feet at 35% premium to micro-market rental

ICRA assigned first-time issuer rating of A+ with stable outlook on consolidated basis
Rating covers company and its 14 subsidiaries
Assessment based on committed receivables of close to Rs. 9,500 crores as of March 2026
Cash-flow adequacy ratio: approximately 105% (contracted receivables cover pending construction costs and residential debt)

Consolidated revenues: Rs. 52 crores
Consolidated EBITDA: Rs. 8 crores
Consolidated profit before tax: Rs. 11 crores
PAT: Rs. 8 crores
Total commercial area: 1.2 million square feet
Lease rental income: Rs. 40 crores (up 5% YoY)
Max Asset Services revenue: Rs. 15 crores (growth of 16% YoY)
Net debt: Rs. 234 crores (as of June 2026)
Gross debt: Rs. 1,960 crores (including lease rental discounting borrowings of Rs. 934 crores)
Cash and cash equivalents: Rs. 1,727 crores

Target annual addition of 2 million square feet of residential development
Expect to achieve annual rental income of approximately Rs. 700 crores at peak occupancy
Target 1 million square feet of new commercial business development
Collections expected in range of Rs. 2,500-2,700 crores for FY27
Project deployment: Rs. 1,500-1,800 crores
Operating cash flow expected: Rs. 750-1,000 crores for business development
Remaining CAPEX for commercial assets: Rs. 1,500-1,800 crores (fully tied up)

Delhi NCR residential market showed resilience with 8,800 unit launches in Q2 2026
Gurgaon accounted for approximately 70% share across Sohna Road and Dwarka Expressway
Weighted average prices held broadly stable QoQ
Capital values recorded healthy annual growth
Residential sales volumes moderated due to global uncertainty and cautious consumer sentiment
Delhi NCR recorded strong office leasing of 4.1 million square feet in Q2 2026
Demand led by GCCs, IT flexible workspaces, and professional service firms

Max India and Max Estates are distinct listed entities with separate managements
Antara acts as knowledge partner to Max Estates for senior living components
Development manager fee: approximately 9.5% of topline for Antara-marketed portions
Fee structure: arm's length basis, paid over project lifecycle
Antara enables price differentiation of 7%-10% premium for senior living residences
Estate 360: One-third of project (Rs. 1,200-1,500 crores) under Antara aegis
Estate 361: Approximately 15%-20% of total value will be Antara component