Max Estates Ltd Management Discussions

FY26: Translating Pipeline into Performance

Having built a strong foundation through strategic acquisitions and portfolio expansion in FY25,

Max Estates Limiteds focus in FY26 has been on strengthening its foothold in Delhi-NCR, leveraging its current portfolio of 18 million square feet, delivering across its growing pipeline, driving operational excellence, and converting its development portfolio into sustained value creation.

The Company achieved presales of over T5,000 crore for the second consecutive year and the commercial portfolio continues to maintain 100% occupancy, reinforcing its position as one of the leading listed real estate players in Delhi-NCR. The Company follows a de-risked business model with a balanced mix of annuity income from office leasing and

residential developments for sale. Its portfolio is well diversified across key micro-markets, including Delhi, Gurugram, and Noida, while also catering to multiple residential segments ranging from luxury housing to senior living.

Max Estates is driven by a vision to bring wellness to real estate through its Li veWell and WorkWe// philosophy, anchored by five key pillars - engineering excellence, nature & biophilia, community building, health & nutrition, and sustainability - to create value for customers and stakeholders.

New Launches: Building Momentum Across NCR

FY26 was a landmark year for new launches, with three diverse projects offering customers across lifecycles options in the Delhi-NCR market. Collectively, pre-sales stood at ^5,305 crore, crossing ^5,000 crore for the second consecutive year and sustaining the strong momentum achieved in FY25. This represents a CAGR of 70% over FY24-FY26.

Estate 361, Gurugram (Residential)

Max Estates launched Estate 361 in Sector 36A, Gurugram, envisioned as a forest-led intergenerational community across 18 acres. The project carries a total gross development value (GDV) of ^9,000 crore and a development potential of 4 million sq. ft. The first phase, with a GDV of ^2,500 crore, was launched in FY26, recording presales of over ^1,704 crore at an average realisation of -^22,000 per sq. ft. - a meaningful premium to both the prevailing micro-market and its predecessor, Estate 360. Beyond residences, Estate 361 integrates senior living and a wellness centre managed by Antara, anchoring a holistic well-being ecosystem built around proactive, personalised care.

Estate 105, Noida (Mixed Use)

Launched in March 2026, Estate 105 is Delhi-NCR s first movement-first residential community - purpose-designed to embed physical activity and vitality into everyday living. The first phase spans 10 acres with a GDV of ^3,000 crore, comprising 270 homes across two towers. The project achieved ^1,783 crore in presales within 10 days of launch and holds IGBC Platinum pre-certification, reflecting its commitment to sustainable, high-quality living.

Max One, Noida (Mixed Use)

Launched with RERA approval on March 7, 2026,

Max One marks the transformative revival of the long-stalled erstwhile " Delhi One" project in Sector 16B. Max Estates acquisition of Boulevard Projects Private Limited (BPPL) and the subsequent receipt of approvals under the Insolvency & Bankruptcy Code - after a decade, brought relief to the initial (under the original developer) homebuyers, who are now part of the Max Estates family. Max One contributed ^1,415 crore to FY26 presales, including ^1,221 crore recognised post-RERA approval. The project is a landmark integrated mixed-use development, offering ultra-luxury serviced residences, premium offices, and retail - with a total development potential of 2.5 million sq. ft., a sales potential of ^3,221 crore, and an annuity rental income potential of ^145 crore.

New York Life Insurance Company (NYL), the Company s strategic partner committed T550 crore across two of the above mixed-use project: Estate 105 and Max One.

Strategic Portfolio Progression: Driving Portfolio Growth

Sector 59, Gurugram

Max Estates has strengthened its presence in Gurugrams luxury residential market by securing development rights on a prime land parcel of 7.25 acres located in Sector 59, Gurugram, on the Golf Course Extension Road, with a development potential of 1.3 million sq. ft. and GDV more than 3,900 crore, expected to be launched in FY27.

