Max Estates reported mixed financial results for Q2 FY27, with consolidated revenue increasing 8.2% year-on-year to ₹52.76 crore compared to ₹48.77 crore in the corresponding quarter last year. However, consolidated profit after tax declined significantly to ₹4.68 crore from ₹7.81 crore in Q2 FY26, representing a 39% decrease despite steady revenue growth. According to reports from Business Standard, total income stood at ₹79.33 crore during the quarter, while total expenses rose 14.5% Y-o-Y to ₹72.17 crore compared with ₹63 crore in the corresponding period last year. Finance costs stood at ₹16.43 crore, while depreciation and amortisation expenses were ₹8.21 crore.
The real estate developer achieved remarkable pre-sales performance with ₹2,100 crore in Q2 FY27, representing nearly 14 times the value recorded in the corresponding quarter last year. As reported by Business Standard, this brought first half FY27 pre-sales to ₹3,184 crore. Collections nearly doubled year-on-year to ₹560 crore in Q2, taking H1 collections to ₹1,051 crore. Estate 361 in Gurugram contributed ₹962 crore to Q2 pre-sales, with collections of ₹171 crore during the quarter. Max One recorded ₹584 crore in pre-sales, while Estate 105 reported ₹546 crore in Q2. For the six-month period ended September, revenue from operations increased 4.4% Y-o-Y to ₹104.68 crore compared with ₹100.25 crore in the year-ago period.
Max Estates significantly expanded its development pipeline through strategic land acquisitions, with the proposed West Delhi acquisition and Ghaziabad joint development expected to take its balance GDV pipeline beyond ₹29,000 crore. According to Business Standard, the proposed West Delhi acquisition has an estimated GDV potential of ₹10,000-12,000 crore, while the Ghaziabad project is expected to generate a GDV of ₹2,500-3,000 crore. The company also entered into an MoU for the proposed acquisition of 84.71 acres in West Delhi with an estimated GDV potential of ₹10,000-12,000 crore, with consideration of ₹420 crore proposed to be discharged through a share swap. As reported by CNBC TV18, the company's balance GDV pipeline exceeds ₹29,000 crore from Q3 FY27 onwards.
Max Estates maintained strong commercial performance with operational assets continuing to maintain 100% occupancy. The company's under-construction Max Square Two project in Noida has 0.9 million square feet of leasable area with annual rental potential of ₹125 crore, with around 310,000 square feet pre-leased at a premium of more than 25%. According to CNBC TV18, Max District in Sector 65, Gurugram has 1.6 million square feet of leasable area with annual rental potential of ₹225 crore, with around 200,000 square feet pre-leased at a premium of more than 35%. As of September 30, 2026, external debt stood at ₹2,117 crore, including lease rental discounting debt of ₹944 crore, while cash and cash equivalents stood at ₹1,898 crore, taking net debt to around ₹219 crore.
Max Estates shares closed 2.98% higher at ₹515 on November 4, gaining ₹14.90 ahead of the company's Q2 FY27 earnings announcement. According to CNBC TV18, the company secured a dual five-star rating from the Global Real Estate Sustainability Benchmark (GRESB) for the second consecutive year in 2026, scoring 100 out of 100 in Development and ranking first in its peer group. Max Towers and Max Square also received the British Safety Council's Sword of Honour. Commenting on the performance, Sahil Vachani, Vice Chairman and Managing Director, emphasized the company's focus on disciplined execution and building sustainable growth across both asset classes, citing collections doubling year-on-year and operational commercial portfolio maintaining 100% occupancy.
