Max Estates Ltd

Meeting Details

• Date: August 28, 2026; time and location not disclosed.

Key Agenda Items

• Consider and approve issue of equity shares by way of preferential issue; subject to regulatory/statutory approvals including shareholders.

Other Notes

• Trading window for designated persons closed till August 31, 2026.

Financial Performance

• Q1 FY27 consolidated revenues Rs 52 crores; EBITDA Rs 8 crores; PBT Rs 11 crores; PAT Rs 8 crores
• Collections for the quarter: Rs 575 crores (20-25% of sales value)
• Lease income from Max Towers/House/Square: Rs 40 crores in Q1, up 5% YoY
• Net debt Rs 234 crores; gross debt Rs 1,960 crores; cash Rs 1,727 crores
• ICRA rating: A+ with stable outlook; cash-flow adequacy ~105%
• Embedded value potential: Rs 17,500 crores; 13,500 sold/contracted; Rs 3,500 collected; Rs 10,000 to be collected
• Embedded PBT range: Rs 4,500-5,500 crores
• Residential launch pipeline: Rs 16,100 crores; Rs 4,000 crores launched; Rs 12,000 crores to be launched in FY27

Operating Update

• Residential Q1 pre-sales: Rs 1,100 crores; 5x YoY growth; Phase-1 Terraces Rs 500 crores sold
• Commercial assets 100% leased; occupancy proof; pricing: latest Max Towers lease Rs 156/ft2/mo
• Estate 361 Terraces GDV Rs 1,200 crores; Estate 361 total GDV Rs 9,000 crores; Phase-1 sold
• Estate 105 Noida GDV Rs 6,000 crores; Phase-2 launch planned in FY27
• Max One: 2.5 million sq ft; GDV Rs 3,200 crores; annuity Rs 145 crores; top sale in Noida Rs 37,000/ft2
• Sector 59 (Gurgaon): GDV > Rs 3,500 crores; launch expected in Q3 FY27
• Max Square 2: 1 million sq ft; OC by Q2 FY28; Rs 125 crores to annuity; 90k sq ft LOI at 25% premium

Balance Sheet and Cash Flow

• OC for Max Square 2 expected by Q2 FY28; Max District OC by Q3 FY28 and Q3 FY29
• OC milestones support annual rental income target of ~Rs 700 crores at peak
• Under construction assets attract construction finance; long-term plan to convert to lease-rental-discounting

Projects and Capex

• Max Square 2: 1 million sq ft; occupancy by Q2 FY28; 90k sq ft LOI at 25% premium
• Max District: 1.6 million sq ft; OC by Q3 FY28 and Q3 FY29; Rs 200 crores to annuity
• Sector 59 launch timing remains near-term; Dubai? (note: focus NCR); decision closer to launch
• Terraces Estate 361: Terraces GDV Rs 1,200 crores; 500 crores Phase-1 sold; overall Estate 361 GDV Rs 9,000 crores
• Residential pipeline total Rs 16,000 crores; annual new residential addition target 2 million sq ft

Q&A Highlights

• FY27 guidance: management not providing sales guidance for FY27; inventory ~Rs 16,000 crores
• Launch balance for FY27: ~Rs 5,000-5,500 crores; old inventory ~Rs 3,000-4,000 crores
• Collections guidance: Rs 2,500-2,700 crores for FY27; deployment ~Rs 1,500-1,800 crores; OCF ~Rs 750-1,000 crores
• Antara relationship: 9-9.5% of Antara topline on Estate 360 portion; revenue to Max Estates; premium offset

AGM details

• Date: 19 August 2026; Time: 11:15 IST; Mode: VC/OAVM.

Key resolutions and outcomes

• Resolution 1: Adopt standalone financial statements for FY2026; ordinary; passed.
• Resolution 2: Adopt consolidated financial statements for FY2026; ordinary; passed.
• Resolution 3: Reappoint Analjit Singh as director (retiring by rotation); passed with notable dissent.

AGM details

• AGM held on August 19, 2026 through VC/OAVM from 11:15 to 12:00 IST
• Remote e-voting from August 16 to August 18, 2026; AGM voting via e-voting

Ordinary business

• Adoption of standalone financial statements for FY ended 31 March 2026
• Adoption of consolidated financial statements for FY ended 31 March 2026
• Re-appointment by rotation of Analjit Singh as director

Voting status

• Voting results to be announced within two working days after the AGM
• Results to be displayed at offices and on company/stock exchange websites

Meeting Details

• Date and time: August 17, 2026, 11:00 IST.
• Type and mode: earnings conference call, virtual.
• Organiser: Max Estates Limited.
• Key participants: Company Secretary and Compliance Officer.
• Purpose: discuss Q1FY27 financial results performance.
• Recording available; no transcript or presentation noted.

Financial results and approvals

• Consolidated unaudited results for quarter ended 30 June 2026 approved; PAT Rs 835.32 lakhs.
• Standalone unaudited results for quarter ended 30 June 2026 approved; PAT Rs 1,213.34 lakhs.
• Auditor's review reports: no material misstatement identified.
• Board approved results at meetings held August 14, 2026.

Rating action

• Issuer rating assigned: [ICRA] A+ (Stable) for Max Estates Limited.
• First-time issuer rating; no prior issuer rating reported.
• Rating agency: ICRA Limited.

Key drivers & metrics

• Strong residential sales; FY2026 pre-sales Rs 5,305 crore and 66% collections growth.
• FY2027 collections expected to grow 50-55%, boosting CFO.
• Total external residential debt/CFO projected 2.0-2.5x by March 2027.
• Occupancy at ~100% in commercial assets; steady rentals Rs 160-170 crore.
• Liquidity adequate: Rs 587 crore cash as of March 2026.
• Capex of Rs 500-600 crore in FY2027; funded by debt and equity.
• Sponsor support: Max Group; NYL holds 20.4% stake.
• Geographic concentration risk in Delhi NCR.
• Outlook: Stable.

Risks & sensitivity

• Execution and market risks due to expansion in residential and commercial projects.
• Geographic concentration risk; potential impact on cash flows.
• Cyclicality of real estate; external shocks could affect cash flows.

MSL CCDs converted and stake impact

• MSL allotted 8,75,09,608 equity shares via conversion of Series A and B CCDs.
• Allottees are Max Estates Limited and New York Life Insurance Company.
• Max Estates' stake in MSL increased to 15,55,60,000 shares (~51%), with no change in control.
• MSL's post-conversion paid-up capital is INR 305.02 crore, up from INR 217.51 crore.
• Cost of acquisition for the CCDs conversion is INR 44.63 crore; no cash paid.
• Completion of allotment occurred on August 11, 2026; event timestamp noted as August 12, 2026 14:24 IST.
• MSL is a related party; transaction is at arm's length.
• MSL continues to be a subsidiary of Max Estates; no change in control.