MAXESTATES Q3 FY26 earnings call.
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Revenue
₹49.77 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹27 Cr
latest reported figure
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What the record says.
Max Estates reported strong Q3 FY26 momentum with the launch of Estate 361 in Gurgaon achieving ₹1,900 crore pre-sales (60% sellout of ₹2,500 crore GDV launch), driven by 66-70% end-user demand with customers visiting the experience center 5-6 times before purchase. The company secured a ₹270 crore commercial lease at Max District Gurgaon at a 35% premium to micro-market rentals, pre-leased 2.5 years before completion. For 9M FY26, consolidated revenue stood at ₹150 crore with lease rental income growing 38% YoY to ₹115 crore. Post-launch, the company has a launch pipeline with GDV potential of ₹14,500 crore. The new Golf Course Extension land acquisition (₹3,000 crore GDV) and upcoming NOA launches (₹4,000-5,000 crore GDV) position the company to meet FY26 pre-sales guidance of ₹5,000-6,000 crore. Operating margins, adjusted for marketing costs, exceeded 25%. The primary risk remains market-dependent Q4 launches in a competitive NCR residential market with pending regulatory approvals for the Delhi land pooling project.
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Guidance to track
- Company remains confident of achieving annual pre-sales guidance driven by remaining Estate 361 inventory sales and upcoming NOA launches of ₹4,000-5,000 crore GDV.
- Expected collection of ₹1,500-1,750 crore from existing sales and ₹1,000-1,300 crore from new launches planned in FY27.
- Company targets annual rental income potential of over ₹700 crore on 100% basis across delivered and under-construction commercial projects over the next few years.
- Company aspires to add 1-2 million sq ft in residential segment every year, along with 1 million sq ft of commercial office space annually, deploying capital of approximately ₹2,000 crore.
Risks flagged
- Analyst Mohit Agarwal questioned whether both planned NOA launches (Max 1 Sector 16B and Sector 105) need meaningful success to meet FY26 guidance. Management remained confident but did not provide detailed execution plans, indicating some execution uncertainty.
- The 100-acre sponsor land parcel with potential GDV of over ₹10,000 crore remains pending regulatory approvals. Management expects progress in the next year or so but acknowledged no incremental developments since last reported. This represents significant upside that may not materialize as expected.
- Analyst raised concerns about crowding and competitive intensity in the NOA market versus Gurgaon. Management denied any market stress but acknowledged that pipeline appears more focused on NOA this quarter, suggesting potential competitive pressures in the micro-market.
- Management acknowledged that advertising and marketing expenses are not capitalized but expensed when incurred, creating quarterly margin volatility. Excluding these costs, margins exceed 25%, but reported margins will fluctuate based on launch timing.
Key quotes
- We see for us particularly that the inventory that we've sold almost 66 to 70% is driven by end users. Where we have seen families that have come and visited the experience center about five to six times at least.
- The transaction has been concluded two and a half years ahead of the project completion and at a 35% premium to the prevailing micromarket rentals.
- Once we give you the annual numbers since the launches would be happening as we speak and the 4 to 5,000 launches will happen in February March we would expect that we would be on track of our collection target for the year.
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