New Risk • May 24
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.4x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (5.3% net profit margin). Reported Earnings • May 24
Full year 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2026 results: EPS: ₹0.97 (down from ₹2.63 in FY 2025). Revenue: ₹2.97b (up 19% from FY 2025). Net income: ₹156.9m (down 62% from FY 2025). Profit margin: 5.3% (down from 16% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 7.3%. Earnings per share (EPS) exceeded analyst estimates by 7.8%. Revenue is forecast to grow 104% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Real Estate industry in India. Announcement • May 20
Max Estates Limited to Report Fiscal Year 2026 Results on May 22, 2026 Max Estates Limited announced that they will report fiscal year 2026 results on May 22, 2026 Price Target Changed • Mar 04
Price target decreased by 7.3% to ₹649 Down from ₹700, the current price target is an average from 4 analysts. New target price is 66% above last closing price of ₹390. Stock is down 4.3% over the past year. The company is forecast to post earnings per share of ₹0.70 for next year compared to ₹2.63 last year. Reported Earnings • Feb 07
Third quarter 2026 earnings released: EPS: ₹0.001 (vs ₹1.04 in 3Q 2025) Third quarter 2026 results: EPS: ₹0.001 (down from ₹1.04 in 3Q 2025). Revenue: ₹714.5m (flat on 3Q 2025). Net income: ₹253.0k (down 100% from 3Q 2025). Profit margin: 0% (down from 28% in 3Q 2025). Revenue is forecast to grow 87% p.a. on average during the next 3 years, compared to a 25% growth forecast for the Real Estate industry in India. Announcement • Feb 07
Max Estates Limited Appoints Ms. Jillian Leigh Moo-Young as Alternate Director and Mr. Arihant Kothari as Chief Investment Officer - Capital Strategy, Effective February 6, 2026 Max Estates Limited appointed Ms. Jillian Leigh Moo-Young as an Alternate Director for Mr. Anthony Ramsey Malloy, Non-Executive Director of the Company, effective February 6, 2026. Ms. Jillian Leigh Moo-Young had vacated her office as Alternate Director in view of Mr. Anthony Ramsey Malloy having visited India to attend the Board meeting held on February 6, 2026. Ms. Jillian Leigh Moo-Young is a Senior-Vice President and Head of Alternative Strategy at New York Life Insurance Company, responsible for investment strategy, asset allocation, and dynamic portfolio management of the company’s general account and alternatives portfolio assets and performance metrics. Ms. Moo-Young joined New York Life in 2023 and has almost 33 years of investment management and financial services experience. She has held senior leadership roles at American International Group/Corebridge Financial, AIG Investments and Bank of America Merrill Lynch. Ms. Moo-Young earned a BA in Economics from Columbia University, and an MBA in Business Administration from Harvard University. Max Estates Limited also appointed Mr. Arihant Kothari as Chief Investment Officer - Capital Strategy, as a Senior Management Personnel, effective from February 6, 2026. Mr. Arihant Kothari is a seasoned Real Estate Private Equity professional with over 17 years of experience across portfolio management, asset management, investor relations, and capital raising in India and the United Kingdom. He brings extensive exposure to global real estate best practices through multidisciplinary experience, including work with Tishman Speyer. With a strong focus on value creation, capital deployment, and stakeholder alignment, he has successfully driven strategic asset performance across real estate investment platforms. The board meeting was held on February 6, 2026. Announcement • Feb 03
Max Estates Limited to Report Q3, 2026 Results on Feb 06, 2026 Max Estates Limited announced that they will report Q3, 2026 results on Feb 06, 2026 Reported Earnings • Nov 04
Second quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2026 results: EPS: ₹0.49 (up from ₹0.13 in 2Q 2025). Revenue: ₹746.3m (up 41% from 2Q 2025). Net income: ₹72.7m (up 238% from 2Q 2025). Profit margin: 9.7% (up from 4.1% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 96% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Announcement • Oct 28
Max Estates Limited to Report Q2, 2026 Results on Nov 03, 2025 Max Estates Limited announced that they will report Q2, 2026 results on Nov 03, 2025 Announcement • Sep 08
Max Estates Limited (NSEI:MAXESTATES) entered into a securities purchase agreement to acquire Base Buildwell Private Limited for INR 5.3 billion. Max Estates Limited (NSEI:MAXESTATES) entered into a securities purchase agreement to acquire Base Buildwell Private Limited for INR 5.3 billion on September 5, 2025. A cash consideration of INR 5.34 billion will be paid by Max Estates Limited. As part of consideration, INR 5.34 billion is paid towards common equity of Base Buildwell Private Limited.
