Max Estates Limited Earnings Summary — Q1 FY2027
Max Estates Posts Q1 Net Profit of ₹8.35 Crore Amid Strong Presales Momentum
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 5.0% sequentially in Q1 FY2027.
- Revenue of ₹52 Cr is 0.9% higher year-on-year.
- Revenue has compounded at 27.6% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹5 Cr is 58.1% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 110.6% annualised across the period.
- Operating margin stands at 15.6% in Q1 FY2027.
- Operating margin compressed by 1139 bps year-on-year.
- Over the last two years operating margin has contracted by 2197 bps.
- PBT margin is 21.9%.
- Expenses grew 16.6% against revenue growth of 0.9%.
- Operating profit of ₹8 Cr is 41.6% lower year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 51/100 (Moderate) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 52 | 49 | 50 | 49 | 51 | 40 | 40 | 40 | 40 | 30 |
| Expenses | Improving | 44 | 53 | 47 | 39 | 38 | 31 | 28 | 32 | 25 | 22 |
| Operating Profit | Volatile | 8 | -3 | 3 | 10 | 14 | 9 | 12 | 9 | 15 | 8 |
| Operating Margin | Volatile | 15.6% | -6.5% | 5.9% | 20.7% | 27.0% | 22.8% | 28.9% | 21.3% | 37.6% | 26.0% |
| Other Income | Volatile | 28 | 21 | 22 | 26 | 29 | 38 | 32 | 13 | 7 | 9 |
| Interest | Stable | 17 | 16 | 16 | 16 | 17 | 17 | 15 | 14 | 17 | 14 |
| Depreciation | Stable | 8 | 8 | 8 | 8 | 8 | 9 | 8 | 8 | 9 | 8 |
| Profit Before Tax | Volatile | 11 | -6 | 1 | 12 | 17 | 21 | 20 | -1 | -3 | -6 |
| Tax | Volatile | 3 | -2 | 1 | 4 | 5 | 7 | 5 | 0 | -1 | -2 |
| Net Profit | Volatile | 5 | -5 | -1 | 7 | 11 | 17 | 20 | 2 | 2 | -1 |
| Net Margin | Volatile | 9.3% | -10.1% | -2.4% | 14.9% | 22.3% | 43.6% | 49.3% | 5.3% | 3.9% | -4.8% |
Key Takeaways
- Consolidated revenue from operations grew marginally by 0.85% YoY to ₹5,191 lakhs for Q1 FY2027.
- Net profit for the period stood at ₹835.32 lakhs, a decline from ₹1,193.32 lakhs in the same quarter last year.
- Presales performance reached record levels in the lead-up to the quarter, with FY26 bookings hitting ₹3,300 crores in Q4 alone.
- The company maintains a very lean balance sheet with a net debt position of approximately ₹100 crores.
- Total unrecognised revenue from launched projects stands at ₹16,310 crores, providing significant future earnings visibility.
- Commercial portfolio remains robust with 100% occupancy across all three operational assets (Max Towers, Max House, Max Square).
- Company completed a major QIP of ₹80,000 lakhs in September 2024 to fund land acquisitions and development rights.
Management Guidance
Management aims to add 2 million square feet of residential and 1 million square feet of commercial space annually. They expect rental income to scale to ₹700 crores at peak occupancy from the current pipeline. Cash collections for FY27 are projected in the range of ₹2,500 to ₹3,000 crores.
Sentiment Shift
Stable
While quarterly P&L reflects a YoY profit dip, the massive jump in contracted sales and collections indicates strong future revenue recognition potential.
Outlook
The outlook remains strong with a residential pipeline exceeding ₹17,200 crores and a major launch planned for Golf Course Extension in Q3 FY27. Management is monitoring the West Asia conflict for potential supply-side cost pressures but remains confident in end-user driven demand in the NCR market.
From the Annual Report (Key Quotes)
“Total revenue from launch projects yet to be recognized in our income statement stands at INR 16,310 crores.”
“The embedded profit before tax (PBT) from these launch projects is estimated at between INR 4,200 crores to INR 4,900 crores.”
“India's market today, we believe, is significantly more end user driven than in previous cycles, particularly in NCR.”
Official Quarterly Documents
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This summary is AI-generated from Max Estates Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.