Max Estates Q2 FY27 Pre-Sales Rise to Rs 2,092 Crore as Net Profit Falls 40%

What was reported

Max Estates Ltd, the real estate arm of the Max Group, reported its results for the July-September 2026 quarter on 4 November 2026. The company's pre-sales for the quarter were Rs 2,092 crore, compared with about Rs 156 crore a year earlier. Unit sales were 274 in Q2 FY27 across its projects in Noida and Gurugram, against 24 units in Q2 FY26.

Pre-sales and profit moved in opposite directions. Consolidated net profit for the quarter fell to Rs 4.68 crore. Total expenses rose 14.5% to Rs 72.17 crore, and finance costs were Rs 16.43 crore. Total income for the quarter was Rs 79.33 crore, against Rs 74.63 crore a year earlier.

Analysts quoted in the coverage said the sharp rise in pre-sales came off a low base. Q2 FY26 was a quarter in which the company had little inventory to sell.

Half-year numbers

• H1 FY27 pre-sales: Rs 3,184 crore. Q1 FY27 contributed about Rs 1,093 crore of this total.
• H1 FY27 revenue from operations: Rs 104.68 crore, up 4.4% from Rs 100.25 crore.
• H1 FY27 total income: Rs 159.40 crore.
• H1 FY27 profit before tax: Rs 18.54 crore, down from Rs 28.47 crore.
• H1 FY27 basic EPS: Rs 0.80.
• Collections for the quarter were about Rs 560 crore. The company says annual collections typically run at 20% to 25% of sales value.

Which projects drove the quarter

By project, Max One contributed Rs 584 crore of Q2 sales. Estate 361 in Gurugram recorded Rs 962 crore in Q2 and Rs 1,747 crore in the first half. Estate 361 is covered in more detail below.

Vice Chairman and Managing Director Sahil Vachani said collections had doubled year on year, that the operating commercial portfolio maintains 100% occupancy, and that the company remains focused on disciplined execution across residential and commercial assets.

West Delhi land deal

In August 2026, Max Estates signed a Share Purchase Agreement to acquire promoter-owned land-holding companies that own an 84.71-acre parcel in Najafgarh, West Delhi. The deal is a non-cash share swap valued at about Rs 420.2 crore. The company has said the land could unlock a gross development value of Rs 10,000 crore to Rs 12,000 crore.

Under the terms, Max Estates would issue up to 70,33,162 fully paid equity shares at Rs 597.50 each to acquire ownership interests in nine target entities. The counterparties include Max Ventures Investment Holdings Private Limited and promoter family members, so the transaction is a related-party deal.

The deal is subject to shareholder approval, stock exchange approval and other regulatory approvals. A notice and explanatory statement for an extraordinary general meeting on 24 September 2026 was sent out on 2 September 2026. The company has described the implied value of about Rs 4.95 crore per acre as materially below prevailing licensed land values.

Ghaziabad joint development

The company is also pursuing a joint development of about 9.76 acres in Indirapuram, Ghaziabad, with development potential of about 1.5 million square feet. The project is structured on a capital-light, revenue-sharing basis, with estimated GDV of Rs 2,500-3,000 crore.

Reports describe the arrangement at MoU stage, with a final joint development agreement still to be executed after due diligence. Layout approvals will also be needed before construction.

Projects behind the sales

Estate 361, Sector 36A, Dwarka Expressway, Gurugram. The project is planned as forest-facing living with 3 and 4 bedroom homes. Listings describe five towers of up to 46 floors with 1,096 residences on a registered land area of about 14.29 acres within a licensed parcel of about 18.24 acres. Phase 1 was launched in December 2025 and is under construction.

Max One, Sector 16B, Noida. Formerly Delhi One, this is a 2.5 million sq ft mixed-use project acquired through an NCLT resolution plan approved in February 2023. Physical possession was completed in April 2025, and RERA approval was secured in March 2026.

What this means for buyers

• Buyers in Estate 361 and Max One are buying into projects that are already selling and under construction. Buyers should confirm RERA registration numbers, possession dates and unit sizes directly on the state RERA portal, as the figures in public listings vary.
• The company attributes sales growth to buyer confidence in Noida and Gurugram. No independent assessment of buyer impact has been published.

What this means for investors

• Profit fell even as pre-sales rose. Pre-sales are bookings, and revenue and profit are recognised as construction progresses, so the two measures can diverge over several quarters.
• If the West Delhi share issue goes ahead, the increase in the fully diluted share count is estimated at about 4.1%.
• One analysis reads the West Delhi deal as the company paying mainly for land and platform access rather than near-term booked revenue.
• The company's commercial portfolio is fully leased and generates more than Rs 160 crore a year. It aims to add 1 million sq ft of commercial space each year and to reach annual rental income above Rs 700 crore on a 100% basis over the next five years.

What comes next

• Launches: the company plans major launches in Noida and Gurugram in Q3 and Q4 of FY27. Specific dates have not been announced.
• West Delhi: shareholder approval, stock exchange approval and other regulatory clearances are still needed.
• Ghaziabad: the definitive joint development agreement is to be executed after due diligence, followed by layout approvals.
• Commercial: the company plans to add 1 million sq ft of commercial space annually.