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Realty firm Max Estates Ltd on Friday (August 14) reported a 30% year-on-year decline in consolidated profit after tax (PAT) to ₹8.35 crore in Q1 FY27, compared with ₹11.93 crore in the year-ago quarter.
On a sequential basis, PAT stood at ₹8.35 crore compared with a loss of ₹4.08 crore in Q4 FY26. Revenue stood at ₹51.91 crore, up 0.85% year-on-year from ₹51.47 crore and 5.01% quarter-on-quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 41.63% year-on-year to ₹8.12 crore from ₹13.92 crore in Q1 FY26. On a sequential basis, EBITDA stood at ₹8.12 crore compared with ₹3.20 crore in Q4 FY26.
The company secured ₹1,093 crore in pre-sales for Q1 FY27, registering five-fold year-on-year growth. Collections stood at around ₹491 crore during the quarter, while the company has a remaining GDV pipeline of over ₹16,150 crore from Q2 FY27 onwards.
Phase 1 of The Terraces at Estate 361, Gurugram, was fully sold out in the launch quarter, contributing around ₹500 crore. Sustenance sales across the existing portfolio contributed a further ₹600 crore.
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The company said its remaining GDV pipeline will be launched in phases, anchored by Estate 105, Max One, Estate 361 and the new Sector 59, Gurugram project.
Estate 361 pre-sales reach ₹2,489 crore
Estate 361, Gurugram, launched in Q3 FY26, recorded ₹785 crore of pre-sales in Q1 FY27, taking cumulative pre-sales to ₹2,489 crore from Phase 1. Phase 1 has a launched GDV of ₹3,750 crore, with more than 66% of launched inventory sold. Collections from the project stood at ₹313 crore.
The company launched The Terraces in May 2026 within Estate 361 in Sector 36A, Dwarka Expressway, Gurugram. The project has a GDV of ₹1,200 crore and offers smart residences, eight community shared terraces spread across 5,000 square feet, wellness, nature and managed living.
Phase I of The Terraces, with a GDV of ₹500 crore, was fully sold out in the launch quarter. Estate 361 has an overall GDV of ₹9,000 crore across 18.23 acres. Estate 361 includes The Terraces for young couples and first-time homeowners, family residences and Antara Senior Living for seniors.
Estate 360, Estate 128 near full sellout
Estate 360, Gurugram, has recorded cumulative pre-sales of ₹4,831 crore, with collections of ₹1,796 crore. Construction remained on track, with the first floor of Towers 1 and 2 completed, fourth-floor slabs of Towers 3 and 5 completed, the fifth-floor slab of Tower 4 completed and the fourth-floor slab of Tower 6 completed.
Estate 128, Noida, comprising Phase 1 and Phase 2, is fully sold out, with cumulative pre-sales of ₹2,734 crore and collections of ₹1,125 crore.
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Construction work at Estate 128 is progressing, with the 36th-floor slabs completed for Towers 1 and 2 and the 37th-floor slab for Tower 3 in Phase 1. The sixth-floor slab has been completed for Phase 2. The first residential delivery remains scheduled for FY28.
New Gurugram project has ₹3,900 crore-plus GDV
Max Estates has entered the Gurugram luxury residential market by securing development rights for a 7.25-acre land parcel in Sector 59, Gurugram, on Golf Course Extension Road.
The project has development potential of around 1.3 million square feet and GDV potential of more than ₹3,900 crore. It is currently at the design stage and is expected to be launched in Q3 FY27.
The company has a remaining pipeline representing over ₹16,150 crore in GDV to be sold in phases and aims to add around 2 million square feet of residential development annually.
Estate 105 GDV doubles to ₹6,000 crore
Max One, Sector 16B, Noida, has recorded cumulative pre-sales of around ₹1,504 crore. The project spans approximately 2.5 million square feet on a 10-acre land parcel, with GDV of over ₹3,200 crore and annuity income potential of ₹145 crore.
Max One represents the redevelopment of the long-stalled Delhi One project following Max Estates' acquisition of Boulevard Projects Private Limited and subsequent Real Estate Regulatory Authority (RERA) clearance. The pre-sales figure includes bookings recognised after RERA approval from the erstwhile developer.
Estate 105, Noida, recorded around ₹219 crore in pre-sales in Q1 FY27, taking cumulative pre-sales to ₹2,002 crore, with around 67% of launched inventory sold. Collections stood at ₹193 crore.
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The company has revised the development mix at Estate 105 to a completely residential portfolio from the earlier planned mixed-use development. The project's GDV has consequently increased to around ₹6,000 crore from ₹3,000 crore, with Phase 2 planned for launch in calendar year 2027.
Commercial portfolio operates at 100% occupancy
Max Estates' operational commercial assets — Max Towers, Noida; Max House Phase I and II, Okhla; and Max Square, Noida — are at 100% occupancy. These assets generate annual rental income of ₹53 crore, ₹45 crore and ₹60 crore, respectively.
Under the construction pipeline, Max Square 2, Noida, has a leasable area of 0.9 million square feet and is expected to receive its occupancy certificate in Q2 FY28. It is expected to add more than ₹125 crore to the annuity portfolio.
The company has signed a letter of intent for long-term pre-leasing of around 86,000 square feet at a premium of more than 25% to prevailing micro-market rentals.
Max District, Sector 65, Gurugram, has a leasable area of around 1.6 million square feet and is expected to receive occupancy certificates in two phases in Q2 FY28 and Q3 FY29. It is expected to add more than ₹225 crore to the annuity portfolio.
The company has signed a letter of intent for long-term pre-leasing of around 200,000 square feet at a premium of more than 35% to prevailing micro-market rentals.
Overall, the commercial portfolio has an annuity rental income potential of over ₹700 crore on a 100% basis over the next five years across delivered, under-construction and acquisition assets. The company aims to add 1 million square feet to its commercial portfolio annually.
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Total leased area as of June 30, 2026 stood at 1.24 million square feet. Lease rental income from Max Towers, Max House and Max Square rose 4.5% year-on-year to ₹39.7 crore. Revenue from Max Asset Services stood at ₹14.6 crore, up 16% year-on-year.
Debt as of June 2026 stood at ₹1,961 crore, including lease rental discounting (LRD) of ₹934 crore. Cash and cash equivalents stood at ₹1,727 crore.
Shares of Max Estates Ltd ended at ₹436.25, down by ₹3.10, or 0.71%, on the BSE.
