Max Estates Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management said on revenue, margins and capex.
- Revenue
- ₹50Cr
- +24.3% YoY
- +2.1% QoQ
- Net profit
- ₹0Cr
- −99.9% YoY
- −99.7% QoQ
- Margin
- 5.89%
- −23 pp YoY
- −14.8 pp QoQ
Guidance rank: #12 of 43 in Realty
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The short version
Max Estates expects launches in Q4 FY '26 primarily in Noida, targeting INR4,000-5,000 crores GDV from new projects. Max Estates expects profitability to rise significantly in FY '29 and FY '30, potentially exceeding INR1,500 crores, depending on how project handovers materialize.
From Max Estates Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Max Estates expects launches in Q4 FY '26 primarily in Noida, targeting INR4,000-5,000 crores GDV from new projects.
- There's confidence in achieving sales guidance for FY '26 with strong presales already (~INR1,900 crores in 9 months).
- Business development plans aim to acquire 1-2 million sq ft residential and 1-1.5 million sq ft commercial annually, deploying ~INR1,000 crores capital.
- Pipeline includes full FY '26 and FY '27, plus part of FY '28, ensuring a comfortable growth pipeline.
- Revenue potential from sponsor land bank (100 acres) is estimated at INR10,000+ crores GDV, mainly residential with mixed-use.
- Profitability margins for launched projects range 22%-45%, with IRRs equalized due to capital efficiency.
2 more points from Max Estates Ltd's call on revenue
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Profitability & Margins
Max Estates expects profitability to rise significantly in FY '29 and FY '30, potentially exceeding…
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Capital Expenditure Plans
- Max Estates plans capital deployment of close to INR1,000 crores annually across residential and commercial acquisitions, combining outright purchases and joint development agreements (Page 18).
- Recent acquisition on Golf Course Extension Road involved an outlay of close to INR450 crores (Page 12).
- Construction spends during the current period are close to INR350 crores on ongoing projects (Page 12).
- Upcoming launches in Noida estimated at INR4,000-5,000 crores in GDV for Q4 FY '26, with ongoing pipeline for FY '27 and part of FY '28 already in place (Pages 21-22, 18).
2 more points from Max Estates Ltd's call on capex
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Top-ranked in Realty
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
Max Estates plans capital deployment of close to INR1,000 crores across residential and commercial…
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Order Book & Pipeline
- Max Estates has a full sales pipeline for FY '26, FY '27, and part of FY '28, indicating a robust orderbook.
- They are confident of achieving sales guidance for FY '26 and expect significant launches in Q4 FY '26.
- The company plans new launches in FY '27, including projects on Golf Course Extension Road and remaining parts of Estate 361.
- Business development targets include acquiring 1 to 2 million sq ft of residential and 1 to 1.5 million sq ft of commercial space annually with capital deployment around INR1,000 crores.
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 Q3 FY26 results — key figures
| ₹ Cr | Q3 FY26 | Q3 FY25 | YoY | Q2 FY26 | QoQ |
|---|---|---|---|---|---|
| Revenue | 50 | 40 | +24.3% | 49 | +2.1% |
| Operating profit (EBITDA) | 3 | 12 | -74.7% | 10 | -71% |
| Operating margin | 5.89% | 28.9% | -23 pp | 20.69% | -14.8 pp |
| Profit before tax | 1 | 20 | -95.3% | 12 | -91.7% |
| Net profit (PAT) | 0 | 16 | -99.9% | 8 | -99.7% |
| EPS (₹) | -0.07 | 1.23 | -105.7% | 0.48 | -114.6% |
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 Q3 FY26 results?
Max Estates expects launches in Q4 FY '26 primarily in Noida, targeting INR4,000-5,000 crores GDV from new projects. Max Estates expects profitability to rise significantly in FY '29 and FY '30, potentially exceeding INR1,500 crores, depending on how project handovers materialize.
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?
Max Estates plans capital deployment of close to INR1,000 crores annually across residential and commercial acquisitions, combining outright purchases and joint development agreements (Page 18).
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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.