Max Estates continues to build a robust and visible launch pipeline with a GDV potential of-^17,200 crore. Beyond committed launches, the Company aspires to -2-3 million sq. ft. in the residential and commercial office space segment every year, sustaining a disciplined pace of portfolio growth.

Residential Portfolio: Strong Sales, Steady Delivery

The Company s flagship project - Estate 128, Noida, is 100% sold and Estate 360, Gurugram, Delhi-NCRs first intergenerational -100% sold. The collections and execution across the residential pipeline remain on track.

The presales from residential projects are yet to be recognised in the books of accounts and, accordingly, are yet to be reflected in EBITDA. The Company continues to actively pursue new residential growth opportunities to sustain its growth trajectory and sales momentum.

Commercial Portfolio: Strong Leasing Momentum

In the commercial segment, the Company has witnessed robust leasing momentum. The operational commercial real estate assets, Max Towers in Noida, and Max House Phase 1 and Phase 2 at Okhla, continue to be 100% leased. Max Square, at Noida achieved 99% occupancy within one year of its launch, commanding 30%+ premium to the micro-market, showcasing strong leasing traction. Collectively, all the operational assets generate an annual rental income of over ^158 crore.

Both under-construction commercial assets are progressing on schedule and have robust leasing pipeline. Max Square Two (Noida, 1 million sq. ft. leasable area) is expected to receive its occupation certificate in Q2 FY28. Max District (Gurugram Sector 65, 1.6 million sq. ft. leasable area) is on track for phased delivery - Q2 FY28 and Q3 FY29. The Company has signed of an LOI for a long-term lease, pre-leasing 2,00,000 sq. ft. at Max District, securing gross rentals of over ^270 crore over the lease period. The transaction has been concluded 2.5 years ahead of the project completion and at a 35% premium to the prevailing micro market rentals. Overall, the commercial portfolio is poised for an annuity rental income potential of more than ^700 crore annually on a 100% basis across delivered and under-construction assets over the next few years.

Sustainability remains a key strategic priority. This year was particularly notable as Max Estates achieved the Dual 5-Star Rating in GRESB for the first time with its highest score of 100 points in Development

and 92 points in Standing Investments. The Company attained the No. 1 rank among its peer entities by GRESB in both categories, thereby reflecting industry wide recognition. This milestone positions Max Estates among the top 20% of real estate entities globally in terms of Environmental, Social and Governance (ESG) practices.

The Company initiated solar power sourcing for the Max Square project, representing a key milestone in its sustainability and decarbonisation road map. This marks the first move towards Max Estates long-term goal of shifting 50% of its portfolio s energy usage to renewable sources by 2030, aligned with Indias climate pledge

The Company, in collaboration with Max India Foundation, remains committed to advancing education through collaboration, compassion, and innovation, with the belief that every child deserves access to learning. The Company has partnered with 24 NGO partners in the academic year 2025-26 and supported education of more than 2 lakh students. Through these NGOs, support was also provided for the capacity building of more than 37,000 educators. Additionally, the Company facilitated sessions on digital literacy and compassion with students of government schools in Delhi in partnership with Foster and Forge Foundation and Teach for India.

The Company also partnered with the Latika Roy Foundation for Inclusion, reaffirming its commitment to building universally accessible environments that

support and empower specially-abled individuals. As part of this initiative, a dedicated 56,000 sq. ft. campus was handed over to the student and teachers, featuring activity rooms, therapy and counselling units, a library, physiotherapy and sensory areas, a family resource centre, an inclusive playground, training halls, and a ramp-accessible

building. The Company also supported the Hemkunt Foundation for community-focused social initiatives, further strengthening its commitment towards inclusive development and social welfare.

Core Strategy: Creating Well-being Spaces Across Asset Classes

" Creating Well-being Spaces Across Asset Classes" continues to be the driving principle for Max Estates. The Company has a diversified portfolio of 18.4 million sq. ft., across asset classes (residential, commercial, and mixed use) spread across the Delhi-NCR region (Gurugram, Noida.and Delhi). The portfolio ranges across a broad risk spectrum from delivered to under construction and design. The region has limited credible, consumer-centric developers, providing an attractive opportunity for Max Estates to leverage its strong operational commitment and brand equity by delivering holistic, design-led, wellness, and hospitality- driven experiences. The Company aspires to become a leading real estate brand driven by its LiveWe// and Work Well philosophy.

