Max Estates Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹8,469 Cr
- P/E
- 1442.70
- ROE
- -1.27%
- Price to sales
- 42.36
- Debt to equity
- 1.00
- 52W high / low
- ₹617 / ₹309
- EBITDA margin
- 8.98%
- Net profit margin
- -18.72%
- Promoter holding
- 45.23%
- Sales (last year)
- ₹200 Cr
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]
Guidance scorecard · Q1 FY27 call
What Max Estates Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ1 FY27 call
10–20%- Max Estates remains extremely optimistic and confident about achieving robust sales growth, backed by a diversified product mix and strong brand pull.
- The company has a launch pipeline of approximately Rs. 16,000 crores GDV planned for FY '27 and beyond, with about Rs. 5,000-Rs. 5,500 crores of launches expected in the second half of FY '27.
- New launches span key projects such as Estate 361 Phase-2, Estate 105 Phase-2, and Sector 59, contributing equi-distributably to pre-sales.
- Approximately 50% of recent sales came from sustenance inventory and 50% from new launches, indicating healthy ongoing demand.
- Collections are on track with guidance of Rs. 2,500-Rs. 2,700 crores for FY '27, supporting construction funding without additional debt.
2 more points from Max Estates Ltd's call on revenue
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MarginsQ1 FY27 call
See what Max Estates Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Remaining CAPEX on commercial assets is estimated at Rs. 1,500-Rs. 1,800 crores, fully tied up with financial closure achieved including equity and sanctioned debt from leading banks.
- Construction finance drawn for commercial projects (Max Square 2, Max District, Max One) is increasing debt but supports ongoing construction spend.
- Project deployment planned at Rs. 1,500-Rs. 1,800 crores for FY '27, with operating cash flow of Rs. 750-Rs.1,000 crores available for business development efforts.
- Focus continues on business development within NCR and larger region, with active pursuit of opportunities in key geographies like Ghaziabad.
2 more points from Max Estates Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Max Estates Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- Max Estates has a launch pipeline with approximately Rs. 16,000 crores of GDV planned for FY '27.
- Around Rs. 5,000 to Rs. 5,500 crores of new project launches are expected in the second half of FY '27.
- There remains Rs. 3,000 to Rs. 4,000 crores of existing launched inventory available for sale.
2 more points from Max Estates Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingFinancials of Max Estates Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Max Estates Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 23.31 | 18.28 | 20.49 | 24.17 | 30.01 | 40.49 | 40.18 | 40.04 | 39.78 | 51.47 | 48.77 | 49.77 | 49.43 |
| Expenses + | 15.71 | 15.13 | 19.92 | 17.90 | 22.20 | 25.26 | 31.64 | 28.47 | 30.72 | 37.56 | 38.68 | 46.84 | 52.63 |
| Operating Profit | 7.60 | 3.15 | 0.57 | 6.27 | 7.81 | 15.23 | 8.54 | 11.57 | 9.06 | 13.91 | 10.09 | 2.93 | -3.20 |
| OPM % | 32.60% | 17.23% | 2.78% | 25.94% | 26.02% | 37.61% | 21.25% | 28.90% | 22.78% | 27.03% | 20.69% | 5.89% | -6.47% |
| Other Income + | 5.41 | -39.28 | 7.29 | 6.30 | 8.55 | 7.21 | 12.60 | 31.85 | 37.52 | 28.66 | 25.86 | 21.68 | 21.15 |
| Interest | 5.10 | 4.38 | 10.52 | 13.88 | 14.21 | 16.55 | 13.94 | 14.83 | 16.55 | 17.32 | 16.28 | 15.63 | 16.19 |