The transaction is subject to approval by regulatory board / committee and approval of offer by acquirer board. The deal has been approved by the board. Announcement • Aug 28
Max Estates Limited, Annual General Meeting, Sep 18, 2025 Max Estates Limited, Annual General Meeting, Sep 18, 2025, at 17:00 Indian Standard Time. Reported Earnings • Aug 09
First quarter 2026 earnings released: EPS: ₹0.74 (vs ₹0.11 in 1Q 2025) First quarter 2026 results: EPS: ₹0.74 (up from ₹0.11 in 1Q 2025). Revenue: ₹801.3m (up 68% from 1Q 2025). Net income: ₹114.5m (up ₹98.8m from 1Q 2025). Profit margin: 14% (up from 3.3% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 77% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Real Estate industry in India. Announcement • Aug 05
Max Estates Limited to Report Q1, 2026 Results on Aug 08, 2025 Max Estates Limited announced that they will report Q1, 2026 results on Aug 08, 2025 Announcement • Aug 04
Max Estates Limited Announces Appointment of Vachan Singh as Chief Operating Officer - Projects, , Effective from August 4, 2025 Max Estates Limited informed that, the Board of Directors of the Company have approved on August 2, 2025, the appointment of Mr. Vachan Singh as Chief Operating Officer - Projects, as a Senior Management Personnel, effective from August 4, 2025. Brief profile: Mr. Vachan Singh brings with him over 35 years of extensive experience in Project Management & Execution, Design Management, Operations, Contract Management & Negotiation, Sales, Marketing and Business Strategy. Over the years, he has successfully led large-scale residential, commercial, and infrastructure developments across India and international markets. Mr. Vachan joins us from Adani Realty, where he worked as COO & Business Head for Mumbai Urban Cluster, managing a portfolio of over 35 million square feet of real estate development. At Adani Realty, he was responsible for P&L management, Design & Project execution, Contracts & Procurement, Value Engineering, Planning & Costing, Sales & Marketing strategies as well as the formulation of Annual Operating Plans (AOPs). In his previous stints, Mr. Vachan has held senior leadership positions with prestigious organizations like Oberoi Realty, L&T Realty, Mahagun, Tata Housing and DLF in the capacity of Chief Operating Officer,Business Head and Projects Head. Academically, Mr. Vachan holds a B.E. (Hons.) in Civil Engineering from BITS, Pilani in Rajasthan. He has also undergone an Executive Leadership Program from Ross School of Business, Michigan (USA). He is a member of the Institution of Engineers and holds a fellowship with RICS. He has also been a certified assessor of Malcom Balridge business excellence model as SBL. New Risk • May 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (21% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (8.4% average weekly change). Reported Earnings • May 23
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₹1.70 (up from ₹2.87 loss in FY 2024). Revenue: ₹2.50b (up 109% from FY 2024). Net income: ₹408.1m (up ₹829.7m from FY 2024). Profit margin: 16% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Revenue missed analyst estimates by 15%. Earnings per share (EPS) exceeded analyst estimates by 89%. Revenue is forecast to grow 7.6% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Real Estate industry in India. Announcement • May 13
Max Estates Limited to Report Fiscal Year 2025 Results on May 22, 2025 Max Estates Limited announced that they will report fiscal year 2025 results on May 22, 2025 Announcement • Feb 17
Max Estates Limited Announces Change in Management Max Estates Limited announced that the Board of Directors of the Company in its meeting held on February 17, 2025, has, considered and approved the appointment of Ms. Jillian Leigh Moo-Young as an Alternate Director of the Company for Mr. Anthony Ramsey Malloy, Non-Executive Director of the Company. Ms. Jillian Leigh Moo-Young had vacated her office as Alternate Director in view of Mr. Anthony Ramsey Malloy having visited India to attend the Board meeting held February 17, 2025. The Alternate Director shall not hold office for a period longer than that permissible to the director in whose place she has been appointed and shall vacate the office if and when the director in whose place she has been appointed returns to India. Ms. Jillian Leigh Moo-Young is a Senior-Vice President and Head of Alternative Strategy at New York Life Insurance Company, responsible for investment strategy, asset allocation, and dynamic portfolio management of the company's general account and alternatives portfolio assets and performance metrics. Ms. Moo-Young joined New York Life in 2023 and has almost 32 years of investment management and financial services experience. She has held senior leadership roles at American International Group/Corebridge Financial, AIG Investments and Bank of America Merrill Lynch. Ms. Moo-Young earned a BA in Economics from Columbia University, and an MBA in Business
