Please find attached the credit rating letter.

Filed: 13 Aug 2026, 13:05 IST Exchange: BSE Category: Regulatory Compliance — Credit Rating

ICRA assigned Max Estates Limited an issuer rating of [ICRA] A+ (Stable) on August 12, 2026. The rating reflects strong FY26 residential segment performance with Rs. 5,305 crore pre-sales and Rs. 1,578 crore collections, expected to grow 50-55% in FY27. Commercial assets have 100% occupancy with Rs. 160-170 crore rental inflows forecast for FY27. Leverage expected comfortable with residential debt/CFO at 2.0-2.5x by March 2027. Liquidity adequate with Rs. 587 crore cash and Rs. 162 crore debt repayment in FY27. Risks include execution, market, and geographic concentration in Delhi NCR. Sponsor Max Group and NYL stake (20.4%) provide financial flexibility.

Source: Original filing PDF — view on exchange portal

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EBITDA margin: 16.8%

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Important. The summary above is generated automatically from Max Estates Limited's own public regulatory filing under SEBI LODR. Indian Stock Alerts is not a SEBI-registered Research Analyst or Investment Adviser. This page is informational, not investment advice, a recommendation to buy or sell any security, or any opinion about the company's business, governance or financial health. Always read the original filing before acting and consult a registered adviser for investment decisions.