Max Estates Limited (MAXESTATES)
₹525.60 -1.90% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Max Estates' revenue was ₹51.9 Cr (+0.8% year on year, +5.0% on the previous quarter), and net profit ₹8.4 Cr (-30.0% year on year); the operating margin was 15.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹51.9 | +0.8% | +5.0% |
| Operating profit | ₹8.1 | -41.6% | from loss |
| Net profit | ₹8.4 | -30.0% | from loss |
| EPS (₹) | 0.51 | -31.1% | from loss |
| Operating margin | 15.6% | — | — |
MAXESTATES delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 60.75% of the MAXESTATES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.53%. That is close to its usual level. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 56.4% · 52.1% · 48.9% · 57.0% · 60.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Max Estates Limited has received a show cause notice (DRC-01) from the UP State Tax Department proposing a demand of ₹2.59 Crores for FY23. The demand relates to GST return and input tax credit reconciliations of the erstwhile merged entity, Max Ventures and Industries Limited. The aggregate sum includes ₹1.35 Crores in tax, ₹97.25 Lakhs in interest, and ₹26.65 Lakhs in penalty. The company stated the matter is currently at the show cause stage, with no final order passed and no immediate operational impact.
- Proposed total demand of ₹2.59 Crores under Section 73 of the CGST/UPGST Act
- Demand breakdown comprises ₹1.35 Crores tax, ₹97.25 Lakhs interest, and ₹26.65 Lakhs penalty
- Relates to FY23 GST reconciliation matters of merged entity Max Ventures and Industries Limited
- Matter is at the show cause notice stage with no final order passed
Max Estates Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by MAS Services Limited, the company's Registrar and Share Transfer Agent (RTA). The RTA confirmed that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed, mutilated, and cancelled within the mandated 15-day timeline. This is a standard regulatory filing with no material impact on operations or financials.
- Regulation 74(5) confirmation certificate submitted for the quarter ended September 30, 2026
- Covers the dematerialization period from 01/07/2026 to 30/09/2026
- RTA MAS Services Limited confirmed processing and cancellation of securities within the statutory limit of 15 days
- Filing dated October 6, 2026 submitted to both BSE (544008) and NSE (MAXESTATES)
Max Estates reported strong operational updates with pre-sales reaching ~₹3,200 crore in H1FY27, significantly exceeding its TTM revenue base of ₹200 crore. In Q2FY27 alone, pre-sales jumped 1,246% YoY to ~₹2,100 crore across 274 units sold, compared to ₹156 crore across 24 units in Q2FY26. Quarterly collections reached ~₹560 crore, supporting residential construction through internal accruals without requiring incremental debt. Commercial portfolio remains 100% leased with ₹160+ crore in annual rentals, with management targeting ₹700+ crore annuity potential over 5 years.
- H1FY27 pre-sales reached ~₹3,200 crore, led by ₹1,747 crore from Estate 361.
- Q2FY27 pre-sales increased 1,246% YoY to ~₹2,100 crore, with 274 units sold vs 24 units in Q2FY26.
- Max One contributed ₹584 crore to Q2FY27 pre-sales.
- Collections stood at ~₹560 crore for Q2FY27, maintaining 20–25% realization of sales value.
- Commercial annuity rental income potential targeted at ₹700+ crore over the next 5 years (currently ₹160+ crore).
Max Estates has achieved a Dual 5-Star Rating in the 2026 GRESB Real Estate Assessment for the second consecutive year. The company recorded a perfect score of 100/100 in the Development category and 93.5/100 in Standing Investments. Within its predefined peer group of six listed residential real estate entities in India, Max Estates secured the No. 1 rank in Development, placing it in the top quintile (top 20%) globally. While positive for ESG credentials and institutional tenant appeal, the announcement represents an ESG milestone rather than immediate revenue or order generation.
