About Max Estates Limited

Max Estates Limited is a real estate developer incorporated on March 22, 2016, and engaged in construction and development of residential and commercial properties, facility management and managed office services, and shared services to group companies, with registered office at Max House 1, Dr. Jha Marg, Okhla Phase 3, New Delhi 110020. The Company completed the merger of Max Ventures and Industries Limited with an appointed date of April 01, 2022; equity shares of Max Estates were listed on NSE and BSE on October 30, 2023 pursuant to the scheme approved by NCLT Chandigarh on July 03, 2023/July 03, 2024 as described in standalone and consolidated notes, with accounting effective from April 01, 2022. As of March 31, 2025, the authorised share capital was Rs 228.00 crore and paid-up share capital was Rs 161.00 crore (16,10,00,084 equity shares of Rs 10 each), following a QIP and other issuances in FY2025; the Group’s principal activities include developing grade-A offices and residences and earning rental income from investment properties. The Group operates primarily in India with large investment property assets and inventories under development across locations disclosed in the financial statements; it also makes investments, provides facility management, and manages shared services across subsidiaries. The consolidated balance sheet shows investment properties of Rs 202.84 crore. The Group structure includes material subsidiaries such as Max Square Limited, Pharmax Corporation Limited, Max Asset Services Limited, Max Towers Private Limited, and Acreage Builders Private Limited, which underwent secretarial audits in FY2025, indicating multiple operating subsidiaries within the portfolio.

Max Estates Limited Business segments

• The report presents consolidated revenue from operations of ₹ 16,048.76 lakh in FY2025, i.e., Rs 160.49 crore, with key expense lines aligned to real estate development, leasing, and services; segmental percentage contribution by vertical and domestic vs. international is not disclosed, hence this section is limited to reported totals as per unit headers “(₹ in lakh)” converted to crore.
  

Max Estates Limited key management

• Sahil Vachani — Vice-Chairman and Managing Director.

• Nitin Kumar Kansal — Chief Financial Officer.

• Abhishek Mishra — Company Secretary.

• Ms. Jillian Leigh Moo-Young — Alternate Director to Mr. Anthony Ramsey Malloy (reappointed effective February 17, 2025).

Latest updates on Max Estates Limited

• Completed a Qualified Institutions Placement on September 03, 2024, allotting 1,33,89,121 equity shares at Rs 597.50 per share, raising Rs 800.00 crore; CARE Ratings Limited appointed as Monitoring Agency; utilisation in line with stated objectives.

• Allotted 22,83,104 convertible warrants on October 29, 2024 at Rs 657 per warrant, aggregating ~Rs 150.00 crore; 25% upfront Rs 37.50 crore received; CARE appointed as Monitoring Agency; utilisation aligned with objects.

• Allotted 4,76,419 equity shares on ESOP exercise under Max Estates Employee Stock Option Plan 2023; ESOP plan compliant with SEBI SBEB Regulations, 2021, with disclosures hosted online as referenced in the report.

• NCLT Chandigarh approved the scheme of merger of Max Ventures and Industries Limited into Max Estates; accounting effected from April 01, 2022; equity listing on October 30, 2023 continued to underpin capital market access in FY2025.

• Appointments/changes on the Board in FY2025: appointment of Ms. Malini Thadani (Independent Director), reappointment of Ms. Jillian Leigh Moo-Young as Alternate Director, appointment of Ms. Ira Gupta (Independent Director), and resignation of Ms. Avani Vishal Davda on May 02, 2024.