Max Estates Limited has informed the Exchange regarding the outcome of the Board meeting held on November 03, 2025 for approving the unaudited financials results for the quarter and half year ended September 30, 2025.
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Max Estates Limited reported a strong turnaround in Q2 FY26 on a consolidated basis, with revenue from operations rising about 21% year-on-year to Rs 4,877.31 lakhs (vs Rs 4,017.78 lakhs in Q2 FY25) and total income at Rs 7,463.49 lakhs. For the half year, revenue from operations grew about 24% YoY to Rs 10,024.69 lakhs. The company swung to a consolidated profit after tax of Rs 781.41 lakhs in Q2 (from a loss of Rs 138.18 lakhs a year ago) and Rs 1,974.73 lakhs for H1 (vs a loss of Rs 337.74 lakhs), translating to an EPS of Rs 1.23 for H1 FY26. Auditor S.R. Batliboi & Co. LLP issued an unqualified limited review report with no qualifications or emphasis of matter. Operating cash flows were sharply negative at Rs (30,448.47) lakhs for H1 (vs Rs (9,362.82) lakhs a year ago), reflecting heavy inventory build-up for ongoing real estate projects, and non-current borrowings rose to Rs 1,99,260.72 lakhs from Rs 1,46,966.34 lakhs. The company also signed a deal to acquire Base Buildwell Private Limited (7.25-acre Gurugram project, ~Rs 53,400 lakhs outlay) and issued compulsory convertible debentures to New York Life in two subsidiaries.
Positive for shareholders — a clean profit turnaround with strong revenue growth signals improving execution in the real estate business, though the deeply negative operating cash flow and rising debt mean capital needs for ongoing and new projects remain high. Watch for updates on the Base Buildwell acquisition and project launches to sustain the growth momentum.