Max Estates reports strong Q1FY27 operating momentum; pre-sales at ₹1,093 crore, nearly 5x YoY

New Delhi, August 15, 2026: Max Estates Limited (MEL), the real estate arm of Max Group, reported strong operating momentum in the first quarter of FY27, with pre-sales of ₹1,093 crore, nearly five times the year-ago period, supported by robust customer response across its residential portfolio and strong occupancy and leasing momentum across its commercial assets.

Phase I of The Terraces at Estate 361, Gurugram, launched in May 2026, was fully sold out in the launch quarter, contributing approximately ₹500 crore in pre-sales. Sustenance sales across the existing portfolio contributed a further approximately ₹600 crore during the quarter. Overall, Estate 361 has recorded cumulative pre-sales of ₹2,489 crore from Phase 1, representing more than 66 per cent of launched inventory, with collections of ₹313 crore.

Commenting on the performance, Sahil Vachani, Vice Chairman & MD of Max Estates Limited, said, “Delivering approximately ₹1,093 crore of pre-sales in the first quarter itself is a strong start to FY27 and reaffirms the trust our customers place in Max Estates’ wellbeing-led LiveWell and WorkWell offerings. The complete sell-out of Phase 1 of The Terraces within weeks of launch, alongside continued momentum across Estate 361, Estate 360 and Estate 128, reflects the depth of demand for thoughtfully designed, wellness-anchored communities in NCR.

Our decision to revise Estate 105 to a fully residential offering, nearly doubling its GDV potential to approximately ₹6,000 crore, and our entry into Sector 59 on Golf Course Extension Road, add meaningfully to our growth runway. This quarter, we were also pleased to receive our first-ever issuer credit rating of [ICRA]A+ with a Stable outlook, an independent validation of the healthy sales, collections and leasing performance we have built over the years.

With a remaining GDV pipeline of over ₹16,150 crore set to fuel growth through FY27 and beyond, and a strong balance sheet with net debt of ~₹234 crore as on date, we remain confident of sustaining this momentum.”

At Estate 360, Gurugram, cumulative pre-sales have reached ₹4,831 crore, with the project approximately 100 per cent sold. Estate 128, Noida, is also fully sold out with cumulative pre-sales of ₹2,734 crore, with the first residential delivery remaining on track for FY2028.

At Estate 105, Noida, the company achieved ₹219 crore in pre-sales during Q1FY27, taking cumulative pre-sales to ₹2,002 crore, with around 67 per cent of launched inventory sold. The company has revised the development mix at the project to a completely residential portfolio, increasing its GDV potential to approximately ₹6,000 crore from around ₹3,000 crore. Phase 2 is planned for launch in CY27.

The company has also entered Gurugram’s luxury residential market through development rights for a 7.25-acre land parcel in Sector 59, Gurugram, on Golf Course Extension Road. The project has development potential of approximately 1.3 million sq ft and GDV potential of more than ₹3,900 crore, with launch expected in Q3FY27.

The company has a remaining pipeline representing over ₹16,150 crore in GDV, to be sold in a phased manner, and aims to add around 2 million sq ft of residential development annually.

Strong commercial platform

Max Estates’ commercial portfolio continued to demonstrate strong operating performance, with its operational assets – Max Towers, Noida; Max House Phase I & II, Okhla; and Max Square, Noida – operating at 100 per cent occupancy.

The company’s under-construction commercial portfolio also recorded leasing momentum. Max Square 2, Noida, with a leasable area of 0.9 million sq ft, is expected to receive its occupancy certificate by Q2FY28 and is expected to add more than ₹125 crore to the annuity portfolio. Max District, Sector 65, Gurugram, with a leasable area of approximately 1.6 million sq ft, is expected to receive occupancy certificates in phases in Q2FY28 and Q3FY29, respectively, and is expected to add more than ₹225 crore to the annuity portfolio.

The overall commercial portfolio is poised for potential annual rental income of over ₹700 crore on a 100 per cent basis over the next five years, across delivered, under-construction and acquisition assets. The company aspires to add 1 million sq ft in the commercial segment every year.

ICRA assigns [ICRA]A+ Stable rating

During the quarter, ICRA Limited assigned Max Estates a first-time issuer rating of [ICRA]A+ with a Stable outlook, reflecting the company’s healthy sales and collections, strong commercial leasing occupancy and improving cash flow and leverage metrics.

Financial performance

On the financial front, consolidated revenue stood at ₹51.9 crore in Q1FY27, while EBITDA stood at ₹8.1 crore. Consolidated PBT stood at ₹11.4 crore and PAT at ₹8.4 crore. Lease rental income from Max Towers, Max House and Max Square increased 4.5 per cent year-on-year to ₹39.7 crore, while Max Asset Services revenue stood at ₹14.6 crore in Q1FY27, registering a 16 per cent year-on-year growth.

As of June 2026, total leased area stood at 1.24 million sq ft. Debt stood at ₹1,961 crore, including lease rental discounting of ₹934 crore, while cash and cash equivalents stood at ₹1,727 crore.

Corporate Comm India (CCI Newswire)