Shares of Max Estates Ltd, the real estate arm of the Max Group, gained over 6% on Monday, October 28, after the company posted strong operational performance in the first half of FY25 as well as successful fundraising efforts of capital to support its growth initiatives. .

In a stock filing, the company also said it has received NCLAT approval for the ‘Delhi One’ project in Noida.

Clearance has been received for the ‘Delhi One’ project in Sector 16B, Noida, covering 34,697 square meters with a mixed-use development potential of 2.5 million square feet. The project, scheduled to be launched in FY26, offers a gross development value of over ₹1,500 crore and an annuity revenue potential of around ₹120 crore from leased inventory.

Additionally, the company expects to generate ₹500 crore in receivables from the inventory sold.

On the financial front, the company reported a consolidated turnover of ₹80.7 crore for the first half of this financial year, with earnings before interest, taxes, depreciation and amortization (EBITDA) of ₹23.6 crore. However, higher expenditure on advertising and sales promotion for its residential portfolio resulted in a consolidated loss of ₹3.4 crore.

Rental income jumped 96% year-on-year to ₹53 crore, and Max Asset Services generated ₹19 crore in revenue during the period.

“The first half of FY25 was a transformative period marked by strategic growth initiatives and operational achievements that significantly grew the business. With a strong balance sheet and secure growth capital, we are well positioned to capitalize on future opportunities and continue to build on our success. “ Sahil Vachani, Vice Chairman and Managing Director of Max Estates, said.

During the first half of FY25, Max Estates secured development opportunities totaling 7 million sq ft in Delhi NCR, far exceeding its earlier guidance of 3 million sq ft per annum. This includes a joint development agreement for a residential project on 18.23 acres in Gurugram and the launch of the fourth tower at Estate 128 in Noida.

The company’s first residential project, Estate 360 ​​in Gurugram, recorded a pre-sale booking value of ₹4,100 crore, with 85% of the project sold in just 30 days, one of the most successful launches on the Delhi NCR market.

Max Estates is also gearing up to launch the fourth tower at Estate 128 in Noida in Q3FY25, which has a potential GDV of ₹800 crore. Following these successes, the company has revised its FY25 booking value guidance to ₹4,800-5,200 crore, up from the previous estimate of ₹4,000 crore.

On the commercial front, Max Estates reported full occupancy at Max House – Phase 2 (Delhi) within a year of its completion and 93% occupancy at Max Square (Noida).

A recent lease deal with a US-based company for 1.5 lakh sq ft at Max Square highlights the company’s ability to attract premium tenants, at a 30% premium over the market average.

Max Estates has raised ₹1,300 crore through a combination of qualified institutional placements (QIPs), convertible warrants and a strategic investment from New York Life Insurance in its key assets, Max Towers and Max House. This capital will be deployed to accelerate its development pipeline in the Delhi NCR region.

Shares of Max Estates were trading 6.33% higher at ₹583 apiece at 11:10 am on Monday, October 28. The stock has gained 96.53% over the past six months.

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