Max Estates Limited has submitted monitoring agency reports for the quarter ended December 31, 2025, detailing the utilization of proceeds from its Qualified Institutional Placement (QIP) and Preferential Issue of Convertible Warrants. The reports, prepared by CARE Ratings Limited as the monitoring agency, were reviewed and approved by the Board of Directors at their meeting held on February 6, 2026.

QIP Proceeds Utilization

The company's QIP, conducted from August 29, 2024 to September 03, 2024, raised ₹800.00 crore through the issuance of 1,33,89,121 equity shares at ₹597.50 per share. After deducting issue expenses of ₹20.42 crore, net proceeds available for utilization stood at ₹779.58 crore.

During the quarter ended December 31, 2025, the company utilized ₹23.60 crore from QIP proceeds, primarily for land acquisition and development rights. The major deployment included ₹18.00 crore towards part-payment of dues to the Noida Authority in accordance with the Corporate Insolvency Resolution Plan of Boulevard Projects Private Limited (BPPL), and ₹5.60 crore for GST liability payments.

Preferential Issue Progress

The Preferential Issue of Convertible Warrants, valued at ₹150.00 crore, showed significant progress during the quarter. The company received ₹56.25 crore during the quarter, bringing total receipts to ₹93.75 crore as of December 31, 2025.

Key transactions during the quarter included ₹10.03 crore utilized for the acquisition of Base Buildwell Private Limited (BBPL), which holds development rights for a project in Sector 59, Gurugram. Additionally, ₹46.22 crore was deployed as an interest-free refundable security deposit for transferring land development rights to BBPL.

Fund Deployment and Compliance

The monitoring agency confirmed that all utilization aligned with disclosed objectives, with no deviation from stated objects. Unutilized proceeds of ₹26.56 crore from QIP and ₹10.02 crore from the preferential issue have been deployed in money market mutual funds and fixed deposits as permitted under the placement documents.

Implementation Timeline

While the monitoring agency noted compliance with stated objectives, some delays in implementation were observed. For QIP proceeds, the target utilization of ₹350.00 crore by March 31, 2025 was achieved with a delay of 23 days, with actual utilization reaching ₹328.44 crore by the deadline. The preferential issue objects also experienced delays, with land acquisition completion occurring 87 days after the September 30, 2025 target date.

CARE Ratings Limited confirmed that the company has obtained necessary government and statutory approvals for costs incurred during the quarter, particularly regarding land acquisition from the Noida Authority. The reports will be hosted on the company's website at www.maxestates.in for stakeholder reference.

Max estates Limited has announced its quarterly earnings conference call to discuss Q3 FY26 financial results. The company informed stock exchanges BSE and NSE about the scheduled investor interaction through a regulatory filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Conference Call Schedule

The earnings conference call is scheduled for Tuesday, February 10, 2026 at 10:00 AM IST. The timing has been coordinated across multiple time zones to accommodate international participants.

Management Participation

The conference call will be conducted by senior leadership of Max Estates Limited. Key participants include:

• Mr. Sahil Vachani – Vice-Chairman & Managing Director
• Mr. Nitin Kansal – Chief Financial Officer (CFO)
• Senior Management Team members

The management team will discuss the company's Q3 FY26 results performance and address investor queries during the session.

Dial-in Information

Max Estates has provided comprehensive dial-in details for participants across multiple countries:

Registration and Contact Details

The company has arranged pre-registration facilities for the conference call. Strategic Growth Advisors Pvt. Ltd. is coordinating the event logistics.

RSVP Contact Information:

• Mr. Deven Dhruba: +91 98333 73300
• Ms. Prachi Chhugani: +91 89492 92029

The announcement was signed by Company Secretary & Compliance Officer Abhishek Mishra on February 5, 2026, ensuring timely notification to stakeholders ahead of the earnings discussion.