Slide 1: Exchange filing cover letter
November 3, 2025 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544008 SYMBOL: MAXESTATES Sub.: Investor Presentation Dear Sir/ Madam, Pursuant to Regulation
Slide 2: Investor Presentation
Investor Presentation An overview of Max Estates’ journey November 2025
Slide 3: Key highlights
Key highlights 1. Residential Sales and CRE leasing 3. Business Development • Total GDV sold and project under implementation – Rs. • Total GDV acquired and yet to be launched – Rs. 17,000 Cr 7,535 Cr • GDV to be acquired to achieve Rs. 21,000 Cr in next 3 years – Rs. • Rs. 9,500 Cr launches planned
Slide 4: Guidance vs actual
Guidance vs actual FY 24 FY 24 Achievement Achievement Particulars FY 25 Guidance FY 25 Actuals FY 26 Guidance Guidance Actuals over Guidance over Guidance 4,000 Pre sales (Rs. Cr) 1,300 1,844 140% Revised to 5,321 140% 6,000-6500 4,800-5,200 4,000 Launches 1,300 1,844 140% Revised to 5,723 140% 9,5
Slide 5: Pre sales booking value and annuity rental income trajectory
Pre sales booking value and annuity rental income trajectory Estimates Residential – pre-sales / booking value (Rs. Cr) Commercial –annuity portfolio (100%2) (Rs. Cr) Already acquired Rental - 723 To be acquired Under construction 14,500-15,000 Completed Sector 105- 140 4,000 Delhi One – 120 Max Dis
Slide 6: Consolidated synopsis of residential pre-sales booking value and operating cash flow
Consolidated synopsis of residential pre-sales booking value and operating cash flow Status upto Sep 2025 Operating cash flow of launched projects (Rs. Cr) Particulars Mn Sqft GDV Rs. Cr Particulars Total Launched 3.87 7,589 Estimated receipts from launched units 7,589 Sold till Sep 25 3.85 7,535 -
Slide 7: Content
1 About Max Estates Content 2 Project wise updates 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 5
Slide 8: About Max Estates
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 6
Slide 9: Max Estates' purpose anchored on core values and operating philosophy
About Max Max Estates’ purpose is anchored on core values of Max Estates Group and operating philosophy of LiveWell and WorkWell Our Purpose Our Values Enhance quality of life through the spaces we create Sevabhav Excellence Credibility Our Operating Philosophy – WorkWell and LiveWell ENGINEERING CO
Slide 10: Our Product-market segments: One region multiple asset class
About Max Our Product- market segments : One region multiple asset class Estates Residential Projects LiveWell Experiences LiveWell envisions to enhances and enriches the quality of life of its occupiers by building a confluence of spaces that enables comfort, healthy living, and community experienc
Slide 11: An Overview Of Max Estates' Portfolio
An Overview Of Max Estates’ Portfolio About Max Estates Geographical Mix 2% Delhi 48% Gurgaon 51% Noida Asset Class Mix 23% 28% Commercial Residential Mixed use 50% Development Status mix 7% 8% Delivered Under Construction 35% 50% Under Planning Under Acquisition Well diversified Real Estate Portfol
Slide 12: Project wise update
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 10
Slide 13: Commercial projects in operation
About Commercial projects in operation Max Estates Max Towers, Sector 16B, Noida Max House – I, Okhla, Delhi • Total leasable area 358,234 sqft • Total leasable area 108,692 sqft • Weighted average rental: ~Rs. 127 per sq. • Weighted average rental: ~Rs. 144 per sq. ft. per month ft. per month • WAL
Slide 14: Commercial projects in operation
About Commercial projects in operation Max Estates Max Square, Sector 129, Noida Max House – II, Okhla, Delhi • Total leasable area 680,649 sqft • Total leasable area 150,641 sqft • Weighted average rental: ~Rs. 76 per sq. ft. • Weighted average rental: ~Rs. 160 per sq. ft. per per month month • WAL
Slide 15: Commercial projects under Design and Development
