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Max Estates Q2 FY27 results: net profit down 40.1% to ₹4.68 crore, revenue up 8.2%
Max Estates Limited reported consolidated revenue of ₹52.77 crore for Q2 FY27, up 8.2% from Q2 FY26, while EBITDA fell 48.2% to ₹5.23 crore and profit after tax declined 40.1% to ₹4.68 crore. For the first half, revenue rose 4.4% to ₹104.68 crore, but profit after tax fell 34.0% to ₹13.03 crore; management’s presentation highlighted residential momentum but also past guidance misses.
Key points
- Q2 FY27 consolidated revenue was ₹52.77 crore, up 8.2% from Q2 FY26 and 1.7% from Q1 FY27.
- EBITDA was ₹5.23 crore, down 48.2% year on year and 35.6% sequentially, with margin declining to 9.9%.
- Q2 FY27 profit after tax was ₹4.68 crore, down 40.1% year on year and 44.0% from Q1 FY27; basic EPS was ₹0.29.
- H1 FY27 revenue was ₹104.68 crore, up 4.4%, while profit after tax was ₹13.03 crore, down 34.0%.
- Management reported Q2 FY27 pre-sales of ₹2,092 Cr and collections of ₹560 Cr, and said embedded PBT of ₹4,800–5,700 Cr was expected across FY28–FY31.
How did Max Estates perform in Q2 FY27?
Max Estates reported consolidated revenue from operations of ₹52.77 crore for Q2 FY27, up 8.2% from ₹48.77 crore in Q2 FY26 and 1.7% from ₹51.91 crore in Q1 FY27. Total income was ₹79.33 crore, up 6.3% year on year but 0.9% lower sequentially. The standalone result showed revenue of ₹17.09 crore and profit after tax of ₹13.58 crore.
Consolidated EBITDA fell 48.2% year on year to ₹5.23 crore from ₹10.09 crore, and was 35.6% below Q1 FY27. EBITDA margin was 9.9%, down 10.8 percentage points from Q2 FY26 and 5.7 percentage points from the previous quarter. Profit before tax was ₹7.15 crore, down 38.5% year on year and 37.2% sequentially.
Profit after tax was ₹4.68 crore, down 40.1% from ₹7.81 crore in Q2 FY26 and 44.0% from ₹8.35 crore in Q1 FY27. Profit attributable to equity holders was ₹5.73 crore, down 21.2% year on year but up from ₹0 crore in Q1 FY27. Basic EPS was ₹0.29, compared with ₹0.49 in Q2 FY26 and ₹0.51 in Q1 FY27.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 52.77 | 51.91 | 48.77 | +8.2% | +1.7% |
| Other income | 26.56 | 28.17 | 25.86 | +2.7% | −5.7% |
| Total expenses | 72.17 | 68.69 | 63.01 | +14.5% | +5.1% |
| EBITDA | 5.23 | 8.12 | 10.09 | −48.2% | −35.6% |
| EBITDA margin | 9.9% | 15.6% | 20.7% | −10.8 pp | −5.7 pp |
| Profit before tax | 7.15 | 11.39 | 11.63 | −38.5% | −37.2% |
| Tax | 2.47 | 3.03 | 3.81 | −35.2% | −18.5% |
| Net profit | 4.68 | 8.35 | 7.81 | −40.1% | −44.0% |
| EPS (₹) | 0.29 | 0.51 | 0.49 | −40.8% | −43.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Max Estates' costs and profit?
Total expenses rose 14.5% year on year to ₹72.17 crore, compared with ₹63.01 crore in Q2 FY26. Other expenses increased 23.6% to ₹39.08 crore from ₹31.61 crore, employee cost rose 19.5% to ₹8.46 crore from ₹7.08 crore, finance costs edged up 0.9% to ₹16.43 crore from ₹16.28 crore, and depreciation rose 2.1% to ₹8.21 crore from ₹8.04 crore.
Other income increased 2.7% to ₹26.56 crore from ₹25.86 crore, while tax expense fell 35.2% to ₹2.47 crore from ₹3.81 crore. There was no exceptional item. The filing does not state a reason for the increase in other expenses, and the available cost lines do not fully account for the change in profit before tax.
