Max Estates Limited has released its Integrated Annual Report for FY26 and issued notice for its 10th Annual General Meeting (AGM), scheduled for Wednesday, August 19, 2026, at 11:15 hours (IST) through Video Conferencing. The report covers the period from April 1, 2025 to March 31, 2026 and details the company's financial performance, portfolio expansion, ESG achievements, and strategic priorities across its residential, commercial, and mixed-use real estate platform in Delhi-NCR.

Financial Performance: Revenue Growth Amid Moderated Profitability

Max Estates reported a 24% increase in consolidated revenue from operations, rising from ₹160.49 crore in FY25 to ₹199.45 crore in FY26. However, consolidated profitability moderated during the year, with profit before tax declining 38% from ₹37.61 crore in FY25 to ₹23.25 crore in FY26, and profit after tax declining 40% from ₹26.43 crore to ₹15.69 crore. The company noted that this movement in reported profitability should be viewed in the context of the real estate business model, where revenue and profit recognition are linked to project completion and occupancy milestones.

On a standalone basis, revenue from operations increased 35% from ₹41.10 crore in FY25 to ₹55.47 crore in FY26. Standalone profit after tax stood at ₹63.60 crore in FY26, compared with ₹280.90 crore in FY25, with the prior year having included one-time gains on the sale of investments in subsidiaries.

The following table summarises the key consolidated and standalone financial metrics:

As of March 31, 2026, the company's debt stood at ₹1,855 crore (excluding ₹524 crore towards CCD and its accrued interest of New York Life), which included Lease Rental Discounting (LRD) loans of ₹973 crore. Cash and bank balances including short-term investments stood at ₹1,758 crore, resulting in a net debt of ₹97 crore. The debt-equity ratio stood at 0.98.

Operating Highlights: Strong Presales and Full Commercial Occupancy

FY26 was a landmark year for new launches, with presales of ₹5,305 crore crossing ₹5,000 crore for the second consecutive year and representing a CAGR of 70% over FY24–FY26. Collections stood at approximately ₹1,578 crore. All three operational commercial assets—Max Towers (Noida), Max House Phase I and II (Okhla, Delhi), and Max Square (Noida)—continued to operate at 100% occupancy, generating annual lease rental income of over ₹158 crore. The annuity income potential of the commercial portfolio is estimated at over ₹700 crore annually at peak occupancy across delivered and under-construction assets.

Key operating metrics for FY26 are summarised below:

New Project Launches and Portfolio Expansion

Three major projects were launched during FY26, collectively contributing to the ₹5,305 crore presales figure:

Estate 361, spanning over 18 acres in Gurugram, is envisioned as a forest-led intergenerational community with a total GDV of ~₹9,000 crore and development potential of ~4 million sq. ft. The project achieved an average realisation of ~₹22,000 per sq. ft. Estate 105, launched in March 2026, is described as Delhi-NCR's first movement-first residential community. Max One, launched with RERA approval on March 7, 2026, marks the revival of the erstwhile "Delhi One" project in Sector 16B.

New York Life Insurance Company (NYL) committed ₹550 crore across Estate 105 and Max One, bringing NYL's cumulative commitment to Max Estates to approximately ₹1,800 crore across seven rounds.

The company also secured development rights for a 7.25-acre land parcel in Sector 59, Gurugram, on Golf Course Extension Road, with a development potential of ~1.3 million sq. ft. and GDV potential of over ₹3,900 crore, expected to be launched in FY27.

Under-Construction Commercial Pipeline

Both under-construction commercial assets are progressing on schedule:

• Max Square Two (Noida, ~1 million sq. ft. leasable area): Expected to receive its occupation certificate in Q2 FY28. Pre-leased ~86,000 sq. ft. at a 25% premium to the existing micro-market.
• Max District (Gurugram Sector 65, ~1.6 million sq. ft. leasable area): On track for phased delivery in Q2 FY28 and Q3 FY29. Pre-leased 2,00,000 sq. ft. at a 35% premium to the prevailing micro-market, with gross rentals of over ₹270 crore over the lease period, concluded 2.5 years ahead of project completion.

Average price realisation across the residential portfolio increased from ~₹18,410 per sq. ft. in FY24 to ~₹23,789 per sq. ft. in FY26, reflecting a 13% CAGR.

ESG and Sustainability: Dual 5-Star GRESB Rating

Max Estates achieved a Dual 5-Star GRESB rating in 2025, scoring 100 points in the Development category and 92 points in the Standing Investments category. The company ranked No. 1 among its peer entities in both categories, placing it among the top 20% of real estate entities globally in terms of ESG practices. The company initiated solar power sourcing at Max Square, targeting a reduction of approximately 6,000 tonnes of carbon emissions annually while cutting electricity costs by 20% to 25%. This marks the first step toward its goal of transitioning 50% of portfolio energy consumption to renewable sources by 2030.

Total energy consumption (direct and indirect) stood at 52,221.2 GJ, with 5,016 GJ sourced from renewable sources. Total Scope 1 and Scope 2 emissions were 8,343 tCO2e, with Scope 3 emissions tracked at 92,257 tCO2e. Total waste generated stood at 179.95 tonnes, all of which was recycled or diverted from landfill.

AGM and Corporate Governance

The 10th AGM is scheduled for August 19, 2026, through Video Conferencing. The Board comprises 9 members and 1 Alternate Director as of March 31, 2026, with 33.33% female representation. Five Board meetings were held during FY26. The company has not recommended any dividend for FY26. Mr. Analjit Singh, Non-Executive Chairman, retires by rotation at the ensuing AGM and has offered himself for re-appointment. The remote e-voting period will commence on August 16, 2026, and end on August 18, 2026, with the record date for voting set at August 12, 2026.

max estates disclosed on July 28, 2026, that its subsidiary, Pharmax Corporation Limited, has received a show cause notice from the Department of Trade and Taxes, Government of NCT of Delhi. The notice proposes a total demand of ₹5,90,00,108, comprising tax, interest, and penalty, related to alleged excess or ineligible input tax credit for the financial year 2022-23. The matter is currently at the preliminary stage, with no final order passed, though the company states there is no immediate impact on operations.

The disclosure was made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated July 11, 2023, last updated on January 30, 2026. The event occurred on July 28, 2026, at 17:18 hrs (IST). The notice was issued under Section 73 of the Central Goods and Services Tax Act, 2017, and the Delhi Goods and Services Tax Act, 2017.

Breakdown of Proposed Demand

The show cause notice in Form GST DRC-01, dated July 27, 2026, breaks down the proposed liability as follows:

The opposing party is the Office of the Assistant Commissioner / GSTO, New Delhi. The dispute centers on input tax credits claimed by Pharmax Corporation Limited during FY23.

Company Response and Next Steps

Pharmax Corporation Limited is currently reviewing the notice and will file a reply in accordance with applicable laws. The company emphasized that the final financial impact, if any, will depend on the outcome of the adjudication proceedings. As of the filing date, no final demand or order has been passed by the authorities. Management confirmed that the notice does not affect the ongoing operations or other activities of either Pharmax Corporation Limited or Max Estates Limited at this stage. The company intends to keep stakeholders informed of any material developments.