About Commercial projects under Design and Development Max Estates Representative image Representative image Artistic Rendition Representative image Max Square Two, Sector 129, Noida Max District, Sector 65, Gurugram ~4 ~0.9 ~0.2 7.35 ~1.6 ~200+ Acre land parcel Mn sq. ft. of office Mn sq ft of reta
Slide 16: Max Square Two: Construction update (Tower A)
About Max Estates Max Square Two: Construction update (Tower A) Description (clockwise) 1. Q3 FY25: Excavation in progress 2. Q4 FY25: Excavation completed and Raft works initiated 3. Q1 FY26: Basement 3 works in progress 4. Q2 FY26: Basement 2, 1 works completed; Basement 1 works in progress 1 2 4
Slide 17: Max Square Two: Construction update (Tower B)
About Max Estates Max Square Two: Construction update (Tower B) Description (clockwise) 1. Q3 FY25: Excavation completed, and Raft works initiated 2. Q4 FY25: Basement 3 works in progress 3. Q1 FY26: Basement 3, 2 works completed; Basement 1 works in progress 4. Q2 FY26: Upper Ground Works in progre
Slide 18: Max District: Construction Update (Phase-1)
About Max Estates Max District: Construction Update (Phase-1) Description (clockwise) 1. Q3 FY25: Excavation in progress 2. Q4 FY25: Excavation completed partially, and Raft Foundation works initiated 3. Q1 FY26: Basement 4, 3 works in progress Excavation in progress for a section; 4. Q2 FY26: Basem
Slide 19: Max District: Construction Update (Phase-2)
About Max Estates Max District: Construction Update (Phase-2) Description (clockwise) 1. Q3 FY25: Excavation completed, and Raft works in progress 2. Q4 FY25: Basement 3,4 works in progress 3. Q1 FY26: Basement 4 completed, RCC works for Basement 3, 2 in progress 4. Q2 FY26: Basement 4,3 completed,
Slide 20: New York Life – Our strategic partner in commercial real estate
About Max New York Life – Our strategic partner in the commercial real Estates estate business Founded in 1845, New York Life is a Financial Since 2001, partnered with Max group to form Max New York Services Company and the largest mutual life Life Insurance Company Limited with 26% ownership, which
Slide 21: Residential projects - launched
About Residential projects - launched Max Estates Representative image Representative image Representative image Estate 128, Sector 128, Noida (Phase 1 and Phase 2) Estate 360, Sector 36A, Gurugram 10 ~1.40 268 11.80 ~2.40 864 Acre land parcel Mn sq. ft. of Total number of Acre land parcel Mn sq. ft
Slide 22: Construction update
About Max Construction update Estates Estate 128, Noida Tower 2 – As on 16th Tower 3 – As on 16th Tower 4 – As on 16th Tower 1 – As on 16th October 2025 – Twenty third floor October 2025 – Twenty October 2025 – Twenty fifth October 2025 – Ground floor slab is being casted. fourth floor slab is being
Slide 23: Residential Projects to be launched in FY26
About Max Estates Residential Projects to be launched in FY26 Representative image Representative image Representative image Representative image Estate 361 (Gurugram) New Opportunity (Sector 59, Gurugram) Development Potential ~4.0 mn. sq. ft. Development Potential ~1.3 mn. sq. ft. Gross Developmen
Slide 24: Mixed Use Projects to be launched in FY26
About Max Estates Mixed Use Projects to be launched in FY26 Representative image Representative image Representative image Representative image Max One (Sector 16B, Noida) New Acquisition (Sector 105, Noida) ~2.5 mn. sq. ft. ~2.6 mn. sq. ft. Development Potential Development Potential ~1.2 mn sqft (
Slide 25: Project wise summary
Project wise summary S.No. Project name Location Type Area Peak rental / Status Completion Max (Mn sqft) GDV timeline Estates (Rs. Cr) Economic interest 1 Max Towers Sector 16B, Noida Comm 0.3 50 Operational NA 51% 2 Max House Ph1 Okhla, Delhi Comm 0.1 16 Operational NA 51% 3 Max House Ph2 Okhla, De
Slide 26: Growth outlook
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 24
Slide 27: Indicative Growth Pipeline in the near term
