Max Estates Limited · NSE:MAXESTATES
Max Estates — Q2 FY27 Earnings Presentation
62 slides from Max Estates's earnings presentation, Nov 4, 2026
Slide 1: Investor Presentation filing letter to exchanges
November 4, 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
Slide 2: Investor Presentation: An overview of Max Estates' journey
Investor Presentation An overview of Max Estates’ journey Q2 FY27 · November 2026 M AX ESTATES LIMITED · NSE | BSE · CIN: L70200DL201 6PLC43871 8
Slide 3: Contents
MAX ESTATES LIMITED · Q2 FY27 · NOVEMBER 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
Slide 4: About Max Estates
01 About Max Estates MAX ESTATES LIMITED · Q2 FY27 · November 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: Focused on NCR. Diversified within it.
MULTIPLE MICRO-MARKETS · DIVERSE OFFERINGS · DISTINCT BUYERS Focused on NCR. Diversified within it. 01 WHERE WE ARE 02 WHAT WE BUILD Rooted across Two ways we build Delhi NCR Present across Delhi, Gurugram WorkWell · Commercial LiveWell · Residential and Noida, with Ghaziabad Build to Lease Build to
Slide 7: 25.9 mn sq. ft. across multiple asset classes in Delhi NCR
WHERE WE OPERATE 25.9 mn sq. ft. across multiple asset classes in Delhi NCR PORTFOLIO GROWTH WorkWell Commercial 4.2 mn sq. ft. 2.2x Total portfolio since FY24 12 → 25.9 mn sq. ft. 25.9 Max Towers Max Square Max House Max District Max Square Two Noida Noida Delhi Gurugram Noida 18.4 11.1 LiveWell Re
Slide 8: Built for resilient growth
THE EQUITY STORY Built for resilient growth LiveWell excellence WorkWell leadership Financial discipline Execution capability 701 units / 521 units 25 – 35% New York Life ~₹1,500+ Cr FY26 pre-sales / H1 FY27 pre-sales Commercial rental premium to Partnership across key developments Planned construct
Slide 9: New York Life – A Partnership Built on 25 Years of Trust
STRATEGIC PARTNERSHIP New York Life – A Partnership Built on 25 Years of Trust Founded in 1845; the largest mutual Max New York Life JV in 2001; re-invested life insurer in the U.S. with Max’s entry into real estate PARTNERS SINCE 2001 ~₹1,800 Cr 7 rounds 8x Exclusive committed to date of capital si
Slide 10: Operating performance
02 Operating performance MAX ESTATES LIMITED · Q2 FY27 · November 2026 9
Slide 11: 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.) FY24 – H1 FY27 CAGR: 11% 23,789 23,775 5,321 5,305 20,323 18,410 3,184 1,841 FY24 FY25 FY26 H1 FY27 FY24
Slide 12: 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 ₹560 Cr Q2 FY27 collections H1 FY27: ₹1,051 Cr 2x YoY Billed till date 1298 2024
Slide 13: ₹15,652 Cr of the ₹18,760 Cr launched book is sold
CONSOLIDATED RESIDENTIAL POSITION ₹15,652 Cr of the ₹18,760 Cr launched book is sold, with ₹29,058 Cr balance pipeline PRE-SALES BOOKING VALUE (₹ Cr) Launched — 18,760 4,063 11,588 3,108 25,950 Collected Sold, to be collected Unsold To be launched Sold — 15,652 (83% of launched) Balance pipeline — 2
Slide 14: 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 15: Estimated project margins convert to reported profit across FY28–FY31
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 4,950 3,221 3,000 GDV sold 2,734 4,831 3,451 2,088 2,548 Collection 1,141 1,884 484 1
Slide 16: 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 17: 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 FY27 actual Pre-sales (₹ Cr) 1,300 1,841 4,000 revised to 5,321 6,000–6,500 5,305 4,800–5,200 GDV pipeline 3,184 (H1) ; ~₹17,200+ Cr set 29,000
Slide 18: Portfolio, projects and growth
03 Portfolio, projects and growth MAX ESTATES LIMITED · Q2 FY27 · November 2026 17
Slide 19: Thirteen projects, 25.9 mn sq. ft., across Delhi NCR
PORTFOLIO AT A GLANCE Thirteen projects, 25.9 mn sq. ft., across Delhi NCR # 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 Commercial 0.3 55 Op
Slide 20: 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 ~₹136 per sq. ft. per month Weighted avera
Slide 21: 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 ~₹79 per sq. ft. per month Weighted averag
Slide 22: 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 PRE-LEASED PRE-LEASED 34% 20% of leasable area, of Phase II, 1+ year before OC 2+ years before OC BENCHMARK BENCHMARK on Noida Exp. on Golf Course Artistic rendition Art
Slide 23: Max Square Two – on track
MAX SQUARE TWO · CONSTRUCTION PROGRESS Max Square Two – on track TOWER A 1 2 3 4 1. Q3 FY26 Lower ground works in progress 2. Q4 FY26 2nd floor level in progress 3. Q1 FY27 5th floor level in progress 4. Q2 FY27 9th floor level in progress TOWER B 1 2 3 4 1. Q3 FY26 Upper ground work completed 2. Q4
Slide 24: Max District - on track
MAX DISTRICT · CONSTRUCTION PROGRESS Max District - on track PHASE 1 1 2 3 4 1. Q3 FY26 Basement 4 completed; RCC works for Basements 3, 2 and 1 in progress 2. Q4 FY26 Basements 3 and 4 completed; RCC work for Basements 1 and 2, ground floor roof and level 1 roof in progress 3. Q1 FY27 Basement 2 co
Slide 25: 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% ~1,141 (42%) ₹ Cr pre-sales booking value % sold ₹ Cr collection (% of sales) Artistic rendition Estate 360 11.
Slide 26: 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 2,548 ~85% ~365 (14%) ₹ Cr pre-sales booking value % pre-sales to launched units ₹ Cr collection (% of sales) Artistic rendit
Slide 27: Estate 128 – construction update
ESTATE 128, NOIDA · CONSTRUCTION PROGRESS Estate 128 – construction update TOWER 1 TOWER 2 TOWER 3 TOWER 4 Terrace floor slab being cast Terrace floor slab is being cast Super structure completed 9th floor slab being cast Actual images as on 30 September 2026 · First residential delivery at Estate 1
Slide 28: Estate 360 – construction update
ESTATE 360, GURUGRAM · CONSTRUCTION PROGRESS Estate 360 – construction update 1 2 3 4 6th floor slab of Tower 1 & 2 completed. 8th floor slab of Tower 3 & 5 completed. 11th floor slab of Tower 4 complete. 10th floor slab of Tower 6 complete. 7th and 8th Floor slab in progress 9th and 10th floor sla
Slide 29: Max One – construction update
MAX ONE · CONSTRUCTION PROGRESS Max One – construction update TOWER B SERVICED RESIDENCES - 2 NEXUS TOWER Work above terrace level in progress Level-12 pour 1 cast MAX TOWERS TWO SERVICED RESIDENCES - 1 Façade panel installation at elevations C and D Raft works in progress Level-17 pour 1 cast Level
Slide 30: GDV of INR 13,950 Cr to be launched across Delhi NCR
NEAR-TERM PIPELINE · PLANNED LAUNCHES · THE BRANCHES GDV of INR 13,950 Cr to be launched across Delhi NCR TO BE LAUNCHED ₹4,050 Cr TO BE LAUNCHED ₹3,000 Cr TO BE LAUNCHED ₹3,900 Cr Representative image Representative image Representative image Estate 361 — Phase 2, Gurugram Estate 105 — Phase 2, Noi
Slide 31: Ghaziabad adds INR 2,500–3,000 Cr to near-term launches
NEAR-TERM PIPELINE · NEW ADDITIONS · THE BRANCHES Ghaziabad adds INR 2,500–3,000 Cr to near-term launches NEW BRANCH · NEW MICRO-MARKET TO BE LAUNCHED ₹2,500–3,000 Cr New opportunity — Ghaziabad NEAR-TERM PIPELINE Planned launches ~1.5 mn sq. ft. ₹10,950 Cr Development potential Ghaziabad +₹2,500–3,
Slide 32: Delhi, our trunk: a landmark ~85-acre acquisition
LONG-TERM PIPELINE · THE TRUNK Delhi, our trunk: a landmark ~85-acre acquisition WHY IT IS A LANDMARK DEAL THE ACQUISITION 01 MARGIN 02 FORMAT ~85 acres <5% land cost Integrated mixed-use of land in Delhi, in a single transaction Delhi <5% primarily residential, complemented Typical deal 20–25% by r
Slide 33: A 13.2 mn sq. ft. business development funnel
GROWTH OUTLOOK A 13.2 mn sq. ft. business development funnel behind the aspiration to add 3 mn sq. ft. Location Residential / commercial SBUA (sq. ft.) Type Stage Location Residential / Type Stage commercial Noida Mixed Use 0.5 Mn Auction Regulatory approval Noida Mixed Use 1.7 Mn Auction Under auct
Slide 34: Pillars of sustainable growth
04 Pillars of sustainable growth MAX ESTATES LIMITED · Q2 FY27 · November 2026 33
Slide 35: 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 36: 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 37: Experienced leadership across real estate, capital and governance
LEADERSHIP · MANAGEMENT TEAM Experienced leadership across real estate, capital and governance Vachan Singh Nitin Kansal Sanjeev Ailawadi COO — Projects CFO Head — Legal 35+ years in project execution and delivery; Chartered accountant and Max Group veteran; 30+ years in real estate, contracts, cons
Slide 38: Headcount has grown 14x in ten years to 378
TALENT DEPTH AND DIVERSITY Headcount has grown 14x in ten years to 378, with retention at 84% 378 129 84% 17% 94% Employee strength Onboarded in FY26 Retention rate Women in workforce Upgrading skills 378 Headcount Growth Learning and development 14x 4x 309 268 79% Employees receiving performance an
Slide 39: 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 40: All three operational assets are certified; all six under development pre-certified