Our Current Portfolio - A Snapshot

Asset Name	Location	Asset Class	Project Lifecycle Stage	Size (Leasable/ Saleable Area) (Approximate)
222 Rajpur	Dehradun	Residentia 1	Operational	0.1 million sq.ft.
Max Towers	Noida	Commercial	Operational	0.6 million sq.ft.
Max House Phase 1	Delhi	Commercial	Operational	0.1 million sq.ft.
Max Square	Noida	Commercial	Operational	0.7 million sq. ft.
Max House Phase II	Delhi	Commercial	Operational	0.15 million sq.ft.
Estate 128	Noida	Residential	Under Construction	1.4 million sq.ft.
Max District	Gurugram	Commercial	Under Construction	1.6 million sq.ft.
Max Square Two	Noida	Commercial	Under Construction	1 million sq. ft.
Estate 360	Gurugram	Residential	Under Construction	2.4 million sq. ft.
Estate 361	Gurugram	Residential	Under Construction Phase 1 -	4 million sq.ft.
Estate 105	Noida	Mixed-Use	Under Construction	2.6 million sq.ft.
Max One	Noida	Mixed-use	Under Construction	2.5 million sq.ft.
Sector 59	Gurugram	Residential	Under Design	1.3 million sq.ft.

Progress Across Key Pillars in FY26

Max Estates continues to strengthen the core pillars that support disciplined and scalable execution. Through a focused approach, the Company continues to strengthen its capabilities across timely project execution, superior construction quality, efficient project management, and a customer-centric approach.

gRs) Capital

The Company maintains a strong and resilient balance sheet. Net debt stands at ^97 crore, with cash and cash equivalents of ^1,758 crore. With successful completion of ^1,300 crore Qualified Institutional Placement (QIP), preferential allotments and strategic investment from NYL in FY25, Max Estates is well capitalised to support its expanding development pipeline. New York Life Insurance Company (NYL), the Company s Strategic Partner has committed ^550 crore across its two new projects: Estate 105 and Max One. Post this investment, NYL s cumulative commitment stands at ^1,800 crore. In parallel, Max Estates continues to adopt capital-efficient models, including Joint Development Agreements (JDAs).

Technology-enabled execution

Execution excellence remains a key differentiator for Max Estates. The Company has demonstrated its ability to manage and deliver multiple projects concurrently, supported by technology-led planning and monitoring systems. As of FY26, it have 5 operational projects, 7 projects under construction, and 1 project under design. The Company s portfolio remains agile and well diversified with no single tenant occupying more than 25% of respective buildings. The exists were released in zero downtime reflecting strong tenant satisfaction and enduring asset quality.

£ & People

Human capital remains a key pillar of growth for the Company. During the year, Max Estates onboarded 129 experienced professionals across key functions. The Company continues to invest in leadership development and capability-building initiatives to support its expanding business requirements. Max Estates remains committed to enhancing diversity and inclusion, with continued progress towards increasing women s participation in the workforce to 30%. The Company was also recognised as the Best Organisation for Women by The Times Group at the 5 th Edition Awards 2025.

The Company has built a differentiated brand focused on thoughtfully designed, high-quality developments that promote well-being and sustainability. Guided by its Work Well and Li veWell philosophy, the Company creates integrated user experiences. During FY26, the Company received several prestigious recognitions, including awards for Estate 360 (High-end Residential Project of the Year) and Max Square (Commercial Project of the Year) at the ET Realty Awards 2025, ET Now Realty Convention 2025, and GRI Awards Real Estate India 2025, among others.

