When the NCR real estate chatter sounds like a crypto party — all hype, no fundamentals — Max Estates quietly builds towers, sells ₹7,500 crore worth of homes, and earns global ESG badges. While others chase “vibes per square foot,” Max Estates sells trust per tower. The Quran says,“Indeed, with hardship comes ease.”For Max, that ease now comes with 100% leased offices and ₹9,500 crore worth of launches ready to roll.
Stick around — the blueprint gets richer (and taller) ahead.
At a Glance
- Revenue ₹100 cr (+24% YoY)– Even the CFO smiled — rare sighting.
- EBITDA ₹24 cr– Margins stacked better than their glass facades.
- PAT ₹20 cr– Profits now match the shine of Max Towers’ lobby.
- Lease Rental Income ₹76 cr (+41%)– Every square foot working overtime.
- Cash ₹1,900 cr vs Debt ₹1,550 cr– Still more cash than your favorite unicorn.
- Occupancy 100% across 1.3 mn sq. ft.– Tenants treat their leases like marriage vows.
- GDV Pipeline ₹17,000 cr– They’re not building towers, they’re building an empire.
Management’s Key Commentary
“NCR residential prices are up 19–25% YoY.”(Translation: The dream of owning a flat just got more expensive, again.)
“We’ve sold ₹7,500 crores cumulatively — Estate 360 and 128 fully sold.”(They don’t sell homes. They host stampede events with receipts.)
“Commercial assets 100% leased at 25% above market rent.”(When tenants compete to overpay, you’ve won real estate.) 😏
“We secured new Gurgaon land worth ₹3,000 crores GDV.”(When others scout for land, Max scouts for legacy.)
“GRESB ranked us No. 1 in India on ESG.”(Even the plants in their lobbies have green certifications.)
“We’ll launch three projects this half-year — 361, Max One, and 105.”(A trilogy no Marvel fan saw coming.)
“Target ₹6,000–6,500 crore pre-sales this year.”(That’s ‘sellout’ in the best possible way.)
Numbers Decoded
| Metric | Q2FY26 | Q2FY25 | YoY Growth | Comment |
|---|---|---|---|---|
| Consolidated Revenue | ₹100 cr | ₹81 cr | +24% | Modest topline, mighty margins. |
| EBITDA | ₹24 cr | ₹18 cr | +33% | Construction dust turned into cash. |
| PAT | ₹20 cr | ₹14 cr | +43% | Profit cemented. |
| Lease Rental Income | ₹76 cr | ₹54 cr | +41% | Rent inflation they actually love. |
| Cash & Cash Equivalents | ₹1,900 cr | ₹1,300 cr | +46% | Enough to buy back their competitors. |
| GDV (Pipeline) | ₹17,000 cr | ₹12,000 cr | +42% | Cement mixers on overdrive. |
Max’s rental income now scales faster than most SaaS startups, and their FY26 pre-sales plan reads like an IPO prospectus for luxury homes.
Analyst Questions
Mohit (IIFL):Three launches coming up — when?(December, January, February — because Max launches homes like Apple drops iPhones.)
Pritesh (Axis):₹150 cr annual rentals — peak yet?(Not even close. Max Towers rents age like fine wine — 15% bump every 3 years.)
Karan (Ambit):Margins under pressure as land costs rise?(Still 40% in outright, 20% in JVs — even cement envies these margins.)
Jayshree (Trinetra):How will you maintain 25% rent premium?
