Max Estates Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Max Estates Ltd filed with BSE on 01 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Max Estates reported FY26 presales of INR5,305 crores, marking the second consecutive year of crossing the INR5,000 crores milestone, with Q4 FY26 alone contributing INR3,300 crores driven by launches of Estate 105 and Max One. Consolidated FY26 revenue stood at INR200 crores with EBITDA of INR24 crores and PBT of INR23 crores, while collections rose 61% year-on-year to INR1,578 crores. Management described the Delhi NCR residential market as having moderated over the last six months amid global uncertainties, while commercial assets continued to operate at 100% occupancy.
Numbers mentioned
Presales: INR5,305 crores (FY26)
p. 3
“the full year presales came in at INR5,305 crores, the second consecutive year that we've crossed the INR5,000 crores presales milestone”
Sahil Vachani, page 3 of the filed PDF · View the filing
Q4 bookings: INR3,300 crores (Q4 FY26)
p. 4
“in Q4 FY26, we recorded INR3,300 crores of bookings driven by 2 major launches, Estate 105 in Noida and Max One in Sector 16B Noida as well”
Sahil Vachani, page 4 of the filed PDF · View the filing
Collections: INR1,578 crores (FY26)
p. 4
“Collections for the year stood at INR1,578 crores, which is up 61% year-on-year”
Sahil Vachani, page 4 of the filed PDF · View the filing
Average realizations: INR23,000 per square foot (FY26)
p. 4
“Average realizations continue to move up INR18,000 per square foot in FY24 to INR20,000 approximately in '25 and INR23,000 in FY26”
Sahil Vachani, page 4 of the filed PDF · View the filing
Revenue from launch projects yet to be recognized: INR16,310 crores
p. 4
“Total revenue from launch projects yet to be recognized in our income statement stands at INR16,310 crores”
Sahil Vachani, page 4 of the filed PDF · View the filing
Embedded PBT from launch projects: INR4,200 crores to INR4,900 crores
p. 4
“The embedded profit before tax, PBT from these launch projects is estimated at between INR4,200 crores to INR4,900 crores”
Sahil Vachani, page 4 of the filed PDF · View the filing
Residential pipeline: over INR17,200 crores
p. 4
“our residential pipeline stands at over INR17,200 crores”
Sahil Vachani, page 4 of the filed PDF · View the filing
Rental income: INR150 crores (FY26)
p. 5
“lease rental income grew 40% year-on-year to INR150 crores in FY26”
Nitin Kansal, page 5 of the filed PDF · View the filing
Total debt: INR1,850 crores (as of 31st March)
p. 6
“the total debt as of 31st March stood at INR1,850 crores, of which INR970 crores represents lease rental discounting borrowing against our operational commercial assets”
Nitin Kansal, page 6 of the filed PDF · View the filing
Cash and cash equivalents: INR1,750 crores (as of 31st March)
p. 6
“Cash and cash equivalents were at INR1,750 crores, leaving a net debt position of approximately INR100 crores”
Nitin Kansal, page 6 of the filed PDF · View the filing
Consolidated revenue: INR200 crores (FY26)
p. 6
“The consol revenue for FY26 stood at INR200 crores and EBITDA at INR24 crores and PBT at INR23 crores”
Nitin Kansal, page 6 of the filed PDF · View the filing
Max Asset Services revenue: INR88 crores (FY26)
p. 6
“Max Asset Services contributed INR88 crores in the revenues”
Nitin Kansal, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Residential and commercial space addition — 2 million square feet of residential development and 1 million square feet of commercial space annually
stated as an aspiration by Sahil Vachani
p. 4
“We continue to target adding approximately 2 million square feet of residential development and 1 million square feet of commercial space annually, building the platform through a derisked and a steady approach”
Sahil Vachani, page 4 of the filed PDF · View the filing
Rental income at peak occupancy — INR700 crores
stated as an aspiration by Sahil Vachani
p. 4
“our rental income is estimated to scale INR700 crores at peak occupancy”
Sahil Vachani, page 4 of the filed PDF · View the filing
Sector 59 launch — GDV of about INR3,900 crores · Quarter 3 of current financial year
stated conditionally by Nitin Kansal
p. 11
“We'll figure it out depending on how the market is pushing at that point in time. We may choose to phase it out and do it one shot”
Nitin Kansal, page 11 of the filed PDF · View the filing
Collections — INR2,500 crores to INR3,000 crores · FY27
stated conditionally by Nitin Kansal
p. 9
“All told together, we can expect collections to be ranging in the range of INR2,500 crores to INR3,000 crores going across the project”
