Future growth expectations in sales/revenue/volumes?

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, potentia

Any current/future new fundraising through debt or equity?

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 i

Any current/future capex/capital investment/strategic investment?

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 Sect

Future growth expectations in earnings/operating earnings/profits/EPS?

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 commer

Current/ Expected Orderbook/ Pending Orders?

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

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Max Estates LtdQ1 FY25Realty

Max Estates Ltd Q1 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹453P/E: 183.5Market Cap: ₹6.4K CrSector: Realty

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→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.

Margin guidance

Category 3

→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.

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Fundraise plans

Yes

→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.

Order book

Yes

→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.

Capex plans

Yes

→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).

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