Max Estates Ltd(MAXESTATES)

NSE: MAXESTATESBSE: 544008

₹ 480-3.52%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 7,852 crWebsite: www.maxestates.inUpdated: 24 Oct 2026

About

Max Estates Limited, the real estate development arm of Max Group established in 2016, develops residential, commercial, and mixed-use Grade A spaces exclusively across Delhi-NCR under a LiveWell, WorkWell, and PlayWell philosophy. The total portfolio spans 18.4 million sq. ft. across 12 projects and 14 SPVs, with reported FY26 revenue of Rs. 199.45 crore. Pre-sales crossed Rs. 5,000 crore for the second consecutive year in FY26, representing a 70% CAGR over FY24 - FY26.^[1][2]

Business segments

Residential development (LiveWell): premium and luxury housing across Delhi-NCR; portfolio area of 9.1 mn sq. ft. as of FY26.^[1]
Commercial development (WorkWell): Grade A+ office leasing; portfolio area of 4.2 mn sq. ft. as of FY26; annualised rental income of Rs. 158 crore from operational assets.^[1]
Mixed-use development: 5.1 mn sq. ft. of portfolio area as of FY26, combining residential, office, and retail (e.g., Max One, Sector 16B Noida).^[1]
Facility management arm Max Asset Services generated revenue of Rs. 14.6 crore in Q1 FY27, up 16% YoY.^[3]

Portfolio and projects

Total portfolio: 18.4 mn sq. ft. across 12 projects (5 operational, 7 under construction, 1 under design) and 14 SPVs as of FY26.^[1]
Operational commercial assets: Max Towers (Noida), Max House Phase 1 & 2 (Okhla), and Max Square (Noida) - total leased area ~1.24 mn sq. ft. as of Q1 FY27.^[3]
Max One (Sector 16B, Noida): mixed-use revival of 'Delhi One'; ~2.5 mn sq. ft., GDV ~Rs. 3,221 crore, annuity income potential ~Rs. 145 crore; achieved Rs. 37,000/sqft, highest sale value in Noida as of Q1 FY27.^[3]
Estate 105 (Noida): development mix revised to fully residential; total GDV raised to Rs. 6,000 crore as of Q1 FY27; Phase 2 (~Rs. 3,000 crore GDV) planned for FY27 launch.^[3]
Sector 59, Gurugram: acquired Base Buildwell (7.25 acres), ~1.3 mn sq ft with projected booking value above Rs 3,000 crore; total transaction outlay ~Rs 534.32 crore (FY26).^[1]
Ghaziabad: binding MoU signed (23 Sep 2026) for a JDA on ~9.76 acres, super built-up area ~1.5 mn sq. ft., estimated GDV Rs. 2,500 - 3,000 crore.^[4]

Key operating numbers

Q1 FY27 pre-sales: ~Rs. 1,093 crore, approximately 5x YoY; roughly half from Terraces at Estate 361 Phase 1 and half from sustenance sales.^[3]
FY26 pre-sales: Rs. 5,305 crore, second consecutive year above Rs. 5,000 crore; Q4 FY26 alone contributed ~Rs. 3,392 crore.^[5]
Q1 FY27 collections: Rs. 491 crore (+36% YoY); FY27 residential collections guided at Rs. 2,500 - 2,700 crore.^[3]
FY26 collections: Rs. 1,578 crore (+61% YoY); collection efficiency on Estate 128 at 100%, Estate 360 at 84%, Estate 361 at 86% as of Q4 FY26.^[5]
Sold book (launched portfolio): Rs. 13,560 crore (77% of launched GDV) as of Q1 FY27; embedded PBT from launched projects estimated at Rs. 4,600 - 5,400 crore.^[3]
Net debt as of Jun 2026: Rs. 234 crore; residential projects carry zero net debt with construction funded from collections.^[3]
Lease rental income Q1 FY27: Rs. 39.7 crore (+4.5% YoY); FY26 full-year lease rental income: Rs. 154 crore (+40% YoY).^[3]

Commercial portfolio operations

All three operating commercial assets (Max Towers, Max House, Max Square) at 100% occupancy in Q1 FY27; tenants include Adobe, BBC, and Target.^[3]
Max Towers latest lease signed at Rs. 156/sqft/month vs. weighted average Rs. 132/sqft/month as of Q1 FY27.^[3]
Max Square Two (Noida, ~0.9 mn sqft leasable, Rs. 125 crore annual rental potential): LOI for ~90,000 sqft pre-lease at 25% premium to micro-market; OC on track for Q2 FY28.^[3]
Max District (Gurugram, Sector 65): LOI for 200,000 sqft pre-lease at 35% premium to micro-market; Phase 1 OC expected Q3 FY28, Phase 2 Q3 FY29; combined Rs. 200 crore annual rental potential.^[3]
Peak commercial annuity income potential: ~Rs. 700 crore (100% basis; Max Estates share ~Rs. 350 crore) at full stabilisation, targeted within 5 years from Q1 FY27.^[3]

Launch pipeline and land bank

Residual GDV pipeline (unlaunched/unsold) as of Q1 FY27: Rs. 16,150+ crore across active residential projects.^[3]
Three FY27 launches planned - Estate 361 Ph2, Estate 105 Ph2, and Sector 59 Gurugram - combined GDV Rs. 11,900 crore; H2 FY27 new launches targeted at Rs. 5,000 - 5,500 crore GDV.^[3]
Delhi land-pooling: DDA approved Master Plan 2047 land-pooling guidelines as of Q1 FY27, relevant to ~100-acre sponsor land bank in Delhi (GDV potential Rs. 10,000+ crore); Ministry notification pending.^[3]
Aspiration to add 2 mn sqft of new residential and 1 mn sqft of new commercial projects annually through business development.^[3]

Customers and distribution

Over 900 leasing and channel partners empanelled; approximately 800 active vendors and suppliers; MSME and small suppliers account for 53% of project contracts as of FY26.^[1]
Residential buyers are premium and luxury homebuyers; 66 - 70% of Estate 361 Phase 1 buyers were end-users who visited the experience centre 5 - 6 times before purchase (FY26).^[1]

Ratings and ESG

ICRA assigned a first-time consolidated issuer rating of A+ (Stable) in Q1 FY27, covering Max Estates and its 14 subsidiaries; committed receivables assessed at ~Rs. 9,500 crore.^[3]
GRESB dual 5-star rating in Development and Standing Investment categories in FY26, with #1 rank in both peer groups.^[6]
Curated 288 events across properties in FY26, driving over 11,000 tenant-employee engagements via the Pulse platform; Net Promoter Score of 7.1 out of 10.^[1]

Recent developments

New York Life nominee director Anthony Malloy resigned effective May 22, 2026; Jillian Moo-Young appointed in his place.^[1]
No dividend recommended for FY26.^[1]

Market Cap

₹7,852 Cr

High / Low

₹654 / 306

Stock P/E

676.1

Price / Book

3.2

Book Value

₹148

EPS

₹1.0

No. of Shares

16.34 Cr

ROCE

1.8%

ROE

0.7%

OPM

29.9%

Debt / Equity

0.98

Sales

₹199 Cr

Net Profit

₹16 Cr

Promoter holding

45.2%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials