Realty company Max Estates announced Q1FY27 results Consolidated Financial Highlights: Revenue from Operations: Recorded at Rs 5,191.13 lakh in Q1FY27, representing a YoY increase of 0.85% from Rs 5,147.38 lakh in Q1FY26 and a QoQ growth of 5.01% from Rs 4,943.34 lakh in Q4FY26. Total Income: Stood at Rs 8,007.66 lakh in Q1FY27 compared to Rs 8,012.90 lakh in Q1FY26 (marginal YoY decrease of 0.07%) and Rs 7,058.75 lakh in Q4FY26 (QoQ increase of 13.44%). Profit Before Tax (PBT): The group reported a PBT of Rs 1,138.78 lakh in Q1FY27, reflecting a YoY decline of 32.36% from Rs 1,683.63 lakh in Q1FY26. However, it showed a significant recovery on a QoQ basis compared to a loss of Rs 617.17 lakh in Q4FY26. Profit After Tax (PAT): Net profit for the quarter was Rs 835.32 lakh in Q1FY27, showing a YoY decrease of 30.00% from Rs 1,193.32 lakh in Q1FY26. On a QoQ basis, the company turned profitable compared to a loss of Rs 408.00 lakh in Q4FY26. Total Comprehensive Income: Reported at Rs 844.26 lakh in Q1FY27 compared to Rs 1,190.90 lakh in Q1FY26 (YoY decrease of 29.11%) and a loss of Rs 366.67 lakh in Q4FY26. Earnings Per Share (EPS): Basic and Diluted EPS for Q1FY27 stood at Rs 0.51 (not-annualised), compared to Rs 0.74 in Q1FY26 and negative Rs 0.26 in Q4FY26. Standalone Financial Highlights: Revenue from Operations: Stood at Rs 1,884.25 lakh in Q1FY27, reflecting a YoY growth of 37.36% from Rs 1,371.74 lakh in Q1FY26 and a QoQ growth of 32.58% from Rs 1,421.17 lakh in Q4FY26. Total Income: Recorded at Rs 4,624.50 lakh in Q1FY27, representing a YoY decrease of 19.26% from Rs 5,727.44 lakh in Q1FY26 and a QoQ increase of 11.28% from Rs 4,155.85 lakh in Q4FY26. Profit Before Tax (PBT): Reported at Rs 1,861.03 lakh in Q1FY27, a YoY decline of 52.19% from Rs 3,892.59 lakh in Q1FY26 but a QoQ increase of 11.42% from Rs 1,670.34 lakh in Q4FY26. Profit After Tax (PAT): Net profit for the period was Rs 1,213.34 lakh in Q1FY27, a YoY decrease of 58.52% from Rs 2,925.18 lakh in Q1FY26 and a QoQ increase of 52.37% from Rs 796.30 lakh in Q4FY26. Business Highlights: Utilization of QIP Proceeds: The company had allotted 1,33,89,121 equity shares at Rs 597.50 per share on September 03, 2024, raising approximately Rs 80,000 lakh. As of June 30, 2026, the company has utilized Rs 79,605.55 lakh. Major utilization includes Rs 64,606.00 lakh for the acquisition of land/development rights and Rs 12,957.55 lakh for general corporate purposes. The unutilized balance of Rs 394.00 lakh is temporarily invested in fixed deposits with banks. Utilization of Warrant Proceeds: On October 29, 2024, the company allotted 22,83,104 warrants convertible into equity shares, raising Rs 15,000 lakh. As of June 30, 2026, the company has utilized Rs 13,575.30 lakh, primarily for the deployment in projects (Rs 6,345.00 lakh) and acquisition of land (Rs 3,750.00 lakh). The unutilized balance of Rs 1,424.70 lakh is temporarily invested in mutual funds. Employee Stock Options: During Q1FY27, the company granted 2,71,666 options under the Max Estates Employee Stock Option Plan 2023. Additionally, 51,787 shares were issued against the exercise of options during the quarter. Subsidiary Developments: The consolidated results include the results of 14 subsidiaries. Notably, Boulevard Projects Private Limited and Base Buildwell Private Limited were added as subsidiaries effective April 23, 2025, and December 26, 2025, respectively. Sahil Vachani, Vice Chairman & MD of Max Estates, said: “Delivering ~Rs 1,093 crore of pre-sales in the first quarter itself, is a strong start to FY27 and reaffirms the trust our customers place in Max Estates' wellbeing-led LiveWell and WorkWell offerings. The complete sellout of Phase 1 of The Terraces within weeks of launch, alongside continued momentum across Estate 361, Estate 360 and Estate 128, reflects the depth of demand for thoughtfully designed, wellness-anchored communities in NCR. This quarter, we were also pleased to receive our first-ever issuer credit rating of [ICRA]A+ with a Stable outlook, an independent validation of the healthy sales, collections and leasing performance we have built over the years. With a remaining GDV pipeline of over Rs 16,150 crore set to fuel growth through FY27 and beyond, and a strong balance sheet with net debt of ~Rs 234 crore as on date, we remain confident of sustaining this momentum." Result PDF
Conference Call with Max Estates Management and Analysts on Q1FY27 Performance and Outlook. Listen to the full earnings transcript.