Realty firm Max Estates Ltd reported a 30% year-on-year decline in consolidated profit after tax (PAT) to ₹8.35 crore in Q1 FY27, compared with ₹11.93 crore in the year-ago quarter. On a sequential basis, PAT stood at ₹8.35 crore compared with a loss of ₹4.08 crore in Q4 FY26. Revenue stood at ₹51.91 crore, up 0.85% year-on-year from ₹51.47 crore and 5.01% quarter-on-quarter. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 41.63% year-on-year to ₹8.12 crore from ₹13.92 crore in Q1 FY26.
The company secured ₹1,093 crore in pre-sales for Q1 FY27, registering five-fold year-on-year growth. Collections stood at around ₹491 crore during the quarter. According to reports from CNBC TV18, Phase 1 of The Terraces at Estate 361, Gurugram, was fully sold out in the launch quarter, contributing around ₹500 crore. Sustenance sales across the existing portfolio contributed a further ₹600 crore. The company sold 487 units in Q1 FY27 across its projects in Noida and Gurugram, compared to 43 units sold in Q1 FY26, reflecting more than a tenfold increase in unit sales.
Estate 361, Gurugram, launched in Q3 FY26, recorded ₹785 crore of pre-sales in Q1 FY27, taking cumulative pre-sales to ₹2,489 crore from Phase 1. Phase 1 has a launched GDV of ₹3,750 crore, with more than 66% of launched inventory sold. Collections from the project stood at ₹313 crore. The company has a remaining GDV pipeline of over ₹16,150 crore to be launched in phases, anchored by Estate 105, Max One, Estate 361 and the new Sector 59, Gurugram project. The company entered FY27 with a GDV pipeline of around ₹17,200 crore comprising projects Estate 105, Max One, Estate 361 and the high-potential residential community in Sector 59, Gurugram.
Max Estates' operational commercial assets — Max Towers, Noida; Max House Phase I and II, Okhla; and Max Square, Noida — are at 100% occupancy. These assets generate annual rental income of ₹53 crore, ₹45 crore and ₹60 crore, respectively. Under the construction pipeline, Max Square 2, Noida, has a leasable area of 0.9 million square feet and is expected to receive its occupancy certificate in Q2 FY28. The company has signed letters of intent for long-term pre-leasing of around 86,000 square feet at a premium of more than 25% and 200,000 square feet at a premium of more than 35% to prevailing micro-market rentals. The company's commercial portfolio continues to be 100% leased, generating annual rental income of more than ₹150 crore. The company expects the overall commercial portfolio, including completed, under-construction and acquisition assets, to have the potential to generate annual rental income of over ₹700 crore over the next five years.
Shares of Max Estates Ltd ended at ₹436.25, down by ₹3.10, or 0.71%, on the BSE. According to reports from CNBC TV18, total leased area as of June 30, 2026 stood at 1.24 million square feet. Debt as of June 2026 stood at ₹1,961 crore, including lease rental discounting (LRD) of ₹934 crore, while cash and cash equivalents stood at ₹1,727 crore. The company reported net collections of ₹1,578 crore for FY26, with Q4 FY26 contributing ₹650 crore. Collections during FY26 rose 61% year-on-year. The company's payment plans remain evenly structured across project lifecycles, enabling residential construction without incurring any incremental debt for its residential projects.
