Max Estates Q2 FY27 Results (NSE: MAXESTATES)
Signal: Growth reaccelerated
The read
The trajectory remains earnings-negative: consolidated revenue rose 8.2% YoY to ₹5,276.55 lakh, but operating margin compressed 1,077bps to 9.91% as advertising and facility costs increased, while PAT fell 40.1% to ₹467.99 lakh; standalone profit growth was supported by ₹2,925.53 lakh of other income rather than operating revenue.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹52.77 Cr | +8.2% | +1.6% |
| Net profit | ₹4.68 Cr | -40.1% | |
| EPS | ₹0.29 | -40.8% | |
| EBIT margin | 9.91% |
P&L walk
Consolidated revenue increased to ₹5,276.55 lakh, +8.2% YoY and +1.6% QoQ, but operating profit before depreciation fell to ₹523.07 lakh from ₹1,008.75 lakh as advertising rose 65.1% YoY and facility and management services rose 34.1%; PAT consequently declined 40.1% to ₹467.99 lakh.
Segments
No segment table is disclosed; the main divergence is between standalone PAT of ₹1,357.62 lakh, up 17.9% YoY, and consolidated PAT of ₹467.99 lakh, down 40.1%, indicating that subsidiaries and non-controlling interests materially dragged group earnings.
Key positives
- Consolidated revenue increased 8.2% YoY to ₹5,276.55 lakh and 1.6% QoQ, maintaining positive top-line growth.
- Consolidated operating cash flow was ₹7,261.13 lakh in H1FY27 versus an operating cash outflow of ₹30,448.47 lakh in H1FY26.
- Investment properties increased to ₹2,69,251.32 lakh from ₹2,50,569.74 lakh at March 31, 2026, indicating continued asset deployment.
- Standalone PAT increased 17.9% YoY to ₹1,357.62 lakh, although the gain was driven alongside other income of ₹2,925.53 lakh.
Key concerns
- Consolidated operating margin compressed to 9.91% from 20.68% YoY as advertisement and sales promotion expense increased 65.1% to ₹1,982.53 lakh.
- Consolidated PAT fell 40.1% YoY to ₹467.99 lakh and 44.0% QoQ, reversing the prior quarter's ₹835.32 lakh profit.
- Other income of ₹2,656.04 lakh was approximately half of consolidated revenue from operations of ₹5,276.55 lakh, making reported profit sensitive to non-operating income.
- Consolidated inventories rose to ₹8,00,956.03 lakh and gross borrowings stood at ₹2,65,516.89 lakh while cash declined to ₹14,778.08 lakh.
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