Max Estates reports net loss of Rs 4 cr
During the quarter, Max Estates reported a negative EBITDA of Rs 3.4 crore, against a positive EBITDA of Rs 9.1 crore in Q4 FY25. EBITDA margin stood at negative 6.9%, compared with 22.8% in the year-ago period.
Pre-tax loss for the quarter came in at Rs 6.17 crore, as against a profit before tax of Rs 21.28 crore reported in the corresponding period last year.
On the operational front, total leased area as of 31 March 2026 stood at 1.23 million square feet. Lease rental income from Max Towers, Max House (Phase I & II), and Max Square rose 40% year-on-year to Rs 154 crore in FY26.
The company said its total debt as of March 2026 stood at Rs 1,855 crore, including lease rental discounting (LRD) borrowings of Rs 973 crore. Cash and cash equivalents were at Rs 1,758 crore, resulting in a net debt position of Rs 97 crore.
Collections during FY26 rose 61% year-on-year to Rs 1,578 crore, with Q4 FY26 contributing Rs 650 crore. The company said its payment plans remain evenly structured across project lifecycles, enabling residential construction without debt dependency.
For the full financial year FY26, Max Estates reported a 40.63% decline in consolidated net profit to Rs 15.69 crore, while revenue increased 24.27% to Rs 199.45 crore compared with FY25.
Sahil Vachani, Vice Chairman & MD of Max Estates, said, Delhi-NCR's residential market moderated in 2026 amid global uncertainty and cautious sentiment, yet Max Estates crossed Rs 5,300 crore in pre-sales for the second consecutive year, affirming the strength of our platform and the trust our customers continue to place in us.
As we enter FY27, a GDV pipeline of over Rs 17,200 crore, net debt of Rs 97 crore and annuity rental potential of Rs 700+ crore position us well for sustained growth. We will continue to build with purpose and deliver experiences that make a positive and meaningful impact.?
Max Estates is the real estate arm of the Max Group. The company develops premium commercial and residential spaces in Delhi NCR. The company has developed a very well-diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit, has partnered with New York Life Insurance Company (NYL), particularly for the commercial office platform.
The counter rose 1.57% to Rs 435.70 on the BSE.
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