Max Estates H1 FY27 pre-sales ₹3,200 crore; Q2 +1,246%

Strong start to FY27 for Max Estates

Max Estates Limited reported pre-sales of approximately ₹3,200 crore in the first half of FY2027, marking a sharp acceleration in sales momentum for the NCR-focused developer. The company said the performance was driven by a blockbuster second quarter, when it recorded pre-sales of about ₹2,100 crore. That Q2 figure represented a 1,246% year-on-year jump from ₹156 crore in the corresponding quarter last year. The update was announced from Mumbai on 6 October 2026. The company also highlighted that buyer demand remained robust across its NCR projects.

H1 FY27 numbers: Q2 outperformance leads the pack

The H1 pre-sales number of ~₹3,200 crore was supported by Q1 FY27 pre-sales of around ₹1,093 crore to ₹1,100 crore, as cited across the company’s disclosures and call highlights. In Q2 FY27, the company’s pre-sales were reported at ~₹2,100 crore, including ₹584 crore from the Max One project. The combined H1 figure was described as matching the company’s historical full-year benchmarks, underlining the scale of the first-half performance. Alongside value growth, unit sales increased more than 11 times to 274 units. The company attributed the year-on-year rise to stronger buyer confidence across its NCR portfolio.

Key disclosed metrics at a glance

The following table summarises the main operational metrics explicitly reported across the H1 and quarterly updates.

What management flagged in the Q1 FY27 commentary

Separately, the company’s Q1 FY27 commentary and transcript highlights pointed to strong demand during the June quarter, with pre-sales described as a five-fold rise year-on-year to ~₹1,100 crore. It also referenced operational stability in its office portfolio, with “100% occupancy in offices” mentioned in the earnings call highlights. The same transcript summary cited profit after tax (PAT) of about ₹8 crore and net debt of ₹234 crore. On the financial line items, the company’s net consolidated total income was reported at ₹80.07 crore in Q1 FY27, compared with ₹80.12 crore in Q1 FY26. It also cited consolidated revenue of ₹52 crore for Q1 FY27 in the transcript highlights.

Collections and revenue recognition: what was stated

Alongside pre-sales, Max Estates disclosed collections of approximately ₹491 crore in Q1 FY27. The company also stated that meaningful revenue recognition would begin only from FY27 onwards as Estate 128 progresses toward completion. This is relevant for investors tracking the conversion of bookings into reported revenue and profits, because pre-sales typically lead revenue recognition with a lag based on project completion and accounting policy. The Q1 numbers therefore place collections and completion-linked recognition as near-term markers to watch, alongside new bookings.

Project-level disclosures across key NCR developments

Max Estates provided several project-level data points that help explain the scale of its bookings pipeline. Estate 361 in Gurugram recorded pre-sales of ₹785 crore in Q1 FY27, taking cumulative pre-sales from its first phase to ₹2,489 crore, with collections of ₹313 crore. The project was described as part of a larger 18.23-acre Estate 361 development with an overall GDV of ₹9,000 crore, while the project itself was also described with an estimated GDV of ₹1,200 crore. Phase I of The Terraces, with a GDV of ₹500 crore, was reported as fully sold during the launch quarter. Estate 360 in Gurugram was described as nearly fully sold with cumulative pre-sales of ₹4,831 crore and collections of ₹1,796 crore. Estate 128 in Noida was also disclosed as fully sold with cumulative pre-sales of ₹2,734 crore and collections of ₹1,125 crore.

Estate 105 revision and the planned Phase II launch

For Estate 105 in Noida, Q1 FY27 pre-sales stood at approximately ₹219 crore, taking cumulative pre-sales to ₹2,002 crore. The company said about 67% of launched inventory had been sold, while collections stood at ₹193 crore. It also disclosed a change in the project plan, revising Estate 105 into a fully residential development from an earlier mixed-use format. This revision increased the project GDV to approximately ₹6,000 crore from ₹3,000 crore. Phase II was stated to be planned for launch in calendar year 2027.

New land addition in Ghaziabad through JDA

Max Estates also announced that it will enter into a Joint Development Agreement for an approximately 9.76-acre land parcel in Indirapuram, Ghaziabad. The company envisaged a super built-up development potential of around 1.5 million square feet. The estimated gross development value for this parcel was stated in a range of ₹2,500 crore to ₹3,000 crore. The update adds visibility on future supply and launch capacity, in addition to the company’s existing pipeline.

Pipeline and launch visibility cited for FY27 and beyond

The company’s disclosures referenced a remaining GDV pipeline of more than ₹16,150 crore, planned to be launched in phases from Q2 FY27 onwards. Another cited figure put the GDV pipeline above ₹16,150 crore to ₹17,200 crore, with major launches planned in Q2 and Q3. A separate call highlight also referenced a launch pipeline of approximately ₹16,000 crore GDV planned for FY27 and beyond. In addition, Sector 59 on Golf Course Extension Road, Gurugram was described as a 7.25-acre parcel with 1.3 million square feet and GDV of approximately ₹3,000 crore, with an expected launch in H2 FY27. These figures collectively indicate the scale of inventory planned for monetisation, as disclosed.

Market impact: what the numbers indicate

The disclosed pre-sales trajectory shows a steep ramp-up from ₹156 crore in Q2 FY26 to ~₹2,100 crore in Q2 FY27, taking H1 FY27 to ~₹3,200 crore. For the market, the key datapoint is the sharp acceleration in bookings and unit volumes, with unit sales reported at 274 units and more than 11 times growth. The company’s Q1 FY27 total income of ₹80.07 crore, PAT of about ₹8 crore, and net debt of ₹234 crore provide additional context on financial position and profitability while projects move toward completion. Collections of ~₹491 crore in Q1 FY27 are relevant because they reflect cash conversion in the period, separate from booking value. The company’s statement that meaningful revenue recognition begins from FY27 onwards also frames why quarterly revenue may not mirror the headline pre-sales momentum.

Why this update matters for real estate investors

For investors following listed NCR developers, the combination of a record quarter in Q2 FY27 and a large stated pipeline provides a clearer picture of near-term demand and forward launch capacity. The disclosure that Q2 included ₹584 crore from Max One gives insight into which projects are contributing meaningfully to quarterly booking spikes. The JDA in Indirapuram, with GDV estimated at ₹2,500 crore to ₹3,000 crore and 1.5 million square feet of potential, adds another identifiable driver for future launches. Project-level disclosures for Estate 361, Estate 360, Estate 128, and Estate 105 also help track sell-through, collections, and remaining inventory. And the Estate 105 plan revision, with GDV increased to ~₹6,000 crore from ~₹3,000 crore, provides a concrete example of how the company is reshaping its development mix based on stated plans.

Conclusion

Max Estates’ H1 FY27 pre-sales of about ₹3,200 crore, powered by Q2 pre-sales of ~₹2,100 crore and a 1,246% year-on-year jump, highlight a sharp improvement in booking momentum. The company has also outlined a large phased launch pipeline and added a new Ghaziabad JDA with GDV estimated at ₹2,500 crore to ₹3,000 crore. Near-term attention is likely to remain on upcoming launches referenced for Q2 and Q3, the expected H2 FY27 launch at Sector 59 in Gurugram, and the progress of projects such as Estate 128 where revenue recognition was stated to pick up as completion advances.