Max Estates reports Rs 3,184 crore H1 FY27 pre-sales

Max Estates Limited reported Rs 3,184 crore of residential pre-sales from 521 units in H1 FY27, while collections reached Rs 1,051 crore, or twice the year-earlier level. Max Estates also reported Rs 139 crore of post-10% payment cancellations across 22 units and H1 FY27 price realisation of Rs 23,775 per sq. ft.

How did Max Estates' pre-sales change in H1 FY27?

Max Estates recorded Rs 3,184 crore of residential pre-sales from 521 units in H1 FY27, following Rs 5,305 crore from 701 units in FY26. The H1 FY27 figure was generated in six months, while the FY26 and FY25 figures cover full financial years. Q2 FY27 alone contributed Rs 2,092 crore, compared with Rs 156 crore in Q2 FY26, which Max Estates described as about 14 times year-on-year growth.

The annual comparison shows that pre-sales declined by Rs 16 crore between FY25 and FY26, while units declined by 152. That followed growth from Rs 1,841 crore and 201 units in FY24 to Rs 5,321 crore and 853 units in FY25. Max Estates reported a 70% compound annual growth rate in pre-sales between FY24 and FY26.

Estate 361 contributed Rs 1,747 crore of pre-sales in H1 FY27, making it a disclosed contributor to the half-year total. FY26 pre-sales also included Rs 1,221 crore across 218 units recognised after the erstwhile developer received approval under the Real Estate Regulatory Authority, or RERA. Max Estates separately identifies that recognition item within its FY26 total.

What happened to Max Estates' residential realisation?

Max Estates reported H1 FY27 price realisation of Rs 23,775 per sq. ft., broadly unchanged from Rs 23,789 per sq. ft. in FY26. The H1 FY27 level was higher than Rs 20,323 per sq. ft. in FY25 and Rs 18,410 per sq. ft. in FY24. Max Estates calculated an 11% compound annual growth rate in realisation from FY24 to H1 FY27.

Q2 FY27 realisation was Rs 24,704 per sq. ft., above the H1 FY27 figure of Rs 23,775 per sq. ft. The presentation does not provide project-level realisation data or a full project-by-project sales breakdown for H1 FY27. It does, however, identify Estate 361's Rs 1,747 crore of H1 pre-sales.

The combination of 521 H1 FY27 units and Rs 23,775 per sq. ft. realisation differs from FY24, when Max Estates reported 201 units at Rs 18,410 per sq. ft. The presentation supports a comparison of aggregate unit volumes and average realisation across periods, but does not disclose whether changes reflected product mix, location, unit size or other factors.

How much cash did Max Estates collect in H1 FY27?

Max Estates collected Rs 1,051 crore in H1 FY27, including Rs 560 crore in Q2 FY27, and said the half-year amount was twice the year-earlier level. H1 FY27 collections equalled about two-thirds of FY26 collections of Rs 1,578 crore. Collections increased from Rs 455 crore in FY24 to Rs 980 crore in FY25, before rising 61% year on year in FY26.

Max Estates stated that FY25 and FY26 collections were 20% to 25% of sales value. The company distinguishes collections from reported revenue: customer bookings establish contracted sales, while revenue is recognised under Indian Accounting Standard 115, or Ind AS 115, after applicable criteria are met and control is transferred. Its FY26 reported revenue was Rs 199.4 crore.

Project-level collection efficiency ranged from 73% at Max One to 94% at Estate 361. Estate 361 had collected Rs 484 crore against Rs 513 crore billed, while Estate 360 had collected Rs 1,884 crore against Rs 2,024 crore billed. Estate 128 reported Rs 1,141 crore collected against Rs 1,298 crore billed, and Estate 105 reported Rs 365 crore against Rs 403 crore billed.

What do Max Estates' cancellations show about bookings?

Max Estates reported Rs 139 crore of cancellations after the 10% payment threshold, covering 22 units across its launched portfolio. Estate 360 accounted for 17 cancelled units valued at Rs 105 crore, and Estate 361 accounted for five units valued at Rs 34 crore. Estate 128, Max One and Estate 105 recorded no disclosed cancellations after the 10% threshold.

The cancellation measure applies only after a customer has paid 10%, so it does not capture booking changes before that point. Max Estates reported a launched book of Rs 18,760 crore, of which Rs 15,652 crore, or 83%, was sold. That sold value comprised Rs 4,063 crore already collected and Rs 11,588 crore sold but yet to be collected.

The remaining Rs 3,108 crore of launched value was unsold. Max Estates reported a Rs 29,058 crore balance pipeline, combining Rs 25,950 crore still to be launched with that Rs 3,108 crore of unsold launched value. The company said its total gross development value, or GDV, pipeline exceeded Rs 29,000 crore and was intended to support growth from Q3 FY27.

What remains to be collected and recognised from launched projects?

Max Estates estimated Rs 9,029 crore remained to be collected from sold and unsold residential launched units, compared with Rs 5,667 crore for mixed-use launched units. Residential estimated receipts from launched units were Rs 12,539 crore, including Rs 11,016 crore from sold units. Of the sold residential units, Rs 3,510 crore had been collected to date.

Mixed-use estimated receipts from launched units were Rs 6,221 crore, including Rs 4,636 crore from sold units, while collections from sold units were Rs 554 crore. Max Estates owns 51% of the mixed-use projects and New York Life owns 49%, according to the presentation. These are estimates and are separate from the Rs 1,051 crore reported for H1 FY27 collections.

Management estimated Rs 15,650 crore of embedded revenue already contracted and Rs 4,800 crore to Rs 5,700 crore of embedded profit before tax from launched projects. These values were not yet recognised in the profit and loss account, which reported FY26 profit before tax of Rs 23.3 crore. Estimated project margins range from 20% to 45%, with profit recognition expected across FY28 to FY31.

Conclusion

Max Estates' H1 FY27 residential disclosures combine Rs 3,184 crore of pre-sales, Rs 1,051 crore of collections and Rs 139 crore of post-10% cancellations. Realisation of Rs 23,775 per sq. ft. was close to the FY26 level, while Estate 361 recorded the highest disclosed collection efficiency at 94%.

The next operating measures to watch are collections from the Rs 11,588 crore sold-but-uncollected launched book and the planned launch pipeline from Q3 FY27. Max Estates also disclosed planned FY27 construction spending of more than Rs 1,500 crore and expects profit from launched projects to be recognised across FY28 to FY31.