Max Estates Limited Q3 FY26 Earnings Call Summary

Summary

Max Estates Limited - Q3 FY 2026 Earnings Call Summary Tuesday, February 10, 2026 10:00 a.m. IST

Event Participants

Executives 3 Archit Goyal (Head IR & Corporate Finance), Nitin Kansal (CFO), Sahil Vachani (MD & Vice Chairman)

Analysts 8 Amit Agicha, Anuj Upadhyay, Arpit Kumar, Mohit Agrawal, Parikshit Gupta, Pritesh Sheth, Ritwik Sheth, Ronald Siyoni, Samarth Agrawal, Varun Bahl, Vikas Atri

Financials & KPIs

Geographic & Segment Commentary

• Gurugram Residential: Launched Phase I of Estate 361 (GDV ₹2,500 crores) in Sector 36A, recording ₹1,500 crores in sales till Dec 31. The project focuses on “intergenerational” living with senior residences managed by Antara and achieved a significant price premium at ₹22,000/sq. ft.
• Noida Residential & Mixed-Use: Targeting ₹4,000-₹5,000 crores GDV launch in Q4 FY26 through Max One (Sector 16B) and Sector 105 projects. Estate 128 is 100% sold out with ₹2,700 crores in presales and ₹1,100 crores in collections.
• Commercial Portfolio: Operational assets (Max Towers, Max House, Max Square) maintained 100% occupancy. Pre-leasing momentum is strong with a 200,000 sq. ft. LOI signed for Max District (Gurugram) at a 35% premium to market rates, 2.5 years ahead of completion.

Company-Specific & Strategic Commentary

• Strategic Acquisitions: Secured development rights for 7.25 acres on Golf Course Extension Road, Gurugram (GDV ₹3,000+ crores) and 10.33 acres in Sector 105, Noida.
• Sustainability Initiatives: Initiated solar power sourcing for Max Square, aiming for 50% renewable energy usage across the portfolio by 2030.
• Annuity Scaling: Management maintains an aspiration to add 1 million sq. ft. each of commercial and residential space annually to build a balanced portfolio.

Guidance & Outlook

Risks & Constraints

Q&A Highlights

Gurugram Market Dynamics

• Question: How has the customer mindset changed between last year’s euphoria and the current market? (Mohit Agrawal)
• Answer: Demand is now heavily driven by end-users (66-70%); buyers are visiting experience centers 5-6 times before purchasing. Payment plans have remained firm despite market changes, supporting premium realizations (Sahil Vachani).

Leasing Performance

• Question: Can you provide details on the recent large LOI in Gurugram? (Pritesh Sheth)
• Answer: We pre-leased 200,000 sq. ft. to a listed GCC entity for 9 years at a 35% premium to the market. The deal includes a standard 15% escalation every 3 years (Nitin Kansal).

Capital Allocation

• Question: Why the shift toward outright purchases over JDAs in the recent pipeline? (Parikshit Gupta)
• Answer: For Noida Authority auctions, the outright purchase is balanced by a 4-year payment plan provided by the authority, offering similar leverage to a JDA (Nitin Kansal).

Construction & Delivery

• Question: How is execution managed to avoid slippages? (Arpit Kumar)
• Answer: We have built a 300-member in-house execution team led by a COO with 35 years of industry experience. Our geographical concentration in NCR allows for better scale and oversight (Sahil Vachani).

Key Takeaway

Max Estates delivered a steady performance in Q3 FY26, highlighted by the successful Phase I launch of Estate 361 in Gurugram, which achieved ₹1,500 crores in sales at a premium realization of ₹22,000 per sq. ft. The company is transitioning into a high-growth phase with a residential launch pipeline of ₹14,500 crores and a commercial portfolio targeting ₹700 crores in annual annuity rentals. Strategic focus remains on the “LiveWell” philosophy and intergenerational living, evidenced by the integration of Antara Senior Living. While 9M FY26 financials show high net debt due to land acquisitions (Golf Course Extension Road), a robust cash balance of ₹1,284 crores and projected FY27 collections of ₹2,800-₹3,000 crores provide a strong liquidity cushion. Management remains focused on the NCR region, with significant Q4 FY26 launches in Noida expected to anchor the full-year guidance.