Risk

The Company has established a comprehensive Risk Register framework to identify, assess, and monitor risks based on likelihood and impact across key areas including macroeconomic, business, regulatory, brand, capital, people, and technology. To strengthen its risk governance framework, the Company fosters a strong risk-aware culture across teams and has constituted a dedicated Risk Management Committee to oversee and align risk management practices with strategic objectives.

Customer Experience

Guided by its LiveWe// and Work Well philosophy that is anchored in five core pillars - engineering excellence, nature and biophilia, community building, health and nutrition, and sustainability - Max Estates creates differentiated working and living experiences centred on holistic well-being across physical, emotional, social, and environmental dimensions. Through its in-house engagement platform, Pulse, the Company curated 280+ events and enabled 11,000+ tenant engagements across operational assets in FY26, contributing to a strong commercial portfolio NPS score of 7.1.

nnflfl Growth

The Company has established a strong presence through premium commercial developments in Delhi and Noida, while also expanding into differentiated residential and mixed-use developments across Noida and Gurugram, strengthening its long-term growth pipeline. With a targeted addition of 2-3 million sq. ft. annually across residential and commercial segments,

Max Estates continues to scale its 18 million sq.ft, portfolio.

Process

Max Estates continues to strengthen its processes and governance frameworks to support scalable growth. Standardised systems, disciplined review mechanisms, and robust risk management practices enhance transparency, execution efficiency, and consistency in quality across the development lifecycle.

Global Economy: Resilient Amid Uncertainty

In 2025, amidst fluctuating trade tensions with occasional flare-ups, the world economy grew 3.4% at similar levels as 2024. Policy uncertainty persisted but global economy remained remarkably resilient. Global inflation reduced from 5.8% in 2024 to 4.1% in 2025. Advanced economies grew 1.9% in 2025 while the emerging economies posted 4.4% growth.

2026 began with Middle East conflict between Iran and US - Israel, posing significant threats to energy supplies and global supply chain. Heightened uncertainty in global trade and investment flows prevails, led by periodic volatility in energy markets, particularly crude oil and LNG as energy infrastructure across the Gulf region incurred losses. The situation underscored the fragility of the recovery and the continued importance of geopolitical stability for sustained global growth.

In 2026, slow growth and high inflation are expected, particularly in emerging market and developing economies. Overall world economy is expected to grow at 3.1% in 2026 and Z.2% 1 in 2027, assuming that the conflict remains limited in duration and scope. A longer or broader conflict, worsening geopolitical fragmentation, or renewed trade tensions could significantly weaken growth and destabilise financial markets. Global headline inflation is projected to rise modestly in 2026 before resuming its decline in 2027.

Surging investment in technology, including artificial intelligence (Al), especially in North America and Asia than in other regions, works in favour of global growth. Fostering adaptability, maintaining credible policy frameworks, and reinforcing international cooperation are essential to alleviate uncertainty in global environment

1 IMF - World Economic Outlook, April 2026

and a Stable Outlook

Indias Growth Story: Strong Momentum

Amid a year marked by heightened geopolitical uncertainty, persistent conflicts, and uneven global growth India emerged as a clear outlier and demonstrated economic resilience.

In FY26, India s real GDP growth is estimated at 7.4%, reaffirming its position as the fastest-growing major economy for the fourth consecutive year, supported by private consumption contributing nearly 60% of GDP, accelerated digital adoption, buoyant services exports, a threefold increase in government capital expenditure since FY19, a strong banking system with net NPAs near multi-decade lows, policy initiatives such as production-linked incentive (PLI) schemes, and growing momentum in manufacturing.

The year also witnessed landmark trade milestones, with India concluding the India-EU Free Trade Agreement and signing an interim trade framework with the U.S., reinforcing its position as a trusted global economic partner and preferred manufacturing destination. Due to the Gulf war, India has moved swiftly to diversify its energy sourcing, though a prolonged conflict could be a drag on the otherwise resilient growth momentum.