| Depreciation | 3.72 | 3.69 | 6.37 | 6.89 | 8.45 | 8.77 | 8.41 | 8.16 | 8.76 | 8.41 | 8.04 | 8.02 | 7.93 |
| Profit before tax | 4.19 | -44.20 | -9.03 | -8.20 | -6.30 | -2.88 | -1.21 | 20.43 | 21.27 | 16.84 | 11.63 | 0.96 | -6.17 |
| Tax % | -9.79% | -13.19% | -49.94% | -8.41% | -24.92% | -30.56% | 14.05% | 22.61% | 34.23% | 29.10% | 32.85% | 96.88% | -33.87% |
| Net Profit + | 4.60 | -38.37 | -4.51 | -7.51 | -4.73 | -2.00 | -1.38 | 15.82 | 13.99 | 11.94 | 7.82 | 0.02 | -4.08 |
| EPS in Rs | 0.01 | -0.21 | -0.10 | 0.11 | 0.13 | 1.23 | 1.08 | 0.71 | 0.45 | -0.07 | -0.31 |
Financials of Max Estates Ltd
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 69 | 107 | 93 | 160 | 199 |
| Expenses + | 39 | 76 | 75 | 116 | 176 |
| Operating Profit | 31 | 32 | 18 | 44 | 24 |
| OPM % | 44% | 30% | 19% | 28% | 12% |
| Other Income + | 5 | 24 | -17 | 89 | 97 |
| Interest | 16 | 19 | 43 | 62 | 65 |
| Depreciation | 11 | 15 | 25 | 34 | 32 |
| Profit before tax | 8 | 22 | -68 | 38 | 23 |
| Tax % | 42% | 16% | -19% | 30% | 33% |
| Net Profit + | 5 | 18 | -55 | 26 | 16 |
| EPS in Rs | -2.87 | 2.53 | 0.77 | ||
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
Financials of Max Estates Ltd
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 78 | 0.00 | 147 | 161 | 163 |
| Reserves | 531 | 1,211 | 1,024 | 2,117 | 2,256 |
| Borrowings + | 315 | 862 | 999 | 1,656 | 2,412 |
| Other Liabilities + | 101 | 144 | 924 | 3,295 | 7,605 |
| Total Liabilities | 1,025 | 2,216 | 3,094 | 7,229 | 12,437 |
| Fixed Assets + | 898 | 1,427 | 1,826 | 2,047 | 2,523 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 160 | 93 | 587 | 385 |
| Other Assets + | 114 | 629 | 1,175 | 4,596 | 9,529 |
| Total Assets | 1,025 | 2,216 | 3,094 | 7,229 | 12,437 |
Financials of Max Estates Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Cash from Operating Activity + | 41 | -456 | 271 | 225 | -616 |
| Cash from Investing Activity + | -121 | -52 | -292 | -1,993 | -291 |
| Cash from Financing Activity + | 78 | 521 | 234 | 1,766 | 879 |
| Net Cash Flow | -2 | 13 | 213 | -2 | -28 |
| Free Cash Flow | -88 | -979 | -50 | -452 | -696 |
| CFO/OP | 147% | -1,339% | 1,559% | 669% | -2,356% |
Financials of Max Estates Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Debtor Days | 10 | 20 | 31 | 33 | 22 |
| Inventory Days | 271 | 6,553 | |||
| Days Payable | 197 | 458 | |||
| Cash Conversion Cycle | 85 | 6,115 | 31 | 33 | 22 |
| Working Capital Days | -105 | 993 | -8 | 1,013 | 5,732 |
| ROCE % | 2% | 0% | 3% | 2% |
Guidance history
How Max Estates Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | — | Planned | Planned | — |
| Q4 FY26 call → | 10–20% | Flat | Planned | — | Rising |
| Q3 FY26 call → | 10–20% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
39 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +10.0% | 68% |
| Last 6 months | +29.0% | 80% |
| Last 3 months | +32.1% | 93% |
The price is 23.6% below its all-time high of ₹675.15 (30 Aug 2024). Stocks more than 20% below their peak have their score halved, so 78 became 39.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Max Estates Ltd: 0.4 × 68 + 0.4 × 80 + 0.2 × 93 = 78, halved to 39 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 28 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Max Estates Ltd's management said in earlier quarters
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