Net revenue for the period under review was Rs 48.8 crore, up 21.4% YoY.

Total leased area rose by 18% YoY to 1,229,109 square feet while lease rental income jumped 41% YoY to Rs 38.3 crore in Q2 FY26.

EBITDA improved by 18.8% to Rs 10.1 crore in Q2 FY26 from Rs 8.5 crore recorded in Q2 FY25. EBITDA margin in the second quarter was 20.7% as against 21.3% in the same period last year.

The company posted a pre-tax profit of Rs 11.6 crore in Q2 FY26 as against a pre-tax loss of Rs 1.2 crore registered in Q2 FY25.

The company’s debt as on September 2025 stood at Rs 1,571 crore, including LRD (lease rental discounting) loans of Rs 867 crore. Cash & cash equivalents as on September 2025 stood at Rs 1,897 crore.

Max Estates is the real estate arm of the Max Group. The company develops premium commercial and residential spaces in Delhi NCR. The company has developed a very well diversified portfolio of real estate across the two asset classes in Delhi NCR and in this pursuit has partnered with New York Life Insurance Company (NYL) particularly for commercial office platform.