Nitin Kansal, page 9 of the filed PDF · View the filing
Project deployment / capex — INR1,500 crores to INR1,800 crores · FY27
stated conditionally by Nitin Kansal
p. 9
“we expect a deployment of close to INR1,500 crores to INR1,800 crores to go on the project, resulting in a positive operating cash flow for us”
Nitin Kansal, page 9 of the filed PDF · View the filing
Second project launch (Golf Course Extension Road) — quarter 3
stated firmly by Sahil Vachani
p. 10
“we anticipate to launch our second project in Golf Course Extension Road in quarter 3”
Sahil Vachani, page 10 of the filed PDF · View the filing
BD target for residential and commercial addition — 2 million square feet residential and 1 million square feet commercial · FY27 and FY28
stated as an aspiration by Sahil Vachani
p. 11
“we've already shared that we are aspiring to add between 2 million square feet of residential and 1 million square feet of commercial every year”
Sahil Vachani, page 11 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management declined to provide explicit presales guidance given macroeconomic uncertainty
Answered by Sahil Vachani
Asked by Mohit Agrawal: Whether presales guidance for FY27 could be flattish or show growth
p. 7
“I might as well have sharedd the guidance in that case. But like I said, I think the situation is evolving.”
Sahil Vachani, page 7 of the filed PDF · View the filing
The primary increase was due to an Ind AS rental equalization accounting adjustment after the rent-free period ended
Answered by Archit Goyal
Asked by Parikshit Gupta: What drove the significant increase in rental income despite limited change in leased area and rents
p. 8
“the primary increase from INR386 crores to INR392 crores was on account of this accounting Ind AS adjustment on revenue equalization”
Archit Goyal, page 8 of the filed PDF · View the filing
Of the total sellable area, 1.4 million sq ft was already monetized by the erstwhile developer and had to be re-contracted after RERA approval
Answered by Nitin Kansal
Asked by Samarth Khandelwal: How to understand the Max One presales split between inherited sales and new sales
p. 10
“close to 1.4 million square feet was already monetized by the erstwhile developer”
Nitin Kansal, page 10 of the filed PDF · View the filing
OCF for FY26 was between INR450-500 crores
Answered by Nitin Kansal
Asked by Ritwik Sheth: What was the operating cash flow in FY26
p. 11
“What we had an OCF of close to INR450 crores to INR500 crores in the previous year in FY26”
Nitin Kansal, page 11 of the filed PDF · View the filing
Management attributed caution primarily to the macroeconomic and geopolitical scenario, while noting continued end-user demand
Answered by Sahil Vachani
Asked by Prateek Giri: Whether the cautious commentary reflects a fundamental demand shift or just the geopolitical situation
p. 13
“we remain extremely optimistic about the medium-term and long-term potential for residential and commercial real estate in NCR”
Sahil Vachani, page 13 of the filed PDF · View the filing
Management builds escalation and contingency margins into project budgets and monitors ongoing geopolitical impact on inflation
Answered by Nitin Kansal
Asked by Prateek Giri: What inflation mitigation strategies are in place given rising commodity costs
p. 13
“we keep sufficient margins in the form of escalation and contingencies”
Nitin Kansal, page 13 of the filed PDF · View the filing
Risks flagged
Escalation of West Asia conflict introducing caution in residential demand and cost pressure on supply side
p. 3
“the escalation of the West Asia conflict, and that has introduced some near-term caution into not only the residential sentiment on the demand side, but also pressure on the supply side in terms of cost”
Sahil Vachani, page 3 of the filed PDF · View the filing
Moderation in Delhi NCR residential market over the last six months
p. 3
“Delhi NCR's residential market moderated in 2026, particularly over the last 6 months amid global uncertainties and overall, a cautious sentiment”
Sahil Vachani, page 3 of the filed PDF · View the filing
Cautious sentiment affecting buyer decision-making across ticket size segments
p. 7
“there is a cautious sentiment that is flowing across all the segments”
Sahil Vachani, page 7 of the filed PDF · View the filing
Potential prolonged geopolitical strain increasing inflationary impact on construction costs
p. 13
“in case these kind of geopolitical issues continue to strain for a longer period of time, we would have to figure out how much impact does it have on the inflation”
Nitin Kansal, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.