Max Estates Limited, part of Max Group, reported a consolidated total income of INR 52.77 crore in Q2 FY25, reflecting a nearly 90% increase from the previous year, despite a net loss of INR 1.38 crore. Key developments include the approval of the "Delhi One" project in Noida, with a gross development value of over INR 1,500 crore, and enhanced FAR for a new tower at Estate 128. The company raised INR 1,300 crore for expansion and achieved 93% occupancy in Max Square. For H1 FY25, consolidated revenue reached INR 80.7 crore, alongside strong lease rental growth, indicating potential for future growth.
Max Estates Limited, the real estate arm of Max Group, reported strong financial growth in Q2 FY25, accompanied by significant developments across its Delhi NCR projects. The company's net consolidated total income for the quarter reached INR 52.77 crore, nearly 90% higher than INR 27.78 crore in Q2 FY24. Despite this revenue growth, Max Estates recorded a net loss after tax of INR 1.38 crore for the quarter, improving from a INR 4.51 crore loss in the same period last year (Q2 FY24)
A major highlight for Max Estates is the 'Delhi One' project in Sector 16B, Noida, which recently received NCLAT approval. This large-scale mixed-use development spans 34,697 square meters and offers a development potential of 2.5 million square feet, combining residential and commercial spaces. Expected to launch in FY26, the project has an estimated gross development value (GDV) of over INR 1,500 crore, with anticipated annuity income of INR 120 crore from leased inventory and INR 500 crore in receivables from sold inventory.
In another development, Max Estates secured enhanced Floor Area Ratio (FAR) for a fourth tower in its Estate 128 project in Noida, unlocking a GDV potential of INR 800 crore. The new tower is planned for launch in Q3 FY25 following final approvals.
Additionally, the Estate 360 project in Gurugram, the company's first residential development there, achieved strong pre-sales with INR 4,100 crore in bookings, with 85% of units sold within the first month. This success led the company to raise its FY25 booking target from INR 4,000 crore to INR 4,800-5,200 crore. The initial annual target of 3 million square feet in development area has been exceeded, with 7 million square feet of new development secured valued at INR 11,300 crore.
To support these projects, Max Estates has raised INR 1,300 crore through QIP, convertible warrants, and an investment from New York Life Insurance in its key assets, Max Towers and Max House. This fund will be carefully used to boost business development and expand growth projects across Delhi NCR.
The company's commercial properties are also performing well, with Max House in Delhi reaching full occupancy and Max Square in Noida achieving 93% occupancy. This leasing success reflects the high demand for Max Estates' commercial offerings, which command a premium in the market. Notably, a recent large transaction involved a US-based company leasing approximately 1.5 lakh square feet for its Global Capability Centre.
In terms of financials, Max Estates reported consolidated revenue of INR 80.7 crore for H1 FY25, along with an EBITDA of INR 23.6 crore. However, the company faced a net loss of INR 3.4 crore in the first half of FY25, primarily due to higher advertising expenses for residential projects amounting to INR 20.9 crore. Lease rental income demonstrated strong growth, increasing 96% year-on-year to reach INR 53 crore, while Max Asset Services contributed INR 19 crore in revenue.
Max Estates is actively expanding its portfolio in Delhi NCR through strategic project approvals, strong leasing activity, and strong capital backing. Although the company is currently navigating minor losses, its growing pipeline and solid project demand indicate strong potential for growth in the coming years.
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