Max Estates Limited: A Strong H1 FY26 Driven by Premium Offerings and Strategic Expansion

Max Estates Limited, a prominent real estate developer, has reported a robust performance for the first half of fiscal year 2026 (H1 FY26), underscoring its strategic focus on premium residential and commercial offerings. The company's consolidated revenue reached 100.2 crore rupees, marking a significant 24% year-on-year growth. This impressive financial outcome was primarily fueled by a substantial increase in lease rental income and strong contributions from its asset services division. The consolidated EBITDA stood at 24 crore rupees, with a profit before tax (PBT) of 29 crore rupees and a profit after tax (PAT) of 20 crore rupees, reflecting healthy operational efficiency and profitability.

The company's operational assets, particularly in the commercial segment, demonstrated exceptional performance. Lease rental income surged by 41% year-on-year to 72 crore rupees in H1 FY26. This growth was driven by 100% occupancy across all operational commercial properties, including Max Towers, Max House, and Max Square. Max Asset Services, the company's facility arm, also contributed significantly, with revenues of 26 crore rupees, growing by 33% year-on-year. This strong showing highlights the high demand for Max Estates' institutional-grade commercial products, which consistently command a 20-25% premium over micro-market rates. The residential segment also saw strong traction, with cumulative presales exceeding 7,500 crore rupees, indicating robust buyer confidence and market demand for their quality offerings.

Strategic Growth and Market Leadership

Max Estates is actively pursuing an aggressive growth strategy, particularly in the high-growth NCR market. The company recently secured development rights for a 7.25-acre land parcel in Sector 59, Golf Course Extension Road, Gurugram, with a Gross Development Value (GDV) potential exceeding 3,000 crore rupees for luxury residential development. This expansion reinforces its commitment to Gurugram's luxury housing market. Additionally, Max Estates plans significant launches in H2 FY26, including Estate 361 in Gurugram and mixed-use projects Max One and Max 105 in Noida, with a combined GDV of 9,500 crore rupees. These launches are projected to generate presales of 6,000-6,500 crore rupees for FY26, representing a 15-20% growth over the previous fiscal year.

The company's strategic partnership with New York Life, an exclusive real estate partner in India, further strengthens its commercial portfolio. New York Life has committed approximately 1,800 crore rupees across seven rounds of investment, primarily in commercial and mixed-use assets, reflecting confidence in Max Estates' vision and execution capabilities. This partnership provides a stable financial foundation for future growth and co-investment opportunities. Max Estates' diversified portfolio, encompassing residential, commercial, and mixed-use projects across Delhi, Gurugram, and Noida, positions it well to capitalize on the region's dynamic real estate landscape.

Sustainability and Future Outlook

Max Estates is not only focused on financial growth but also on sustainable development. The company achieved a dual 5-star rating in both Development and Standing Investment categories from GRESB, ranking #1 in its peer groups and placing it among the top 20% of real estate entities globally. This recognition highlights its unwavering commitment to environmental, social, and governance (ESG) practices. Key sustainability initiatives for FY26 include establishing Net Zero Targets backed by Science Based Targets Initiatives (SBTi), initiating Scope 3 emissions calculations, and developing an ESG dashboard for portfolio-level data exchanges.

Looking ahead, Max Estates maintains a confident outlook, projecting an annuity rental income potential of over 700 crore rupees in the coming years. The management's focus on customer experience, quality construction, and disciplined capital allocation underpins its long-term strategy. With a strong project pipeline, robust financial health, and a clear vision for sustainable growth, Max Estates is poised to continue its upward trajectory in the Indian real estate market, building on its reputation as a trusted and innovative developer.