Develops and sells residential real estate while leasing commercial space across NCR markets including Noida and Gurugram. Residential pre-sales have stayed above Rs 5,000 crore for two consecutive years, driven by launches such as The Terraces Phase 1 (~Rs 500 crore realisation), and Q1FY27 unit sales ran more than five-fold higher year-on-year. Commercial assets run at full occupancy, generating recurring lease income, and New York Life co-invested Rs 584 crore in Noida projects. Reported revenue of Rs 199 crore in FY26 reflects accounting timing against much larger cash collections. The largest cost line is other operating expenses at 69.5% of revenue, followed by depreciation at 16.3% and employee costs at 16.7%, while capex runs at 40.6% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential development, Commercial leasing. Asset-heavy real estate developer with residential pre-sales and leased commercial assets
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 93 | 160 | 199 |
| EBITDA (ex other income) | (27) | 44 | 24 |
| margin % | (28.7) | 27.7 | 11.9 |
| Owners' profit | (42) | 41 | 0 |
| EPS, as reported (₹) | (3.75) | 1.70 | 0.97 |
| ROE % · ROCE % | (3.8) · (1.0) | 1.0 · 1.9 | 0.5 · 1.2 |
| Debt / equity (x) | 0.63 | 0.61 | 0.75 |
| Cash from operations | 271 | 225 | (616) |
| Capex | (321) | (677) | (81) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 40 | 40 | 51 | 49 | 50 | 49 | 52 |
| Profit before tax | (1) | 20 | 21 | 17 | 12 | 1 | (6) | 11 |
| Net profit | (1) | 16 | 14 | 12 | 8 | 0 | (4) | 8 |
| EPS (₹) | (0.09) | 1.04 | 0.90 | 0.74 | 0.49 | 0.00 | (0.26) | 0.51 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Max Estates allots 14,931 shares under ESOP Plan 2023 | capital market events | low | — | — |
| 3 Sept 2026 · EGM notice dispatched; meeting on Sept 24, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Max Estates EGM on Sept 24 for share-swap acquisition of 9 land entities | board shareholder meetings | medium | — | — |
| 28 Aug 2026 · Max Estates to acquire 84.7-acre Delhi land platform via 420 Cr share swap | fund raising | high | — | — |
| 28 Aug 2026 · Max Estates to acquire 9 promoter group firms via 420 Cr share swap | fund raising | high | — | — |
| 28 Aug 2026 · Max Estates to acquire 9 land firms for about 420 crore via share swap | strategic transactions | high | — | — |
| 28 Aug 2026 · Max Estates to acquire 84.71-acre Delhi land via share swap, GDV up to INR 12,000 Cr | compliance | low | — | — |
| 28 Aug 2026 · Max Estates acquires 84.71-acre Delhi land bank for about 420 Cr in equity | investor communications | high | — | — |
| 28 Aug 2026 · Max Estates to acquire 9 land entities via about Rs 420 cr share swap | board shareholder meetings | low | — | — |
| 25 Aug 2026 · Max Estates board to consider preferential equity share issue on Aug 28 | results | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| OBEROI REALTY LIMITED |
| 63,306 |
| 20.8 |
| 3.53 |
| 18.2 |
| 14.0 |
| 15.5 |
| 24.0 |
| 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 755.4 | 21.8 | 57 of 57 | 0% |
| P/B | 2.9 | 2.1 | 45 of 64 | 30% |
| ROCE | 0.3 | 6.8 | 58 of 67 | 14% |
| ROE | 0.5 | 8.2 | 60 of 67 | 11% |
| Debt / Equity | 0.8 | 0.4 | 55 of 67 | 18% |
| EBITDA margin | 69.9 | 29.6 | 2 of 66 | 99% |
| Revenue growth | 0.8 | 12.8 | 45 of 67 | 33% |
| Profit growth | (30.0) | 7.5 | 48 of 66 | 28% |
| Market cap | 9139 | 2250 | 13 of 67 | 82% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
