Slide 1: Stock exchange cover letter for Investor Presentation
August 14, 2026 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 3
Slide 2: Investor Presentation: An overview of Max Estates' journey
Investor Presentation An overview of Max Estates’ journey Q1 FY27 · August 2026 M AX ESTATES LIMITED · NSE | BSE · CIN L70200DL201 6PLC43871 8
Slide 3: Contents
MAX ESTATES LIMITED · Q1 FY27 · AUGUST 2026 Contents 01 About Max Estates 02 Operating performance 03 Portfolio, projects and growth 04 Pillars of sustainable growth 05 Financial performance A premium NCR residential and commercial player combining premium pricing, diversified earnings streams and d
Slide 4: About Max Estates
01 About Max Estates MAX ESTATES LIMITED · Q1 FY27 · August 2026 3
Slide 5: Our purpose is to enhance quality of life through the spaces we create
WHAT WE DO, AND WHY Our purpose is to enhance quality of life through the spaces we create Bringing real well-being to real estate A thoughtful coming together of design, nature, community and well-being, shaping spaces where people can truly LiveWell, WorkWell and PlayWell. Our values Sevabhav Exce
Slide 6: 18.4 mn sq. ft. across multiple asset classes in Delhi NCR
WHERE WE OPERATE 18.4 mn sq. ft. across multiple asset classes in Delhi NCR WorkWell Commercial 4.2 mn sq. ft. Max Towers, Noida Max Square, Noida Max House, New Delhi Max District, Gurugram Max Square Two, Noida LiveWell Residential 9.1 mn sq. ft. Estate 128, Noida Estate 360, Gurugram Estate 361,
Slide 7: Built for resilient growth
THE EQUITY STORY Built for resilient growth Residential / LiveWell Commercial / WorkWell Financial discipline Execution capability excellence leadership 701 units / 247 units 25 – 35% New York Life ~₹1,500+ Cr FY26 pre-sales / Q1 FY27 pre-sales Commercial rental premium to Partnership across key dev
Slide 8: New York Life – Our strategic partner
STRATEGIC PARTNERSHIP New York Life – Our strategic partner Partnered with Max Group in 2001 to form Founded in 1845, New York Life is a Financial Max New York Life (26% stake), exited to Services Company and the largest mutual life Mitsui Sumitomo in 2012. insurer in the U.S Re-invested with Max’s
Slide 9: Operating performance
02 Operating performance MAX ESTATES LIMITED · Q1 FY27 · August 2026 8
Slide 10: Consistent ₹5,000 Cr+ pre-sales, delivered at a rising realisation
RESIDENTIAL · PRE-SALES AND REALISATION Consistent ₹5,000 Cr+ pre-sales, delivered at a rising realisation PRE-SALES / BOOKING VALUE (₹ Cr) FY24 – FY26 CAGR: 70% PRICE REALISATION (₹ per sq. ft.) FY 24 FY24 – FY26 – FY2CAGR CAGR: 13% 13% 23,789 5,321 5,305 20,323 18,410 1,841 FY24 FY25 FY26 FY24 FY2
Slide 11: Collections efficiency and cancellation testament to quality of sales
RESIDENTIAL · COLLECTIONS AND COLLECTION QUALITY Collections efficiency and cancellation testament to quality of sales COLLECTIONS (₹ Cr) COLLECTION EFFICIENCY (₹ Cr) Estate 128 Estate 360 Estate 361 Max One Estate 105 Billed till date 1160 1954 313 130 193 Collected till date 1125 1796 313 77 193 1
Slide 12: ₹13,560 Cr of the ₹17,560 Cr launched book is sold
CONSOLIDATED RESIDENTIAL POSITION ₹13,560 Cr of the ₹17,560 Cr launched book is sold, with ₹16,150 Cr balance pipeline PRE-SALES BOOKING VALUE (₹ Cr) Launched — 17,560 3,503 10,057 4,000 12,150 Collected Sold, to be collected Unsold To be launched Sold — 13,560 (77% of launched) Balance pipeline — 1