Indicative Growth Pipeline in the near term Residential / SBUA Project Location Type Stage Commercial (sq. ft.) Delhi Residential 0.1 Mn JDA Commercial negotiation Delhi Residential 0.08 Mn Outright Commercial negotiation Noida Residential 3 Mn JDA Commercial negotiation Gurgaon Residential 2.8 Mn J
Slide 28: Execution enablers
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 26
Slide 29: Key execution enablers
Execution Enablers Key execution enablers Talent depth Strong Brand Equity and diversity Customer Experience Institutionalization centricity of Processes Sustainability and Technology ESG focus enabled execution 27
Slide 30: Board of Directors – Max Estates
Talent depth and diversity Execution Enablers Board of Directors – Max Estates Anthony R. Malloy Atul B. Lall Non-Executive Director Non-Executive Director Analjit Singh • Executive Vice President and Chief • Managing Director and Vice Chairman of Investment Officer of New York Life Dixon Technologi
Slide 31: Board of Directors – Max Estates
Talent depth and diversity Execution Enablers Board of Directors – Max Estates Malini Thadani Gauri Padmanabhan Independent Director Independent Director • 41+ years experience as Former Indian • Ex-Global partner, leading Consumer Revenue Service officer and Head of Market Practices for Heidrick &
Slide 32: Experienced Management team
Talent depth and diversity Execution Experienced Management team … with mix of real and non Enablers real estate background Vachan Singh K S Ramsinghaney COO – Projects Max Estates Senior Advisor - Max Estates • Ex-COO & Business Head, Adani Realty; Ex- • Over 45 years of experience; 9 yrs. with Max
Slide 33: Scaling with Skill. Leading with Inclusion.
Talent depth and diversity Scaling with Skill. Leading with Inclusion. At Max Estates, growth isn’t just about expanding our footprint — it’s about building a diverse, future-ready team that embodies our values and drives our ambition forward, because true growth includes everyone... Employee Head C
Slide 34: Institutionalizing internal processes to enable seamless execution at scale
Institutionalization of Processes Execution Institutionalizing internal processes to enable seamless Enablers execution at scale 13 Verticals identified as follows Sales Planning CRM Safety Construction Marketing Quality RERA Management Design Finance & Asset HR & Payroll Management Accounts managem
Slide 35: Suite of digital interventions across value chain
Technology enabled execution Execution Suite of digital interventions across value chain in progress Enablers Non exhaustive Clairco FacTech AutoDesk Ozonetel Smart Joules Sales Force Construction Cloud Solution to provide Tenant Building Call center software An AI-based energy Industry best enhanc
Slide 36: Driving impactful Sustainability initiatives
Sustainability & ESG focus Execution Driving impactful Sustainability initiatives Enablers Implemented Sustainable Initiatives FY25 Achievements FY26 Priorities Non exhaustive • Integration of double-glazing units and IoT-based • Achieved LEED Platinum Operations & Maintenance • Establish Net Zero T
Slide 37: Measuring Progress – Ratings & Certifications
Sustainability & ESG focus Execution Measuring Progress – Ratings & Certifications Enablers Operational Assets Upcoming Portfolio Initiated for WELL Health & Wellbeing Certification LEED Platinum pre- WiredScore LEED Platinum LEED Platinum ISO -9001 WELL Health & Internation BSC 5-star certified fo
Slide 38: GRESB FY25: Rating and Recognition
Sustainability & ESG focus GRESB FY25: Rating and Recognition Achieved a 5-star rating in both Development and Standing Investment categories of GRESB with a #1 rank in both peer groups. This places MEL in the top 20% of real estate entities globally. Global Sector Leader – Residential Regional Sect
Slide 39: Key Sustainability Initiatives & Targets for FY26
