Max Estates Limited Reports ₹3,184 Crore H1 FY27 Pre-Sales

Max Estates Limited reported ₹3,184 crore of pre-sales in H1 FY27, including ₹2,092 crore in Q2 FY27, representing about 14 times year-on-year growth in quarterly bookings from ₹156 crore. The operating update indicates a sharp increase in residential sales momentum, while Q2 collections doubled year on year to ₹560 crore.

What drove Max Estates' H1 FY27 pre-sales?

Max Estates reported that Q2 FY27 pre-sales reached ₹2,092 crore, taking first-half bookings to ₹3,184 crore. H1 FY27 pre-sales were also described as about 60% of the company's FY26 pre-sales and compared with ₹373 crore in H1 FY26. The Q2 number was substantially above the ₹156 crore reported in the year-earlier quarter.

The increase was led by sales in the company's LiveWell residential portfolio and its mixed-use developments. Estate 361 generated ₹962 crore of Q2 pre-sales, while Max One contributed ₹584 crore. Estate 105 added ₹546 crore during the quarter. Together, these three projects accounted for the reported quarterly pre-sales activity.

Collections were ₹560 crore in Q2 FY27, double the year-earlier level, and stood at ₹1,051 crore for H1 FY27. Collections are important for developers because they represent customer payments received against booked sales and support project execution. Max Estates also said its operational commercial assets, including Max Towers and Max Square, maintained 100% occupancy.

How did Max Estates' Q2 FY27 financial results compare year on year?

Max Estates reported consolidated revenue of ₹52.77 crore for Q2 FY27, up 8.2% from ₹48.77 crore in Q2 FY26, while reported profit after tax declined 40.08% to ₹4.68 crore. The difference between high pre-sales and modest reported revenue reflects the timing of revenue recognition in real estate, where bookings are recognised over the construction and delivery cycle rather than immediately at the point of sale.

Operating profit was ₹5.23 crore, down 48.17% from ₹10.09 crore a year earlier. EBITDA excluding other income was reported at ₹5.3 crore, compared with ₹10.1 crore in Q2 FY26, and the EBITDA margin declined to 9.8% from 20.7%. The company did not publish an earnings-call transcript with the reported figures, so the available data reflects its results and investor presentation.

Which projects contributed to Max Estates' quarterly bookings?

Max Estates identified Estate 361 as the largest contributor to Q2 FY27 pre-sales, with ₹962 crore in bookings. Max One followed with ₹584 crore, while Estate 105 contributed ₹546 crore. These project-level figures show that the reported sales growth was concentrated in identified residential and mixed-use developments rather than being presented only as a portfolio-wide total.

The company said it plans to launch its Sector 59 project in Gurugram in Q3 FY27. The project has a gross development value exceeding ₹3,900 crore. It also referred to the planned Phase 2 launch of Estate 105 in Noida during the second half of FY27, providing the next set of announced additions to its launch pipeline.

Max Estates has also signed a memorandum of understanding for a joint development project spanning about 9.76 acres in Ghaziabad. Separately, it signed an MOU to acquire about 84.71 acres in West Delhi through a share swap. The company stated that its balance gross development value pipeline was above ₹29,000 crore from Q3 FY27 onward.

What does the pre-sales increase mean for investors and operations?

The pre-sales increase gives a measure of customer demand for Max Estates' projects, while the ₹1,051 crore of H1 FY27 collections shows payments received during the period. These operating measures are separate from consolidated revenue and profit, which remained much smaller during Q2 because of the accounting pattern applicable to ongoing real estate projects.

For investors, the quarter presents differing trends across operating and reported financial indicators. Bookings and collections rose sharply, but Q2 operating profit and profit after tax declined from the prior-year quarter. Net debt was maintained at ₹219 crore, according to the reported update, making debt and cash collections relevant measures alongside the project's sales pipeline.

The commercial portfolio's 100% occupancy at Max Towers and Max Square indicates that the operating assets cited by the company remained fully occupied. However, the supplied results do not provide rental income details for these properties or a project-wise profitability breakdown. As a result, the available data primarily establishes the booking, collection and occupancy position rather than a detailed earnings outlook.

What are the next disclosed milestones for Max Estates?

Max Estates scheduled its Q2 FY27 earnings conference call for November 5, 2026, at 2:30 PM IST. Managing Director Sahil Vachani and Chief Financial Officer Nitin Kansal were named as participants for the discussion of quarterly performance and outlook.

The announced Q3 FY27 launch of the Sector 59 Gurugram project is another disclosed operational milestone. The company has stated an estimated gross development value above ₹3,900 crore for this project. The proposed Phase 2 launch of Estate 105 in Noida is also part of the stated H2 FY27 launch plan.

Conclusion

Max Estates recorded substantial growth in Q2 and H1 FY27 pre-sales, led by Estate 361, Max One and Estate 105, while collections also increased to ₹560 crore in the quarter. At the same time, Q2 consolidated revenue rose only modestly and profit after tax fell, underlining the difference between sales bookings and the pace of revenue recognition.

The next disclosed items to watch are the November 5, 2026 earnings call, the planned Sector 59 launch in Gurugram during Q3 FY27, and the Phase 2 launch of Estate 105. Updates on these launches, collections, net debt and the conversion of pre-sales into reported revenue will provide further context on execution.