Max Estates Limited , a leading real estate developer in the National Capital Region (NCR), has reported robust financial results for the second quarter of fiscal year 2026, along with significant progress in its ongoing projects and new acquisitions.

Financial Highlights

For the quarter ended September 30, 2025, Max Estates reported:

• Consolidated revenue of Rs. 487.73 crore, up from Rs. 401.78 crore in Q2 FY25
• Profit after tax of Rs. 78.14 crore, compared to a loss of Rs. 13.82 crore in the same quarter last year
• EBITDA of Rs. 35.95 crore, showing a significant improvement from Rs. 21.38 crore in Q2 FY25

The company's lease rental income saw a substantial increase of 39% year-over-year, reaching Rs. 72.00 crore in H1 FY26.

Project Updates and Acquisitions

Max Estates continues to expand its real estate portfolio with several key developments:

1. Boulevard Projects Private Limited (BPPL): The company completed the acquisition of BPPL on April 23, 2025, for developing a mixed-use plot in Noida. During Q2, Max Estates and New York Life Insurance Company (NYL) subscribed to compulsory convertible debentures in BPPL for Rs. 267.50 crore and Rs. 257.00 crore, respectively.

2. Max Estates Noida Private Limited (MENPL): The company, along with NYL, subscribed to compulsory convertible debentures in MENPL for Rs. 223.30 crore and Rs. 227.00 crore, respectively.

3. Sector 59, Gurugram Acquisition: On September 5, 2025, Max Estates executed a Securities Purchase Agreement to acquire 100% shareholding in Base Buildwell Private Limited. This acquisition includes development rights for a 7.25-acre prime land parcel in Sector 59, Gurugram, with an estimated outlay of Rs. 534.00 crore.

4. Ongoing Projects: The company reported progress on various projects, including Estate 128 in Noida and Estate 360 in Gurugram, with construction advancing as per schedule.

Capital Raising and Fund Utilization

Max Estates successfully raised funds through a Qualified Institutional Placement (QIP) and a preferential issue:

• QIP proceeds of Rs. 800.00 crore: Rs. 599.84 crore utilized for land acquisition and development rights, with Rs. 50.16 crore remaining unutilized.
• Preferential issue of Rs. 150.00 crore: Rs. 27.47 crore utilized for land acquisition through subsidiary Max Estates Noida Private Limited.

Management Commentary

Sahil Vachani, Vice Chairman & Managing Director of Max Estates, stated, "Our Q2 FY26 results demonstrate the strength of our business model and the growing demand for quality real estate in the NCR. The strategic acquisitions and project advancements position us well for sustained growth in the coming years."

Future Outlook

With a strong project pipeline and strategic land acquisitions, Max Estates is poised for continued growth in the NCR real estate market. The company's focus on premium residential and commercial developments, coupled with its robust financial performance, indicates a positive outlook for the future.

Investors and stakeholders will be watching closely as Max Estates continues to execute its growth strategy and capitalize on the opportunities in the real estate sector.

Max Estates Limited , a prominent player in the real estate sector, has reported a remarkable financial performance for the second quarter and half-year of the fiscal year 2025-26. The company's results showcase significant growth across key financial metrics, indicating a robust recovery and strong market positioning.

Financial Highlights

The company's net profit for the quarter ended September 30, 2025, stood at ₹72.60 crore, marking a substantial increase of 238.00% compared to ₹21.50 crore in the same period last year. This impressive growth in profitability underscores the company's operational efficiency and strategic initiatives.

Revenue for the quarter grew to ₹487.70 crore, up by 21.30% from ₹402.00 crore in the corresponding quarter of the previous year. This growth indicates strong demand for Max Estates' offerings and effective execution of its business strategies.

The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) rose to ₹100.80 crore, an 18.00% increase from ₹85.40 crore in Q2 FY2024-25. However, the EBITDA margin saw a slight decline of 58 basis points, from 21.26% to 20.68%, which may be attributed to changes in the cost structure or market conditions.

For the half-year ended September 30, 2025, Max Estates reported a profit before tax of Rs 2,046.53 lakhs, demonstrating strong performance over an extended period.

Operational Developments

Max Estates has been actively expanding its portfolio and strengthening its market presence. Some key developments include:

1. Strategic Acquisitions: The company completed the acquisition of Boulevard Projects Private Limited (BPPL) on April 23, 2025, which has become a wholly-owned subsidiary. This acquisition is expected to enhance Max Estates' development capabilities in NOIDA.

2. Investment in Subsidiaries: During the quarter, Max Estates and New York Life Insurance Company (NYL) made significant investments in compulsory convertible debentures of Boulevard Projects Private Limited and Max Estates Noida Private Limited, with aggregate considerations totaling Rs 97,480 lakhs. This indicates confidence in these projects and provides substantial capital for future developments.

3. Land Acquisition: On September 5, 2025, Max Estates executed a Securities Purchase Agreement to acquire 100% shareholding in Base Buildwell Private Limited, which holds development rights for a 7.25-acre prime land parcel in Sector 59, Gurugram.

Financial Position

As of September 30, 2025, Max Estates' total assets stood at Rs 10,78,998.99 lakhs, reflecting the company's strong financial position and growth in its asset base.

Corporate Governance

The Board of Directors approved the unaudited standalone and consolidated financial results during a meeting held on November 3, 2025, demonstrating the company's commitment to timely and transparent financial reporting.

Management Commentary

Sahil Vachani, Vice Chairman & Managing Director of Max Estates Limited, stated, "Our Q2 results reflect the strong fundamentals of our business and the successful execution of our growth strategy. The significant increase in net profit and revenue demonstrates the resilience of our business model and the growing demand for our high-quality real estate offerings."

He added, "The strategic acquisitions and investments we've made this quarter position us well for future growth. We remain committed to expanding our presence in key markets and delivering value to our stakeholders."

Max Estates' robust financial performance, strategic initiatives, and strong asset base indicate a positive outlook for the company. As the real estate sector continues to evolve, Max Estates appears well-positioned to capitalize on market opportunities and drive sustainable growth.