Max Estates Limited reported its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The company's consolidated net profit for the full year declined by approximately 41% to Rs 1,569.26 crore, compared to Rs 2,643.01 crore in the previous year. For the fourth quarter, the company reported a consolidated net loss of Rs 40.80 crore, a sharp reversal from the net profit of Rs 1,399.28 crore recorded in the corresponding quarter of the prior year. The board of directors approved the financial results during a meeting held on May 22, 2026.

Q4 Financial Performance

The quarterly results highlight a significant deterioration in profitability, with the company swinging to a net loss. Revenue from operations for the quarter increased to Rs 4,943.34 lakh from Rs 3,978.35 lakh in the same quarter of the previous year. However, total expenses rose to Rs 7,675.92 lakh, leading to a loss before tax of Rs 617.17 lakh. The statutory auditors issued an unmodified opinion on the financial results.

The following table summarises the key Q4 financial metrics:

Full-Year Consolidated Results

For the full financial year ended March 31, 2026, Max Estates reported consolidated total income of Rs 29,680.08 crore, compared to Rs 24,967.26 crore in the previous year. The consolidated net profit for the year stood at Rs 1,569.26 crore. Basic earnings per share on a consolidated basis decreased to Rs 0.97 from Rs 1.70 in the previous year.

Standalone Performance and Operational Highlights

On a standalone basis, Max Estates reported a profit after tax of Rs 6,359.70 crore for FY26, compared to Rs 28,090.14 crore in FY25, with standalone total income for the year at Rs 18,226.52 crore. The company's total assets as of March 31, 2026, stood at Rs 1,243,720.40 crore, up from Rs 724,605.42 crore in the previous year. Max Estates completed the acquisition of Base Buildwell Private Limited in December 2025, adding development rights in Gurugram. The trading window for the company's shares reopened 48 hours after the results were disseminated.

Max Estates Limited announced changes to its Board of Directors and internal audit structure following a meeting held on May 22, 2026. The company accepted the resignation of Mr. Anthony Ramsey Malloy, the representative of New York Life International Holdings Ltd. His resignation, effective from the close of business hours on May 22, 2026, stems from his retirement from New York Life Insurance Company.

Consequent to Mr. Malloy's resignation, the office of Ms. Jillian Leigh Moo-Young as Alternate Director to Mr. Malloy ceased effective the same date. To fill the vacancy, the Board appointed Ms. Jillian Leigh Moo-Young as an Additional Director (Non-Executive, Non-Independent), nominated by New York Life International Holdings Ltd. This appointment is subject to shareholder approval. Additionally, Mr. Benjamin Scott Greene was appointed as the Alternate Director to Ms. Moo-Young, effective from May 22, 2026.

Board Appointments and Profiles

Ms. Jillian Leigh Moo-Young brings over 32 years of experience in investment management and financial services to her new role. She currently serves as Managing Director and Head of Alternatives in the Office of the Chief Investment Office at New York Life Insurance Company. Previously, she founded and led the direct alternatives investment platform at AIG/Corebridge Financial. She holds an MBA from Harvard Business School and a BA in Economics from Columbia University.

Mr. Benjamin Scott Greene serves as Director in the Office of the Chief Investment Office at New York Life Insurance Company. He is responsible for underwriting and monitoring new third-party investment mandates. A CFA Charterholder, Mr. Greene received his undergraduate degree from Northwestern University and previously worked at AIG's Asset Management arm and Strategic Wealth Partners.

Other Key Decisions

In addition to the board reshuffle, the company appointed Deloitte Touche Tohmatsu India LLP as its Internal Auditor for the fiscal year 2027. The Board also approved an amendment to the "Code of Conduct to Regulate, Monitor and Report Trading by Designated Persons and their Immediate Relatives and Code of Fair Disclosure." The updated policy has been made available on the company's website.