Max Estates Limited announced strong performance for Q3 and 9 months FY’26, highlighted by the successful launch of Phase 1 of Estate 361 in Gurgaon, which achieved presales exceeding INR1,900 crores. The company reaffirmed its commitment to both residential and commercial growth in the NCR, planning further launches in Noida totaling INR4,000 crores GDV in Q4 FY’26. Financially, consolidated revenue stood at INR150 crores for the nine months.
Q3 FY’26 Business Highlights and Residential Success
Max Estates reported significant traction across its portfolio during the Q3 and 9-month period of FY ’26. The cornerstone of the quarter was the launch of Phase 1 of Estate 361 in Sector 36A, Gurgaon, which carries a Gross Development Value (GDV) of approximately INR2,500 crores. This forest-led, intergenerational community has already secured presales of over INR1,900 crores in Gurgaon.
The average price realization for Estate 361 stands at INR22,000 a square foot, reflecting a premium over the micro-market rates. Management noted that approximately 66% to 70% of inventory sold is driven by end-users, indicating strong brand preference for their well-being offerings.
Furthermore, the company confirmed presales from its flagship Estate 128, Noida, in excess of INR2,700 crores (100% inventory sold), and Estate 360, Gurugram, with presales of INR4,831 crores. The total launch pipeline potential now stands at approximately INR14,500 crores GDV post-Estate 361 Phase I.
Commercial Portfolio Momentum and Financials
The commercial portfolio demonstrated strong leasing momentum. An LOI was signed for a long-term lease pre-leasing 200,000 square feet at Max District, Sector 65, Gurugram, securing gross rentals of over INR270 crores over the lease period—achieved 2.5 years ahead of completion and at a 35% premium to prevailing rents.
Operational commercial assets are running at 100% occupancy, generating annual rental income exceeding INR155 crores. Overall, the commercial portfolio is poised for an annuity income potential exceeding INR700 crores annually in the coming years.
Financial Summary (9 Months FY’26)
Consolidated revenue for the 9 months reached INR150 crores, with a consolidated EBITDA of INR27 crores. Consolidated Profit After Tax (PAT) stood at INR20 crores. Lease rental income grew 38% year-on-year to INR115 crores. Debt as of December ’25 stood at INR1,700 crores, resulting in a net debt of INR414 crores after cash equivalents of INR1,284 crores.
Business Development Pipeline and Strategy
Max Estates is targeting further launches in Q4 FY ’26, including developments in Noida aggregating about INR4,000 crores GDV (Max One, Sector 16B, and a project in Sector 105).
For FY ’27, the company plans to acquire between 1 million to 2 million square feet of residential space and close to 1 million to 1.5 million square feet of commercial space, intending to deploy capital of close to INR1,000 crores.
On the sponsor land bank, the 100-acre contiguous parcel under the land pooling policy has a potential GDV upwards of INR10,000 crores, expected to be primarily residential with mixed-use components.
Margin Expectations
Management provided guidance on expected margins based on transaction type. Outright assets like Estate 28 are projected to yield margins between 40% to 45%, whereas Joint Development Agreements (JDAs) like Estate 360 and 361 are expected to yield margins of 22% to 25%, with similar Internal Rates of Return (IRR) due to lower capital deployment.
Forward Outlook and Governance
The company expressed confidence in achieving its collection targets for FY ’26, expecting launches in February/March to contribute significantly. Regarding the company’s long-term structure, management affirmed a commitment to growing both the annuity (commercial) and residential portfolios equally, aiming to reach a point where they can commence dividend payments once residential project completion cycles (expected in the next 2.5 years) start reflecting profits on books via OC receipt.
Regarding regulatory clearances, building plans have been received for the new Noida projects (Max Estates and 105), and the company is awaiting final RERA approval shortly. Furthermore, a key organizational change included hiring a new Chief Operating Officer, Projects, six months prior, to enhance execution focus and delivery on cost and timelines.
Source: BSE
