Max Estates' pre-sales surge as quarterly profit falls 40%

Max Estates Ltd, the Delhi-NCR developer listed on the NSE and BSE, reported pre-sales of ₹2,092 crore for the July–September 2026 quarter in results published on 4 November 2026. That is nearly 14 times the figure for the same quarter a year earlier. The company's consolidated net profit for the quarter fell 40% to ₹4.68 crore, from ₹7.81 crore.

Sales jump from a low base

In its October release, the company put second-quarter pre-sales at about ₹2,100 crore and first-half pre-sales at about ₹3,200 crore. The November figures show ₹2,092 crore for the quarter. Units sold rose to 274 from 24 a year earlier, across projects in Noida and Gurugram. Estate 361 on the Dwarka Expressway accounted for ₹962 crore of second-quarter sales, and Max One in Noida for ₹584 crore. Collections for the quarter were about ₹560 crore. Vice-chairman and managing director Sahil Vachani said collections had doubled year on year and that the operational commercial portfolio stayed fully occupied. Analysts have pointed out that the comparison starts from a very low base. In the year-ago quarter the company had little inventory to sell.

Profit falls as costs rise

Revenue from operations rose 8.2% to ₹52.76 crore in the quarter. Total expenses rose 14.5% to ₹72.17 crore, and finance costs were ₹16.43 crore. For the first half, revenue from operations rose 4.4% to ₹104.68 crore, while profit before tax fell to ₹18.54 crore from ₹28.47 crore. Pre-sales are bookings. Revenue from them is recognised as construction progresses, so a strong sales quarter does not show up in profit straight away.

The company has also announced two land deals. The first is a share purchase agreement signed in August 2026 for promoter-owned companies holding 84.71 acres in Najafgarh, West Delhi. It is a non-cash share swap valued at about ₹420.2 crore, paid by issuing up to 70,33,162 shares at ₹597.50 each. The company said the land could unlock a gross development value of ₹10,000 crore to ₹12,000 crore. It also said the implied cost of about ₹4.95 crore per acre is materially below prevailing licensed land values. The counterparties include Max Ventures Investment Holdings Private Limited and promoter family members, and the deal needs shareholder approval as well as stock exchange and regulatory clearances. One analysis estimates the share issue would raise the fully diluted share count by about 4.1%.

The second is a joint development of 9.76 acres in Indirapuram, Ghaziabad, on a revenue-sharing model, with an estimated gross development value of ₹2,500 crore to ₹3,000 crore. The deal is at MoU stage, and a final joint development agreement depends on due diligence.

Together, the company says these deals could take its gross pipeline beyond ₹29,000 crore, on top of an existing residential pipeline of ₹16,150 crore as of Q2FY27. Its commercial portfolio is fully leased and produces more than ₹160 crore a year in rent. The company targets annual rental income above ₹700 crore on a 100% basis over five years, and plans to add 1 million square feet of commercial space each year.

What investors will watch

Three things matter next. The first is the shareholder vote on the West Delhi share swap, which the company had scheduled for 24 September 2026. The second is whether the Ghaziabad memorandum becomes a final joint development agreement. The third is the sales run-rate after the launches the company has planned for Noida and Gurugram in the third and fourth quarters of FY27. Profit is the number to track alongside them, because it has fallen even as bookings have risen.