Against Q1 FY27, total expenses rose 5.1% to ₹72.17 crore from ₹68.69 crore, led by other expenses, which increased 19.2% to ₹39.08 crore from ₹32.78 crore. Employee cost fell 23.2% to ₹8.46 crore and finance costs declined 1.8% to ₹16.43 crore, while other income fell 5.7% to ₹26.56 crore and tax fell 18.5% to ₹2.47 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 8.46 | 7.08 | +1.38 | +19.5% |
| Finance costs | 16.43 | 16.28 | +0.15 | +0.9% |
| Depreciation | 8.21 | 8.04 | +0.17 | +2.1% |
| Other expenses | 39.08 | 31.61 | +7.47 | +23.6% |
| Total expenses | 72.17 | 63.01 | +9.16 | +14.5% |
| Other income | 26.56 | 25.86 | +0.70 | +2.7% |
| Tax | 2.47 | 3.81 | −1.34 | −35.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, Max Estates reported consolidated revenue of ₹104.68 crore, up 4.4% from ₹100.25 crore in H1 FY26. Total income rose 3.0% to ₹159.4 crore from ₹154.76 crore. Profit before tax fell 34.9% to ₹18.54 crore from ₹28.47 crore.
H1 FY27 profit after tax was ₹13.03 crore, down 34.0% from ₹19.75 crore in H1 FY26, while basic EPS fell 35.0% to ₹0.8 from ₹1.23. The first-half figures show higher revenue alongside lower profit before tax and profit after tax.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 104.68 | 100.25 | +4.4% |
| Profit before tax | 18.54 | 28.47 | −34.9% |
| Net profit | 13.03 | 19.75 | −34.0% |
| EPS (₹) | 0.80 | 1.23 | −35.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹14,043.55 crore, compared with ₹12,437.2 crore at 31 March 2026. Total equity was ₹3,210.24 crore, compared with ₹3,161.18 crore, while borrowings rose to ₹2,655.17 crore from ₹2,379.32 crore. Cash fell to ₹147.78 crore from ₹204.88 crore.
Inventories increased to ₹8,009.56 crore from ₹6,888.06 crore at the previous balance sheet date. Trade receivables were ₹15.25 crore against ₹12.27 crore, and trade payables were ₹1,215.72 crore against ₹1,018.4 crore.
H1 FY27 operating cash flow was ₹72.61 crore, compared with an outflow of ₹304.48 crore in H1 FY26. Investing cash flow was an outflow of ₹318.37 crore against ₹218.1 crore, while financing cash flow was ₹188.65 crore against ₹504.23 crore. Capital expenditure was ₹171.1 crore, compared with ₹142.08 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 14,044 | 12,437 |
| Total equity | 3,210 | 3,161 |
| Borrowings | 2,655 | 2,379 |
| Cash and equivalents | 147.78 | 204.88 |
| Inventories | 8,010 | 6,888 |
| Trade receivables | 15.25 | 12.27 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 72.61 | −304.48 |
| Cash from investing | −318.37 | −218.10 |
| Cash from financing | 188.65 | 504.23 |
| Capital expenditure | 171.10 | 142.08 |
Source: Company's results filing (XBRL).
How has Max Estates done over the last 8 quarters?
Revenue reached a quarterly high of ₹52.77 crore in Q2 FY27, while profit and margin continued to recover from their Q4 FY26 lows. Q4 FY26 recorded a net loss of ₹4.08 crore and an EBITDA margin of -6.5%, before profit improved to ₹8.35 crore in Q1 FY27 and fell to ₹4.68 crore in Q2 FY27.
The EBITDA margin was 28.9% in Q3 FY25, fell to -6.5% in Q4 FY26, and recovered to 15.6% in Q1 FY27 before declining to 9.9% in Q2 FY27. Revenue rose year on year in each of the last eight quarters, reaching ₹52.77 crore in the latest quarter. Profit remained below the ₹7.81 crore reported in Q2 FY26.
What else did the company announce?
On 4 November 2026, the board approved the incorporation of a wholly owned subsidiary for real estate activities, with 100% subscription in cash. It also reviewed CARE Ratings reports on the utilisation of proceeds from the QIP and the preferential issue of convertible warrants; the QIP monitoring report recorded no deviation from the issue objects.
