Max Estates Limited has submitted to the Exchange, the financial results for the period ended September 30, 2025.
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Max Estates Limited reported a strong turnaround for Q2 FY26 (ended Sept 30, 2025) on a consolidated basis. Revenue from operations rose to Rs. 487.31 crore in Q2 FY26 from Rs. 401.78 crore a year earlier (~21% growth), while H1 revenue grew about 24% to Rs. 1,002.47 crore from Rs. 806.64 crore. The company swung back to a consolidated profit after tax of Rs. 78.14 crore in Q2 and Rs. 197.47 crore in H1, compared with losses of Rs. 13.82 crore and Rs. 33.77 crore in the same periods last year. Consolidated EPS stood at Rs. 0.49 for the quarter (vs. negative Rs. 0.09) and Rs. 1.23 for the half year. The auditor (S.R. Batliboi & Co. LLP) issued an unqualified limited review report with no qualifications or emphasis of matter. Key business updates included the completed acquisition of Boulevard Projects Private Limited, fresh investments by New York Life Insurance Company into two subsidiaries via compulsory convertible debentures worth about Rs. 484.50 crore, and a new SPA to acquire Base Buildwell Private Limited (a Sector 59, Gurugram luxury project) for an estimated Rs. 534 crore. Total assets grew to Rs. 10,163 crore from Rs. 7,246 crore, driven largely by inventory and investment properties, while borrowings increased to about Rs. 2,065 crore.
A clear operational turnaround with double-digit revenue growth, return to profitability, and continued land/project acquisitions signals strong growth momentum for shareholders. However, large negative operating cash flow of Rs. 304.48 crore in H1 (largely from inventory build-up for new projects) and rising borrowings mean the company remains in a heavy investment phase, which may pressure near-term margins and interest costs.