Sustainability & ESG focus Execution Key Sustainability Initiatives & Targets for FY26 Enablers Non exhaustive Scope 3 LCA Calculation Initiate and formalize Net Zero Goal Setting Initiate calculation of scope Life Cycle Assessment Establishing Net Zero Targets for 3 emissions across portfolio of al
Slide 40: Contributing back to society
Sustainability and ESG focus Execution Contributing back to society is at the core of how we Enablers approach the business Max Estates and Max India Foundation (CSR arm of Max Max Estates and Max India Foundation (CSR arm of Max Group) collaborate to Group) collaborate to improve communities by eng
Slide 41: We intentionally design an ecosystem of amenities
Customer Experience centricity Execution Enablers We intentionally design an ecosystem of amenities … ReadWell Library Take 5 Café’ EatWell Cafeteria F&B Kiosks at Max Towers Pet Corner at Max House Pauz Relaxation Corner A work environment that is good for people is great for business Source: Inter
Slide 42: Curated events driving engagements for Customer Experience
Customer Experience centricity Execution …and curate engaging 160 events driving 6,200+ engagements Enablers to elevate Customer Experience 40
Slide 43: Building Awareness of Max Estates' Brand Story (1/3)
Strong Brand Equity Execution Building Awareness of Max Estates' Brand Story (1/3) Enablers MEL Website, Digital Campaigns and Social Media Platforms Non exhaustive Launched comprehensive campaigns across all social media platforms, driving both organic growth and lead generation. Key achievements a
Slide 44: Building Awareness of Max Estates' Brand Story (2/3)
Strong Brand Equity Execution Building Awareness of Max Estates' Brand Story (2/3) Enablers AIT Chowk curated by Max Estates Non exhaustive We have adopted ans curated AIT Chowk, a vibrant public space spanning 2,800 sq. meters in the heart of Gurugram – Golf Course Road, Sector 54 for three years s
Slide 45: Building Awareness of Max Estates' Brand Story (3/3)
Strong Brand Equity Execution Enablers Building Awareness of Max Estates' Brand Story (3/3) LiveWell Social: Non exhaustive Diwali Edition For our special Rising Bharat edition of Livewell UP Tradeshow Summit 2025 Social, we hosted 300+ LPs from Gurgaon. LiveWell Partner Events: LW Diwali Social LP
Slide 46: Awards and Recognition
Strong Brand Equity Execution Awards and Recognition Enablers Commercial Project of the Year The International Safety Award Best Organisation for Women 2025 Max Square Two Max Towers & Max House The Times Group - 5th Edition GRI Awards Real Estate India British Safety Council Safety Award A-List Dev
Slide 47: Q2 FY26 and YTD Sep 25 financials
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 45
Slide 48: Max Estates Limited – H1FY26 Performance Highlights
FY24 Highlights Max Estates Limited –H1FY26 Performance Highlights Total Leased Area as on date Capital Structure ~1.2 mn sq. Ft. Equity Capital: Rs. 3,018 Cr. 1 (Max Estates share: Rs. 2,300 Cr) Lease Rental Incomes Debt as on September 2025 H1 FY26 – Rs. 72.0 Cr External Debt : Rs. 1,571 Cr2 (Incl
Slide 49: Summary: Financial Highlights for H1 FY26
Summary: Financial Highlights for H1 FY26 • Consolidated Revenue stood at Rs. 100 Crore in H1 FY26, a growth of 24% on a YoY basis • Consolidated EBITDA stood at Rs. 24 Crore in H1 FY26 • Consolidated PBT stood at Rs. 29 Crore and PAT stood at Rs. 20 Crore in H1 FY26 • Total Leased Area as on 30th S
Slide 50: Max Estates – Operational Metrics
Max Estates – Operational Metrics Total Leased Area (in Sq. Ft.) Lease Rental Income (Rs. Mn.) 1,104 1,229,109 662 485 916,926 373 400,563 407,286 FY22 FY23 FY24 FY25 FY22 FY23 FY24 FY25 Quarterly Trend Total Leased Area (in Sq. Ft.) Lease Rental Income (Rs. Mn.) +18% +41% 1,039,767 1,167,899 1,229,
Slide 51: Max Estates - Profit & Loss Statement
