Max Estates Ltd

- New York Life (NYL) is strategically partnering with Max Estates on mixed-use projects, committing equity infusion of approx. INR600 crores for a 49% stake in both Sector 105 Noida and Delhi One projects. - This equity infusion is expected to achieve financial closure from the equity perspective for these projects. - Max Estates plans to raise debt subsequently on these projects to fund remaining capital requirements. - Current gross debt stands at INR1,350 crores (including INR852 crores LRD), with construction finance ongoing for commercial projects Acreage and MaxVIL. - Debt for commercial assets is being funded through tied-up bank financing with SBI and ICICI. - Operating cash flows and collections from residential presales are expected to support reinvestments, including land acquisition and project developments. - Additional capital raise options through such project-level partnerships with NYL or similar investors remain open for future residential projects.

- Planned equity infusion of around INR600 crores from New York Life for a 49% shareholding in Sector 105 and Delhi One projects to achieve financial closure from an equity perspective. - Debt raising is planned on these projects to meet remaining capital requirements. - Expected deployment of approximately INR1,100 crores capex on large residential projects in FY '26. - Around INR500 crores capex to be deployed on commercial assets Acreage Builders (Gurgaon) and MaxVIL (Noida) in FY '26, funded through tied-up debt with SBI and ICICI banks. - New York Life committed approximately INR300 crores for Sector 105 Noida and INR250 crores for Delhi One mixed-use projects. - Acquisition of 3 floors in Max Towers, Noida for about INR105 crores to consolidate ownership and enhance operational control. - Launching new projects with development potential: 2.5 million sq ft luxury mixed-use in Q3 FY '26 (~INR2,000 crores GDV) and 2.6 million sq ft mixed residential-commercial in Sector 105 Noida (~INR3,000 crores GDV).

- Max Estates targets presales growth of 15% to 20% CAGR over the coming years. - For FY '26, guidance is INR6,000 to INR6,500 crores in bookings, up 15%-20% from FY '25's INR5,300+ crores. - The strategic launch pipeline includes 3 projects in Gurgaon and Noida in FY '26, aiming for INR9,500 crores booking value. - Growth guidance for FY '26 to FY '28 is INR21,000 crores in booking value, with INR14,000 crores already secured. - Collections expected to be approximately INR2,000 crores annually from large residential projects. - Operating cash flow from residential expected to grow significantly, potentially doubling to around INR1,000 crores in FY '26. - Committed equity infusion from New York Life (around INR600 crores) supports project financial closure and expansion. - Ongoing addition of at least 3 million square feet of development potential annually supports sustained volume growth.

- Max Estates aims for a 15% to 20% CAGR growth in presales, with FY '26 guidance of INR6,000-6,500 crores, a 15-20% increase over FY '25. - Operating cash flow from residential segment was INR450-500 crores in FY '25, expected to significantly grow, potentially reaching around INR1,000 crores in FY '26. - Revenue in FY '25 was INR161 crores with EBITDA of INR45 crores, and profit after tax of INR27 crores; improving collections and project launches expected to boost profitability. - Lease rental income grew 67% YoY to INR110 crores, projected to reach INR700 crores annually over 3-5 years from commercial assets. - Steady state top-line projected near INR6,000 crores from FY '28 onwards with gradual year-on-year growth. - Equity infusion (~INR600 crores) from New York Life for key projects to aid growth.

- Max Estates has a secured orderbook/pipeline of INR 21,000 crores for FY '26 to '28, with INR 14,000 crores already secured. - For FY '26, 3 new projects will be launched between Gurgaon and Noida from Q2 to Q4, worth INR 9,500 crores in booking value. - FY '26 guidance is INR 6,000 to INR 6,500 crores in bookings, implying a 15-20% growth over FY '25. - They plan to add at least 3 million sq ft annually, with at least 2 million sq ft in residential and 1 million sq ft in commercial development. - New projects include a 4 million sq ft development adjacent to Estate 360 with approx INR 9,000 crore GDV, planned to launch by Q2 FY '26. - Ongoing bilateral negotiations for 3 million sq ft commercial projects in Noida are underway, expected to be added soon. - They expect to continue adding 2 million sq ft of new development annually beyond FY '28.