Max Estates (MAXESTATES) — Financial Results

Investor Takeaways

Acquired 84.71 acres in West Delhi at INR 4.95 crore per acre via non-cash share swap, adding INR 10,000-12,000 crore GDV potential to pipeline

Transaction requires up to 70 lakh shares at INR 597.50 each (total INR 420.2 crore), with no cash outflow

Land valuation anchored by Cushman & Wakefield, iVAS Partners, and KPMG; fairness opinion from Motilal Oswal

Added multi-phase land bank enhancing forward visibility while preserving cash for other opportunities

Transaction subject to shareholder and regulatory approvals; requires Extraordinary General Meeting

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹51.91 Cr (Q1FY27)	N/A
Net Profit	₹8.35 Cr (Q1FY27)	N/A
EBITDA	N/A	N/A
EPS	[amount context mismatch] (Q1FY27)	N/A
OPM	-0.1% (Q1FY27)	N/A

What Changed

Max Estates Ltd announced a non-cash share swap acquisition of 84.71 acres in West Delhi, adding an estimated INR 10,000-12,000 crore gross development value (GDV) to its pipeline. The transaction involves issuing up to 70 lakh shares at INR 597.50 each (total INR 420.2 crore), with no cash outflow. The land was acquired at INR 4.95 crore per acre, significantly below typical cash purchase costs representing 20-25% of GDV. Valuation was independently anchored by Cushman & Wakefield, iVAS Partners, and KPMG, with fairness opinion from Motilal Oswal. This strategic move adds a multi-year, phase-able land bank to the pipeline, enhancing forward visibility while preserving cash for other opportunities. The acquisition marks Max Estates' entry into the Delhi residential market.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Max Estates Ltd	718.67	0.5%	1.72%	8,812.5
DLF Ltd	37.66	5.6%	6.54%	1,67,417.71
Lodha Developers Ltd	30.82	17.73%	17.88%	1,27,189.72
Prestige Estates Projects Ltd	60.04	7.78%	10.42%	68,402.11

Max Estates trades at a significantly higher P/E multiple compared to peers, reflecting market expectations around the new land acquisition. Peer ROE and ROCE figures indicate stronger operational efficiency, though Max Estates' debt/equity ratio of 0.98 aligns with industry norms.

Risks & Concerns

No specific risks identified in this filing beyond transaction completion dependencies

Transaction requires shareholder and regulatory approvals; delays possible

High P/E ratio (718.67) suggests market pricing may already reflect growth expectations

Current quarterly profitability remains volatile (e.g., Q4FY26 loss of [amount context mismatch] Cr)

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY27	51.91	8.35	-0.1
Q4FY26	49.43	-4.08	-22.52
Q3FY26	49.77	0.03	-10.23
Q2FY26	48.77	7.81	4.18

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About Max Estates Ltd (MAXESTATES)

Realty · Realty · Listed on BSE

Market Cap: ₹8,395.58 Cr P/E: 684.7 ROE: 0.5% ROCE: 1.7%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

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