Comprehensive FY26 Performance Overview

Max Estates Limited delivered strong operational performance in FY26 with record presales of ₹5,305 crore, marking the second consecutive year above ₹5,000 crore, while maintaining 100% occupancy across its commercial portfolio. The company reported standalone revenue of ₹554.71 crore and profit after tax of ₹63.60 crore, though net profit declined 79% to ₹6,359.70 lakhs due to the absence of prior year one-time gains from subsidiary sales.

Financial and Operational Highlights

Financial Performance: Revenue from operations reached ₹199 crore with EBITDA including other income at ₹121 crore. Collections grew 61% YoY to ₹1,578 crore, while lease rentals increased 40% YoY to ₹158 crore. The company maintained strong liquidity with cash and cash equivalents of ₹1,758 crore against net debt of ₹97 crore.

Portfolio Expansion: Total portfolio area stood at 18.4 million sq. ft. across 12 projects, comprising 9.1 million sq. ft. residential, 4.2 million sq. ft. commercial, and 5.1 million sq. ft. mixed-use developments. The pipeline GDV exceeded ₹17,200+ crore with new acquisitions including development rights for a 7.25-acre land parcel in Sector 59, Gurugram with ₹3,900+ crore GDV potential.

Strategic Investments: The company invested heavily in subsidiaries, subscribing to CCDs in Max Estates Noida and Boulevard Projects totaling ₹54,840 lakhs in partnership with New York Life Insurance Company. Completed the acquisition of 100% shareholding in Base Buildwell Private Limited for ₹32,000 lakhs, making it a wholly-owned subsidiary.

ESG Leadership and Sustainability

Max Estates achieved exceptional ESG performance, receiving a GRESB 5-Star rating and ranking No. 1 among peer entities. Environmental metrics included total GHG emissions (Scope 1 + 2) of 8,343 tCO2e, with 992 tCO2e emissions avoided through renewable energy integration. The company maintained 100% waste recycling/diverted from landfills and recycled 41,785 KL water (19% of total usage).

Future Commitments: The company committed to sourcing renewable energy for 35% of operational portfolio by FY27 and 50% by 2030, with SBTi-aligned net zero targets. All operational assets achieved LEED/IGBC Platinum certifications and WELL Health & Safety Ratings.

Governance and Compliance

The Board comprised 10 Directors including 1 Executive Director and 9 Non-Executive Directors (5 Independent Directors with 3 Women Independent Directors). Four board committees oversaw sustainability implementation, with Mr. Sahil Vachani as the highest authority for BRSR implementation. The company complied with all applicable laws with no material penalties or strictures imposed during FY26.

Shareholder Engagement and AGM

The 10th Annual General Meeting will be held virtually on August 19, 2026, to consider routine business items. E-voting will be available from August 16-18, 2026 for shareholders as of the August 12, 2026 cut-off date. The shareholding pattern showed promoters holding 45.27%, foreign direct investment at 19.14%, and mutual funds at 7.51%.

Audit and Assurance

Auditors issued unmodified opinions on both standalone and consolidated financial statements, highlighting impairment assessment of investment properties as a key audit matter. The company maintained comprehensive anti-corruption frameworks including Whistleblower Policy and Code of Conduct, with all NGRBC principles covered by policies.

Future Outlook

With a robust pipeline of ₹17,200+ crore GDV, strategic acquisitions, and strong ESG credentials, Max Estates is well-positioned for sustained growth in the real estate sector while maintaining its commitment to sustainability and stakeholder value creation.