Max Estates544008Quarterly results

Board approves Q2/H1 FY26 results with unmodified review; nine-company land buy via share swap

Nov 4, 2026 board meeting: unaudited standalone and consolidated results for the quarter and half year ended Sept 30, 2026 approved.

By ScoutQuest · Wed 4 Nov 2026, 9:14 PM IST · 3 min read

Consolidated · ₹ lakh · EPS in ₹
Line item	Latest	Year ago	YoY	Prev qtr	QoQ
Revenue from operations	5,276.55	4,877.31	+8.2%	5,191.13	+1.6%
Total income	7,932.59	7,463.49	+6.3%	8,007.66	−0.9%
Profit before tax	715.11	1,162.90	−38.5%	1,138.78	−37.2%
Profit after tax	467.99	781.41	−40.1%	835.32	−44%
Total comprehensive income	462.44	779.37	−40.7%	844.26	−45.2%
Basic EPS	0.29	0.49	−40.8%	0.51	−43.1%

Total Income (Latest): 7,932.59 lakhs (+6.3% YoY, −0.9% QoQ)
Profit After Tax (Latest): 467.99 lakhs (−40.1% YoY, −44% QoQ)
Period: Quarter ended 30.09.2026

Auditor's review

Conclusion: Unmodified

Other matter: results of 12 subsidiaries (total assets Rs. 11,86,340.21 lakhs) reviewed by other auditors; conclusion not modified in respect of this matter.

Notes to the results

Board approved (Aug 28, 2026) acquisition of 100% of nine Land Owning Companies (~84.7 acres, Sector 3, Najafgarh) via preferential issue of up to 70,33,162 shares at ₹597.50 (up to ₹420.23 crore); EGM approved.
On September 23, 2026, Group entered a binding MoU for a proposed JDA for ~9.76-acre parcel at Indirapuram, Ghaziabad; estimated GDV ~₹2,500-3,000 crore; no impact recognised.
Acquisition of Boulevard Projects Private Limited in previous year accounted as an asset acquisition; balance of land and construction cost presented as inventory.

What the board approved

The board of Max Estates Ltd met on November 4, 2026 and approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The Audit Committee reviewed the results first. The board also noted the Limited Review Report issued by the statutory auditors, S.R. Batliboi & Co. LLP.

Auditor's conclusion

The limited review reports, covering both the consolidated and the standalone statements, give an unmodified conclusion. The auditors state that nothing came to their attention that causes them to believe the statements are not prepared in accordance with the applicable accounting standards, or that they contain a material misstatement. A review is narrower than a full audit and gives only moderate assurance, so no audit opinion is expressed.

Consolidated performance (Rs. lakhs)

Revenue from operations: 5,276.55 for the quarter
Total income: 7,932.59 for the quarter and 15,940.25 for the half year
Profit for the period: 467.99 for the quarter and 1,303.31 for the half year

The consolidated statement covers the holding company and its subsidiaries. The Group treats its business as a single reportable segment — real estate and related activities — with operations domiciled in India.

Nine land-owning companies, paid for in shares

The board had approved, on August 28, 2026, the acquisition of 100% ownership, on a fully diluted basis, of nine Land Owning Companies holding a land platform in Najafgarh, Delhi. The consideration is to be discharged by a preferential issue of up to 70,33,162 equity shares at Rs. 597.50 per share, aggregating up to Rs. 420.23 crore, by way of a share swap supported by an independent valuation report. The transaction is a related party transaction with Promoter Group entities, undertaken on an arm's-length basis, and shareholders approved it at an EGM on September 24, 2026. In-principle approval of BSE and NSE is awaited.

Proposed joint development at Indirapuram

On September 23, 2026 the Group entered into a binding Memorandum of Understanding for a proposed Joint Development Agreement over a land parcel at Indirapuram, Ghaziabad, on a capital-light basis, with the landowner compensated through revenue sharing. The transaction is subject to due diligence, requisite approvals and execution of the JDA. Pending finalisation of the JDA, no impact has been recognised in these financial results.

Use of earlier fund raises

A monitoring agency report summarises use of the proceeds of the earlier qualified institutional placement: most of the money earmarked for land and land development rights has been deployed, amounts for general corporate purpose are fully used, and a small balance remains unutilised and is temporarily parked in fixed deposits with banks. A similar report covers the warrants issued to the promoter entity and a public investor, where most of the money stands utilised and a small balance is temporarily invested in mutual funds.

Employee stock options

The notes set out the options granted, the shares issued on exercise and the shares forfeited under the company's employee stock option plan for the quarter, half year and year, showing continued issue of shares on exercise during the period.

What it means for a retail shareholder

The event is a regular quarterly results announcement with a clean review conclusion. Alongside it, the company has disclosed two large steps — a promoter-group land acquisition funded entirely by issuing new shares, which adds land to the group but also increases the share count, and a proposed revenue-sharing development that is still at the MoU stage. The share-swap consideration and the pending exchange approvals are the points to track.

5,191.13 (Rs. Lakhs)Revenue from operations, quarter

Profit for the period, consolidated, half year ended Sept 30Rs. 1,303.31 lakhs

Profit before tax, year-ago quarter1,162.90 (Rs. Lakhs)

Profit before tax, quarter1,138.78 (Rs. Lakhs)

Profit after tax, quarter835.32 (Rs. Lakhs)

Profit after tax, year-ago quarter781.41 (Rs. Lakhs)

Revenue from operations, quarter 5,191.13 (Rs. Lakhs): Profit for the period, consolidated, half year ended Sept 30 Rs. 1,303.31 lakhs, Profit before tax, year-ago quarter 1,162.90 (Rs. Lakhs), Profit before tax, quarter 1,138.78 (Rs. Lakhs), Profit after tax, quarter 835.32 (Rs. Lakhs), Profit after tax, year-ago quarter 781.41 (Rs. Lakhs).

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