Max Estates - Profit & Loss Statement Consolidated Profit & Loss (In Rs. Cr) Q2FY26 Q2FY25 H1FY26 H1FY25 Net Revenue 48.8 40.2 100.2 80.7 Cost of Goods Sold - 2.7 3.8 4.5 Employee benefit expense 7.1 4.0 14.4 7.8 Advertisement and Marketing expense 12.0 13.1 21.3 20.9 Other expenses 19.6 11.8 36.7 2
Slide 52: Balance Sheet as on 30th September 2025
Max Estates – Balance Sheet as on 30th September 2025 Assets (Rs. Cr.) Sep’25 Mar’25 Equity & Liabilities (Rs. Cr.) Sep’25 Mar’25 Non-Current Assets 3,776 3,028 EQUITY 3,018 2,661 Property, Plant and Equipment 7 6 Equity Share Capital 161 161 Investment Properties 2,814 2,028 Pending for allotment 0
Slide 53: Experience WorkWell & LiveWell at Max Estates
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q2 FY 26 and YTD Sep 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 51
Slide 54: 222 Rajpur – Key highlights
Max Estates’ Portfolio 222 Rajpur – Key highlights Area ~5 acre Abutting the Malsi Reserve Forest Limited inventory of 22 bespoke residences 100% Sold 52
Slide 55: Night View
Night View * w i iy ow mies See
Slide 56: Max Towers – Key highlights
Max Estates’ Portfolio Max Towers – Key highlights Leasable Area On DND Flyway, at ~0.6 mn. sq. ft. entrance of Noida Rental~ 25-30% Occupancy 100% premium to micro market Certified LEED Marquee tenant Platinum from profile USGBC and Health ESRI India, IEX, Veolia, Kama and Wellbeing Gold Ayurveda,
Slide 57: The Cube
The Cube 55
Slide 58: Food Court
Food Court 56
Slide 59: Max House – Key highlights
Max Estates’ Portfolio Max House – Key highlights Leasable Area Boutique campus ~0.3 mn. sq. ft. development in CBD of South Delhi Phase 1- Rental~ 25-30% Occupancy 100% premium to micro Phase 2- market Leased1 100% LEED Gold certified Marquee tenant and Health and profile Wellbeing Gold from BBC, N
Slide 60: Grand Entrance
Grand Entrance 58
Slide 61: Lobby
Lobby 59
Slide 62: Max Square – Key highlights
Max Estates’ Portfolio Max Square – Key highlights Leasable Area ~0.7 mn. sq. ft. On Noida- Gr. Noida Expressway 100% Leased1 Designed around a central forest Marquee tenant profile NDTV, Adobe, AML, Cloud angels, Hero Cycles, General Atomics, Moody’s, Unicharm etc IGBC Platinum certified for Green
Slide 63: Central Forest Courtyard
Central Forest Courtyard 61
Slide 64: Food Court
Food Court 62
Slide 65: Estate 128 – Our first luxury residential project in NCR
Max Estates’ Portfolio Estate 128 – Our first luxury residential project in NCR Leasable Area ~10 acres Rectangular & contiguous Abutting Noida Gr. Noida Expy Frontage of ~340 m on expressway ~ 7 acres of gardens/ lawns IGBC Platinum pre- certified for Green Representational image Homes The Project
Slide 66: Large wrap around decks in the units
Large wrap around decks in the units 64 Representational image
Slide 67: Estate 360, Gurugram – inter-generational community at scale
Max Estates’ Portfolio Estate 360, Gurugram – Delhi NCR’s first inter-generational community at scale Land Area = ~11.8 acres At the confluence of 3 Gurugram’s major corridors ~2.4 Mn sq. ft. of development Opposite 220-acre green zone and 50 m green belt and key commercial developments Representati
Slide 68: Well-being amenities for all generations
Well-being amenities for all generations 66 Representational image
Slide 69: Countryside-themed landscape
Countryside-themed landscape Representational image67
Slide 70: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Max Estates Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securitie
Slide 71: Details of Group Entities
Details of Group Entities • Max Estates Ltd. (CIN no. L70200DL2016PLC438718) is having its Corporate office at Max Towers, L-20, C - 001/A/1, Sector- 16B, Noida, Gautam Buddha Nagar, Noida UP 201301 & Registered office at Max House 1, Dr. Jha Marg, Okhla Phase 3, Opposite Okhla Railway Station, Okhl
Slide 72: Max Estates Limited
MAX ESTATES LIMITED L-20, Max Towers, Sector – 16B, DND Flyway, Noida, UP - 201 301 Tel: +91 120 4743200 | www.maxestates.in CIN no. L70200DL2016PLC438718 70