Max Estates Limited (MEL), has announced its unaudited Q3 & 9M FY25 financial results.
- Real Estate Portfolio of 17 Mn. Sq. Ft.
- Full-year pre-sales guidance surpassed in just 9 months, achieving INR 5,200 crore
- Recently, the Company, through a strategic land acquisition secured 10.33 acres of prime land in Noida with mixed use development potential of ~2.6 Mn Sq. Ft.
MEL Business Highlights:
Mixed – use Portfolio Update:
- Max Estates has acquired 10.33 acre of prime land in Sector 105 on Noida-Greater Noida Expressway for ~INR 711 Crore with ~2.6 mn sq. ft. with a mix of Residential and Commercial in a 40:60 ratio. The project has a Gross Development Value (GDV) Potential of INR 3,000+ crore and an annuity rental Income potential of INR 140+ crore mn square feet.
- Max Estates has received NCLAT approval for the ‘Delhi One’ project in Sector 16B, Noida, spanning 34,697 sq. meters with 2.5 mn sq. ft. of mixed-use development potential. This project, expected to be launched in FY26, has a Gross Development Value (GDV) potential of over INR 1,500 crores as well as annuity income potential of ~INR 120 crore from leased inventory of 1.2 mn sq. ft. and receivables of ~INR 500 crores from the sold inventory.
Residential Portfolio Update:
- Max Estates has achieved pre-sales booking value of INR 869 crores of Phase II of Estate 128 project in Noida surpassing the project’s original guidance of INR 800 crores as booking potential for this phase. Phase II of Estate 128 saw a 40%+ price premium over Phase I, reflecting strong demand for well-designed, end-user-focused residential developments. Combining both phases, the Estate 128 community will now comprise four towers with 268 units spread across 10 acres. The total booking value for the project is ~INR 2,730 Crores. This project has already received a collection of INR 550 crores (~20%).
- Estate 360, Gurugram, achieved a pre-sales booking value of INR 4,325 crore with 90% of the project sold. This project has already received a collection of INR 645 crores.
- The Company has a launch pipeline of over 7 mn square feet with GDV potential of INR 14,000+ Crore to be launched in FY26 and FY27.
Commercial Portfolio Update:
- Max Estates is in the process of acquiring three floors in Max Towers, Noida from Max India Limited at a value of INR 105.08 crores. The said acquisition will support the company’s strategy to consolidate ownership in Max Towers, strengthening operational control and value within this premium commercial property.
- Max Square has achieved a 93% occupancy within a year of launch, commanding 30%+ premium to the micro-market showcasing strong leasing traction.
- Overall commercial portfolio is poised for an annuity rental income potential of over INR 700 Crore on a 100% basis (across delivered, under construction and in acquisition), in the next five years.
Consolidated Financial Highlights (9M FY25)
- Consolidated Revenue stood at INR 121 Cr in 9M FY25
- Consolidated EBITDA stood at INR 35 Cr in 9M FY25
- Consolidated PBT stood at Rs 16 Cr and PAT stood at INR 12 Cr in 9M FY25
- Total Leased Area as on 31st December 2024 stood at 12 Lakhs sq. ft.
- Total Lease Rental Income (Max Towers + Max House + Max Square) up by 87% YoY to INR 83 Cr in 9M FY25
- Max Asset Services Revenue stood at INR 30 Cr in 9M FY25
- Debt as on December 2024 stood at INR 1,125 crore, including LRDs of INR 800 crore
- Cash & Cash Equivalents as on December 2024 stood at INR 1,613 crore. The Company has a net cash surplus of INR 309 crore
Commenting on the same, Sahil Vachani, Vice Chairman & MD of Max Estates said, “The Indian residential real estate market is set for strong and sustained growth in the coming years, fueled by improved affordability, an increasing proportion of the upper mid-income and high-income population, and a notable shift in consumer preferences towards premium, high-quality living spaces.
The Delhi NCR region is experiencing significant infrastructure upgrades, including advancements in airports, road networks, and mass rapid transport systems. These developments are accelerating urbanization and enhancing the region’s appeal as a highly desirable destination for both residential living and professional opportunities.
In the first nine months of FY25, we exceeded our revised full-year guidance, achieving pre-sales booking value of INR 5,200 crore.
We remain deeply focused in the NCR region with the intention to continue to truly enable “real well-being in the real estate space.”
Our strong business development strategy has enabled us to build a well-diversified portfolio of 17 million sq. ft. within Delhi NCR across residential, commercial and mixed use development opportunities, positioning us for sustained growth in the years ahead.
As a part of our growth trajectory, we continue to seek new growth opportunities and scale up by adding at least 3 million sq. ft. every year to our current portfolio which will enable us to diversify our footprint in Delhi NCR across commercial and residential asset classes through both JDA’s and outright acquisitions.”
