Operating Performance Highlights

Pre-Sales & Realization

  • Q2 FY27 Pre-Sales: ₹2,092 Crore, representing a ~14x year-on-year growth (Q2 FY26: ₹156 Cr).
  • H1 FY27 Pre-Sales: ₹3,184 Crore.
  • Q2 FY27 Price Realization: ₹24,704 per sq. ft., up from ₹18,410 per sq. ft. in FY24.
  • FY26 Pre-Sales: ₹5,305 Crore.

Collections & Cancellations

  • Q2 FY27 Collections: ₹560 Crore.
  • H1 FY27 Collections: ₹1,051 Crore.
  • FY26 Collections: ₹1,578 Crore, a 61% YoY growth.
  • Collection Efficiency: Ranges from 73% to 94% across major projects (Estate 128, 360, 361, Max One, Estate 105).
  • Cancellations: Immaterial at 22 units worth ₹139 Cr across the entire launched portfolio, concentrated in Estates 360 and 361.

Portfolio Overview

  • Total Launched Book Value: ₹18,760 Crore.
  • Sold Value: ₹15,652 Crore (83% of launched).
  • Balance GDV Pipeline: ₹29,058+ Crore, set to fuel growth from Q3 FY27 onwards.
  • Embedded Revenue (Contracted but not booked in P&L): ~₹15,650 Crore.
  • Embedded PBT (from launched projects): ₹4,800 – ₹5,700 Crore, expected to be recognized from FY28 to FY31.

Financial Performance (Consolidated)

Q2 FY27 Financials (₹ Crore)

  • Revenue: ₹52.8 (Q1 FY27: ₹51.9)
  • Lease Rental Income: ₹39.0 (Stable YoY)
  • EBITDA: ₹5.3 (Q1 FY27: ₹8.2)
  • Profit Before Tax (PBT): ₹7.2 (Q1 FY27: ₹11.4)
  • Profit After Tax (PAT): ₹4.7 (Q1 FY27: ₹8.3)
  • Profit Attributable to Max Estates: ₹5.7 (Q1 FY27: ₹4.9)

Capital Structure (as of September 2026)

  • Total Equity Capital: ₹3,210 Cr (including minority interest of ₹767 Cr).
  • Max Estates Share of Equity: ₹2,443 Cr.
  • Total External Debt: ₹2,117 Cr.
  • Construction Debt: ₹1,173 Cr.
  • Lease Rental Discounting (LRD): ₹944 Cr.
  • Compulsorily Convertible Debentures (CCD): ₹534 Cr (including accrued interest) owed to New York Life.
  • Cash & Cash Equivalents: ₹1,898 Cr.
  • Residential Cash: ₹1,823 Cr.
  • Commercial Cash: ₹75 Cr.
  • Net Debt (Borrowings less cash & RERA balances): ₹219 Cr.

Commercial Portfolio (WorkWell)

Operational Assets (100% Occupied)

1. Max Towers, Noida (0.5 mn sq. ft., 51% stake)

  • Weighted Avg. Rent: ~₹136 psf/month.
  • Last Achieved Rent: ₹156 psf/month.
  • WALE: 3.2 years.
  • Largest Tenant: Cyril Amarchand Mangaldas (22% of space).

2. Max House I, Delhi (0.3 mn sq. ft., 51% stake)

  • Weighted Avg. Rent: ~₹147 psf/month.
  • Last Achieved Rent: ₹168 psf/month.
  • WALE: 4.6 years.
  • Largest Tenant: Target (25% of space).

3. Max Square, Noida (0.7 mn sq. ft., 51% stake)

  • Weighted Avg. Rent: ~₹79 psf/month.
  • Last Achieved Rent: ₹76 psf/month.
  • WALE: 4.6 years.
  • Largest Tenant: Adobe (23% of space).

4. Max House II, Delhi (0.15 mn sq. ft., 51% stake)

  • Weighted Avg. Rent: ~₹160 psf/month.
  • Last Achieved Rent: ₹175 psf/month.
  • WALE: 6.2 years.
  • Largest Tenant: BBC-CNR (23% of space).

Assets Under Construction

1. Max Square Two, Noida (1.1 mn sq. ft., 51% stake)

  • Peak Rental Potential: ₹125+ Cr annually.
  • Pre-leasing: ~310,000 sq. ft. at a 25%+ premium.
  • Construction Start: Q1 FY25.
  • Occupancy Certificate (OC) Expected: Q2 FY28.

