Max Estates Ltd Q1 FY27 Results

Max Estates' consolidated Q1 FY27 (quarter ended June 30, 2026) revenue was flat YoY at ₹51.91 Cr (+0.85% vs ₹51.47 Cr in Q1 FY26, +5.01% QoQ vs ₹49.43 Cr in Q4 FY26), while consolidated PAT fell 30.0% YoY to ₹8.35 Cr from ₹11.93 Cr, and basic EPS slipped to ₹0.51 from ₹0.74. Sequentially the company swung back to profit from a ₹4.08 Cr loss in Q4 FY26, but that quarter was itself depressed by even heavier launch-marketing spend, so the QoQ recovery isn't the headline — the YoY margin compression is. Operating margin (EBITDA/revenue) contracted to 15.65% from 27.03% a year ago, and net margin (PAT/total income) fell to 10.43% from 14.89%. On a standalone basis PAT was ₹12.13 Cr, down a much steeper 58.5% YoY from ₹29.25 Cr — the divergence traces to the parent's 'other income' line normalizing to ₹27.40 Cr from an unusually high ₹43.56 Cr base a year ago, while the consolidated decline reflects operating-business trends instead; standalone PAT (₹12.13 Cr) now exceeds consolidated (₹8.35 Cr), implying subsidiaries collectively ran a net loss this quarter.

The YoY margin squeeze traces to expense growth rather than revenue weakness — total consolidated expenses rose 8.5% YoY to ₹68.69 Cr even as total income was flat (₹80.08 Cr vs ₹80.13 Cr). Advertisement and sales-promotion expense more than doubled to ₹19.81 Cr from ₹9.34 Cr (+112% YoY), and employee benefit expense rose 50.4% to ₹11.01 Cr from ₹7.32 Cr — both consistent with front-loaded marketing and headcount ahead of new project launches. Finance costs and depreciation were both slightly lower YoY. Neither statement carries an exceptional-item line; the sole one-off is a ₹3.84 Cr 'cost of raw materials consumed' entry in the year-ago quarter only, absent from every other period shown.

The stock went into the print at ₹442, up 5.6% over the past month of trading.

For context: revenue is at a 6-quarter high.

No analyst consensus PAT estimate for the quarter turned up in a search, so vsStreet is unknown; one automated financial-data aggregator showed inconsistent figures for this print and was not used. On guidance, management gave no explicit FY27 presales number on the last call (citing macro caution) but flagged a ~₹17,000 Cr GDV launch pipeline including the Sector 59 Gurgaon project and FY27 collections of ₹2,500-3,000 Cr. Disclosures outside this filing show Q1 FY27 pre-sales of ~₹1,100 Cr (5x YoY, 487 units sold vs 43 units), collections of ~₹500 Cr, and a GDV pipeline of ~₹17,200 Cr spanning Estate 105, Max One, Estate 361 and Sector 59 Gurugram — broadly on track against the stated launch pipeline, though Q1 collections pace toward the lower end of the full-year band. None of this presales/collections detail is disclosed in the P&L filing itself, and no management press release or MD&A commentary was available in this filing to quote. Among the quarter's corporate developments, the Company increased its stake in subsidiary Max Square (Aug 12) and a subsidiary received a ₹5.9 Cr GST show-cause notice (Jul 28) — neither shows up as an exceptional item in this P&L. The Head of Digital & IT resigned (Jul 30), an administrative change with no read-through to the numbers.