Max Estates Reports 300% Surge in Pre-Sales, Targeting Rs 6,500 Crore in FY26
Max Estates Limited, a prominent real estate developer in the National Capital Region (NCR), has reported a 300% surge in pre-sales bookings for FY25. The company is now targeting Rs 6,000–6,500 crore in pre-sales for FY26, reflecting strong market confidence and strategic growth.
Real EstatePresalesMax EstatesNcrDevelopmentReal EstateMay 23, 2025
Max Estates has built a diversified real estate portfolio with 17 million sq. ft. of development potential across Delhi-NCR. The company is well-positioned for future growth, with a strong project pipeline of over 7 million sq. ft. and a Gross Development Value (GDV) of more than Rs 14,000 crore, scheduled for launch in FY26 and FY27. The commercial segment of Max Estates is expected to generate annuity rental income of over Rs 700 crore in the next five years, further solidifying its financial stability and growth potential.
A significant milestone in FY25 was the strategic investment of Rs 550 crore from New York Life Insurance Company (NYL) across the Sector 105 and Delhi One projects. This investment brings NYL’s cumulative commitment in Max Estates to around Rs 1,800 crore, reflecting the growing trust of institutional investors in the company. The strategic partnership with NYL not only provides financial support but also enhances the company’s credibility and market standing.
In the residential segment, Max Estates has achieved substantial success. Estate 128 in Noida (Phases 1 and 2) recorded Rs 2,700 crore in pre-sales, with all inventory sold. Collections amounted to Rs 628 crore, or 23% of the booking value. Phase II of Estate 128 saw a price premium of over 40% compared to Phase I, highlighting the robust demand for high-quality residential projects. Estate 360 in Gurugram clocked Rs 4,428 crore in pre-sales, with 92% of the units sold and Rs 807 crore collected (18% of the total value). A new 18.23-acre joint development adjacent to Estate 360 is planned for Q2 FY26, with 4 million sq. ft. of development potential and an expected GDV of Rs 9,000 crore. Max Estates intends to add 2 million sq. ft. of residential projects annually, ensuring a steady pipeline of quality developments.
In the mixed-use category, Max Estates received final approvals from NCLT and NCLAT to revive the Delhi One project in Sector 16B, Noida. This premium development spans 2.5 million sq. ft. and is expected to launch in Q3 FY26 with a GDV potential of over Rs 2,000 crore and annuity income of Rs 120 crore. The company also acquired 10.33 acres in Sector 105, Noida, for Rs 711 crore. This project, featuring a 40:60 mix of residential and commercial spaces, has a development potential of 2.6 million sq. ft. and a GDV of over Rs 3,000 crore. The expected rental income from this project stands at Rs 140 crore, further diversifying the company’s revenue streams.
On the commercial front, Max Estates completed the acquisition of three floors in Max Towers, Noida, from Max India Limited for Rs 105.08 crore, consolidating its ownership. Max Towers and Max House (Phases I and II) maintained 100% occupancy, generating Rs 41.4 crore and Rs 39.8 crore, respectively, in rental income in FY25. Max Square achieved 99% occupancy within a year of its launch and commanded a rental premium of over 30% compared to the local market, contributing Rs 29.1 crore to annual rental income. These successful commercial projects underscore Max Estates’ ability to deliver high-quality, in-demand commercial spaces.
Projects under development include Max Square Two, Noida (1 million sq. ft. leasable area), expected to receive an occupancy certificate by Q2 FY28, and the Sector 65 Gurugram project (1.6 million sq. ft.), set to be delivered in two phases—Q2 FY28 (40%) and Q3 FY29 (60%). These upcoming projects will further enhance Max Estates’ portfolio and strengthen its position in the market.
For FY25, Max Estates reported consolidated revenue of Rs 161 crore. EBITDA stood at Rs 45 crore, with profit before tax (PBT) at Rs 38 crore and profit after tax (PAT) at Rs 27 crore. Lease rental income increased by 67% year-on-year (YoY) to Rs 110 crore, supported by a total leased area of 1.5 million sq. ft. Revenue from Max Asset Services reached Rs 42 crore. The company ended the year with a debt of Rs 1,350 crore, including lease rental discounting (LRD) loans of Rs 852 crore. Max Estates' share of the debt stood at Rs 824 crore, while cash and cash equivalents were at Rs 1,785 crore.
As of May 22, 2025, Max Estates Limited’s stock is trading at Rs 458.75, with a 52-week high of Rs 686.05 and a 52-week low of Rs 330.55. The company has delivered a 1-year return of 38.78%. With a market capitalisation of Rs 7,386 crore, it falls within the Mid-Cap segment. The Price-Earnings (PE) ratio stands at 963.87, indicating investor optimism about the company’s future earnings potential. Among the public shareholders, Atul Behari Lall holds a 1.60% stake.
Max Estates Limited’s impressive performance in FY25 and its ambitious targets for FY26 reflect the company’s strong market position and strategic growth plans. With a diversified portfolio, robust project pipeline, and growing institutional investor support, Max Estates is well-positioned to continue its upward trajectory in the highly competitive real estate sector.
Frequently Asked Questions
What is the projected pre-sales target for Max Estates in FY26?
Max Estates targets pre-sales of Rs 6,000–6,500 crore in FY26, indicating a projected 15–20% year-on-year growth.
How much did Max Estates achieve in pre-sales bookings in FY25?
Max Estates achieved pre-sales of over Rs 5,300 crore in FY25, marking a robust 300% increase year-on-year.
What significant investment did Max Estates receive in FY25?
Max Estates received a strategic investment of Rs 550 crore from New York Life Insurance Company (NYL) across the Sector 105 and Delhi One projects.
What is the development potential of the new joint development adjacent to Estate 360?
The new 18.23-acre joint development adjacent to Estate 360 has a development potential of 4 million sq. ft. and an expected GDV of Rs 9,000 crore.
What is the current market capitalisation of Max Estates Limited?
As of May 22, 2025, Max Estates Limited’s market capitalisation is Rs 7,386 crore, placing it in the Mid-Cap segment.
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