Slide 13: Reported financials capture a fraction of what is already contracted
UNDERSTANDING REAL ESTATE ACCOUNTING Reported financials capture a fraction of what is already contracted Pre-Sales / Bookings Collections Construction Progress Revenue Recognition Reported Earnings Customer bookings Cash received against Project costs are incurred, Ind AS 115 recognition upon Embed
Slide 14: Embedded value and its timing
EMBEDDED VALUE AND ITS TIMING Estimated project margins of 20–45% convert to reported profit across FY28–FY31 Particulars (₹ Cr) Estate 128 (Ph 1 & 2) Estate 360 Estate 361 Max One¹ Estate 105¹ Launched 2,734 4,855 3,750 3,221 3,000 GDV sold 2,734 4,831 2,489 1,504 2,002 Collection 1,125 1,796 313 7
Slide 15: Commercial annuity portfolio scaling towards ~₹700 Cr of peak rental income
COMMERCIAL · ANNUITY PORTFOLIO Commercial annuity portfolio scaling towards ~₹700 Cr of peak rental income ANNUITY PORTFOLIO — 100% BASIS (₹ Cr) OCCUPANCY AND NET OPERATING MARGIN (%) 100% Max Square 93.0% Under construction Rental – 700 Completed Max One – 145 100% Max House Max District – 225 90.0
Slide 16: Guidance versus actual
TRACK RECORD AGAINST GUIDANCE Guidance versus actual Particulars FY24 guidance FY24 actual FY25 guidance FY25 actual FY26 guidance FY26 actual FY27 guidance Pre-sales (₹ Cr) 1,300 1,844 4,000 revised to 5,321 6,000–6,500 5,305 GDV pipeline 4,800–5,200 ~₹16,150+ Cr – ₹1,100 Cr done in Q1 Launches (GD
Slide 17: Portfolio, projects and growth
03 Portfolio, projects and growth MAX ESTATES LIMITED · Q1 FY27 · August 2026 16
Slide 18: Eleven projects, 18.4 mn sq. ft., across Noida, Gurugram and Delhi
PORTFOLIO AT A GLANCE Eleven projects, 18.4 mn sq. ft., across Noida, Gurugram and Delhi # Project Location Type Area (mn Peak rental / GDV (₹ Cr) Status Completion Economic sq. ft.) interest 1 Max Towers Sector 16B, Noida Commercial 0.5 75 Operational NA 51% 2 Max House Ph 1 & 2 Okhla, Delhi Commer
Slide 19: Max Towers and Max House I — 100% occupied at a premium
COMMERCIAL PROJECTS IN OPERATION Max Towers and Max House I — 100% occupied at a premium to micro- market Max Towers, Sector 16B, Noida Max House I, Okhla, Delhi Total leasable area 358,234 sq. ft. Total leasable area 108,006 sq. ft. Weighted average rental ~₹132 per sq. ft. per month Weighted avera
Slide 20: Max Square and Max House II — 100% occupied at premium
COMMERCIAL PROJECTS IN OPERATION Max Square and Max House II — 100% occupied at premium to micro- market Max Square, Sector 129, Noida Max House II, Okhla, Delhi Total leasable area 680,665 sq. ft. Total leasable area 150,839 sq. ft. Weighted average rental ~₹76 per sq. ft. per month Weighted averag
Slide 21: Under-construction assets anchored in Gurugram and Noida
COMMERCIAL PROJECTS UNDER DESIGN AND DEVELOPMENT Under-construction assets anchored in Gurugram and Noida — two key growth markets Artistic rendition Artistic rendition Max Square Two, Sector 129, Noida Max District, Sector 65, Gurugram ~4 ~0.9 mn sq. ft. ~0.2 mn sq. ft. 7.35 ~1.6 mn sq. ft. ~225+ A
Slide 22: Max Square Two – on track
MAX SQUARE TWO · CONSTRUCTION UPDATE Max Square Two – on track TOWER A 1 2 3 4 1. Q2 FY26 Basements 2 and 1 completed; Basement 1 works in progress 2. Q3 FY26 Lower ground works in progress 3. Q4 FY26 2nd floor level in progress 4. Q1 FY27 5th floor level in progress TOWER B 1 2 3 4 1. Q2 FY26 Upper
Slide 23: Max District - on track
