Max Estates Limited reported strong performance for Q4 FY26 and the full fiscal year. The company achieved INR5,305 crore in residential presales for FY26, marking the second consecutive year exceeding the INR5,000 crore milestone. Commercial office leasing also saw robust growth, with occupancy at 100% across all assets. The company provided an optimistic outlook, focusing on strategic growth in the National Capital Region (NCR).
Max Estates Reports Strong FY26 Performance
Max Estates Limited has announced its financial results for the fourth quarter and full fiscal year ending March 31, 2026. The company showcased significant achievements, particularly in its residential segment, with full-year presales reaching INR5,305 crore. This marks the second consecutive year the company has surpassed the INR5,000 crore presales benchmark, underscoring its resilient business model and strong market position.
Residential Segment Highlights
The residential business recorded total presales of INR5,305 crore for FY26. The third-year presales CAGR stands at an impressive 70%. In Q4 FY26, the company booked INR3,300 crore, driven by major launches like Estate 105 in Noida and Max One in Sector 16B Noida. Collections for the year reached INR1,578 crore, a 61% increase year-on-year. Average realizations have steadily grown, reaching INR23,000 per square foot in FY26. Cancellations remain negligible, reflecting strong buyer commitment.
The company’s future revenue pipeline is substantial, with total revenue from launch projects yet to be recognized standing at INR16,310 crore, of which INR12,500 crore is already sold and contracted. The embedded profit before tax (PBT) from these projects is estimated between INR4,200 crore and INR4,900 crore. The residential pipeline for the next fiscal year (FY27) is projected at over INR17,200 crore, including new launches like The Terraces within Estate 361 and a Sector 59 project in Gurgaon.
Commercial Portfolio Strength
Max Estates maintains a strong footing in its commercial real estate portfolio, with all three operational assets (Max Towers, Max House Phase 1 & 2, and Max Square) operating at 100% occupancy. Lease rental income grew 40% year-on-year to INR150 crore in FY26. The company continues to expand its commercial presence, targeting an addition of approximately 1 million square feet annually. Under-construction projects like Max Square Two and Max District are expected to add significantly to future rental income.
Financial Overview
Consolidated revenue for FY26 was INR200 crore, with EBITDA at INR24 crore and PBT at INR23 crore. Max Asset Services contributed INR88 crore to revenues. The company maintains a lean balance sheet, with total debt at INR1,850 crore, of which INR970 crore is asset-backed borrowing. Cash and cash equivalents stood at INR1,750 crore, resulting in a net debt position of approximately INR100 crore.
Market Outlook and Strategy
Max Estates expresses a cautiously optimistic outlook, acknowledging a moderation in the residential market over the last six months, partly due to global uncertainties. However, the company remains confident in the fundamental long-term demand in the NCR region, particularly from end-users. The strategy remains focused on the NCR, with a philosophy of ‘live well’ for residential communities and ‘work well’ for office communities. The company is prioritizing strategic levers like expanding its studio, luxury residential, and senior housing offerings under the Antara brand, while maintaining a strong focus on business development and risk management.
Key Projects and Launches
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The Terraces (Estate 361): Launched in Q1 FY27, offering smart homes and duplex loft residences, with a development value of approximately INR1,200 crore.
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Sector 59 Project (Gurgaon): Planned for launch in Q3 FY27, with an estimated GDV of approximately INR3,900 crore.
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Estate 105: Repositioned with a revised mix of residential and serviced apartments, doubling its GDV from INR3,000 crore to INR6,000 crore. Phase 2 planned for FY28.
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Max One (Sector 16B Noida): Acquired and actively selling, contributing INR1,400 crore to FY26 presales, with an estimated GDV of over INR3,200 crore.
The company plans to add approximately 2 million square feet of residential development and 1 million square feet of commercial space annually.
Source: BSE