Administration from Harvard University. New Risk • Feb 08
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 34% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jan 31
Max Estates Limited to Report Q3, 2025 Results on Feb 07, 2025 Max Estates Limited announced that they will report Q3, 2025 results on Feb 07, 2025 Recent Insider Transactions • Jan 08
Chief Financial Officer recently sold ₹3.9m worth of stock On the 31st of December, Nitin Kansal sold around 7k shares on-market at roughly ₹563 per share. This transaction amounted to 4.5% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Nitin's only on-market trade for the last 12 months. Reported Earnings • Oct 28
Second quarter 2025 earnings released: EPS: ₹0.13 (vs ₹0.016 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.13 (up from ₹0.016 in 2Q 2024). Revenue: ₹527.7m (up 90% from 2Q 2024). Net income: ₹21.5m (up ₹19.4m from 2Q 2024). Profit margin: 4.1% (up from 0.7% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Real Estate industry in India. Announcement • Sep 30
Max Estates Limited to Report First Half, 2025 Results on Oct 25, 2024 Max Estates Limited announced that they will report first half, 2025 results on Oct 25, 2024 Announcement • Sep 02
Max Estates Limited announced that it expects to receive INR 381.849144 million in funding from Max Ventures Investment Holdings Private Limited and aoother investor Max Estates Limited announced a private placement to issue 2,283,104 warrants at an issue price of INR 164.25 for the gross proceeds of INR 374,999,832 on August 31, 2024. The transaction will include participation from returning investor Max Ventures Investment Holdings Private Limited for 1,141,552 warrants and Sunil Vachani for 1,141,552 warrants. The transaction has been approved by shareholders. Buy Or Sell Opportunity • Aug 13
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 66% to ₹585. The fair value is estimated to be ₹464, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last year. Earnings per share has grown by 87%. Reported Earnings • Aug 07
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: ₹2.87 loss per share (down from ₹1.29 profit in FY 2023). Revenue: ₹1.19b (down 8.1% from FY 2023). Net loss: ₹421.6m (down 322% from profit in FY 2023). Revenue missed analyst estimates by 5.1%. Earnings per share (EPS) also missed analyst estimates by 29%. Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Real Estate industry in India. Announcement • Aug 06
Max Estates Limited to Report Q1, 2025 Results on Aug 09, 2024 Max Estates Limited announced that they will report Q1, 2025 results on Aug 09, 2024 Announcement • Aug 02
Max Estates Limited, Annual General Meeting, Aug 23, 2024 Max Estates Limited, Annual General Meeting, Aug 23, 2024, at 11:15 Indian Standard Time. New Risk • Jul 01
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₹498m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₹498m free cash flow). Minor Risk Share price has been volatile over the past 3 months (9.2% average weekly change). Reported Earnings • May 23
Full year 2024 earnings released: ₹3.75 loss per share (vs ₹2.44 profit in FY 2023) Full year 2024 results: ₹3.75 loss per share (down from ₹2.44 profit in FY 2023). Revenue: ₹1.20b (down 7.4% from FY 2023). Net loss: ₹421.6m (down 322% from profit in FY 2023). Revenue is forecast to grow 27% p.a. on average during the next 2 years, compared to a 22% growth forecast for the Real Estate industry in India. Announcement • Apr 30
Max Estates Limited Announces Resignation of Avani Vishal Davda as Independent Director from the Board, Effective May 2, 2024 Max Estates Limited announced that Ms. Avani Vishal Davda, Independent Director of the Company vide her letter dated April 29, 2024, informed her intention to resign from the Board of Directors of the Company effective from the closure of the business hours on May 2, 2024. Board Change • Mar 31
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. No experienced directors. No highly experienced directors. Non Executive Independent Director Gauri Padmanabhan is the most experienced director on the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Mar 29
