ALFA Finder
The call ran from 2:31 PM to 3:02 PM IST (32 min).
Key takeaways
Strong Q2 pre-sales (₹2,100 Cr, 274 units) but thin reported P&L: revenue ₹52.5 Cr, PAT ₹4.7 Cr, pending handovers.
| Revenue growth | Revenue ₹52.5 Cr, ~8% YoY; handover-led, pre-sales not yet recognised. |
|---|---|
| Margins | H1 EBITDA ₹13.5 Cr, depressed by ₹20 Cr A&M spend. |
| Order book | Pre-sales ₹2,100 Cr; ₹15,700 Cr sold on ₹18,700 Cr launched (83%). |
| Demand visibility | NCR volumes flat; Max Estates sales robust; Sector 59 launch Q3 FY27. |
| Management confidence | Balanced-to-optimistic; dodged pricing and Noida auction timelines. |
Growth
Collections ₹560 Cr (~2x YoY); revenue ~8% YoY to ₹52.5 Cr, handover-led; lease income flat.
Outlook
₹4,800–5,700 Cr embedded profit flows from FY28; construction spend ~₹1,500 Cr in FY27; Sector 59 launch Q3 FY27.
Risks
Profit deferred until handovers; A&M spend ₹20 Cr vs ₹12 Cr; Noida auction timing unclear.
Last quarter's promises, checked
Delivered
- Sector 59 GDV >₹3,500 Cr → ~₹4,000 Cr (= BEAT)
Partly delivered
- FY27 collections ₹2,500–2,700 Cr → Q1 ₹575 Cr + Q2 ₹560 Cr, full year pending (= PARTIAL)
- H2 FY27 launches ₹5,000–5,500 Cr → only Sector 59 (~₹4,000 Cr, Q3) named (= PARTIAL)
- FY27 project deployment ₹1,500–1,800 Cr → ~₹1,500 Cr, low end (= PARTIAL)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Max Estates Q2 FY27 Results: Net Profit ₹4.7 Cr, Down 39.7% YoY
Max Estates Ltd reported revenue from operations of ₹52.8 Cr (+8.2% YoY) and net profit of ₹4.7 Cr (-39.7% YoY) for Q2 FY27.
- Key figure
- Net profit ₹4.7 Cr · -39.7% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targets ₹2,500-2,700 crore collections in FY27; ₹700 crore annual rental income at peak occupancy.
Growth they described
Pre-sales surged 5x YoY to ₹1,100 crore, supported by high-velocity sell-outs in Gurgaon and Noida projects.
Call details
| Company | Max Estates Ltd |
|---|---|
| NSE symbol | MAXESTATES |
| ISIN | INE03EI01018 |
| Call | Q2 FY27 earnings call |
| Date | Thursday, 5 November 2026 |
| Time | 2:30 PM IST |
| Length | 32 min |
| Audio | Our stream on YouTube ↗ |
Max Estates Ltd: key numbers
- Share price
- ₹502.45
- Market cap
- ₹8,219 Cr
- Revenue (annual)
- ₹199.4 Cr
- Net profit (annual)
- ₹12.51 Cr
- P/E (TTM)
- 915.4×Sector 38.2×
- Promoter holding
- 45.23%-0.03% QoQ
- FII holding
- 26.34%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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