- Scored 100/100 in the GRESB Development category and 93.5/100 in Standing Investments
- Ranked No. 1 among a predefined peer group of 6 listed residential real estate entities in India
- Secured a 5-Star Rating placing the firm in the top quintile (top 20%) of global GRESB participants
- Maintained the Dual 5-Star Rating for the second consecutive year
Max Estates Limited announced the voting results of its Extraordinary General Meeting held on September 24, 2026. Shareholders approved two key resolutions: a material related party transaction to acquire securities in land-owning companies (99.9998% votes in favour) and a preferential issue of equity shares via share swap (99.9488% votes in favour). Total paid-up share capital stood at Rs 163.58 Cr across 16.36 Cr shares prior to the issuance. The approval clears the way for land asset acquisition to bolster its project pipeline.
- Resolution 1 for acquisition of securities in land-owning companies passed with 99.9998% assent
- Resolution 2 for preferential share issuance via share swap approved with 99.9488% assent
- Total paid-up equity capital at cut-off date was Rs 163.58 Cr across 16,35,79,866 equity shares
- A total of 8,86,34,248 votes were polled on the preferential issue resolution, representing 54.18% of outstanding shares
Max Estates Limited announced the voting results of its Extraordinary General Meeting held on September 24, 2026. Shareholders approved two key resolutions: a material related party transaction to acquire securities in land-owning companies (99.9998% votes in favour) and a preferential issue of equity shares via share swap (99.9488% votes in favour). Total paid-up share capital stood at Rs 163.58 Cr across 16.36 Cr shares prior to the issuance. The approval clears the way for land asset acquisition to bolster its project pipeline.
- Resolution 1 for acquisition of securities in land-owning companies passed with 99.9998% assent
- Resolution 2 for preferential share issuance via share swap approved with 99.9488% assent
- Total paid-up equity capital at cut-off date was Rs 163.58 Cr across 16,35,79,866 equity shares
- A total of 8,86,34,248 votes were polled on the preferential issue resolution, representing 54.18% of outstanding shares
Max Estates Limited has entered into a binding Memorandum of Understanding (MoU) for a proposed Joint Development Agreement (JDA) on a ~9.76-acre land parcel in Indirapuram, Ghaziabad. The project is structured on a capital-light, revenue-sharing model and envisages ~1.5 million sq. ft. of super built-up development. The estimated Gross Development Value (GDV) of ₹2,500-3,000 crore represents a significant pipeline addition compared to the company's TTM revenue of ₹200 crore. The deal marks the company's entry into Ghaziabad, expanding beyond Noida, Gurugram, and Delhi, subject to due diligence and regulatory approvals.
- Binding MoU entered for ~9.76-acre land parcel in Indirapuram, Ghaziabad
- Unlocks estimated Gross Development Value (GDV) of ~INR 2,500-3,000 crore
- Envisages super built-up development potential of ~1.5 million sq. ft.
- Capital-light structure with the landowner compensated via a revenue-sharing model
Max Estates Limited has allotted 14,931 equity shares of face value Rs 10 each following the exercise of stock options under its ESOP Plan 2023. As a result, the paid-up share capital marginally increases from Rs 163.56 crore to Rs 163.58 crore. The total number of issued equity shares now stands at 16,35,79,866. This is a negligible equity dilution of less than 0.01% with no material impact on earnings per share.
- Allotment of 14,931 equity shares of face value INR 10 each under ESOP Plan 2023
- Paid-up equity share capital increases from INR 1,63,56,49,350 to INR 1,63,57,98,660
- Total outstanding equity shares reach 16,35,79,866
- Approval granted by the Nomination and Remuneration Committee on September 11, 2026
Max Estates Limited has issued an EGM notice seeking shareholder approval to acquire 100% ownership in 9 land-owning companies for a total consideration of up to ₹420.23 Cr. The transaction involves material related-party sellers (capped at ₹379.12 Cr) and will be discharged entirely through a share swap via preferential issue of equity shares at ₹597.50 per share, requiring zero cash outlay. The acquisition expands the company's land bank to support its residential and commercial development pipeline.
- Proposed acquisition of 100% equity and CCDs in 9 land-owning companies for up to ₹420.23 Cr
- Related-party transaction component capped at ₹379.12 Cr involving promoter group entities and individuals
- Entire consideration discharged via share swap at ₹597.50 per equity share with no cash outflow
- EGM scheduled for September 24, 2026, with cut-off date for voting on September 17, 2026
Max Estates' Board has approved the acquisition of 100% equity and CCD interest across 9 Land Owning Companies controlling an 84.7-acre land platform in Sector 3, Najafgarh, Delhi. The entire consideration of ₹420.23 crore will be discharged via a preferential share swap of up to 70,33,162 equity shares at ₹597.50 per share (a premium to the CMP of ₹539). The underlying land is valued at ₹4.95 crore per acre. This transaction involves promoter entities as related parties and will result in an equity dilution of approximately 4.30% upon shareholder approval at the EGM scheduled for September 24, 2026.
