Real Estate Development Arm of Max Group Reports 300 Per Cent Surge in Pre-Sales; Eyes Rs 6,500 Crore Bookings in FY26 with Strategic Delhi-NCR Expansion

The company has delivered a 1-year return of 38.78 per cent.

Max Estates Limited, a key real estate developer in the National Capital Region (NCR), released its audited financial results for Q4 and FY25, showcasing strong operational performance and significant growth. The company achieved pre-sales bookings of over Rs 5,300 crore in FY25, marking a robust 300 per cent increase year-on-year, far exceeding its annual guidance. Looking ahead, Max Estates targets pre-sales of Rs 6,000–6,500 crore in FY26, indicating a projected 15–20 per cent year-on-year growth.

The company has built a diversified real estate portfolio with 17 million sq. ft. of development potential across Delhi-NCR. A strong project pipeline of over 7 million sq. ft., with a Gross Development Value (GDV) of more than Rs 14,000 crore, is scheduled for launch in FY26 and FY27. Max Estates' commercial portfolio is expected to generate annuity rental income of over Rs 700 crore in the next five years.

A notable milestone in FY25 was the strategic investment of Rs 550 crore from New York Life Insurance Company (NYL) across the Sector 105 and Delhi One projects. This takes NYL’s cumulative commitment in Max Estates to around Rs 1,800 crore, highlighting the growing trust of institutional investors in the company.

In the residential segment, Estate 128 in Noida (Phases 1 and 2) achieved Rs 2,700 crore in pre-sales, with 100 per cent of the inventory sold. Collections amounted to Rs 628 crore, or 23 per cent of the booking value. Phase II of Estate 128 witnessed a price premium of over 40 per cent versus Phase I, demonstrating robust demand for high-quality residential projects. Estate 360 in Gurugram clocked Rs 4,428 crore in pre-sales, with 92 per cent of the units sold and Rs 807 crore collected (18 per cent of the total value). A new 18.23-acre joint development adjacent to Estate 360 is planned for Q2 FY26, with 4 million sq. ft. of development potential and an expected GDV of Rs 9,000 crore. Max Estates intends to add 2 million sq. ft. of residential projects annually.

In the mixed-use category, Max Estates received final approvals from NCLT and NCLAT to revive the Delhi One project in Sector 16B, Noida. This premium development spans 2.5 million sq. ft. and is expected to launch in Q3 FY26 with a GDV potential of over Rs 2,000 crore and annuity income of Rs 120 crore. Additionally, the company acquired 10.33 acres in Sector 105, Noida, for Rs 711 crore. This project, featuring a 40:60 mix of residential and commercial spaces, has a development potential of 2.6 million sq. ft. and a GDV of over Rs 3,000 crore. The expected rental income from this project stands at Rs 140 crore.

On the commercial front, Max Estates completed the acquisition of three floors in Max Towers, Noida, from Max India Limited for Rs 105.08 crore, consolidating its ownership. Max Towers and Max House (Phases I and II) maintained 100 per cent occupancy, generating Rs 41.4 crore and Rs 39.8 crore, respectively, in rental income in FY25. Max Square achieved 99 per cent occupancy within a year of its launch and commanded a rental premium of over 30 per cent compared to the local market, contributing Rs 29.1 crore to annual rental income.

Projects under development include Max Square Two, Noida (1 million sq. ft. leasable area), expected to receive an occupancy certificate by Q2 FY28, and the Sector 65 Gurugram project (1.6 million sq. ft.), set to be delivered in two phases—Q2 FY28 (40 per cent) and Q3 FY29 (60 per cent).

For FY25, Max Estates reported consolidated revenue of Rs 161 crore. EBITDA stood at Rs 45 crore, with profit before tax (PBT) at Rs 38 crore and profit after tax (PAT) at Rs 27 crore. Lease rental income increased by 67 per cent YoY to Rs 110 crore, supported by a total leased area of 1.5 million sq. ft. Revenue from Max Asset Services reached Rs 42 crore. The company ended the year with a debt of Rs 1,350 crore, including lease rental discounting (LRD) loans of Rs 852 crore. Max Estates' share of the debt stood at Rs 824 crore, while cash and cash equivalents were at Rs 1,785 crore.

As of May 22, 2025, Max Estates Limited’s stock is trading at Rs 458.75, with a 52-week high of Rs 686.05 and a 52-week low of Rs 330.55. The company has delivered a 1-year return of 38.78 per cent. With a market capitalisation of Rs 7,386 crore, it falls within the Mid-Cap segment. The Price-Earnings (PE) ratio stands at 963.87, indicating investor optimism about the company’s future earnings potential. Among the public shareholders, Atul Behari Lall holds a 1.60 per cent stake.

Disclaimer: The article is for informational purposes only and not investment advice.