Max Estates Limited is a leading real estate developer specializing in commercial and residential properties across Delhi, Noida, and Gurgaon. Established in 2016, the company aspires to build sustainable commercial and residential developments in Delhi NCR, with a core focus on enhancing well-being through its spaces. As the real estate development arm of the Max Group, Max Estates is driven by a mission to offer meticulously designed residential and commercial spaces that prioritize design and lifestyle.
Guided by their philosophy of "WorkWell" and "LiveWell," Max Estates aims to create differentiated working and living experiences. They are committed to building sustainable, Grade A developments in Delhi NCR, with a strong emphasis on well-being. This approach involves creating a unique confluence of spaces that foster collaboration, innovation, and community, ensuring that their developments are not only functional and aesthetically pleasing but also environmentally sustainable and designed to promote the holistic wellness of their users.
As of May 23, 2025, Max Estates Limited (MAXESTATES) has a market capitalization of ₹7,834.26 Cr. Analjit Singh serves as the Chairperson of the company.
The company has demonstrated remarkable financial performance in recent quarters and for the full fiscal year. For the quarter ended March 2025 (Q4 FY25), Max Estates Ltd's net profit surged by 1295.86% year-on-year to ₹17.34 Cr, a significant improvement from a net loss of ₹1.45 Cr in the same period last year. Sales also saw a healthy increase of 32.56% to ₹39.78 Cr in Q4 FY25, compared to ₹30.01 Cr in Q4 FY24.
For the full fiscal year 2024-2025 (FY25), Max Estates reported impressive financial growth. Net profit stood at ₹40.81 Cr for the year ended March 2025, a substantial turnaround from a net loss of ₹42.16 Cr in the previous year (FY24). Sales rose by 72.68% to ₹160.49 Cr in FY25, up from ₹92.94 Cr in FY24.
Key Financial Highlights for FY25:
- Full Year Revenue: ₹160.49 crore (up 72.68% YoY)
- Full Year Net Profit: ₹40.81 crore (vs. net loss of ₹42.16 crore in FY24)
- Q4 FY25 Revenue: ₹39.78 crore
- Q4 FY25 Net Profit: ₹17.34 crore
Max Estates operates across two primary asset classes within the Delhi NCR region: residential and commercial real estate. Their current and planned developments are strategically diversified across various asset classes and key locations within Delhi NCR, encompassing a risk spectrum that includes delivered, nearing completion, and under-design projects.
- Estate 128 (Noida): Launched in 2023, this is Max Estates' first "LiveWell" experience in NCR. Estate 128 spans 10 acres and features expansive decks, movement-friendly amenities, and over 80% open spaces, promoting holistic wellness within a cityscape.
- Estate 360 (Gurugram): Introduced in 2024, Estate 360 is the first intergenerational residential community of its kind in Delhi NCR. Located in Sector 36A, Gurugram, on the Dwarka Expressway, it embodies a unique approach to community living, catering to the needs of every generation.
Max Estates has a significant presence with commercial projects in Delhi, Noida, and Gurgaon.
- Max Square Two (Noida): An extension of the Max Square project, this upcoming "WorkWell" development is located in Sector 129, Noida, with a development potential of approximately 1 million sq ft. Designed with the theme 'where nature meets work', it will be a unique 7-acre mixed-use campus integrating office space with hospitality, retail, and F&B offerings.
Max Estates has strategically expanded its portfolio through significant acquisitions:
- Noida-Greater Noida Expressway Land Parcel: The company, along with its consortium partners, acquired a strategically located 10.33-acre mixed-use land parcel in Sector 105 on the Noida-Greater Noida Expressway for ₹711 crore. The development plans include 2.6 million sq ft, with 40% allocated to residential (group housing) and 60% to commercial (office, retail, and service apartments). This project has a gross development value (GDV) potential of over ₹3,000 crore and an estimated annuity rental income of ₹140 crore.
- 'Delhi One' Project (Noida): Max Estates has taken over the stalled 'Delhi One' project in Noida through the insolvency process. The company plans to invest ₹1,400 crore to develop this mixed-use property. This move follows the company's takeover of Boulevard Projects Pvt Ltd, aiming to revive the project after a seven-year wait.
To further strengthen its market position, Max Estates has established key partnerships. Notably, the company has partnered with New York Life Insurance Company (NYL) for its commercial office platform. This collaboration enhances Max Estates' capabilities and presence in the commercial real estate segment.
With its recent acquisitions, Max Estates now boasts a diversified real estate portfolio of over 17 million sq ft across Delhi NCR, covering geographical footprints in Delhi, Noida, and Gurugram. The portfolio is well-balanced across asset classes (residential and commercial) and risk spectrums (delivered, under construction, under design, and in acquisition).
The company targets 15-20% revenue growth for FY26, supported by ambitious booking values and expansion plans. A key part of their growth strategy involves acquiring at least 3 million sq ft annually across residential and commercial asset classes. They plan to leverage capital raised through QIP (Qualified Institutional Placement), New York Life Insurance's investment in Max Towers and Max House, preferential allotment of warrants, and other financing avenues like lease rental discounting to fuel this expansion.
- Current PE Ratio: 334.85
- Current PB Ratio: 3.35
- 52-Week Low: ₹283
- 52-Week High: ₹698.75
- Analyst Target Price: ₹718.67 (indicating a potential upside of 38.82% from the current price of ₹517.2, based on ratings from 3 analysts).
- Promoter Holding: As of March 2025, promoter holding in Max Estates Ltd stood at 45.25%, showing a slight decrease from 45.31% in September 2024. No promoter shares have been pledged.
Max Estates Limited continues to solidify its position as a leading real estate developer in Delhi NCR through its strategic acquisitions, diversified portfolio development, and robust financial performance. The company's commitment to a well-being-driven design philosophy and sustainable development practices positions it favorably for sustained growth in the competitive real estate market.