- Acquisition of 84.7-acre land parcel in Sector 3, Najafgarh, Delhi across 9 target companies.
- Deal value of ₹420.23 crore discharged entirely via preferential issue of up to 70,33,162 equity shares.
- Share swap issue price fixed at ₹597.50 per share, above current market price of ₹539.0.
- Independent land valuation established at ₹4.95 crore per acre by Cushman & Wakefield and iVAS Partners.
- EGM convened for September 24, 2026 to seek shareholder approval for the transaction.
Max Estates has signed a Share Purchase Agreement to acquire 100% ownership in promoter-owned SPVs holding an ~84.71-acre land parcel in West Delhi. The transaction is structured as a non-cash share swap worth ~₹420.2 crore via the preferential issuance of ~70 lakh shares at ₹597.50 per share. The acquisition unlocks an estimated Gross Development Value (GDV) of ₹10,000–12,000 crore across 4–6 million sq ft of developable area, marking the company's direct entry into the NCT Delhi residential market. The deal requires no cash outflow, preserving existing cash balances of ~₹1,727 crore (as of June 2026), and remains subject to shareholder and stock exchange approvals.
- Acquires ~84.71-acre West Delhi land parcel unlocking an estimated GDV of ~₹10,000-12,000 crore.
- Non-cash transaction: to issue ~70 lakh equity shares at ₹597.50 per share, aggregating ~₹420.2 crore.
- Land acquired at ~₹4.95 crore/acre (<5% of GDV vs. typical 20-25% for cash purchases), yielding 4-6 mn sq ft developable area.
- Preserves ₹1,727 crore of cash and cash equivalents (as of June 2026) for other parallel pipeline developments.
- Independent valuation anchored by Cushman & Wakefield and iVAS Partners, swap ratio by KPMG, and fairness opinion from Motilal Oswal.
Max Estates' Board has approved the 100% acquisition of nine Land Owning Companies holding an aggregate 84.7-acre land platform in Sector 3, Najafgarh, Delhi. The entire consideration of ₹420.23 Cr will be discharged via a preferential issue of up to 70.33 lakh equity shares at ₹597.50 per share (a premium to the CMP of ₹539.0). The underlying land has been valued at ₹4.95 crore per acre by independent valuers. The transaction constitutes a related-party transaction and is subject to shareholder approval at an EGM scheduled for September 24, 2026.
- Acquisition of 100% equity and CCDs in 9 Land Owning Companies holding ~84.7 acres in Najafgarh, Delhi
- Total consideration of up to ₹420.23 Cr discharged non-cash via preferential allotment of 70,33,162 equity shares
- Issue price fixed at ₹597.50 per share, representing an ~11% premium to the current market price of ₹539.00
- Land valuation benchmarked at ₹4.95 Cr per acre based on independent valuer reports
- Extra-Ordinary General Meeting (EGM) to vote on the transaction convened for September 24, 2026
Max Estates has agreed to acquire an ~84.71-acre contiguous land parcel in West Delhi with an estimated Gross Development Value (GDV) of ₹10,000–12,000 Cr. The transaction involves nil cash outflow, settled entirely via the preferential issuance of ~70 lakh shares at ₹597.50 per share (totaling ~₹420.2 Cr) to promoters. The land offers a developable potential of 4–6 mn sq ft (FAR 2.0) at an attractive land cost of ~₹1,000/sq ft (<5% of GDV vs industry norm of 20–25%). This marks the company's first residential entry inside NCT Delhi, expanding its pipeline beyond Noida and Gurugram while keeping balance sheet cash intact.