2. Max District, Gurugram (1.6 mn sq. ft., 51% stake)

  • Peak Rental Potential: ₹225+ Cr annually.
  • Pre-leasing: ~200,000 sq. ft. at a 35%+ premium.
  • OC Expected: Q2 FY28 (Phase II OC in Q3 FY29).

Annuity Income Potential

  • Peak Annuity Potential: ~₹700+ Cr (Max Estates share ~₹350 Cr) over the next 5 years.
  • Aspiration: To acquire 1 million sq. ft. of commercial real estate annually.

Residential & Mixed-Use Portfolio (LiveWell)

Projects Under Construction & Launched

1. Estate 128, Noida (100% stake)

  • GDV: ₹2,734 Cr.
  • Status: 100% sold, under construction.
  • Possession & PBT Recognition: FY28.
  • Estimated Margin: 40-45%.
  • Estimated PBT: ₹1,100-1,200 Cr.

2. Estate 360, Gurugram (100% stake)

  • GDV: ₹4,855 Cr.
  • Status: ~100% sold, under construction.
  • Possession & PBT Recognition: FY29.
  • Estimated Margin: 20-25%.
  • Estimated PBT: ₹1,000-1,200 Cr.

3. Estate 361, Gurugram (100% stake)

  • Total GDV Potential: ₹9,000+ Cr.
  • Launched GDV: ₹4,950 Cr.
  • GDV Sold: ₹3,451 Cr (~70% of launched).
  • Possession & PBT Recognition: FY31.
  • Estimated Margin: 20-25%.
  • Estimated PBT: ₹1,000-1,200 Cr.

4. Max One, Noida (51% stake)

  • GDV: ₹3,221 Cr.
  • GDV Sold: ₹2,088 Cr (includes ₹1,221 Cr from erstwhile developer).
  • CRE Rental Potential: ₹145 Cr annually.
  • Possession & PBT Recognition: FY29/30.
  • Estimated Margin: 25-30%.
  • Estimated PBT: ₹800-1,000 Cr.

5. Estate 105, Noida (51% stake)

  • Total GDV Potential: ₹6,000+ Cr.
  • Launched GDV: ₹3,000 Cr.
  • GDV Sold: ₹2,548 Cr (~85% of launched).
  • Possession & PBT Recognition: FY31.
  • Estimated Margin: 30-35%.
  • Estimated PBT: ₹900-1,100 Cr.

Near-Term Pipeline (To Be Launched)

  • Estate 361 Phase 2, Gurugram: GDV ~₹9,000 Cr (full project, Phase 1 already launched).
  • Estate 105 Phase 2, Noida: GDV ~₹6,000 Cr (full project, Phase 1 already launched).
  • Sector 59, Gurugram: ~1.3 mn sq. ft., GDV potential ₹3,900+ Cr.
  • Ghaziabad: ~1.5 mn sq. ft., GDV potential ₹2,500-3,000 Cr (Capital-light JDA model).
  • Delhi: ~6.0 mn sq. ft., GDV potential ₹12,000 Cr.
  • Total GDV Pipeline: ₹29,000+ Cr.

Strategic Partnership

  • New York Life: A strategic partner across key commercial and mixed-use developments (Max Towers, Max House, Max Square, Max Square Two, Max District, Max One, Estate 105), holding a 49% stake in these assets. New York Life is also represented on the Board of Directors.

Corporate Governance & Leadership

  • Board Composition: 44% female representation, 5 Independent Directors, majority-independent oversight.
  • Key Management: Sahil Vachani (Vice Chairman & MD), Vachan Singh (COO - Projects), Arihant Kothari (CIO - Capital Strategy).
  • Headcount: 378 employees as of Sep 2026, with an 84% retention rate.

Sustainability & ESG

  • All three operational commercial assets and all six under-construction projects are certified or pre-certified with top sustainability ratings (LEED Platinum/Gold, IGBC Platinum, WELL, etc.).
  • The company has outlined eight sustainability priorities for FY26-27.
  • Committed ₹2.76 Cr for an NHAI green belt project on the Dwarka Expressway.

Legal & Regulatory

  • The presentation includes detailed legal disclaimers and safe harbor statements.
  • It lists all group entities, their CIN numbers, and project-specific RERA registration details for transparency.

#Tags: #MaxEstates #Q2FY27 #InvestorPresentation #SEBIRegulation30 #RealEstate #Positive