Max Estates shareholders have approved the remuneration package for Vice-Chairman and Managing Director Sahil Vachani and appointed Jillian Leigh Moo-Young as a Non-Executive, Non-Independent Director. The approvals were secured through a postal ballot process that concluded on July 25, 2026, with the scrutinizer’s report filed on July 27, 2026. The resolutions passed under Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, reflect strong promoter backing, while public institutional investors showed mixed support on the remuneration agenda.

The postal ballot notice was dispatched on May 22, 2026, seeking approval for two key resolutions. The first, a special resolution, authorized the payment of remuneration to Sahil Vachani (DIN: 00761695) for the remaining period of his current tenure. The second, an ordinary resolution, proposed the appointment of Jillian Leigh Moo-Young (DIN: 10545257) to the Board. Sanjay Grover & Associates was appointed as the scrutinizer for the process, which utilized the National Securities Depository Limited (NSDL) remote e-voting platform. The voting window opened on June 26, 2026, at 9:00 a.m. IST and closed on July 25, 2026, at 5:00 p.m. IST.

As of the cut-off date of June 19, 2026, the company had 30,594 shareholders holding a total paid-up capital of ₹1,63,48,76,260, divided into 16,34,87,626 equity shares of ₹10 each. A total of 9,29,97,780 valid votes were cast, representing approximately 56.88% of the outstanding shares. No invalid votes were recorded during the process.

Voting Results Breakdown

The special resolution regarding Sahil Vachani’s remuneration received 86.71% support in terms of votes polled. While promoters voted unanimously in favor, public institutional investors showed significant dissent, with only 40.43% of their polled votes supporting the resolution. Public non-institutional investors, however, supported the measure with 99.89% assent.

The ordinary resolution for Jillian Leigh Moo-Young’s appointment garnered overwhelming support, passing with 98.47% of votes in favor. Promoters again voted unanimously for her appointment. Public institutional investors supported the resolution with 93.14% assent, while public non-institutional investors backed it with 99.94% support. The dissenting votes totaled just 14,23,855 shares.

What the Numbers Show

The divergence in voting patterns between the two resolutions highlights distinct shareholder sentiments regarding executive compensation versus board composition. The remuneration resolution faced notable resistance from public institutional investors, who cast 59.57% of their polled votes against it. This contrasts sharply with the near-unanimous support for Ms. Moo-Young’s appointment across all shareholder categories. The high level of promoter participation, with 95.07% of their holdings voted, ensured the passage of the remuneration resolution despite institutional dissent. This suggests that while strategic board additions are widely accepted, specific compensation structures may require more detailed justification to align with institutional investor expectations.

Max Estates recorded pre-sales of ₹1,100 crore in Q1 FY2027, a 5x increase compared to Q1 FY2026. The performance was anchored by the complete sell-out of Phase 1 of The Terraces, alongside steady contributions from its broader portfolio of ongoing projects. The company sold 487 units across its projects in Noida and Gurugram during the quarter, compared to 43 units in the corresponding period of the previous year.

Q1 FY2027 Pre-Sales Performance

The company's Q1 FY2027 pre-sales of ₹1,100 crore were driven by two distinct components. Phase 1 of The Terraces was entirely sold out, generating ₹500 crore in sales, while sustained sales from other projects contributed ₹600 crore to the overall quarterly figure. The company achieved collections of ₹500 crore in Q1 FY2027. The following table summarises the key sales metrics for the quarter:

Phase 1 of The Terraces Sells Out

The complete sell-out of Phase 1 of The Terraces represents a significant milestone for Max Estates in the current fiscal year. The phase contributed ₹500 crore to the company's pre-sales tally for Q1 FY2027, reflecting strong demand for the project. This sell-out underscores the market reception for the company's premium residential offerings.

Sustained Sales and GDV Pipeline

Beyond the launch-driven performance of The Terraces, Max Estates reported sustained sales of ₹600 crore during Q1 FY2027, indicating consistent traction across its existing project portfolio. The company's overall gross development value pipeline has exceeded ₹17,200 crore, providing a substantial base of future revenue potential across its development projects.

Future Growth and Commercial Portfolio

Max Estates entered FY27 with a total GDV pipeline of ₹17,200+ crore, set to fuel growth for FY27 onwards, including Estate 105, Max One, Estate 361 and a residential community in Sector 59, Gurugram. Major launches in Noida and Gurugram are planned in Q2 and Q3 of FY2027. The commercial portfolio is 100% leased with ₹150+ crore annual rental, and the overall commercial portfolio is poised for an annuity rental income potential of ₹700+ Crore on a 100% basis in the next five years.