- Acquisition of ~84.71 acres in West Delhi with an estimated GDV of ~₹10,000–12,000 Cr
- Total consideration of ~₹420.2 Cr settled 100% via equity issuance at ₹597.50 per share (~70 lakh shares)
- Developable area estimated at 4–6 mn sq ft (FAR 2.0) with an implied land cost of ~₹1,000 per sq ft
- Promoter shareholding to increase from 45.3% to 47.1% post-allotment
- Land acquired via 9 land-owning entities becoming wholly-owned subsidiaries, subject to EGM and regulatory approvals
Max Estates' Board has approved the acquisition of 100% equity and CCD interest across nine land-owning entities controlling an 84.7-acre land parcel in Sector 3, Najafgarh, Delhi. The entire consideration of ₹420.23 crore will be discharged non-cash via a preferential share swap of up to 70,33,162 equity shares at ₹597.50 per share (a premium to current market price of ₹539). The transaction involves related parties and promoter group entities, supported by an independent land valuation of ₹4.95 crore per acre. The proposed deal will result in a ~4.1% equity dilution upon completion and is subject to shareholder approval at the EGM on September 24, 2026.
- Acquiring 100% interest in 9 Land Owning Companies controlling an 84.7-acre land parcel in Sector 3, Najafgarh, Delhi
- Total transaction value of ₹420.23 crore discharged fully via swap of 70,33,162 shares at ₹597.50 per share
- Underlying land valued at ₹4.95 crore per acre by independent valuers Cushman & Wakefield and iVAS Partners
- Transaction is a related-party acquisition from promoter group entities, expanding total paid-up equity shares from 16.36 cr to 17.06 cr
- EGM scheduled for September 24, 2026 to seek shareholder approval for the transaction
Max Estates' Board has approved the acquisition of a 100% stake in 9 land-owning entities holding an 84.7-acre land parcel in Sector 3, Najafgarh, Delhi. The entire purchase consideration of ₹420.23 crore is being discharged via a cashless share swap through the preferential issue of up to 70.33 lakh equity shares at ₹597.50 per share (a premium to the CMP of ₹539). The transaction constitutes a related-party acquisition at an underlying land valuation of ₹4.95 crore per acre, expanding the company's Delhi-NCR development pipeline.
- Acquiring 100% equity in 9 land-owning companies holding an 84.7-acre land parcel in Sector 3, Najafgarh, Delhi.
- Total consideration of up to ₹420.23 crore discharged entirely through a preferential share swap.
- Issuing up to 70,33,162 equity shares at ₹597.50 per share, resulting in a ~4.3% equity dilution.
- Underlying land valued at ₹4.95 crore per acre based on independent valuer reports.
- EGM convened for September 24, 2026 to seek shareholder approval for the transaction.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 24% YoY to INR 100.2 Cr in H1FY26. Lease rental income grew 41% YoY to INR 76 Cr, while the facility management arm (Max Asset Services) grew 33% YoY to INR 26 Cr.
Geographic Revenue Split
100% of revenue is derived from the Delhi NCR region, specifically Noida and Gurugram markets.
Profitability Margins
H1FY26 PAT margin stood at 19.7% (INR 19.8 Cr profit on INR 100.2 Cr revenue), representing a significant turnaround from a loss of INR 3.4 Cr in H1FY25. Standalone net worth grew by INR 1,101.80 Cr to INR 2,360.94 Cr in FY25.
EBITDA Margin
EBITDA margin for H1FY26 was 23.9%, a decline from 29.5% in H1FY25. This was driven by an 84.6% increase in employee benefit expenses (INR 14.4 Cr) and a 55.5% increase in other expenses (INR 36.7 Cr) to support scaling operations.
Capital Expenditure
The company approved a fundraise of INR 800 Cr in FY25, including a QIP of 1.33 Cr shares at INR 597.50 each. A funding of INR 500 Cr was committed to Max Estates Noida Private Limited via Compulsory Convertible Debentures (CCDs).
Credit Rating & Borrowing
The company is rated by CARE Ratings. Total borrowings stood at INR 1,550 Cr as of September 2025, with a significant component of INR 867 Cr (56% of debt) being Lease Rental Discounting (LRD) which is backed by stable cash flows.
Operational Drivers
Raw Materials
Primary raw materials include Land and Development Rights (INR 2.68 Cr cost in FY25), Steel, Cement, and Construction Labor.