Looking ahead, the outlook for FY27 remains cautiously optimistic, driven by continued structural reforms, a young and growing workforce, and rising global interest in India as a reliable alternative manufacturing base. The International Monetary Fund projects Indias GDP growth at around 6.5%, reflecting continued macroeconomic stability and strong domestic fundamentals.

Inflationary pressures have remained contained, with the Reserve Bank of India estimating CPI inflation at 4.5-4.8% in FY26 and projecting it to stabilise around -4.5% in FY27, within its target range.

This stable inflation environment is expected to support calibrated monetary policy while sustaining growth momentum.

Overall, India remains well-positioned to sustain a strong and stable growth trajectory, supported by domestic demand resilience and a continued focus on long-term, future-oriented development. However, an escalation in geopolitical conflicts remains a key risk and could temper this growth momentum.

India Real Estate: Sustained Momentum Driven by Urbanisation, Capital Flows and Structural Demand

India s real estate market is transitioning from foundational reforms to a decisive, execution-led phase. The sector continued to demonstrate strong momentum in FY26, reinforcing its role as a key pillar of economic growth.

The numbers tell a compelling story:

The sector remains one of the country s largest employment generators, supporting over 70 million livelihoods.

The sector s growth trajectory is significant, currently real estate market is worth about ^26.4 in 2025 and is projected to reach ^440.5-616.7 trillion in 2047, as India s urban footprint and economic base deepens.

The sectors contribution to Indias GDP has nearly doubled over the last five years, moving from a recovery phase in 2020 to a premiumisation phase in 2025 and is estimated to contribute nearly 7-8% to Indias GDP, which is expected to rise to 12-15% by 2047.

Urbanisation continues to be the structural growth driver. As India s urban population grows from about 543 million in 2025 to potentially 900 million by 2047, cities will need to absorb this growth without slipping into congestion and informality. Government initiatives such as Pradhan Mantri Awas Yojana - Urban (PMAY- U) and PMAY 2.0 framework, decisive reforms, particularly RERA, digital governance, transparency norms have materially improved affordability and catalysed investment flows,

accelerating the segments expansion. Despite global trade disruptions, easing inflation, improved credit access, buoyant equity markets, rising FDI Inflows, and significant reduction in benchmark lending rates boosted consumer sentiment, and demand in real estate. Looking ahead in 2026, the year will likely be powered by investment, infrastructure, and innovation, as Indian real estate continues its upward trajectory of expansion, institutionalisation, and structural strengthening across asset classes.

Residential Real Estate: Premiumisation leading to lower volumes but higher value

The Indian residential real estate market in 2025 witnessed a decisive shift from volume led to value- driven growth supported by rising income levels, improving affordability, enhanced connectivity, and growing preference for lifestyle upgrades among homebuyers. The market exhibited noteworthy resilience through sustained demand for premium and luxury housing amid price inflation and macroeconomic uncertainties. Affordable housing is steadily giving way to luxury segments, driven by higher incomes and evolving lifestyles.

Housing sales in India s top seven cities surpassed ^6 lakh crore* in CY25, though it declined by 14% to approximately 3,95,625 units from 4,59,645 units in 2024. Despite this drop in volume, the total sales value rose by 6%, indicating growing buyer preference for high end to luxury and ultraluxury housing segments over affordable and mid end housing. The luxury and ultra-luxury homes constituted 20% of total share, with the share of under ^75 lakh contribution share declining to 32% (from 60% in CY21). Residential supply recorded a 17% increase between 2022 and 2025, reaching approximately 4.19 lakh units.

All the top seven cities continue to witness rise in unit size by 40%, with NCR topping the list with a remarkable 90% surge in unit size between 2022 to 2025. Another significant trend picking pace is the growing share of Listed and Grade A Developers reaching 45% in CY25 from 28% five years ago.

NCR recorded a 22% dip in total annual sales volume in CY25 to approximately 39,000 units. Gurugram dominated residential sales with a 43% share, followed by Noida (34%), and Ghaziabad (22%). 42,500 new units were launch in CY25, down 2% Y-O-Y. Prices in the region though rose 13%.

