Max Estates Q1 FY27: Strong pre-sales, expanding annuity pipeline, and the timing gap in reported earnings

Q1 FY27 consolidated revenue was INR 51.9 crore, EBITDA was INR 8.1 crore, PBT was INR 11.4 crore, and PAT was INR 8.4 crore (as per the investor presentation).

The investor presentation states Q1 FY27 pre-sales of INR 1,093 crore and collections of INR 491 crore.

The company states launched GDV of about INR 17,560 crore, with INR 13,560 crore sold. It estimates embedded PBT from launched projects of INR 4,600–5,400 crore, expected to be recognized across FY28–FY31.

The presentation indicates a peak annual rental potential of about INR 700 crore over the next five years at full stabilisation, and notes Max Estates’ share at about INR 350 crore.

The presentation states net debt of INR 234 crore as of June 2026, with external debt of INR 1,961 crore and cash and cash equivalents of INR 1,727 crore.

Management stated Antara acts as a knowledge partner/development manager for the senior living component in certain projects and earns about a 9–9.5% fee on the topline of that component, while the projects remain on Max Estates’ balance sheet.