MAX DISTRICT · CONSTRUCTION UPDATE Max District - on track TOWER 1 1 2 3 4 1. Q2 FY26 Raft completed; RCC works for Basements 4, 3, 2 and 1 in progress 2. Q3 FY26 Basement 4 completed; RCC works for Basements 3, 2 and 1 in progress 3. Q4 FY26 Basements 3 and 4 completed; RCC work for Basements 1 and
Slide 24: Residential projects update
RESIDENTIAL PROJECTS · LAUNCHED Residential projects update Estate 128 10 ~1.40 268 Acre land parcel Mn sq. ft. saleable area Total units Sector 128, Noida (Phase 1 and Phase 2) ~2,734 100% ~1,125 (41%) ₹ Cr pre-sales booking value % sold ₹ Cr collection (% of sales) Artistic rendition Estate 360 11
Slide 25: Mix use projects update
MIX USE PROJECTS · LAUNCHED Mix use projects update Estate 105 10 ~2.60 ~6,000 Acre land parcel Mn sq. ft. total saleable area ₹ Cr booking value potential² Sector 105, Noida 2,002 67% ~193 (10%) ₹ Cr pre-sales booking value % pre-sales to launched units ₹ Cr collection (% of sales) Artistic renditi
Slide 26: Estate 128 – construction update
ESTATE 128, NOIDA · PROGRESS UPDATE Estate 128 – construction update TOWER 1 TOWER 2 TOWER 3 TOWER 4 36th floor slab being cast 36th floor slab being cast 37th floor slab being cast 6th floor slab being cast Actual images as on 30 June 2026 · First residential delivery at Estate 128 remains on track
Slide 27: Estate 360 – construction update
ESTATE 360, GURUGRAM · CONSTRUCTION PROGRESS Estate 360 – construction update 1 2 3 4 1st floor slab of Tower 1 & 2 completed. 4th floor slab of Tower 3 & 5 completed. 5th floor slab of Tower 4 complete. 4th floor slab of Tower 6 complete. 2nd Floor slab in progress 5th floor slab in progress 6th
Slide 28: Max One – construction started
MAX ONE · CONSTRUCTION UPDATE Max One – construction started TOWER B NON – TOWER AREA NEXUS TOWER Terrace level slab casting in progress Slab shuttering work in progress SERVICED RESIDENCES - 2 SERVICED RESIDENCES - 1 4 Terrace level slab casting in progress Installation of tower crane in progress S
Slide 29: GDV of INR 11,900 Cr to be launched across Gurugram and Noida
RESIDENTIAL LAUNCHES PLANNED FOR FY27 AND ONWARDS GDV of INR 11,900 Cr to be launched across Gurugram and Noida Representative image Representative image Representative image Estate 361 — Phase 2, Gurugram Estate 105 — Phase 2, Noida New opportunity — Sector 59, Gurugram Development potential ~4.0 m
Slide 30: A 16.2 mn sq. ft. business development funnel
GROWTH OUTLOOK A 16.2 mn sq. ft. business development funnel behind the aspiration to add 3 mn sq. ft. Location Location Residential Residential / / SBUA (sq. ft.) Type Type Stage Stage commercial FUNNEL BY STAGE (mn sq. ft.) commercial Noida Residential 0.66 Mn Outright Commercial negotiation Comme
Slide 31: Pillars of sustainable growth
04 Pillars of sustainable growth MAX ESTATES LIMITED · Q1 FY27 · August 2026 30
Slide 32: Five execution capabilities underpin delivery at scale
PILLARS OF SUSTAINABLE GROWTH Five execution capabilities underpin delivery at scale 01 Institutional & Leadership Governance Board oversight, capital discipline, strategic partnership Sustainable Development 04 Certifications, ESG targets and long-term asset quality focus 02 Talent & Organizational
Slide 33: Strong governance anchored by an independent and diverse Board
INSTITUTIONAL GOVERNANCE · BOARD OF DIRECTORS Strong governance anchored by an independent and diverse Board Analjit Singh Jillian Leigh Atul B. Lall Moo-Young STRATEGIC BOARD Chairman Non-Executive Non-Executive OVERSIGHT Director Director 44% Founder Chairman of the Max Senior Vice President, Alte
