MAXESTATES Q2 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹48.77 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
screener in enriched
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Max Estates reported H1 FY26 consolidated revenue of Rs 100 crore (22% YoY) and PAT of Rs 20 crore, with management emphasizing robust execution across its residential and commercial portfolio. On the residential side, Estate 128 and Estate 360 are progressing as planned with collections of Rs 1,000 crore and Rs 950 crore respectively as of September 2025. The company announced three H2 FY26 launches (Estate 361, Max One/Delhi One, and Estate 105) with cumulative GDV of Rs 9,500 crore targeting pre-sales of Rs 6,000-6,500 crore in FY26 (15-20% growth over FY25). Commercial lease rentals grew 41% YoY to Rs 76 crore in H1, with 100% occupancy across all operating assets. The company secured development rights for a 7.25-acre site in Sector 59, Golf Course Extension, adding Rs 3,000+ crore GDV to its pipeline of Rs 17,000 crore. Management maintained confidence in 40% margins for outright acquisitions and 20% for joint developments, though noted some cooling in overall market sentiment while asserting Max Estates' brand resilience. Risk factors include margin pressure from rising construction costs and intensifying competition in the premium residential segment, as well as execution risks associated with the ambitious launch schedule in H2.
Colored figures show movement against the previous available record.
Guidance to track
- Three H2 launches (Estate 361, Max One Delhi, Estate 105) expected to drive 15-20% YoY pre-sales growth over FY25. Estate 361 has received building plan approval, awaiting fire approval.
- Management targets over ₹700 crore annual lease rental income from commercial portfolio over the coming few years, with natural growth from existing assets and new completions (Max Square ₹110+ Cr, Max District ₹200+ Cr) kicking in from FY28-29.
- Management reiterated confidence in 40% margins for outright land acquisitions and 20% margins for joint development arrangements, achieved through conservative underwriting without assuming price escalation.
- Full-year residential construction spend of approximately ₹800 crore plus commercial construction of ₹300-400 crore. Q2 spend was ₹250 crore residential and ₹175 crore commercial.
Risks flagged
- Sahil Vachani stated: 'there is some sort of a cooling off at least that's what our partners share with us in terms of sentiment.'
- Analyst raised concern about protecting margins as urban development costs and buyer expectations rise. Management acknowledged cost optimization as a 'continuous process' without providing specific mitigation measures.
- Multiple branded developers are entering the premium residential space with similar product positioning. When asked about brand defensibility, management emphasized customer experience and word-of-mouth but acknowledged the need to continuously invest in differentiation.
- Three launches spanning December 2025 to February 2026 require sequential building plan approvals. Delhi One and Estate 105 are 'in final approval stages' but specific timelines beyond 'early December' and 'January/Early February' were not confirmed.
Key quotes
- We underwrite conservatively as you know we have always strictly shared we underwrite without assuming that prices will increase. We underwrite assuming that it's going to take us an elongated period of time to sell and we underwrite assuming very high inflation in construction cost. So with that assumption we are continuing to be confident of 40% margins in outright and 20% margins on joint development.
- In terms of overall demand sentiment and environment yes there is some sort of a cooling off at least that's what our partners share with us in terms of sentiment. Having said that... for Max Estates particularly we are not seeing that.
- What we are achieving the last rental is 141 [per sq ft]. So the current rentals are already people are already sitting at a mark to market which is in excess of 10 to 15% when the new leases will come which kind of prompts the people to stick and stay with the company.
Research modules