Max Estates hits ₹5,305 cr in annual pre-sales
The developer logged its strongest quarter ever at ₹3,300 crore in Q4, while management targets collections of up to ₹3,000 crore for FY27.
— 2 earlier stories on Max Estates Ltd. →What's new
- Q4 bookings reached ₹3,300 cr, pushing full-year pre-sales to ₹5,305 cr.
- Collections rose 61% YoY to ₹1,578 cr, with average realizations at ₹23,000 per sq ft.
- Management targets FY27 collections of ₹2,500-3,000 cr and a ₹3,900 cr launch in Gurgaon.
Why this matters
Max Estates is maintaining a high sales velocity, securing over ₹5,000 crore in pre-sales for two consecutive years. The company's ability to maintain 100% commercial occupancy provides a buffer against the residential market moderation noted in Delhi NCR.
What we're watching
- Execution of the ₹3,900 cr Sector 59 Gurgaon launch in Q3 FY27.
- Whether the embedded PBT of ₹4,200-4,900 cr converts to cash as projected.
- The impact of cooling residential demand in Delhi NCR on future realization rates.
The full read
Max Estates closed FY2026 with ₹5,305 crore in pre-sales, marking its second straight year above the ₹5,000 crore threshold. A record-breaking Q4 contributed ₹3,300 crore to that total. Collections grew 61% year-on-year to ₹1,578 crore, while average realizations climbed 29% over the last two years to ₹23,000 per sq ft. Despite management acknowledging that the Delhi NCR residential market has cooled over the last six months, the commercial portfolio remains fully occupied. The company is now looking toward a ₹3,900 crore launch in Gurgaon's Sector 59 during Q3 FY27. With an embedded profit before tax estimate of ₹4,200-4,900 crore from unrecognized revenue, the focus shifts to whether the company can maintain this pace as market conditions tighten. The guidance for FY27 collections of ₹2,500-3,000 crore sets the next benchmark for performance.
Questions answered
- What is the outlook for collections in FY27?
- Management expects collections to reach between ₹2,500 crore and ₹3,000 crore for the fiscal year.
- How did the company perform in the commercial segment?
- Commercial leasing remains stable with 100% occupancy across all three of the company's assets.
- What is the scale of the upcoming Gurgaon launch?
- The company plans to launch the Sector 59 project in Gurgaon during the third quarter of FY27, which carries a gross development value of ₹3,900 crore.
- What is the estimated profit potential from current unrecognized revenue?
- The company estimates an embedded profit before tax of ₹4,200 crore to ₹4,900 crore from its unrecognized revenue pipeline.
Story so far
All notes on MAXESTATES →- 26 May 2026 · 12:03 PM IST Max Estates hits ₹5,305 cr in annual pre-sales
- 3d ago Max Estates revenue climbed 24%, but profit dropped by nearly 70%.
- 5d ago Max Estates schedules Q4 FY26 earnings call — no new information