Slide 34: Experienced leadership across real estate, capital and governance
LEADERSHIP · MANAGEMENT TEAM Experienced leadership across real estate, capital and governance Vachan Singh Nitin Kansal Dharmender Kumar COO — Projects CFO Director & Chief Corporate Affairs Officer 35+ years in project execution and delivery; Chartered accountant and Max Group veteran; Policy advo
Slide 35: Headcount has grown 11x in ten years to 309
TALENT DEPTH AND DIVERSITY Headcount has grown 11x in ten years to 309, with retention at 84% 309 129 84% 17% 94% Employee strength Onboarded in FY26 Retention rate Women in workforce Upgrading skills Headcount Growth 309 Learning and development 11x 2x 268 In 3 Years 223 79% Employees receiving per
Slide 36: Eight sustainability priorities set for FY26–27
SUSTAINABILITY AND ESG FOCUS Eight sustainability priorities set for FY26–27 ESG Dashboard WELL Develop an ESG dashboard for Align the designing portfolio level data exchanges Net Zero Design of future projects and reporting with WELL features Establish guidelines and explore new opportunities 1 Tec
Slide 37: Every operational asset is certified across green building, wellbeing and safety
SUSTAINABILITY AND WELLBEING STANDARDS · OPERATIONAL PORTFOLIO Every operational asset is certified across green building, wellbeing and safety LEED Platinum LEED Platinum ISO -9001 WELL Health & Internation BSC 5-star Certified for Green Operation & ISO -14001 Safety Rating al Safety Health & Safet
Slide 38: Every project under development is pre-certified for green building standards
SUSTAINABILITY AND WELLBEING STANDARDS · UPCOMING PORTFOLIO Every project under development is pre-certified for green building standards IGBC Platinum Pre- LEED Platinum pre- WiredScore WELL Certified for Green certified for Green Platinum Certification1 Building Strategies Max District Building St
Slide 39: Building a better society beyond business
COMMUNITY IMPACT AND SOCIAL RESPONSIBILITY Building a better society beyond business Max Estates delivers its CSR initiatives in collaboration with the Max India Foundation, the CSR arm of the Max Group, engaging local groups to ensure positive impact. 01 Education & learning 02 Housing & community
Slide 40: Beyond square feet: curated ecosystems and 288 events
CUSTOMER EXPERIENCE CENTRICITY Beyond square feet: curated ecosystems and 288 events for 10,000+ participants CURATED ECOSYSTEM THAT ELEVATES EVERYDAY LIVING PULSE-LED EXPERIENCES THAT BUILD COMMUNITY ReadWell Library Take 5 Café EatWell Cafeteria F&B kiosks at Max Towers Pet Corner at Max House Pau
Slide 41: Recognised across development, safety, sustainability and workplace
INDUSTRY RECOGNITION Recognised across development, safety, sustainability and workplace A-List Developer Award Commercial Project of the Year — Max The International Safety Award — Max Best Organisation for Women 2026 Square Two Towers & Max House Forbes India GRI Awards Real Estate India British S
Slide 42: Financial performance
05 Financial performance MAX ESTATES LIMITED · Q1 FY27 · August 2026 41
Slide 43: Q1 FY27: Collections up 36% YoY, net debt of ₹234 Cr
