Max Estates Q2 FY27 Results: Consolidated Net Profit ₹4.68 Crore on Total Income of ₹79.33 Crore
- Earnings
- real estate
Reviewed byKeshav SehgalBlacklitt Research
Max Estates (NSE: MAXESTATES) reported consolidated total income of ₹79.33 crore and consolidated net profit of ₹4.68 crore for the quarter ended 30 Sep 2026, it said in a filing on 04 Nov 2026. Standalone total income was ₹46.35 crore and standalone net profit ₹13.58 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹79.33 crore, up 6.3% YoY and down 0.9% QoQ
- Net profit: ₹4.68 crore, down 40.1% YoY and 44.0% QoQ
- EPS: ₹0.29 basic, against ₹0.49 a year earlier
- Finance costs: ₹16.43 crore, up 0.9% YoY
Standalone
The company on its own, without its subsidiaries
- Total income: ₹46.35 crore, up 12.9% YoY and 0.2% QoQ
- Net profit: ₹13.58 crore, up 17.9% YoY and 11.9% QoQ
- EPS: ₹0.83 basic, against ₹0.72 a year earlier
- Tax expense: ₹5.38 crore, down 28.2% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 79.33 | 74.63 | +6.3% | 80.08 | -0.9% | |
| Revenue from operations | 52.77 | 48.77 | +8.2% | 51.91 | +1.6% |
| Other income | 26.56 | 25.86 | +2.7% | 28.17 | -5.7% |
| 4.68 | 7.81 | -40.1% | 8.35 | -44.0% | |
| Profit before tax | 7.15 | 11.63 | -38.5% | 11.39 | -37.2% |
| Finance costs | 16.43 | 16.28 | +0.9% | 16.73 | -1.8% |
| Depreciation | 8.21 | 8.04 | +2.1% | 8.17 | +0.5% |
| Tax expense | 2.47 | 3.81 | -35.2% | 3.03 | -18.6% |
| Net profit margin | 5.90% | 10.47% | -4.57 pp | 10.43% | -4.53 pp |
| EPS, basic (₹) | 0.29 | 0.49 | -40.8% | 0.51 | -43.1% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated net profit fell faster than income. Net profit dropped 40.1% year on year while total income rose 6.3%, and profit before tax fell 38.5%. Finance costs of ₹16.43 crore are 20.7% of total income, and other income of ₹26.56 crore is 33.5% of total income this quarter.
Revenue from operations grew 8.2% to ₹52.77 crore, faster than other income, which rose 2.7%. Other income of ₹26.56 crore is 371.4% of profit before tax of ₹7.15 crore, so the quarter's pre-tax profit is small against that income. Tax of ₹2.47 crore is 34.6% of profit before tax, against a year-earlier tax of ₹3.81 crore.
The notes do not explain the fall in profit before tax or the rise in advertisement and sales promotion expense, and the text read does not give a reason for the deferred tax credit. Consolidated profit attributable to equity holders of the parent was ₹5.68 crore, with a non-controlling interest loss of ₹1.05 crore, so the attributable figure is higher than net profit for the period.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| Total income | 46.35 | 41.05 | +12.9% | 46.24 | +0.2% |
| 13.58 | 11.52 | +17.9% | 12.13 | +11.9% | |
| Profit before tax | 18.96 | 19.02 | -0.3% | 18.61 | +1.9% |
| Finance costs | 2.92 | 1.36 | +114.9% | 2.88 | +1.6% |
| Depreciation | 1.82 | 1.61 | +13.0% | 1.76 | +3.4% |
| Tax expense | 5.38 | 7.50 | -28.2% | 6.48 | -16.9% |
| Net profit margin | 29.29% | 28.05% | +1.24 pp | 26.24% | +3.06 pp |
| EPS, basic (₹) | 0.83 | 0.72 | +15.3% | 0.74 | +12.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit grew faster than income. Net profit rose 17.9% year on year to ₹13.58 crore, while total income rose 12.9% and profit before tax fell 0.3% to ₹18.96 crore.
Finance costs of ₹2.92 crore are 6.3% of total income, up from ₹1.36 crore a year earlier. Standalone total income of ₹46.35 crore is ₹32.98 crore lower than consolidated total income, and standalone net profit of ₹13.58 crore is ₹8.90 crore higher than consolidated net profit.
The filing discloses two acquisition-related steps. The Board approved, on 28 Aug 2026, the acquisition of nine Land Owning Companies holding about 84.7 acres in Sector 3, Najafgarh, Delhi, for up to ₹420.23 crore through a share swap of up to 70,33,162 shares at ₹597.50 each. The shareholders approved it at an EGM on 24 Sep 2026, and BSE and NSE in-principle approval is awaited. The company describes it as a related party transaction with Promoter Group entities, supported by an independent valuation report.
On 23 Sep 2026 the company entered into a binding Memorandum of Understanding for a joint development agreement on about 9.76 acres at Indirapuram, Ghaziabad, with an estimated GDV of about ₹2,500-3,000 crore, subject to approvals and due diligence. The company states that no impact of this JDA is recognised in these results.
Inference
The filing sets out a share-swap acquisition of Najafgarh land that would issue up to 70,33,162 new equity shares, and a proposed Indirapuram JDA that the company says has no effect on these results. Whether the Najafgarh deal will close and when the BSE and NSE approvals will arrive is not stated, and the filing does not say whether the Indirapuram JDA will be signed or what it will mean for future results.
Filed with BSE on . Reference: Original filing (PDF)
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