MAXESTATES Q4 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹49.43 Cr
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EBITDA
Pending
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Where this quarter sits.
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What the record says.
Max Estates reported its strongest-ever Q4 with 3,300 crores in bookings driven by Estate 105 and Max One launches, though FY26 consolidated revenue of 200 crores reflects the company's revenue recognition model tied to project completion. Full-year pre-sales of 5,350 crores marked the second consecutive year above the 5,000 crore milestone, with a 3-year CAGR of 70%. Collections surged 61% YoY to 1,578 crores, strengthening the construction funding engine. Critically, 16,310 crores in revenue remains unrecognized (12,500 crores already contracted), providing earnings visibility. Commercial operations hit 100% occupancy across all three assets with lease rentals growing 40% YoY to 155 crores, scaling toward 700 crores peak potential. Management flagged near-term caution amid geopolitical uncertainty but highlighted land cost softening as a BD opportunity. FY27 guidance remains deliberately unspecified pending macroeconomic clarity, with ~17,000 crores GDV available for phased launches. Key risks include demand moderation, cost inflation, and refinancing needs for the 1.85 lakh crore debt stack.
Colored figures show movement against the previous available record.
Guidance to track
- Expect 1,200-1,500 crores from previously sold inventory and another 1,200-1,500 crores from new launches in FY27.
- Construction deployment expected in the range of 1,500-1,800 crores, generating positive operating cash flow.
- Continue targeting approximately 2 million square feet of residential development and 1 million square feet of commercial space annually.
- 3,900 crore GDV project on Golf Course Extension Road in Gurgaon planned for Q3 FY27, with phased or一次性 launch depending on market conditions.
Risks flagged
- Delhi NCR residential market has moderated over the last 6 months amid global uncertainties and cautious sentiment. Decision cycles have elongated across all segments.
- West Asia conflict escalation has introduced near-term caution and created supply-side cost pressures that could compress margins if sustained.
- Management explicitly declined to provide FY27 pre-sales guidance, citing evolving macroeconomic situation and commitment to meeting every shared target.
- Analyst flagged commodity inflation concerns; CFO acknowledged geopolitical issues could strain costs longer than budgeted, though current impacts are within the guided margin band.
Key quotes
- A substantial majority of our future reported revenue is already contracted, derisking the earnings trajectory materially.
- We are cautiously optimistic and as you said yes it's primarily driven by the macroeconomic scenario and we're hopeful that if things settle things continue to be very optimistic in the future.
- We have a very lean and healthy balance sheet. For a company with our scale of pipeline that presents a very strong position.
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