Q1 FY27 PERFORMANCE HIGHLIGHTS Q1 FY27: Collections up 36% YoY, lease rental income up 4.5% YoY and net debt of ₹234 Cr Revenue Lease rental income CAPITAL STRUCTURE Q1 FY27 — ₹51.9 Cr Q1 FY27 — ₹39.7 Cr Equity capital ₹3,176 Cr¹ Max Estates share ₹2,431 Cr Total leased area as on date Total pre-lea
Slide 44: Q1 FY27 in summary: ₹51.9 Cr revenue, ₹8.1 Cr EBITDA and ₹8.4 Cr PAT
FINANCIAL SUMMARY Q1 FY27 in summary: ₹51.9 Cr revenue, ₹8.1 Cr EBITDA and ₹8.4 Cr PAT ₹51.9 Cr ₹8.1 Cr ₹11.4 Cr ₹8.4 Cr Consolidated revenue Consolidated EBITDA Profit before tax Profit after tax Q4 FY26: ₹49.4 Cr Q4 FY26: (₹3.2 Cr) Q4 FY26: (₹6.1 Cr) Q4 FY26: (₹4.1 Cr) Q1 FY27 FINANCIAL HIGHLIGHTS
Slide 45: Consolidated Profit & Loss statement
CONSOLIDATED FINANCIALS Consolidated Profit & Loss statement Consolidated Profit & Loss (In Rs. Cr) Q1FY27 Q4FY26 Q1FY26 FY26 READING THE P&L Revenue 51.9 49.4 51.4 199.4 Other income 28.1 21.2 28.7 97.4 Stable Revenue Total revenue 80.0 70.6 80.1 296.8 Net revenue remained stable at ₹51.9 Cr Cost o
Slide 46: ICRA assigns a first-time issuer rating of [ICRA]A+ (Stable)
CREDIT RATING · ICRA LIMITED ICRA assigns a first-time issuer rating of [ICRA]A+ (Stable) ICRA-ASSESSED CREDIT METRICS ISSUER RATING ₹9,455 Cr ~105% 5.5–6.0x 1.30–1.35x [ICRA]A+ Committed receivables at Cash flow adequacy ratio¹ LRD debt/ annualised DSCR, operational leasing March 2026 rentals portf
Slide 47: Experience WorkWell and LiveWell
06 Experience WorkWell and LiveWell MAX ESTATES LIMITED · Q1 FY27 · August 2026 46
Slide 48: The Experience Centre at Max Towers
The Experience Centre at Max Towers 47
Slide 49: The central forest courtyard at Max Square
The central forest courtyard at Max Square 48
Slide 50: Pick up and drop off for Tower B at Max Square Two
Pick up and drop off for Tower B at Max Square Two Artistic rendition 49
Slide 51: Bird's eye view - Max One
MAX TOWERS SERVICED TOWER-B RESIDENCES-1 BERGER TOWER SERVICED RESIDENCES-2 NEXUS TOWER Bird’s eye view - Max One Artistic rendition 50
Slide 52: View of The Loop at Max One
View of The Loop at Max One Artistic rendition 51
Slide 53: Large wrap-around decks at Estate 128
Large wrap-around decks at Estate 128 52
Slide 54: The winding lake at Estate 361, with its crossing bridge
The winding lake at Estate 361, with its crossing bridge Artistic rendition 53
Slide 55: The Forest at Estate 361
The Forest at Estate 361 Artistic rendition 54
Slide 56: Aerial view of The Hub, community clubhouse
Aerial view of The Hub, community clubhouse Artistic rendition 55
Slide 57: A view of rooftop amenities
A view of rooftop amenities Artistic rendition 56
Slide 58: Skyvilla at Estate 105
Skyvilla at Estate 105 Artistic rendition 57
Slide 59: Safe Harbor
LEGAL Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have This presentation contains certain forward-looking statements concerning the been prepared by Max Estates Limited (the “Company”), have been prepared Company’s future business prospects and business prof
Slide 60: Details of group entities
LEGAL Details of group entities Max Estates Ltd. (CIN no. L70200DL2016PLC438718) is having its *Max Square is owned by Max Square Ltd., having its Registered The Project ‘Estate 360’ is registered with the HARERA with Corporate office at Max Towers, L-20, C-001/A/1, Sector-16B, Noida, office Address
Slide 61: Thank you
Thank you MAX ESTATES LIMITED L-20, Max Towers, Sector – 16B, DND Flyway, Noida, Uttar Pradesh - 201 301 Tel: +91 120 4743200 | www.maxestates.in CIN no. L70200DL2016PLC438718 Investor relations · Q1 FY27 · August 2026