Max Estates Q2 Presales Hit INR2,100 Crores

Event Type: The document is the transcript of the Q2 FY27 Financial Results Earnings Conference Call, hosted by IIFL Capital Services Limited.
Date and Time: The call was conducted on November 5, 2026, at 2:30 p.m. IST.
Purpose: The call was held to discuss the company's Q2 FY27 financial results and business performance.
Management Participants: The call featured Mr. Sahil Vachani (Vice Chairman and Managing Director), Mr. Vachan Singh (Chief Operating Officer), Mr. Nitin Kansal (Chief Financial Officer), and Mr. Archit Goyal (Head, Investor Relations & Corporate Finance). Mr. Deval Mehta from IIFL Capital moderated.
Availability of Materials: The transcript itself is the disclosed material. No mention was made of a presentation deck or recording being hosted separately.
UPSI Statement: The transcript contains no statement indicating that no Unpublished Price Sensitive Information (UPSI) would be shared; the call included detailed operational and financial updates.

Financial & Operational Highlights from the Call:

Residential Business Performance (Q2 FY27):

Presales: Achieved INR 2,100 crores from 274 units.
H1 FY27 Presales: Totaled approximately INR 3,200 crores from 521 units, representing 60% of full-year FY26 presales.
Projects: Performance driven by sustenance sales at Estate 361 (Dwarka Expressway), Max One (Noida), and Estate 105 (Noida Expressway). Estate 128 and Estate 360 are fully sold.
Pricing: Average realization was INR 24,700 per square foot in Q2, compared to INR 18,400 in FY24.
Collections: Were INR 560 crores in Q2 (double YoY) and INR 1,100 crores for H1.
Contracted Revenue: INR 18,700 crores GDV launched; INR 15,700 crores (83%) is sold. This represents unrecognized revenue with an estimated embedded PBT of INR 4,800-5,700 crores, to begin recognition from FY28 with Estate 128 handovers.
Construction Spend: Expected to be ~INR 1,500 crores in FY27.

Commercial Portfolio Performance:

Occupancy: All three operational assets (Max Towers, Max House, Max Square) are at 100% occupancy (1.3 million sq. ft.).
Rental Income: Generated INR 39 crores in Q2 FY27, broadly stable YoY.
Pre-leasing: At Max Square 2 (Noida Expressway), pre-leasing increased to 3.1 lakh sq. ft. (from 90,000 sq. ft. last quarter) at a ~25% premium to the micro market. At Max District (Gurgaon), ~2 lakh sq. ft. is pre-leased at a >35% premium.
Future Rental Potential: The portfolio has the potential to generate ~INR 700 crores in annual rental income on stabilization.

Business Development & Pipeline:

Sector 59, Gurgaon: A new project with a GDV of ~INR 4,000 crores on a 7.25-acre land parcel (1.3 million sq. ft. development potential). Launch is planned for Q3 FY27.
New MoUs: Signed an MoU for a proposed JDA on 9.7 acres in Ghaziabad (saleable potential: 1.5 million sq. ft., GDV: INR 2,500-3,000 crores). Entered an MoU for the acquisition of 84.7 acres in West Delhi.
Total GDV Pipeline: stands at close to INR 29,000 crores from Q3 FY27 onwards.
Growth Target: The company aims to add ~2 million sq. ft. of residential development annually.

Execution Update (by Vachan Singh):

Progress: Poured 60,000 cubic meters of concrete in Q2 (cumulative: 3 lakh cubic meters); used 7,000 MT of steel (cumulative: 42,000 MT); cast 60 floors.
Governance: External audits by Bureau Veritas and TUV rate projects between 98-100 for safety and 88-100 for quality.
Technology: Adopted composite steel structures, aluminum formworks, jump forms, and automated machinery.
Project-Specific Updates: Estate 128 is on track for FY28 delivery. Estate 360 slab work reached between the 6th and 11th floors. Max One, Max Square 2, and Max Square 6 are on schedule.
Sustainability: Secured a dual 5-star GRESB rating for the second consecutive year (2026), scoring 100/100 in development and 93.5/100 in standing investment. Max Tower and Max Square received the British Safety Council Sword of Honor.

Financial Update (by Nitin Kansal):

Revenue Recognition Reminder: Under Ind AS, residential revenue is recognized upon possession, while marketing costs are expensed as incurred.
Q2 FY27 P&L: Consolidated revenue stood at INR 53 crores (up 8% YoY). Profit Before Tax (PBT) was INR 7.2 crores; Profit After Tax (PAT) was INR 4.7 crores.
H1 FY27 P&L: Consolidated revenue was INR 375 crores with an EBITDA of INR 13.5 crores.
Marketing Spend: Was ~INR 20 crores in Q2 (vs. INR 12 crores YoY), reflecting high sales activity.
Max Asset Services: Revenue was ~INR 17 crores in Q2, a 28% YoY growth.
Balance Sheet (as of Sep 30, 2026): External debt was INR 2,100 crores (INR 950 crores is lease rental discounting). Cash & equivalents were INR 1,900 crores, resulting in net debt of ~INR 200 crores and a net debt-to-equity ratio well below 0.5x.

Q&A Session Key Points:

Management expressed confidence in demand for its products in the consolidating NCR market.
The launch strategy for Sector 59 will be calibrated closer to the launch date.
The company remains focused on adding 2-3 million sq. ft. annually in the NCR region and is actively evaluating opportunities to expand its commercial portfolio.
The West Delhi land acquisition is in the planning permission phase, with an 18-24 month timeline expected for approvals. No significant costs are being incurred currently.
Revenue recognition for Max One is expected: commercial tower in FY28 and residential in FY30.

The document is a transcript filed as an enclosure to a regulatory submission to the BSE and NSE.
The transcript contains extensive financial and operational data disclosed during the earnings call.
The call concluded with Diwali greetings from the management.

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