Summary of Key Information:

Reporting Period: Quarter and Half Year ended September 30, 2026

Nature of Filing / Announcement: Financial Results Submission to Stock Exchanges

Audit Opinion:

Clean opinion - Limited Review Report issued by Statutory Auditors S.R. Batliboi & Co. LLP with no modifications or qualifications. Nothing has come to their attention that causes them to believe the statements contain any material misstatement.

Key Financial Highlights [Amount in ₹ Lakhs]:

Consolidated Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹5,276.55 (vs ₹4,877.31 in Q2 FY26, +8.2% YoY)
  • Total Income: ₹7,932.59 (vs ₹7,463.49 in Q2 FY26)
  • Net Profit: ₹467.99 (vs ₹781.41 in Q2 FY26, -40.1% YoY)
  • EPS Basic: ₹0.29 (not annualized)
  • EBITDA: Not separately disclosed

Half Year ended September 30, 2026:

  • Revenue from Operations: ₹10,467.68 (vs ₹10,024.69 in H1 FY26)
  • Total Income: ₹15,940.25 (vs ₹15,476.39 in H1 FY26)
  • Net Profit: ₹1,303.31 (vs ₹1,974.73 in H1 FY26, -34.0% YoY)
  • EPS Basic: ₹0.80 (not annualized)

Expense Breakdown (Q2 FY26):

  • Employee Benefits: ₹845.93
  • Finance Costs: ₹1,642.69
  • Depreciation: ₹821.31
  • Advertisement & Sales Promotion: ₹1,982.53
  • Facility & Management Services: ₹1,052.39
  • Other Expenses: ₹872.63

Tax Expenses (Q2 FY26):

  • Current Tax: ₹966.38
  • Deferred Tax: (₹719.26)
  • Total Tax: ₹247.12

Attribution of Profit:

  • Equity holders of parent: ₹567.69
  • Non-controlling interest: (₹105.25)

Standalone Results:

Quarter ended September 30, 2026:

  • Revenue from Operations: ₹1,709.04 (vs ₹1,409.04 in Q2 FY26, +21.3% YoY)
  • Total Income: ₹4,634.57 (vs ₹4,105.25 in Q2 FY26)
  • Net Profit: ₹1,357.62 (vs ₹1,151.60 in Q2 FY26, +17.9% YoY)
  • EPS Basic: ₹0.83 (not annualized)

Half Year ended September 30, 2026:

  • Revenue from Operations: ₹3,593.29 (vs ₹2,780.78 in H1 FY26, +29.2% YoY)
  • Total Income: ₹9,259.07 (vs ₹9,832.69 in H1 FY26)
  • Net Profit: ₹2,570.96 (vs ₹4,076.78 in H1 FY26, -36.9% YoY)
  • EPS Basic: ₹1.57 (not annualized)

Balance Sheet Position (Consolidated as at September 30, 2026):

  • Total Assets: ₹14,04,354.94
  • Total Equity: ₹3,21,023.63
  • Borrowings (Non-current): ₹2,46,710.43
  • Borrowings (Current): ₹18,806.46
  • Cash and Cash Equivalents: ₹14,778.08
  • Other Equity: ₹2,27,910.73
  • Inventories: ₹8,00,956.03
  • Investment Properties: ₹2,69,251.32

Segment-wise Performance:

The Group's business activities fall within a single reportable segment - real estate development and related activities. No separate geographical segments as operations are domiciled in India.

Corporate Actions:

Land Acquisition - Najafgarh:

  • Board approved on August 28, 2026 acquisition of 100% ownership in nine Land Owning Companies
  • Holding ~84.7-acre land platform in Sector 3, Najafgarh, Delhi
  • Consideration: Preferential issue of up to 70,33,162 equity shares of ₹10 each at ₹597.50 per share (aggregating ₹420.23 crore) via share swap
  • Related party transaction with Promoter Group entities
  • Shareholders approved during EGM on September 24, 2026
  • In-principle approval of BSE and NSE awaited

Joint Development Agreement - Indirapuram:

  • Binding MoU signed on September 23, 2026 for proposed JDA
  • ~9.76-acre land parcel at Indirapuram, Ghaziabad
  • Capital-light basis with landowner compensated through revenue sharing
  • Project envisages ~1.5 million sq. ft. super built-up area
  • Estimated GDV: ₹2,500-3,000 crore
  • Subject to due diligence, approvals and final JDA execution
  • No financial impact recognized in current results

ESOP Activity (Consolidated):

  • Options granted in Q2 FY27: 50,226
  • Shares issued against exercised in Q2 FY27: 82,596
  • Shares forfeited in Q2 FY27: 22,989

QIP Proceeds Utilization (as of monitoring report):

  • Total QIP proceeds: ₹80,000 lakhs (net issue)
  • Acquisition of land/development rights: ₹64,606.00 lakhs utilized of ₹65,000.00 lakhs allocated
  • General corporate purpose: ₹12,957.55 lakhs fully utilized
  • Unutilized balance: ₹394.00 lakhs temporarily invested in fixed deposits

Warrant Allotment Proceeds Utilization:

  • Total funds received: ₹15,000 lakhs each from Max Ventures Investment Holding Pvt. Ltd. and Mr. Sunil Vachani
  • Acquisition of land/development rights: ₹3,750.00 lakhs utilized
  • Deployment in projects through subsidiaries: ₹7,191.70 lakhs utilized of ₹7,500.00 lakhs allocated
  • General corporate purposes: ₹3,536.30 lakhs utilized of ₹3,750.00 lakhs allocated
  • Unutilized balance: ₹522.00 lakhs temporarily invested in mutual funds

Other Significant Information:

  • Previous acquisition of Boulevard Projects Private Limited accounted as asset acquisition
  • Difference between consideration paid and fair value allocated to identifiable assets
  • Pending final determination of area for residential & commercial use, balance of land and construction cost presented as inventory

Entities Included in Consolidation:

The consolidated results include Max Estates Limited and its 14 subsidiaries as listed in the review report.

Cash Flow Highlights (Consolidated H1 FY27):

  • Net cash from operating activities: ₹7,261.13
  • Net cash used in investing activities: (₹31,836.64)
  • Net cash from financing activities: ₹18,865.20
  • Net decrease in cash: (₹5,710.31)
  • Cash at period end: ₹14,778.08