MEMax Estates544008Periodic business update

Press release: ~INR 3,200 crore pre-sales in H1 FY27, Q2 FY27 pre-sales at INR 2,092 crore

Max Estates shared an investor release on Q2 and H1 FY27 performance.

By ScoutQuest · Wed 4 Nov 2026, 10:05 PM IST · 4 min read

Q2 FY27 pre-sales

INR 2,092 crore (~14x yoy)

H1 FY27 pre-sales

INR 3,184 crore

Q2 FY27 consolidated revenue and PAT

Revenue INR 52.8 crore; PAT INR 4.7 crore

Investor release on the company's Q2 and H1 FY27 performance.

Sales and collections

• Pre-sales of INR 2,092 crore in Q2 FY27, described as ~14x year-on-year growth, taking H1 FY27 pre-sales to INR 3,184 crore.
• Collections stood at INR 560 crore in Q2 FY27, ~doubling year-on-year, with H1 FY27 collections at INR 1,051 crore.
• Estate 361, Gurugram contributed INR 962 crore of Q2 FY27 pre-sales and INR 1,747 crore in H1 FY27; collections there were INR 171 crore in the quarter and INR 312 crore in H1.
• Max One recorded INR 584 crore of pre-sales in Q2 FY27, taking cumulative pre-sales to INR 2,088 crore; collections were INR 112 crore in the quarter and INR 172 crore in H1.
• Estate 105 achieved pre-sales of INR 546 crore in Q2 FY27, taking H1 sales to INR 765 crore; collections were INR 173 crore in the quarter and INR 299 crore in H1.

Development pipeline

• Balance GDV pipeline of over INR 29,000 crore from Q3 FY27 onwards.
• An MOU for a proposed joint development agreement for ~9.76 acres in Indirapuram, Ghaziabad, with saleable area potential of ~1.5 million sq. ft. and estimated GDV of INR 2,500–3,000 crore. The transaction remains subject to due diligence, requisite approvals and execution of the definitive agreement.
• An MOU for the proposed acquisition of ~84.71 acres in West Delhi, with estimated GDV potential of INR 10,000–12,000 crore, at a consideration of INR 420 crore to be discharged through a share swap. The transaction and proposed development remain subject to applicable approvals and completion requirements.
• A Sector 59, Golf Course Extension Road, Gurugram project with total GDV of INR 3,900+ crore on a 7.25 acre land parcel, development potential of ~1.3 million sq. ft., is expected to be launched in Q3 FY27.

Commercial portfolio (WorkWell)

• Operational assets — Max Towers Noida, Max House Phase I and II Okhla, and Max Square Noida — continue at 100% occupancy.
• Max Square Two, Noida: 0.9 million sq. ft. of leasable area with annual rental potential of INR 125 crore; ~310,000 sq. ft. is already pre-leased at a premium of over 25% to prevailing micro-market rentals.
• Max District, Sector 65, Gurugram: 1.6 million sq. ft. of leasable area with annual rental potential of INR 225 crore; ~200,000 sq. ft. is already pre-leased at a premium of over 35%.
• The overall commercial portfolio is poised to generate annual rental income exceeding INR 700 crore on a 100% basis over the next four years, with an aspiration to add ~1 million sq. ft. of commercial development annually.

Q2 FY27 consolidated financials

• Revenue of INR 52.8 crore.
• EBITDA (excluding other income) of INR 5.3 crore.
• PBT of INR 7.2 crore and PAT of INR 4.7 crore.
• Lease rental income (Max Towers + Max House + Max Square) broadly stable year-on-year at INR 39.0 crore.
• External debt as on September 30, 2026 stood at INR 2,117 crore, including LRD of INR 944 crore.
• Cash and cash equivalents, including RERA balances, as on September 30, 2026 stood at INR 1,898 crore, with net debt of ~INR 219 crore.

How to read the numbers

• Pre-sales represent the value of units booked in the period. They are an operating metric reported by the company and are not the same as revenue recognised in the statement of profit and loss.
• The Ghaziabad joint development and the West Delhi land acquisition are at the MOU stage; the release itself ties them to due diligence, approvals and execution or completion requirements.
• The West Delhi consideration of INR 420 crore is stated as payable through a share swap.
• Net debt of ~INR 219 crore is stated after including cash and cash equivalents of INR 1,898 crore, which includes RERA balances.

Other highlights

• A Dual 5-Star GRESB Rating for the second consecutive year in 2026, scoring 100/100 in Development (ranked No. 1 in its peer group) and 93.5/100 in Standing Investments, plus the British Safety Council's Sword of Honour for Max Towers and Max Square.
• Management commentary from Mr. Sahil Vachani, Vice Chairman & Managing Director, pointed to homebuyer confidence, collections doubling year-on-year, 100% occupancy in the operational commercial portfolio, and progress on the Delhi and Ghaziabad development pipeline.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev