Slide 1: Exchange intimation letter: Investor Presentation
February 7, 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 February 2026
Slide 3: Sustained pre-sales momentum and Noida launches planned
Sustained pre-sales momentum, with ~INR 1,900+ crore in Gurugram; ~INR 5,000+ crore of launches planned for Noida planned in Q4 FY26. Estate 361, India’s first forest-anchored residential community, delivers strong momentum at significant premium to micro-market; INR 1,900+ crore YTD pre-sales in Gu
Slide 4: 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 5: 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 till date Operating cash flow of launched projects (Rs. Cr) Particulars Mn Sqft GDV Rs. Cr Particulars Total Launched 5.02 10,089 Estimated receipts from launched units 10,089 Sold till date 4.56 9,075 - From
Slide 6: Guidance vs actual
Guidance vs actual FY 24 FY 24 % over % over FY 26 Particulars FY 25 Guidance FY 25 Actuals YTD Actuals Guidance Actuals Guidance Guidance Guidance 4,000 Pre sales (Rs. Cr) 1,300 1,844 140% Revised to 5,321 140% 6,000-6500 1,900+ 4,800-5,200 4,000 Launches 1,300 1,844 140% Revised to 5,723 140% 9,50
Slide 7: Content
1 About Max Estates Content 2 Project wise updates 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 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 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 6
Slide 9: What we do, and why
About Max Estates What we do, and why Brand philosophy Our purpose is to Bringing real well-being enhance quality of life to real estate. through the spaces we create Bringing Real Well-being Our Values to Real Estate by enhancing Sevabhav Excellence Credibility quality of life through the spaces we
Slide 10: Where we do it
About Max Estates Where we do it WorkWell: Commercial LiveWell LiveWell: Residential PlayWell: Leisure, retail, culture Bringing Real Well-being Key markets in National Capital Region to Real Estate WorkWell PlayWell Our Product- market segments : One region multiple by enhancing quality of life thr
Slide 11: Bringing Real Well-Being to Real Estate
Bringing Real Well- Being to Real Estate ARTISTIC RENDITION ARTISTIC RENDITION ARTISTIC RENDITION ARTISTIC RENDITION Residential 9.1 mn. sq. ft v Estate 128, Estate 360, Estate 361, Estate 59, Noida Gurugram Gurugram Gurugram ARTISTIC RENDITION ACTUAL IMAGE ACTUAL IMAGE ARTISTIC RENDITION ARTISTIC R
Slide 12: New York Life – Our strategic partner in the commercial real estate business
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 13: Project wise update
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 11
Slide 14: Commercial projects in operation
Project Commercial projects in operation update Max Towers, Sector 16B, Noida Max House – I, Okhla, Delhi • Total leasable area 358,234 sqft • Total leasable area 108,006 sqft • Weighted average rental: ~Rs. 130 per sq. • Weighted average rental: ~Rs. 144 per sq. ft. ft. per month per month • WALE1:
Slide 15: Commercial projects in operation
Project Commercial projects in operation update Max Square, Sector 129, Noida Max House – II, Okhla, Delhi • Total leasable area 680,649 sqft • Total leasable area 150,869 sqft • Weighted average rental: ~Rs. 76 per sq. ft. • Weighted average rental: ~Rs. 160 per sq. ft. per per month month • WALE1:
Slide 16: Commercial projects under Design and Development
Project Commercial projects under Design and Development update Representative image Representative image Artistic Rendition Representative image Max Square Two, Sector 129, Noida Max District, Sector 65, Gurugram ~4 ~0.9 mn sqft ~0.2 7.35 ~1.6 mn sqft ~200+ Acre land parcel Strong leasing Mn sq ft
Slide 17: Max Square Two: Construction update (Tower A)
Project update Max Square Two: Construction update (Tower A) Description (clockwise) 1. Q4 FY25: Excavation completed and Raft works initiated 2. Q1 FY26: Basement 3 works in progress 3. Q2 FY26: Basement 2, 1 works completed; Basement 1 works in progress 4. Q3 FY26: Lower Ground works in progress 1
Slide 18: Max Square Two: Construction update (Tower B)
Project update Max Square Two: Construction update (Tower B) Description (clockwise) 1. Q4 FY25: Basement 3 works in progress 2. Q1 FY26: Basement 3, 2 works completed; Basement 1 works in progress 3. Q2 FY26: Upper Ground Works in progress 4. Q3 FY26: Upper Ground and L1 works in progress 1 2 4 3 1
Slide 19: Max District: Construction Update (Phase-1)
Project update Max District: Construction Update (Phase-1) Description (clockwise) 1. Q4 FY25: Excavation completed partially, and Raft Foundation works initiated 2. Q1 FY26: Raft and Basement 4, 3 works in progress Excavation in progress for a section; 3. Q2 FY26: Raft completed and RCC works for B
Slide 20: Max District: Construction Update (Phase-2)
Project update Max District: Construction Update (Phase-2) Description (clockwise) 1. Q4 FY25: Basement 3,4 works in progress 2. Q1 FY26: Basement 4 completed, RCC works for Basement 3, 2 in progress 3. Q2 FY26: Basement 4,3 completed, RCC works for Basement 1,2 in progress 4. Q3 FY26: Basement 4,3,
Slide 21: Residential projects – launched
Project Residential projects – launched update Estate 128, 10 ~1.40 268 Sector 128, Noida (Phase 1 Acre land parcel Mn sq. ft. of Total number of saleable area units and Phase 2) ~2,734 100% ~1,094 (40%) Rs. Cr Pre-sales % Sold Rs. Cr Total Booking Value Collection (% of Representative image sales)
Slide 22: Estate 128, Noida: Progress Update
Project update Estate 128, Noida: Progress Update Tower 1 – As on 8th January Tower 2 – As on 8th January Tower 3 – As on 8th January Tower 4 – As on 8th January 2026 – Twenty seventh floor 2026 – Twenty eighth floor 2026 – Thirtieth floor slab is 2026 – 1st floor slab is being slab is being casted.
Slide 23: Estate 360, Gurgaon: Construction Progress
Project update Estate 360, Gurgaon: Construction Progress Description (clockwise) 1. Basement 2 slab of Tower 1 & 2 completed. Basement 1 slab in progress 2. Basement 1 slab of Tower 3 completed. Ground Floor slab ongoing 3. Ground Floor slab of Tower 4 & 6 completed. First Floor slab in progress 4.
Slide 24: Mixed Use Projects to be launched in FY26
Project update 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 (uns
Slide 25: Residential Projects to be launched in FY27
About Max Estates Residential Projects to be launched in FY27 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 26: 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 0.5 50 Operational NA 51% 2 Max House Ph1 Okhla, Delhi Comm 0.1 16 Operational NA 51% 3 Max House Ph2 Okhla, De
Slide 27: Growth outlook
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 25
Slide 28: 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 1.23 Mn Outright Commercial negotiation Gurgaon Residential
Slide 29: Execution enablers
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 27
Slide 30: 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 28
Slide 31: 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 32: 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 33: Experienced Management team (1/2)
Talent depth and diversity Execution Experienced Management team … with mix of real and non Enablers real estate background (1/2) 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. wi
Slide 34: Experienced Management team (2/2)
Talent depth and diversity Execution Experienced Management team … with mix of real and non Enablers real estate background (2/2) Dharmender Kumar Arihant Kothari Director & Chief Corporate Affairs Officer Chief Investment Officer – Capital Strategy • He led policy advocacy, government • Was Managin
Slide 35: Scaling with Skill. Leading with Inclusion.
Talent depth and diversity Execution Enablers 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
Slide 36: 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 37: Suite of digital interventions across value chain in progress
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 38: 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 39: Ratings & Certifications | Operational Portfolio
Sustainability & ESG focus Execution Enablers Ratings & Certifications | Operational Portfolio LEED Platinum LEED Platinum ISO -9001 WELL Health & Internation BSC 5-star Certified for Green Operation & ISO -14001 Safety Rating al Safety Health & Safety Building Strategies Maintenance ISO -45001 Awa
Slide 40: Ratings & Certifications | Upcoming Portfolio
Sustainability & ESG focus Execution Enablers Ratings & Certifications | Upcoming Portfolio IGBC Platinum Pre- LEED Platinum pre- WiredScore WELL Certified for Green certified for Green Platinum Certification1 Building Strategies Building Strategies Max Gurgaon 65 Estate 361 IGBC Platinum pre- WELL
Slide 41: Key Sustainability Initiatives & Targets
Sustainability & ESG focus Execution Enablers Key Sustainability Initiatives & Targets WELL Scope 3 Align the designing of future projects Calculation with WELL features Initiate calculation of scope 3 emissions across portfolio 6 Technology & Innovation 1 Cooling-as-a-service Cigarette waste recycl
Slide 42: Contributing back to society is at the core of how we approach the business
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 43: 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 44: Elevating Customer Experience Through 234 Events & 9,004+ Participants
Customer Experience centricity Execution April 2025 – December 2025 | Elevating Customer Experience Through Enablers 234 Events & 9,004+ Participants Voices from the Community The experience was amazing, and I loved the avocado hummus spread, it was fun to learn something new! -- Ritika Juneja & Neh
Slide 45: Building Awareness of Max Estates' Brand Story (1/4)
Execution Building Awareness of Max Estates' Brand Story (1/4) 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 across platforms are
Slide 46: Building Awareness of Max Estates' Brand Story (2/4)
Strong Brand Equity Execution Building Awareness of Max Estates' Brand Story (2/4) Enablers Estate 361 Launch by Max Estates Non exhaustive Strategic OOH Dominance Across Key Catchments ● 45+ premium outdoor assets across Delhi NCR ensuring high-frequency brand recall ● Focused coverage across Cyber
