Max Estates Ltd

- Max Estates plans capital deployment of close to INR1,000 crores across residential and commercial acquisitions, which includes both outright purchases and joint development agreements. - No incremental debt has been taken during the recent period; existing construction finance debts continue. - The company has a major rental discounting debt of close to INR1,000 crores on commercial assets and construction finance debt of close to INR600 crores, both on the commercial side. - No debt is currently carried on residential assets. - Cash balance on residential side is close to INR1,200 crores locked in RERA accounts, expected to be released over the next few years as construction progresses. - The management is focused on achieving sales to meet guidance rather than explicitly stating new fundraising. - Payment plans for outright land purchases in Noida are spread over 4 years as per authority guidelines, implying no immediate large cash outflow. No explicit mention of raising new equity or large new debt in the near term was disclosed.

- 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). - Continues evaluating and selectively acquiring assets based on location and capital risk frameworks to replenish inventory for FY '28 and FY '29 (Pages 17-18). - Land acquisition involves payment plans over four years, optimizing capital use similarly to joint development agreements (Page 16).

- 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. - Collections expected around INR2,500 crores in FY '27, split between existing sales and new launches. - Focus on premium segment and expanding both residential and annuity (commercial leasing) income streams.

- Max Estates expects profitability to rise significantly in FY '29 and FY '30, potentially exceeding INR1,500 crores, depending on how project handovers materialize. (Page 22) - Estate 28 is anticipated to have margins in the 40-45% range; Estates 360 and 361 (joint development agreements) expect margins of 22-25%, with similar IRRs due to lower capital deployment. (Page 22) - Operating margins for Q3 FY '26, adjusting for marketing costs, were above 25%. (Page 11) - Collections from existing sales in FY '27 are projected at INR1,500 - 1,750 crores, with an additional INR1,000 - 1,300 crores from new launches, indicating robust cash flows driving profitability. (Page 11) - The company is confident of achieving growth and becoming dividend-paying within 2.5 years, i.e., by around mid-2028, following completion of residential projects. (Page 23) Overall, Max Estates shows a clear trajectory of improving earnings and operating profits through upcoming launches, robust sales, and margin improvements.

- 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. - They aim to replenish inventory consistently to support growth. - Awaiting final RERA approval for Max Estates and Sector 105 Noida projects, expected shortly, which would enable further inventory recognition and sales.