NSE: MAXESTATES · BSE: 544008
MAX ESTATES LIMITED
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
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 689.2 | 20.5 | 57 of 57 | 0% |
| P/B | 2.6 | 1.9 | 45 of 64 | 30% |
| ROCE | 0.3 | 6.4 | 57 of 66 | 14% |
| ROE | 0.5 | 8.0 | 57 of 64 | 11% |
| Debt / Equity | 0.8 | 0.4 | 52 of 64 | 19% |
| 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 | 8338 | 1781 | 13 of 67 | 82% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Director and Chief Corporate Affairs Officer resigns | management changes | medium | — | — |
| 8 Oct 2026 · GST show cause notice to Max Estates for Rs 2.59 Cr proposed demand | regulatory legal | high | — | — |
| 6 Oct 2026 · Max Estates files demat confirmation certificate for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Max Estates posts INR 3,200 crore pre-sales in H1FY2027 | business updates | high | — | — |
| 1 Oct 2026 · Max Estates earns dual 5-star GRESB 2026 rating; ranks No. 1 in Development | compliance | low | — | — |
| 30 Sept 2026 · Trading window closure for Q2 FY26 results | compliance | minimal | — | — |
| 24 Sept 2026 · EGM results: both resolutions passed with strong majority | compliance | minimal | — | — |
| 24 Sept 2026 · Max Estates EGM held; RPT for land acquisition and share swap approved | board shareholder meetings | medium | — | — |
| 24 Sept 2026 · Max Estates to hold Non-Deal Roadshow with investors in Ahmedabad on Sep 29 | board shareholder meetings | low | — | — |
| 23 Sept 2026 · Max Estates signs binding MoU for 9.76-acre Ghaziabad land JV, INR 2,500-3,000 Cr GDV | compliance | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.