Max Estates Limited Announces Board Appointments Max Estates Limited informed that the Board of Directors of the Company in its meeting held on March 27, 2024, has considered and approved the followings: Appointment of Mr. Atul Behari Lall as an Additional Director (Non-Executive Non-Independent) of the Company. Appointment of Mr. Anthony Ramsey Malloy as an Additional Director (Non- Executive Non-Independent) of the Company as a nominee of New York Life International Holdings Ltd. Appointment Ms. Jillian Leigh Moo-Young as an Alternate Director of the Company to Mr. Anthony Ramsey Malloy. Mr. Atul Behari Lall is the Managing Director and Vice Chairman of Dixon Technologies (India) Limited. He holds a Master's Degree in Management Studies from the Birla Institute of Technology and Science, Pilani. He has been leading Dixon Technologies since its foundation and built it to its current leadership position in the Electronics Manufacturing Services (EMS) Industry. He is responsible for Dixon's overall strategy and business operations. Aside from serving as a board member on other group companies of Dixon Technologies, he is also serving as an Independent Director on the Board of Happy Forgings Limited. He is also on the governing Board of Plaksha University. With over 30 years of experience in the EMS industry, his forte is in the introduction of new segment lines and rolling out expansion strategies. He has served as a member of the Technical Evaluation Committee for Electronic Manufacturing Services under M-SIPS (Electronic Manufacturing Services - EMS) constituted by the Department of Electronics and Information Technology (DeitY) and served as a representative of ELCINA on the Committee for Reliability of Electronic and Electrical Components and Equipment (LITD. 02) of the BIS. He is an avid reader and has also authored the book 'Gita and India Inc.' He has also been elected as President of the Electronic Industries Association of India ("ELCINA").Mr. Lall has been conferred with the MAN OF ELECTRONICS BY CEAMA (Leading Industry BodyAssociation) for 2022. In his leisure time, he likes to indulge in reading and playing golf. Mr. Anthony Malloy is Executive Vice President and Chief Investment Officer of New York LifeInsurance Company. He is also responsible for the teams which principally manage New YorkLife's general account portfolio that include Fixed Income Investors, Private Capital Investors andReal Estate Investors. He is a member of New York Life's Executive Management Committee andserves on its Risk Steering Committee. Anthony joined the firm in 1999. He has held various positions of increasing responsibilities at thefirm, including Senior Managing Director and Head of Fixed Income. He also served as ManagingDirector and Head of Fixed Leveraged Finance. Previously, he achieved positions of increasingresponsibility in lending, risk management, and debt capital markets with J.P. Morgan, Toronto-Dominion, and First Chicago. Anthony earned a B.A. in English and Economics from Middlebury College and an M.B.A. inFinance from the Stern School of Business of New York University. Ms. Jillian Leigh Moo-Young is a senior vice president and Head of Alternative Strategy at NewYork Life Insurance Company, responsible for investment strategy, asset allocation, and dynamicportfolio management of the company's general account and alternatives portfolio assets andperformance metrics. Ms. Moo-Young joined New York Life in 2023 and has almost 30 years of investment managementand financial services experience. She has held senior leadership roles at American InternationalGroup/Corebridge Financial, AIG Investments and Bank of America Merrill Lynch. Ms. Moo-Young earned a BA in Economics from Columbia University, and an MBA in BusinessAdministration from Harvard University. Announcement • Mar 27
Max Estates Limited Announces the Resignation of Ka Luk Stanley Tai as Non-Executive Director, Effective from March 27, 2024 Max Estates Limited announced that Mr. Ka Luk Stanley Tai, Non-Executive Director of the Company, a nominee director of New York Life International Holdings Ltd., its letter dated March 25, 2024, informed his intention to resign from the Board of Directors of the company with effect from the closure of the business hours on March 27, 2024 pursuant to his retirement. The Company has received the proposal from NYL to appoint a director in his place which will be considered by the Board of Directors of theCompany. Reported Earnings • Feb 15
Third quarter 2024 earnings released Third quarter 2024 results: ₹0.26 loss per share. Net loss: ₹31.4m (flat on 3Q 2023). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Real Estate industry in India. Recent Insider Transactions • Dec 13
Non Executive Non Independent Chairman recently sold ₹49m worth of stock On the 6th of December, Analjit Singh sold around 170k shares on-market at roughly ₹291 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Analjit's only on-market trade for the last 12 months. Announcement • Nov 29
Max Estates Limited, Annual General Meeting, Dec 22, 2023 Max Estates Limited, Annual General Meeting, Dec 22, 2023, at 16:00 Indian Standard Time. 