Slide 47: Building Awareness of Max Estates' Brand Story (3/4)
Strong Brand Equity Execution Building Awareness of Max Estates' Brand Story (3/4) Enablers AIT Chowk curated by Max Estates Max Estates launched its first Brand Film Non exhaustive We have adopted ans curated AIT Chowk, a vibrant public space spanning 2,800 sq. meters in the heart of Gurugram – Gol
Slide 48: Building Awareness of Max Estates' Brand Story (4/4)
Strong Brand Equity Execution Enablers Building Awareness of Max Estates' Brand Story (4/4) Non exhaustive Estate 361 Launch Event Rising Bharat Unveiling of Estate UP Tradeshow Summit 2025 361, for a community of 700+ Gurugram LPs LiveWell Partner Events Delhi One LP Soiree LW Diwali Social LP Retr
Slide 49: 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 50: Q3 FY26 and YTD Dec 25 financials
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 48
Slide 51: Max Estates Limited – 9MFY26 Performance Highlights
FY26 Highlights Max Estates Limited –9MFY26 Performance Highlights Total Leased Area as on date Capital Structure ~1.2 mn sq. Ft. Equity Capital: Rs. 3,075 Cr. 1 (Max Estates share: Rs. 2,362 Cr) Lease Rental Incomes Debt as on December 2025 9M FY26 – Rs. 114.8 Cr External Debt : Rs. 1,698 Cr2 (Incl
Slide 52: Summary: Financial Highlights for 9M FY26
Summary: Financial Highlights for 9M FY26 • Consolidated Revenue stood at Rs. 150 Crore in 9M FY26, a growth of 24% on a YoY basis • Consolidated EBITDA stood at Rs. 27 Crore in 9M FY26 • Consolidated PBT stood at Rs. 29 Crore and PAT stood at Rs. 20 Crore in 9M FY26 • Total Leased Area as on 31st D
Slide 53: Max Estates – Operational Metrics
Max Estates – Operational Metrics Total Leased Area (in Sq. Ft.) Lease Rental Income (Rs. Mn.) 1,148 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.) +5% +27% 1,167,899 1,229,109 1,229,1
Slide 54: Max Estates - Profit & Loss Statement
Max Estates - Profit & Loss Statement Consolidated Profit & Loss (In Rs. Cr) Q3FY26 Q3FY25 9MFY26 9MFY25 Net Revenue 49.8 40.0 150.0 120.7 Cost of Goods Sold - - 3.8 4.5 Employee benefit expense 7.9 4.2 22.3 12.0 Advertisement and Marketing expense 23.8 7.9 45.1 28.8 Other expenses 15.3 16.4 51.9 40
Slide 55: Experience WorkWell & LiveWell at Max Estates
1 About Max Estates 2 Project wise update 3 Growth outlook 4 Execution enablers 5 Q3 FY 26 and YTD Dec 25 financials Experience WorkWell & LiveWell at 6 Max Estates www.maxestates.in 53
Slide 56: 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 54
Slide 57: Night View
Night View * w i iy ow mies See
Slide 58: 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 59: The Cube
The Cube 57
Slide 60: Food Court
Food Court 58
Slide 61: 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, S
Slide 62: Grand Entrance
Grand Entrance 60
Slide 63: Lobby
Lobby 61
Slide 64: 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 65: Central Forest Courtyard
Central Forest Courtyard 63
Slide 66: Food Court
Food Court 64
Slide 67: 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 68: Large wrap around decks in the units
Large wrap around decks in the units 66 Representational image
Slide 69: Estate 360, Gurugram – Delhi NCR's first 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 70: Well-being amenities for all generations
Well-being amenities for all generations 68 Representational image
Slide 71: Countryside-themed landscape
Countryside-themed landscape 69 Representational image
Slide 72: Estate 361, Gurugram – Many habits, one habitat
Max Estates’ Portfolio Estate 361, Gurugram – Many habits, one habitat Land Area = ~18 acres At the confluence of 3 Gurugram’s major corridors ~4 Mn sq. ft. of development 250,000 sqft of forest greens 200,000 sqft of amenities Representational image 70
Slide 73: Artistic rendition of the winding lake at Estate 361
Artistic rendition of the winding lake at Estate 361 Representational image71
Slide 74: Artistic rendition of the Forest
Artistic rendition of the Forest Representational image72
Slide 75: Club with forested rooftop and yoga deck
Club with forested rooftop and yoga deck Representational image73
Slide 76: 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 77: 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 78: 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 76