Max Estates Q3 FY26: ₹1,900 Cr+ Pre-Sales in Gurugram, Launches ₹2,500 Cr Estate 361
Max Estates reported Q3 FY26 results with ₹1,900+ crore pre-sales in Gurugram. Launched Estate 361 (₹2,500 crore GDV) and secured ₹270 crore+ in pre-leased commercial space at Max District, Gurugram. 9M FY26 consolidated revenue was ₹150 crore, with PAT at ₹20 crore. Net debt stood at ₹414 crore.
The announcement details substantial pre-sales, a large new project launch with significant GDV, and strong commercial leasing achievements, all of which have a material impact on the company's financial performance and market position.
The company reported strong pre-sales figures, successful launches of new projects, and significant leasing momentum in its commercial portfolio, indicating positive business performance and future outlook.
Max Estates Limited (MEL) announced its unaudited Q3 & 9M FY26 financial results, highlighting strong performance in both residential and commercial portfolios.
In the residential segment, MEL launched Phase 1 of Estate 361 in Gurugram, a forest-anchored community with a Gross Development Value (GDV) of approximately ₹2,500 crore. This development features over 2,50,000 sq. ft. of forest greens and will include Senior Living Residences managed by Antara Senior Living Limited. The company reported pre-sales of over ₹1,900 crore in Gurugram for YTD FY26, with Estate 361 achieving an average price realization of ~₹22,000 per sq. ft.
Other residential updates include Estate 128, Noida, with ₹2,734 crore in pre-sales (100% sold) and ₹1,094 crores collected. Estate 360, Gurugram, recorded ₹4,831 crore in pre-sales bookings and ₹1,110 crores collected. Additionally, MEL secured development rights for a new luxury residential project in Sector 59, Gurugram, with a GDV potential of over ₹3,000 crore, expected to launch in Q4 FY27.
The company has a launch pipeline with GDV potential of ~₹14,500 crore and aspires to add 2 million sq. ft. in the residential segment annually. Upcoming launches include Max One in Sector 16B, Noida, and a project in Sector 105, Noida, targeted for Q4 FY26, with a combined GDV potential of over ₹5,000 crore.
In the commercial portfolio, MEL signed a binding Letter of Intent (LOI) for pre-leasing ~200,000 sq. ft. at Max District, Gurugram, securing gross rentals of over ₹270 crore, concluded three years ahead of completion and at a 35%+ premium to market rents. Operational assets like Max Towers, Max House, and Max Square continue to operate at 100% occupancy, generating significant annual rental income. The overall commercial portfolio is poised for an annuity rental income potential of over ₹723 crore in the next five years, with aspirations to add 1 million sq. ft. annually.
Max Estates has also initiated solar power sourcing for its Max Square project, marking a step towards its goal of shifting 50% of its portfolio’s energy usage to renewable sources by 2030.
Consolidated financial highlights for 9M FY26 include Revenue of ₹150 crore, EBITDA of ₹27 crore, and PAT of ₹20 crore. Total leased area stood at 1.23 Mn sq. ft. as of December 31, 2025. Debt as of December 2025 was ₹1,698 crore, with cash and cash equivalents at ₹1,284 crore, resulting in a net debt of ₹414 crore.
Sahil Vachani, Vice Chairman & MD, commented on the strong market validation of their differentiated, wellness-led strategy, highlighting the success of Estate 361 and the commercial portfolio's strength.
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Max Estates Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. 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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