The sector s trajectory remains anchored in powerful structural drivers - favourable monetary policy, rising per capita income, urbanisation, infra-led development, under penetration of housing finance - that promise sustained growth. As India progresses toward a $7.3 trillion economy, residential real estate will remain a vital pillar of economic growth, capital formation, and inclusive development.

Source - Anarock Report

Indias Office Market: Resilient Growth Anchored in Strong Demand and Global Confidence

India s office sector underwent a phase of resilient expansion in 2025, surpassing the previous year s record leasing activity and positioning itself for an even stronger performance in 2026.

Office leasing activity hit a record high in 2025 for the third consecutive year, reaching 82.6 million sq.ft.*, registering a 1% Y-O-Y increase. This is being driven by steady investment and the portfolio expansion strategies of global and domestic companies, underpinned by their ongoing digitisation efforts.

The continued uncertainty resulting from tariff policy of the US administration and a delayed trade deal with the US had negligible impact on the office market. Digital transformation across industries added to the strong demand growth. Despite a rapidly shifting global backdrop, marked by geopolitical uncertainties and challenges surrounding cross-border talent mobility, the sector continues to demonstrate strong fundamentals.

Additionally, office demand is broad-based in terms of sectoral mix with a significant surge in domestic demand in line with Indias growing stature in the global economy. Domestic occupiers remained a

key demand driver occupying 47% of total share. Global Capability Centres (GCCs) leased -32.8 million sq. ft. across Indias major office markets in 2025, underscoring the countrys growing role as a core hub for global operations and transformation strategies.

Leasing by domicile during 2025 - Domestic 47% (33% in 2019), U.S. 34% (45% in 2019), EMEA 15% (19% in 2019), APAC 4% (4% in 2019)

Bengaluru, Hyderabad, and Delhi-NCR accounted for 69% of GCC leasing in 2025.

The BFSI (15%), technology (23%), flexible space operators (20%), and engineering & manufacturing (9%) segments drove demand

Development completions reached a historic peak of to 58.9 million sq.ft., up 10% Y-O-Y, dominated by high-quality, experience-led assets, with higher design standards, more efficient floor plates, and enhanced amenity offerings aligned with occupiers " flight-to-quality" preferences. Hyderabad, Bengaluru, Delhi-NCR, and Mumbai together contributed -82% of completions during the year. Consequently, vacancy levels compressed leading to growth in rentals in select, high-demand micro-markets.

*Source: CBRE Report

The Indian office sector is expected to sustain its momentum in CY26, estimated to cross the 1-billion sq. ft. mark. The sector is likely to witness steady absorption in 2026, supported by sustained occupier demand, evolving workforce strategies, and continued confidence in the country s resilient economy, infrastructure growth, and targeted policy support.

As companies pivot decisively towards Al -led growth, India s office demand is poised for a structural transformation as the work force undergoes a

fundamental shift. The emphasis is likely to shift towards Grade A, tech-enabled assets that support cross-functional integration and innovation-led teams, rather than volume-driven headcount expansion. Office demand is likely to remain anchored in digitally mature markets shaped by GCC scale, technology consolidation, and dedicated, Al-native growth. The scenario of " cliff-edge drop" in white collar jobs is unlikely, and the current view is that GCC expansion will continue in the foreseeable future.

Financial Performance

The Company presents a summary of its Standalone and Consolidated financial performance for the financial year ended March 31, 2026, as outlined below.

Particulars in crore)	Standalone		Consolidated
	FY26	FY25	FY26	FY25
Revenue	55.47	41.10	199.45	160.49
from Operations
EBITDA	109.19	354.81	121.08	133.58
Profit/	96.39	339.01	23.25	37.61
(Loss) Before
Prof it/(Loss) After	63.60	280.90	15.69	26.43

On a standalone basis, the Company s revenue from operations increased by 35% from ^41.10 crore in FY25 to ^55.47 crore in FY26. Reported EBITDA, Profit Before Tax, and Profit After Tax moderated to ^109.19 crore, ^96.39 crore, and ^63.60 crore, respectively, compared with ^354.81 crore, ^339.01 crore, and ^280.90 crore in FY25.

