Max Estates Limited — Q1FY27 earnings call summary

Filed 17 August 2026 · Company audio recording

Delhi NCR residential launches at ~18,500 units H1 CY26; Max Estates targets 2 mn sq ft annual residential development.
FY27 launch pipeline at INR 16,100 cr; INR 4,000 cr launches planned in FY27, balance phased into FY28.
Marketing and advertising expenses elevated due to launches; expected to normalize aligned with launch cadence.
FY27 collections guidance revised to INR 2,500-2,700 cr; construction spend INR 1,500-1,800 cr with positive operating cash flow.
No formal sales guidance given due to volatile macro; focus on quality and selective sales.
Pre-sales surged 5x YoY to INR 1,100 cr in Q1 FY27; collections steady at INR 575 cr (~20-25% of sales).
Underwriting commercial yields at 12-14%, with expected cap rates compressing to ~6.5-7% on stabilization.
Commercial assets Max Towers, Max House, Max Square at 100% occupancy; Max Square 2 and Max District on track for OC in FY28/29.