Max Estates Limited filed the transcript of its earnings conference call for the quarter and financial year ended March 31, 2026, with the stock exchanges on June 1, 2026. The call, conducted on May 26, 2026, at 11:00 A.M. IST, was led by Managing Director and Vice Chairman Mr. Sahil Vachani and Chief Financial Officer Mr. Nitin Kansal. The company reported a robust operational performance for the year, crossing the INR5,000 crore presales milestone for the second consecutive year, while maintaining a net debt positive position.

For the full financial year, Max Estates achieved presales of INR5,305 crores, reflecting a 3-year compound annual growth rate (CAGR) of 70% from FY24. The fourth quarter of FY26 was the strongest on record, with bookings of INR3,300 crores driven by the launches of Estate 105 in Noida and Max One in Sector 16B Noida. Collections for the year increased by 61% year-on-year to INR1,578 crores. Average realizations rose to INR23,000 per square foot in FY26, up from INR20,000 in the previous year, supported by better micro-market positioning and product quality.

Operational Highlights

The company's commercial portfolio continued to perform strongly, with all three operational assets—Max Towers, Max House Phase 1 and Phase 2, and Max Square—maintaining 100% occupancy. Lease rental income grew 40% year-on-year to INR150 crores in FY26. The aggregate leased area stood at 1.2 million square feet as of March 31, 2026. Management highlighted that the national capital region recorded the highest rental growth among major Indian cities at approximately 15% year-on-year.

Financial Position and Outlook

On the financial front, the company reported consolidated revenue of INR200 crores, EBITDA of INR24 crores, and profit before tax of INR23 crores for FY26. Max Asset Services contributed INR88 crores to the revenues. The balance sheet remained healthy with total debt of INR1,850 crores as of March 31, 2026, against cash and cash equivalents of INR1,750 crores, resulting in a net debt position of approximately INR100 crores. Of the total debt, INR970 crores represents lease rental discounting against operational commercial assets.

Looking ahead, Max Estates has a residential pipeline of over INR17,200 crores. The company recently launched The Terraces within Estate 361, with a development value of approximately INR1,200 crores, and plans to launch a project in Sector 59, Gurugram, with an estimated gross development value (GDV) of INR3,900 crores. Management stated that total revenue from launch projects yet to be recognized stands at INR16,310 crores, with an embedded profit before tax estimated between INR4,200 crores and INR4,900 crores.

Max Estates has outlined plans to generate revenue from a ₹17,200 crore portfolio over the coming three years, while reporting that its Noida operations have recorded sales exceeding ₹1,800 crore, even as the West Asia conflict weighed on broader market sentiment. The company has simultaneously chosen to withhold fresh guidance, citing ongoing uncertainties that have prompted a more cautious approach to forward-looking statements.

Residential Launch Pipeline and Portfolio Target

The company has announced plans to gradually launch residential projects with a cumulative portfolio value of approximately ₹17,200 crores, from which it aims to generate revenue over the next three years. The phased approach to these launches reflects Max Estates' intent to align project rollouts with prevailing market dynamics rather than committing to a fixed timeline. Noida sales have demonstrated resilience, surpassing ₹1,800 crore despite headwinds stemming from the West Asia conflict.

Annual Development Targets for FY27 and FY28

Max Estates has outlined specific annual development targets across both its residential and commercial segments for the upcoming fiscal years. The following table summarises the company's stated development objectives:

Guidance Withheld Amid Ongoing Uncertainties

The decision to refrain from issuing new guidance underscores Max Estates' acknowledgment of a persistently uncertain environment. By refraining from committing to specific pre-sales numbers, the company has signalled a preference for operational flexibility over near-term guidance, allowing it to calibrate its launch strategy in response to shifting conditions. The gradual rollout of the ₹17,200 crore residential portfolio is consistent with this measured approach, balancing growth ambitions with prevailing market realities.