Max Estates has announced robust performance for the second quarter and first half of FY27. The company recorded presales of INR2,100 crore in Q2 FY27, bringing H1 FY27 presales to approximately INR3,200 crore, which is about 60% of the full year FY26 target. Collections were also healthy at INR560 crore in Q2. The company highlighted strong execution progress across its projects and a robust development pipeline.
Max Estates Delivers Strong Q2 and H1 FY27 Performance
Max Estates has reported a strong second quarter and first half of FY27, driven by significant residential sales and continued project execution. The company recorded presales of approximately INR2,100 crore across 274 units in Q2 FY27. This performance brings the first half year (H1) presales to approximately INR3,200 crore across 521 units, already achieving about 60% of the full year FY26 presales target.
Key Financial and Sales Highlights
The company’s revenue recognition follows the Ind AS standard, where residential sales revenue is recognized upon possession handover. In Q2 FY27, consolidated revenue stood at INR53 crore, an 8% year-on-year growth. Profit before tax was INR7.2 crore, with profit after tax at INR4.7 crore for the quarter. For the half year, consolidated revenue reached INR375 crore with EBITDA of INR13.5 crore.
Collections remained healthy, with INR560 crore in Q2 FY27, contributing to approximately INR1,100 crore in H1 FY27. These collections are structured to fund construction without incremental debt. The company noted that cancellations remain immaterial across its portfolio.
Project Execution and Commercial Portfolio
Max Estates highlighted steady progress in project execution. For Estate 128, terrace slabs are being cast, and the superstructure of Tower 3 is complete. Estate 360 has seen slab work reach the sixth and 11th floors. The company expects a construction spend of about INR1,500 crore in FY27.
The commercial portfolio, comprising Max Towers, Max House, and Max Square, continues to operate at 100% occupancy with 1.3 million square feet leased, generating lease rental income of about INR40 crore in Q2 FY27. Pre-leasing for under-construction assets like Max Square 2 on the Noida Expressway has shown strong response, with 3.1 lac square feet pre-leased, about one-third of the total leasable area, more than a year ahead of the occupancy certificate.
Development Pipeline and Future Outlook
The company is focused on expanding its pipeline with significant GDV potential. New projects include Sector 59 in Gurgaon, with an approximate GDV of INR4,000 crore, planned for launch in Q3 ’27. Business development efforts include an MoU for a joint development agreement in Ghaziabad with a saleable potential of 1.5 million square feet and an estimated GDV between INR2,500 crore to INR3,000 crore. Additionally, an MoU for the acquisition of 84.7 acres in West Delhi aims to add approximately 2 million square feet of residential development annually, contributing to a total GDV pipeline of close to INR29,000 crore.
Source: BSE
