Max Estates Limited has informed the Exchange about Transcript
MAXESTATES · price
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Max Estates held its Q4 FY25 earnings call, reporting pre-sales bookings of INR 5,300 crores (overachieved revised guidance) and collections of INR 980+ crores for the full year. Management guided FY26 pre-sales of INR 6,000-6,500 crores, implying 15-20% growth, and a cumulative target of INR 21,000 crores by FY28, of which INR 14,000 crores is already secured in the pipeline. Strategic partner New York Life committed an additional INR 550 crores across two mixed-use projects (Sector 105 Noida and Delhi One), taking cumulative commitment to INR 1,800 crores. Commercial rental income grew 67% year-on-year to INR 110 crores, with management targeting INR 700 crores in annuity income over the next 3-5 years. The company holds a net cash surplus of INR 435 crores and plans to add at least 3 million sq ft of development potential annually.
Strong execution with guidance overachievement, a clear multi-year growth roadmap, and deepening New York Life partnership are positive signals for the stock. However, top-line revenue recognition in books will only accelerate from FY28 due to Ind AS accounting rules, which may keep near-term reported earnings modest despite strong pre-sales momentum.