SUSTAINABILITY AND WELLBEING STANDARDS · FULL PORTFOLIO All three operational assets are certified; all six under development are pre-certified OPERATIONAL · 3 ASSETS UNDER DEVELOPMENT · 6 PROJECTS, ALL PRE -CERTIFIED Max Towers LEED Platinum and Platinum O&M · IGBC Platinum for Max District Max Squ
Slide 41: Building a better society beyond business
COMMUNITY IMPACT AND SOCIAL RESPONSIBILITY Building a better society beyond business WITH MAX INDIA FOUNDATION WITH HABITAT FOR HUMANITY EDUCATION & LEARNING SENIOR WELLBEING 1.04 lakh students reached 203 seniors engaged 12 NGO partners; 2,297 teachers, 41 fellows. Aapki Kahaani, incubated by MIF t
Slide 42: 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 61 events IN Q2 FY27 3,300+ tenant engagements F&B k
Slide 43: Recognised across sustainability, safety, brand and workplace
INDUSTRY RECOGNITION Recognised across sustainability, safety, brand and workplace THIS QUARTER · Q2 FY27 5-star rating, Development — ranked 5-star rating — Occupational Health & Excellence in Sustainable & Wellness- Iconic Brand of India No. 1 in peer group Safety Audit Focused Real Estate GRESB 2
Slide 44: Financial performance
05 Financial performance MAX ESTATES LIMITED · Q2 FY27 · November 2026 43
Slide 45: Q2 FY27: Collections up 2x YoY, net debt of ₹219 Cr
Q2 FY27 PERFORMANCE HIGHLIGHTS Q2 FY27: Collections up 2x YoY, lease rental income stable YoY and net debt of ₹219 Cr Revenue Lease rental income CAPITAL STRUCTURE Q2 FY27 — ₹52.8 Cr Q2 FY27 — ₹39.0 Cr Equity capital ₹3,210 Cr¹ Max Estates share ₹2,443 Cr Total leased area as on date Total pre-lease
Slide 46: Q2 FY27 in summary: ₹52.8 Cr revenue, ₹5.3 Cr EBITDA, ₹4.7 Cr PAT
FINANCIAL SUMMARY Q2 FY27 in summary: ₹52.8 Cr revenue, ₹5.3 Cr EBITDA and ₹4.7 Cr PAT ₹52.8 Cr ₹5.3 Cr ₹7.2 Cr ₹4.7 Cr Consolidated revenue Consolidated EBITDA Profit before tax Profit after tax Q1 FY27: ₹51.9 Cr Q1 FY27: ₹8.2 Cr Q1 FY27: ₹11.4 Cr Q1 FY27: ₹8.3 Cr Q2 FY27 FINANCIAL HIGHLIGHTS REVEN
Slide 47: Consolidated Profit & Loss statement
CONSOLIDATED FINANCIALS Consolidated Profit & Loss statement Consolidated Profit & Loss (In Rs. Cr) Q2FY27 Q1FY27 Q2FY26 Revenue 52.8 51.9 48.8 Other income 26.5 28.1 25.8 Total revenue 79.3 80.0 74.6 Cost of goods sold - - - Employee benefit expense 8.5 11.0 7.1 Advertisement and marketing 19.8 19.
Slide 48: Experience WorkWell and LiveWell
06 Experience WorkWell and LiveWell MAX ESTATES LIMITED · Q2 FY27 · November 2026 47
Slide 49: The Experience Centre at Max Towers
The Experience Centre at Max Towers 48
Slide 50: The central forest courtyard at Max Square
The central forest courtyard at Max Square 49
Slide 51: 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 50
Slide 52: 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 51
Slide 53: View of The Loop at Max One
View of The Loop at Max One Artistic rendition 52
Slide 54: Large wrap-around decks at Estate 128
Large wrap-around decks at Estate 128 53
Slide 55: The winding lake at Estate 361, with its crossing bridge
The winding lake at Estate 361, with its crossing bridge Artistic rendition 54
Slide 56: The Forest at Estate 361
The Forest at Estate 361 Artistic rendition 55
Slide 57: Aerial view of The Hub, community clubhouse
Aerial view of The Hub, community clubhouse Artistic rendition 56
Slide 58: A view of rooftop amenities
A view of rooftop amenities Artistic rendition 57
Slide 59: Skyvilla at Estate 105
Skyvilla at Estate 105 Artistic rendition 58
Slide 60: 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 61: 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 62: 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 · Q2 FY27 · November 2026