1. At a Glance – Blink and You’ll Miss the Irony
Max Estates Ltd is that rare Delhi-NCR real estate developer which can flex ₹2,500 crore GDV launches, ₹1,900+ crore pre-sales, and New York Life casually wiring hundreds of crores, while still delivering an ROE that looks like a government bond on sedatives.
Market cap sits at ₹6,174 crore, stock price around ₹380, down ~21% in 3 months and ~25% over 1 year—clearly the market is not buying the “luxury real estate = instant riches” WhatsApp forward just yet.
Sales are growing (TTM ₹190 crore, ~26% growth), profit growth looks optically spicy (58% TTM), but dig deeper and you realise other income is doing some heavy lifting, interest costs are climbing faster than Gurgaon rents, and quarterly PAT has recently gone negative.
This is a company with big brand parents, global capital backing, premium land banks, and accounting numbers that still behave like a startup intern learning Excel. Curious already? Good. Let’s dig.
2. Introduction – The Max Group Real Estate Experiment
Max Estates is the real estate-only spin-off of the Max Group ecosystem. After years of being clubbed with Max Ventures & Industries, the real estate business was demerged so that investors could finally answer the question:
“Boss, real estate hai ya financial services ka cousin?”
Now it’s clean. Pure-play real estate. No health insurance distractions. No asset-light confusion. Just land, launches, leasing, debt, and patience.
The company operates primarily in Delhi-NCR, focusing on premium residential projects and commercial office assets. And unlike your average NCR builder who announces projects on hoardings before land papers are signed, Max Estates prefers slow launches, institutional partners, and long-term annuity assets.
But here’s the twist:
Despite marquee names, global capital, and glossy investor decks, returns are still anaemic. ROCE ~2.5%, ROE ~2%. That’s not real estate alpha; that’s FD beta.
So is this a
long-duration compounding story still warming up, or a capital-heavy patience test disguised as luxury real estate? Let’s proceed.
3. Business Model – WTF Do They Even Do?
Think of Max Estates as a “two-engine” real estate company:
Engine 1: Residential Development (Drama + Cash Flow)
- Premium / luxury residential projects in NCR
- High GDV launches, chunky pre-sales
- Cash inflows are lumpy, profits even lumpier
- Q3 FY26 highlight:
- Estate 361 launched
- GDV ~₹2,500 crore
- Gurugram pre-sales ₹1,900+ crore
Sounds amazing, right? Yes—but revenue recognition in real estate is a slow cooker, not a microwave.
Engine 2: Commercial Leasing (Boring but Beautiful)
- Office assets generating rentals
- Recent ~200,000 sq.ft. LOI securing ₹270+ crore rentals
- Lower glamour, higher predictability
- This is the part institutions love and traders ignore
The idea is simple:
Residential gives bursts of cash. Commercial gives steady annuity. Together, they’re supposed to create stability.
Question for you: how many Indian real estate companies actually pull this balance off well?
4. Financials Overview – Numbers Don’t Lie, But They Do Smirk
EPS Annualisation Rule
Latest quarterly EPS (Q3 FY26): ₹0.45
Annualised EPS = ₹0.45 × 4 = ₹1.80
Now, the comparison table:
| Metric | Latest Qtr (Dec FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 49.77 | 40.04 | 48.77 | 24.3% | 2.1% |
| EBITDA (₹ Cr) | 2.93 | 11.57 | 10.09 | -74.7% | -71.0% |
| PAT (₹ Cr) | -1.21 | 15.82 | 7.82 | -106% | -115% |
| EPS (₹) | -0.07 | 1.23 | 0.45 | -105% | -116% |
Commentary (no sugarcoating):
