Max Estates Q1 FY27 Pre-Sales ₹1,093 Cr, 5x YoY Growth; Rated [ICRA]A+
Max Estates reported Q1 FY27 pre-sales of ₹1,093 crore, a 5x YoY increase. Collections were ₹491 crore. ICRA assigned a [ICRA]A+ rating with a Stable outlook. The company has a GDV pipeline of over ₹16,150 crore and aims to add 2 million sq. ft. residential development annually.
The substantial growth in pre-sales, a strong future pipeline, and a positive credit rating are significant positive developments that are likely to have a high impact on investor confidence and the company's valuation.
The company reported significant year-on-year growth in pre-sales, received a positive credit rating, and has a strong future pipeline, indicating a positive financial outlook.
Max Estates Limited (MEL) announced its unaudited Q1 FY27 financial results, reporting pre-sales of approximately ₹1,093 crore, marking a 5x year-on-year growth. The company achieved ₹785 crore in pre-sales for Estate 361 in Gurugram, contributing to a total of ₹2,489 crore to date for Phase 1. Collections for Estate 361 were ₹313 crore. The Terraces, launched in May 2026 as part of Estate 361, with a GDV of ₹1,200 crore, saw its Phase 1 fully sold out in the launch quarter, contributing approximately ₹500 crore. Sustenance sales across the existing portfolio added another ₹600 crore.
Overall collections for the quarter stood at approximately ₹491 crore. ICRA Limited assigned Max Estates a first-time issuer rating of [ICRA]A+ with a Stable outlook, acknowledging its healthy sales, collections, strong commercial leasing occupancy, and improving cash flow and leverage metrics.
Max One in Noida achieved cumulative pre-sales of approximately ₹1,504 crore. Estate 105 in Noida recorded ₹219 crore in pre-sales in Q1FY27, bringing cumulative pre-sales to ₹2,002 crore, with approximately 67% of launched inventory sold. Collections for Estate 105 were ₹193 crore. The company has revised the development mix at Estate 105 to a completely residential portfolio, enhancing its GDV to approximately ₹6,000 crore, with Phase 2 planned for CY27.
The company has a remaining GDV pipeline exceeding ₹16,150 crore for future launches, aiming to add around 2 million sq. ft. of residential development annually. In the commercial segment, operational assets are at 100% occupancy, generating annual rental income of ₹158 crore. Max Square 2 in Noida and Max District in Gurugram are under construction, expected to add over ₹125 crore and ₹225 crore respectively to the annuity portfolio. The overall commercial portfolio is poised for an annuity rental income potential of over ₹700 crore in the next five years, with an aspiration to add 1 million sq. ft. annually.
Consolidated financial highlights for Q1FY27 include revenue of ₹51.9 crore, EBITDA of ₹8.1 crore, PBT of ₹11.4 crore, and PAT of ₹8.4 crore. Lease rental income grew by 4.5% YoY to ₹39.7 crore, and Max Asset Services revenue grew by 16% YoY to ₹14.6 crore. Debt as of June 2026 stood at ₹1,961 crore, including LRDs of ₹934 crore, while cash and cash equivalents were ₹1,727 crore.
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Max Estates Limited filed this with the NSE as a statutory disclosure, categorised under other company updates. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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