On a consolidated basis, the Company s revenue from operations increased 24% from T160.49 crore in FY25, to ^199.45 crore in FY26. EBITDA decreased 9% from ^133.58 crore in FY25, to ^121.08 crore in FY26. Profit before tax decreased 38% from T37.61 crore in FY25, to ^23.25 crore in FY26. Profit after tax decreased 40% from T26.43 crore in FY25, compared to ^15.69 crore in FY26.

The movement in reported profitability should be viewed in the context of the real estate business model dynamics, where revenue and profit recognition are linked to project completion and occupancy milestones, while the Company continued to deliver strong operating momentum through presales, collections, and leasing performance during the year. As of March 31, 2026, the Companys debt stood at T1.855 crore (excluding T524 crore towards CCD and its accrued interest of New York Life), which included Lease Rental Discounting (LRD) loans of ^973 crore. Cash bank including short term investment as of March 31, 2026, stood at T1.758 crore, resulting in a net debt of ^97 crore.

Key Changes in Significant Financial Ratios (Basis

Standalone Financial Statements)

Particulars	As of March 31, 2026	As of March 31, 2025	%of Change	Reason for Variance
Current Ratio	2.71	37.02	(93%)	The decrease was primarily attributable to the utilisation of funds for investments in subsidiaries.
Debt-Equity Ratio	0.07	0.01	1,445%	The increase was primarily attributable to borrowings raised for further investments.
Debt Services Coverage Ratio	4.17	1.50	179%	The ratio improved due to the significant reduction in debt following the repayment of external loan in the previous year.
Return on Equity Ratio	2.49%	11.90%	(79%)	The decrease was mainly due to lower profits, as the previous year included one-time gains on the sale of investments in subsidiaries.
Trade Receivables Turnover Ratio	6.78	1.85	266%	Improved on account of better collections leading to reduced receivables.
Net Capital Turnover Ratio	0.16	0.033	379%	The increase was due to decrease in working capital on account of utilisation of funds for investment in subsidiaries.
Net Profit Ratio	1.15	6.83	(83%)	The decrease was mainly due to lower profits, as the previous year included one-time gains on the sale of investments in subsidiaries.
Return on Capital Employed	3.93%	14.17%	(72%)	The decrease was mainly due to lower profits, as the previous year included one-time gains on the sale of investments in subsidiaries.
Return on Investment	2.44%	11.44%	(79%)	The decrease was mainly due to lower profits, as the previous year included one-time gains on the sale of investments in subsidiaries.

Key Milestones for FY27

We aim to " become a leading real estate brand with focus on design and hospitality-led differentiation in customer experience " . Max Estates will continue to enhance capabilities across the real estate value chain, expand across diverse micro-markets and product segments, and further institutionalise systems and processes through digital tools and technology to improve execution efficiency, customer experience, and operational performance.

Our Key Priorities for FY27 are as Listed Below:

Target growth from residential/mixed-use developments in FY27 and collections of ^2,000 crore from all existing and new project.

Achieve pre-leasing of 3,00,000 sq. ft. in two upcoming commercial project.

Secure new opportunities ( 2-3 million sq. ft.) across residential and commercial asset classes.

Execution within budgeted timelines and cost across portfolio under design and construction.

Secure financial closure for our new projects.

Scale and drive adoption of Al-enabled systems and processes across value chain in both asset classes to ensure health and safety, customer experience, operational efficiency, and cost stewardship

at scale.

Embed the Li veWell WorkWe// philosophy across " Experiences " developed by Max Estates-curating an ecosystem that integrates sustainability, biophilia, nutrition, community, and health & fitness offerings to bring real well-being to real estate.

Continue to implement ESG best practices across growing portfolio, while retaining the 5-Star GRESB ranking, use of renewable energy, as well as implementing Net Zero Targets.