The board approved a corporate guarantee of up to ₹350 crore for a proposed term loan facility to be availed by wholly owned subsidiary Max Estates 128 Private Limited. The filing said the guarantee would constitute a contingent liability with no immediate financial outflow arising solely from its issuance.
What did Max Estates' management say?
Management said Q2 FY27 residential pre-sales were ₹2,092 Cr, about 14 times year on year, and collections were ₹560 Cr, twice year on year. The presentation also reported 100% occupancy across completed commercial assets and said the company had ₹219 Cr of net debt, mainly towards lease rental discounting.
Management said the residential and mixed-use GDV pipeline was ₹29,000+ Cr from Q3 FY27 onwards. It identified four near-term project launches of ₹13,450–13,950 Cr, planned construction spend of ~₹1,500+ Cr in FY27, peak annuity income potential of ~₹700+ Cr over the next five years, and embedded PBT of ₹4,800–5,700 Cr expected across FY28–FY31.
Management said estimated project margins of 20–45% are expected to convert into reported profit across FY28–FY31. It also set out a 13.2 mn sq. ft. business-development funnel supporting aspirations to add 3 mn sq. ft. of projects each year, while noting that the funnel was not a transaction commitment.
The presentation disclosed that FY26 pre-sales guidance of ₹6,000–6,500 Cr was missed, with actual pre-sales of ₹5,305 Cr, and FY26 launch guidance of ₹9,500 Cr was missed, with actual launches of ₹8,721 Cr. It did not provide an FY27 pre-sales number and instead framed guidance around the launch calendar.
How did Max Estates shares react?
Max Estates shares moved lower after the after-market filing. From the price when the filing appeared, the stock fell 1.6% after 5 minutes, 3.4% after 15 minutes and 3.1% after 30 minutes. Reaction-day, next-day and five-day figures, along with the industry median comparison, were not available.
Earlier reaction-day moves were mixed. The stock rose 6.6% on 14 August 2026, 1.8% on 22 May 2026 and 6.7% on 6 February 2026, while it fell 1.6% on 3 November 2025. Other past results-day moves included rises of 0.4% on 8 August 2025, 5.7% on 22 May 2025, 1.0% on 7 February 2025 and 6.2% on 25 October 2024.
| After the filing | Stock |
|---|---|
| 5 minutes | −1.6% |
| 15 minutes | −3.4% |
| 30 minutes | −3.1% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 14 August 2026 | +6.6% |
| 22 May 2026 | +1.8% |
| 6 February 2026 | +6.7% |
| 3 November 2025 | −1.6% |
| 8 August 2025 | +0.4% |
| 22 May 2025 | +5.7% |
| 7 February 2025 | +1.0% |
| 25 October 2024 | +6.2% |
Source: MarketPing price-reaction measurement.
How did other Residential Commercial Projects companies do?
Among 36 Residential Commercial Projects companies that had filed for the quarter, the median revenue growth was 22.4%, compared with Max Estates’ 8.2% growth. Fourteen peers grew more slowly than the company, while 22 grew faster. Twenty-one of the 36 peers reported higher profit.
| Max Estates revenue growth (YoY) | +8.2% |
|---|---|
| Median of 36 other Residential Commercial Projects companies | +22.4% |
| Companies with slower revenue growth than Max Estates | 14 of 36 |
| Companies with faster revenue growth than Max Estates | 22 of 36 |
| Companies whose net profit rose | 21 of 36 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Max Estates' revenue in Q2 FY27?
Revenue from operations was ₹52.77 crore, up 8.2% from ₹48.77 crore in Q2 FY26 (consolidated).
Did Max Estates make a profit in Q2 FY27?
Yes. Net profit was ₹4.68 crore, against a net profit of ₹7.81 crore in Q2 FY26.
What was Max Estates' EPS in Q2 FY27?
Basic earnings per share were ₹0.29, against ₹0.49 in Q2 FY26.
When did Max Estates announce its Q2 FY27 results?
On 4 November 2026, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 4 November 2026) · PDF
- The investor presentation (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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