Max Estates Eyes Strong Sales and Rental Growth

Ashwin Thakker

— 2 min read
  • Target FY26 Pre-Sales: INR 6,000 crores, indicating 15-20% growth.
  • Cumulative Pre-Sales by FY28: Targeted INR 21,000 crores.
  • New Project Launches (H2 FY26): INR 9,500 crores Gross Development Value (GDV).
  • Annuity Rental Income Potential: Over INR 700 crores within the next 5 years.
  • Residential Project EBITDA Margins: Ranges from 15% to 45% based on acquisition model (JDA vs. Outright).

Max Estates Limited detailed robust forward-looking guidance in its Q1 FY26 earnings call. The company targets significant pre-sales growth, aiming for INR 6,000 crores in FY26 and INR 21,000 crores by FY28. Plans include launching INR 9,500 crores GDV in H2 FY26 and achieving over INR 700 crores in annuity rental income. This outlook reflects strong confidence in NCR's real estate market.

Ambitious Residential Sales Pipeline

Max Estates is setting aggressive targets for its residential portfolio, projecting substantial growth in the coming years. For Fiscal Year 2026, the company aims for pre-sales of INR 6,000 crores, which represents a significant 15% to 20% growth over FY25. Looking further ahead, Max Estates targets cumulative pre-sales of INR 21,000 crores by FY28, demonstrating a strong compound annual growth rate. This confidence is underpinned by a robust pipeline, with INR 9,500 crores of new projects (Gross Development Value) planned for launch in the second half of FY26. These launches will span key micro-markets in Gurgaon and Noida, reinforcing the company's strategic focus on the high-demand NCR region.

Expanding Commercial Footprint and Profitability

Max Estates is positioned for significant growth in its commercial annuity portfolio. The company projects an annual rental income potential exceeding INR 700 crores within the next five years, based on peak occupancy across its developments. Key projects like Max Square Two in Noida and Max 65 in Gurgaon are expected to contribute substantially, with Max 65 alone poised to generate over INR 200 crores annually. In terms of profitability, residential project EBITDA margins are guided at 40-45% for outright developments, and 15-25% for joint development agreements. This comprehensive strategy underpins Max Estates' confidence in both sales and long-term rental revenue generation.

Max Estates' Q1 FY26 earnings call highlighted a clear growth strategy focusing on substantial pre-sales targets and expanding annuity income. With a strong development pipeline and a strategic focus on high-demand markets, the company appears well-positioned to capitalize on the robust real estate environment in NCR, aiming for continued leadership and profitability.

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