Max estates Limited delivered robust Q3 FY26 results, achieving pre-sales of over INR 1,900 crores in Gurugram, marking a significant milestone in the company's growth trajectory. The strong performance was anchored by the successful launch of Estate 361 and exceptional commercial leasing momentum across its portfolio.

Estate 361 Launch Drives Residential Success

During Q3 FY26, Max Estates launched Phase 1 of Estate 361 in Sector 36A, Gurugram, representing India's first forest-anchored residential community. The project spans 18.23 acres with a Gross Development Value of approximately INR 2,500 crores.

The development features over 2,50,000 sq ft of forest greens, including 1,000+ indigenous trees and 50+ species of climate-resilient flora specifically curated for Gurugram. Estate 361 will also include Senior Living Residences managed by Antara Senior Living Limited and an Antara Integrated Wellness Centre, creating a comprehensive wellbeing ecosystem.

The average price realisation at Estate 361 currently stands at INR 22,000 per sq ft, reflecting a significant premium to both the prevailing micro-market rates and the company's earlier project, Estate 360.

Commercial Portfolio Demonstrates Strong Momentum

Max Estates secured a landmark commercial leasing agreement during the quarter, signing a binding LOI for pre-leasing approximately 200,000 sq ft at Max District, Sector 65, Gurugram. This transaction will deliver gross rentals of over INR 270 crores over the lease period, concluded three years ahead of project completion at a 35%+ premium to prevailing micro-market rentals.

The company's operational commercial assets—Max Towers, Noida; Max House Phase I & II, Okhla; and Max Square, Noida—continue operating at 100% occupancy. The overall commercial portfolio is positioned for annuity rental income potential of over INR 723 crores on a 100% basis across delivered, under-construction, and acquired assets over the next five years.

Project Pipeline and Development Updates

Max Estates continues advancing its under-construction residential offerings. Estate 128, Noida has achieved 100% sales with pre-sales of INR 2,734 crores and collections of INR 1,094 crores. Construction progress shows work on the 27th/28th/30th floor slab for Phase 1 and 1st floor slab for Phase 2.

Estate 360, Gurugram recorded pre-sales booking value of INR 4,831 crores with collections of INR 1,110 crores. The project has completed ground floor slab for four out of six towers, with balance towers expected to complete by February 2026.

The company secured development rights for a 7.25-acre prime land parcel in Sector 59, Gurugram on Golf Course Extension Road, with development potential of 1.3 million sq ft and GDV potential exceeding INR 3,000 crores. Launch is targeted for Q4 FY27.

Financial Performance and Strategic Initiatives

For 9M FY26, Max Estates reported consolidated revenue of INR 150 crores with consolidated EBITDA of INR 27 crores. Consolidated PBT stood at INR 29 crores and PAT at INR 20 crores. Total leased area as of December 31, 2025 reached 1.23 million sq ft.

Lease rental income from Max Towers, Max House, and Max Square increased 38% year-on-year to INR 115 crores in 9M FY26. The company maintains a strong balance sheet with cash and cash equivalents of INR 1,284 crores and net debt of INR 414 crores as of December 2025.

Sustainability and Future Outlook

Max Estates initiated solar power sourcing for its Max Square project, marking the first step toward achieving 50% renewable energy transition by 2030. This aligns with India's climate pledge to meet half the nation's energy needs through renewables by 2030.

Post Estate 361 Phase 1 launch, the company has secured a launch pipeline with GDV potential of approximately INR 14,500 crores. Max Estates aspires to add 2 million sq ft in the residential segment and 1 million sq ft in the commercial segment annually.

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Max estates announced strategic leadership appointments during its board meeting held on February 6, 2026. The company made key additions to its management structure, strengthening its executive team with experienced professionals from the investment and real estate sectors.

Board Appointments

The board approved two significant appointments during the meeting that commenced at 15:30 hrs (IST) and concluded at 18:30 hrs (IST). The appointments were made in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Leadership Profiles

Ms. Jillian Leigh Moo-Young - Alternate Director

Ms. Moo-Young serves as Senior-Vice President and Head of Alternative Strategy at New York Life Insurance Company, where she oversees investment strategy, asset allocation, and dynamic portfolio management of the company's general account and alternatives portfolio assets. She joined New York Life in 2023 and brings almost 33 years of investment management and financial services experience.

Her professional background includes senior leadership roles at:

• American International Group/Corebridge Financial
• AIG Investments
• Bank of America Merrill Lynch

Ms. Moo-Young holds a BA in Economics from Columbia University and an MBA in Business Administration from Harvard University. She has no relationships with any other directors of the company and is not debarred from holding directorial positions by SEBI or other regulatory authorities.

Mr. Arihant Kothari - Chief Investment Officer

Mr. Kothari brings over 17 years of real estate private equity experience across portfolio management, asset management, investor relations, and capital raising in India and the United Kingdom. His expertise spans multidisciplinary experience, including work with Tishman Speyer, providing extensive exposure to global real estate best practices.

His core competencies include:

• Value creation and capital deployment
• Stakeholder alignment
• Strategic asset performance optimization
• Real estate investment platform management

Regulatory Compliance

The appointments were made pursuant to Regulation 30 of the SEBI Listing Regulations, with requisite details provided in accordance with Schedule III and SEBI Master Circular no. SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. Ms. Moo-Young had previously vacated her office as Alternate Director when Mr. Anthony Ramsey Malloy visited India to attend the February 6, 2026 board meeting.

The Alternate Director appointment is structured so that Ms. Moo-Young shall not hold office for a period longer than permissible to the director in whose place she has been appointed and shall vacate the office when the director returns to India.