Max Estates shares jump 7% as FY26 pre-sales top ₹5,000 crore for second fiscal

Shares of Max Estates rallied over 7% in intraday trade on Monday after the company released a strong March quarter business update.

The Delhi-based real estate firm reported total pre-sales of ₹5,305 crore in FY26, driven by a robust fourth quarter that contributed around ₹3,392 crore to the overall performance.

Following the update, the stock surged as much as 7.4% to hit an intraday high of ₹355.05 on the BSE, taking its market capitalisation to ₹6,551.80 crore.

Despite the recent rally, the stock has declined over 9% in the past month and is down more than 22% on a year-to-date (YTD) basis. Over a one-year period, it has slipped around 6%, while correcting nearly 27% in the last six months.

Meanwhile, the benchmark indices, the BSE Sensex and Nifty 50, were trading about 0.9% higher in the final hour of trade, amid hopes of a U.S.-Iran ceasefire.

Posts ₹5,305 crore pre-sales in FY26

Max Estates reported pre-sales of ₹5,305 crore in FY26, marking its second consecutive year of crossing the ₹5,000 crore milestone, the company said in a release.

Over the past three years, the company has significantly scaled up operations, with pre-sales rising from ₹1,841 crore in FY24 to ₹5,321 crore in FY25.

In the March quarter alone, the company recorded pre-sales of ₹3,392 crore, accounting for nearly 64% of its annual total.

Commenting on the performance, Sahil Vachani, Vice Chairman and Managing Director, said the strong sales momentum reflects growing demand for wellness-focused residential communities and provides high visibility for growth in FY27.

“This is backed by strong collection efficiency, with around ₹1,578 crore collected during the year. The strong sales momentum of Estate 105 and Estate 361 indicates that our belief in thoughtfully designed, wellness-led communities resonates with customers,” he said.

Among key projects, Estate 105 in Noida emerged as a major contributor, clocking nearly ₹1,783 crore in pre-sales within just 10 days of its launch on March 20, 2026. Estate 361 in Gurugram contributed around ₹1,704 crore, while Max One in Noida added approximately ₹1,415 crore to FY26 pre-sales.

The company said collections stood at around ₹1,578 crore during the year. With annual collections typically ranging between 20–25% of sales value, it is able to fund construction without taking on incremental debt for residential projects.

As of March 31, 2026, total debt stood at ₹1,859 crore, while cash and cash equivalents were at ₹1,685 crore, resulting in a net debt of around ₹174 crore.

GDV pipeline of over ₹16,000 crore

Looking ahead, Max Estates has a gross development value (GDV) pipeline of over ₹16,000 crore, which is expected to drive growth from FY27 onwards. The pipeline includes projects such as Estate 105, Estate 361, Max One, and a residential development in Sector 59, Gurugram.

The company plans to add around 2 million sq ft annually in the residential segment, while expanding its commercial portfolio by 1 million sq ft each year. Its commercial assets remain fully leased, generating annual rental income of over ₹150 crore, with the potential to scale up to ₹700 crore over the next five years.

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