Max Estates FY26: ₹5,305 Cr presales, profit falls

Strong pre-sales, but earnings under pressure

Max Estates Ltd (BSE: 544008) ended FY26 with residential demand holding up, reporting pre-sales of ₹5,305 crore for the second consecutive year above the ₹5,000 crore mark. The company also reported its strongest quarterly performance in Q4 FY26, led by large launches in Noida.

At the same time, quarterly profitability weakened materially. The company posted a consolidated net loss for the March 2026 quarter even as revenue rose year-on-year. For the full year, consolidated profit declined sharply despite revenue growth.

The result is a mixed picture: healthy sales momentum and collections on one side, and deteriorating margins and earnings on the other.

FY26 pre-sales cross ₹5,000 crore for second straight year

Management commentary in the provided material said Max Estates crossed ₹5,300 crore in pre-sales for the second consecutive year. The full-year pre-sales number is also stated as ₹5,305 crore, reinforcing the repeatability of its sales engine.

The company also cited a three-year pre-sales CAGR from FY24 of 70%. While CAGR is not a cash metric, it provides context that the platform has scaled quickly over a short period.

Another operating indicator highlighted was the pipeline of revenue yet to be recognised. The total revenue from launch projects that is still to be recognised in the income statement was stated at ₹16,310 crore.

Q4 FY26 sets record bookings, driven by Noida launches

Q4 FY26 was described as the strongest quarter ever, with bookings of ₹3,300 crore. A separate line in the provided material also noted Q4 FY26 pre-sales of approximately ₹3,392 crore.

The quarter’s performance was linked to two key launches: Estate 105 in Noida and Max One in Sector 16B, Noida. These launches were repeatedly referenced as primary drivers of the quarter’s record bookings.

The transcript also contains a claim that Estate 105 achieved “sales approximately 7,800 crores within just 10 days of the launch,” but the same dataset does not reconcile this figure with the quarter’s booking totals. Given the internal inconsistency, the more consistently repeated quarter booking numbers (₹3,300 crore and ~₹3,392 crore) remain the cleaner reference points.

Collections jump 61% to ₹1,578 crore

Collections for FY26 were reported at ₹1,578 crore, up 61% year-on-year. The company framed collections as a key operating metric because it reflects the ability to fund construction.

Q4 FY26 collections were stated at ₹650 crore, indicating the quarter contributed a meaningful share of the year’s cash inflows.

In addition, the material notes that average realisations have moved up from ₹18,000 per sq ft in FY24 to about ₹20,000 per sq ft in FY25 and ₹23,000 per sq ft in FY26, a 29% increase over two years.

Project-level highlights: Gurugram and Noida

In Gurugram, the company highlighted Estate 361, where it recorded pre-sales of ₹1,700 crore in FY26. Phase one absorption was stated at over 68% of launched inventory, with average realisations of approximately ₹22,000 per sq ft.

In Noida, Estate 128 was described as fully sold out with cumulative pre-sales of ₹2,700 crore. The same section also mentions ₹1,100 crore in collections for Estate 128.

Separately, an update noted that Phase I of Estate 361 (GDV ₹2,500 crore) recorded ₹1,500 crore in sales till December 31, providing an additional checkpoint on how sales progressed through the year.

Commercial portfolio: 100% occupancy and rental growth

The provided “positive points” section states commercial assets are operating at 100% occupancy. Operationally, this supports stability in recurring income and indicates tenant demand.

Aggregate lease area as of March 31 was stated at 1.2 million sq ft. Lease rental income growth is reported at 40% year-on-year, with two FY26 figures appearing in the material: ₹150 crore and ₹154 crore.

Q4 FY26 results: revenue up, expenses higher, loss reported

For Q4 FY26, net revenue rose 24.25% year-on-year to ₹49.43 crore (also stated as ₹49.4334 crore when expressed from ₹4,943.34 lakh). But costs increased faster.

Total expenses for the quarter were reported at ₹76.76 crore (₹7,675.92 lakh), resulting in a pre-tax loss of ₹6.17 crore (₹617.17 lakh). EBITDA for the quarter was negative at ₹3.4 crore versus positive ₹9.1 crore in Q4 FY25, and EBITDA margin was stated at negative 6.9% versus 22.8% a year earlier.

Net loss for the quarter is reported as ₹4.08 crore versus a net profit of ₹13.99 crore in the corresponding quarter last year. Another line in the material cites a net loss of ₹5.01 crore; both figures are presented in the source content.

FY26 profitability: profit falls despite higher revenue

For FY26, revenue increased 24.27% to ₹199.45 crore compared with FY25. However, consolidated net profit is stated as declining 40.63% to ₹15.69 crore.

The dataset also includes a separate full-year profit line stating net profit declined 69.35% to ₹12.51 crore, indicating conflicting figures in the provided material. Both point in the same direction: earnings were materially lower year-on-year.

The material also provides operating profitability indicators for FY26: consolidated revenue of ₹200 crore, EBITDA of ₹24 crore, and PBT of ₹23 crore.

Balance sheet: debt stands at ₹1,850 crore

On the balance sheet, total debt as of March 31 was stated at ₹1,850 crore. Of this, ₹970 crore represents lease rental discounting borrowing against operational commercial assets.

This split matters because borrowings secured against leased assets can behave differently from construction or corporate debt, but the provided text does not break out the remaining debt further.

Key numbers at a glance

Why the divergence between sales momentum and profits matters

The FY26 updates show Max Estates is generating large pre-sales and rising collections, suggesting strong demand and improving price realisations in key micro-markets. The company also reported fully occupied commercial assets and strong rental growth, adding support from recurring income.

But Q4 FY26 highlights a sharp deterioration in profitability, with expenses outpacing revenue and EBITDA turning negative. For investors, the core question becomes how the company manages costs and execution while sustaining its launch cadence and converting pre-sales into recognised revenue and cash flows.

Conclusion

Max Estates finished FY26 with ₹5,305 crore in pre-sales, record Q4 bookings, and a 61% jump in collections to ₹1,578 crore, while its commercial portfolio remained fully occupied. Yet the March quarter swung to a net loss and full-year profit declined despite revenue growth. The next set of quarterly updates and project progress disclosures will be important to track whether margins stabilise while sales momentum continues.