Import Sources
Land and development rights are sourced locally within the Delhi NCR region (Noida and Gurugram).
Capacity Expansion
Current operational lease portfolio is 1.3 million sq ft (100% leased). The company has a massive GDV pipeline of INR 17,000 Cr yet to be launched and is undertaking ~34 lsf of residential projects.
Raw Material Costs
Cost of goods sold was INR 3.8 Cr in H1FY26, representing 3.8% of revenue. Procurement is managed through a central cross-functional team to mitigate price volatility.
Manufacturing Efficiency
Achieved 100% occupancy across all operational CRE assets, commanding a 20-25% rental premium over micro-market averages.
Strategic Growth
Expected Growth Rate
15-20%
Growth Strategy
Growth will be driven by the launch of three major developments in H2FY26: Estate 361, Max One, and Max 105. These projects are expected to generate presales of INR 6,000-6,500 Cr. The strategy focuses on 'Flight to Quality' in CRE and premiumization in residential segments.
Products & Services
Grade A+ Commercial Office Spaces (Leasing), Premium Residential Apartments (Sales), and Facility Management Services.
Brand Portfolio
Max Estates, Max Towers, Max House, Max Square, Estate 128, Estate 360, Estate 361, Max One, Max 105.
New Products/Services
New residential launches (Estate 361, Max One, Max 105) in H2FY26 are the primary drivers for the projected INR 6,000+ Cr presales contribution.
Market Expansion
Deepening market penetration within the Delhi NCR region, specifically Noida and Gurugram, leveraging a GDV pipeline of INR 17,000 Cr.
Strategic Alliances
Strategic partnership with New York Life Insurance (NYL), which holds a 49% equity stake in material subsidiaries MTPL and PCL and acts as a co-investment partner.
External Factors
Industry Trends
The industry is seeing a 'flight to quality' where tenants prefer Grade A+ sustainable offices. Max Estates positions itself as a premium developer with 100% occupancy in operational assets.
Competitive Landscape
Competes with institutional Grade A developers in the Delhi NCR region; maintains an edge through 100% occupancy and high collection efficiency (95%+).
Competitive Moat
Moat is built on the 'Max' brand legacy, strategic co-investment from New York Life, and superior execution that allows for 20-25% rental premiums. This is sustainable due to the scarcity of high-quality Grade A+ managed office spaces.
Macro Economic Sensitivity
Highly sensitive to interest rate cycles and regional GDP growth in Delhi NCR, which influences both commercial leasing demand and residential buying power.
Consumer Behavior
Shift towards wellness-focused and sustainable living/working spaces, which aligns with Max Estates' 'WorkWell' and 'LiveWell' philosophies.
Geopolitical Risks
Low direct exposure as operations are entirely domestic; however, global economic slowdowns could affect MNC leasing decisions.
Regulatory & Governance
Industry Regulations
Operations are governed by RERA for residential projects and local municipal building codes. The company maintains a Risk Management Committee to ensure regulatory compliance.
Environmental Compliance
Invested 1.62% of revenue into employee well-being and safety; 93.3% of employees are trained on health and safety standards.
Taxation Policy Impact
Effective tax rate for H1FY26 was approximately 30.5% (INR 8.7 Cr tax on INR 28.5 Cr PBT).
Legal Contingencies
Secretarial audits for FY25 reported no qualifications or adverse remarks for the company or its material subsidiaries (Max Square, Pharmax, Max Asset Services, Max Towers, Acreage Builders).
Risk Analysis
Key Uncertainties
Execution risk regarding the timely launch and construction of the INR 9,500 Cr H2FY26 pipeline and potential changes in regional land allotment policies.
Geographic Concentration Risk
100% of assets and revenue are concentrated in Delhi NCR, creating high vulnerability to regional economic downturns or local regulatory changes.
Third Party Dependencies
Dependency on New York Life for strategic co-investments and on external contractors for project execution.
Technology Obsolescence Risk
Low risk; the company proactively invests in smart building technologies and digital transformation for facility management.
Credit & Counterparty Risk
Low risk due to 100% occupancy by blue-chip tenants like Adobe and high residential collection efficiency of 95%+.
