Max Estates Q1 FY26 earnings call: Revenue & Margins
Q1 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹51Cr
- +27.1% YoY
- +29.4% QoQ
- Net profit
- ₹12Cr
- Turned profitable YoY
- −14.7% QoQ
- Margin
- 27.03%
- −10.6 pp YoY
- +4.3 pp QoQ
Guidance rank: #12 of 43 in Realty
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The short version
Max Estates targets cumulative pre-sales of Rs. 21,000 crores by FY28, aiming for a 15%-20% CAGR growth. Max Estates targets strong growth in both residential and commercial sectors over the next 3-5 years.
From Max Estates Ltd's Q1 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Max Estates targets cumulative pre-sales of Rs. 21,000 crores by FY28, aiming for a 15%-20% CAGR growth.
- Planned launches include Rs. 9,500 crores GDV in H2 FY26 across three projects in Gurgaon and Noida.
- FY26 pre-sales guidance is Rs. 6,000 to 6,500 crores, representing 15%-20% growth over FY25.
- Commercial portfolio aims to reach annuity rental income potential of over Rs. 700 crores within 5 years.
- Residential sales focus is on diversified micro-markets with smaller unit sizes per project to reduce concentration risk.
- Expected construction spend in FY26 is Rs. 450 to 500 crores with collections of approx. Rs. 2,500 to 2,600 crores.
2 more points from Max Estates Ltd's call on revenue
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Profitability & Margins
Max Estates targets strong growth in both residential and commercial sectors over the next 3-5 years.
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Capital Expenditure Plans
- For FY26, Max Estates expects a business development (BD) spend in the range of Rs. 500 to 800 crores. (Page 9)
- Total construction spend across all assets in the current year is projected to be Rs. 450 to 500 crores. (Page 17)
- In Q1, the company spent approximately Rs. 150 crores on construction and Rs. 200 crores to acquire the Delhi One asset. (Page 16)
- There is a capital call pending from partners, including New York Life, of about Rs. 100 crores for commercial projects, to be deployed in coming years as projects progress. (Page 6-7)
- The company plans to launch projects worth Rs. 9,500 crores in H2 FY26, with sales guidance of Rs. 6,000 to 6,500 crores from these launches. (Page 11)
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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
New York Life holds 49% in commercial projects, and a capital call of approximately Rs. 100 crores is…
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Order Book & Pipeline
- Max Estates has an ongoing and upcoming project pipeline valued at Rs. 7,589 crores.
- Residential sales guidance for FY26 is Rs. 6,000 to 6,500 crores from launches worth Rs. 9,500 crores.
- The company aims to grow residential sales to Rs. 21,000 crores over the next 3 years, with a secured pipeline of Rs. 14,000 to 15,000 crores.
- Commercial portfolio targets rental income of Rs. 700 crores in 4-5 years, with total asset value around Rs. 725 crores.
- They are working on adding 3 million square feet in new projects from a pipeline of 14-15 million square feet.
- Sales and collections are strong, with 96%-97% collections reported and no inventory left currently.
2 more points from Max Estates Ltd's call on order book
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Max Estates Ltd — Quarterly revenue & net profit
Max Estates Ltd Q1 FY26 results — key figures
| ₹ Cr | Q1 FY26 | Q1 FY25 | YoY | Q4 FY25 | QoQ |
|---|---|---|---|---|---|
| Revenue | 51 | 40 | +27.1% | 40 | +29.4% |
| Operating profit (EBITDA) | 14 | 15 | -8.7% | 9 | +53.5% |
| Operating margin | 27.03% | 37.61% | -10.6 pp | 22.78% | +4.3 pp |
| Profit before tax | 17 | -3 | — | 21 | -20.8% |
| Net profit (PAT) | 12 | -2 | — | 14 | -14.7% |
| EPS (₹) | 0.71 | 0.11 | +545.5% | 1.08 | -34.3% |
Source: reported quarterly figures (Screener), ₹ crore.
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹53 Cr, net profit ₹5 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Max Estates's management said in earlier quarters
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Max Estates Ltd Q1 FY26 results?
Max Estates targets cumulative pre-sales of Rs. 21,000 crores by FY28, aiming for a 15%-20% CAGR growth. Max Estates targets strong growth in both residential and commercial sectors over the next 3-5 years.
What is Max Estates Ltd share price analysis?
Max Estates Ltd currently shows a neutral. The stock trades at a P/E of 1231.5 with a market cap of ₹7,229 Cr. Investors should review the full earnings analysis for detailed insights.
Is Max Estates Ltd planning capital expenditure?
For FY26, Max Estates expects a business development (BD) spend in the range of Rs. 500 to 800 crores.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.