Please find attached the transcript.

November 11, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544008 SYMBOL: MAXESTATES Sub: Transcript of the Earnings Conference Call Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and in continuation of our intimation dated November 2, 2026, for schedule of the Earnings Conference Call, please find enclosed the transcript of the Earnings Conference Call conducted on November 5, 2026, at 2:30 p.m. (IST) to discuss Q2FY27 financial results performance of the Company. Yours faithfully, For Max Estates Limited Abhishek Mishra Company Secretary & Compliance Officer Encl: a/a Max Estates Limited Corporate Office: Max Towers, L-20, C-001/A/1, Sector-16B, Noida-201301, Uttar Pradesh, India, | P: +91 120-4743222 Regd. Office: Max House 1, Dr. Jha Marg, Okhla Phase 3, Opposite Okhla Railway Station, Okhla Industrial Estate, New Delhi -110020 Email : secretarial@maxestates.in | Website : www.maxestates.in | CIN: L70200DL2016PLC438718 “Max Estates Limited Q2 FY27 Financial Results Earnings Conference Call” November 05, 2026 MANAGEMENT: MR. SAHIL VACHANI – VICE CHAIRMAN AND MANAGING DIRECTOR – MAX ESTATES LIMITED MR. VACHAN SINGH – CHIEF OPERATING OFFICER – MAX ESTATES LIMITED MR. NITIN KANSAL – CHIEF FINANCIAL OFFICER – MAX ESTATES LIMITED MR. ARCHIT GOYAL – HEAD, INVESTOR RELATIONS & CORPORATE FINANCE– MAX ESTATES LIMITED MODERATOR: MR. DEVAL MEHTA – IIFL CAPITAL SERVICES LIMITED Page 1 of 10 Max Estates Limited November 05, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Max Estates Limited Q2 FY27 Financial Results Earnings Conference Call hosted by IIFL Capital Services Limited. As a reminder, all participants lines will be in listen only mode and there will be an opportunity for you to ask question after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand over the conference to Mr. Deval Mehta from IIFL Capital. Thank you, and over to you, sir. Deval Mehta: Yes. Thank you, and good afternoon, everyone. On behalf of IIFL Capital, I welcome you all to the second quarter FY27 Earnings Conference Call for Max Estates Limited. From the management, we have with us Mr. Sahil Vachani, Vice Chairman and Managing Director; Mr. Vachan Singh, Chief Operating Officer; Mr. Nitin Kansal, CFO; and Mr. Archit Goyal, Head of Investor Relations & Corporate Finance. I will now hand over the call to Mr. Sahil Vachani for his opening remarks. Thank you, and over to you, sir. Sahil Vachani: . Good afternoon, everyone. Welcome to the Max Estates Q2 and H1 FY27 Earnings Call. I would like to begin with some industry highlights, followed by the key business updates for the quarter and half year ended 30th September. The Delhi NCR market in the region maintained -- remained in a consolidation phase during the quarter. According to industry reports, close to 14,000 homes were sold across NCR in July to September, similar to last year, even as sales across the top 7 cities rose about 3%. Supply has also tightened, led by launches in NCR. On the pricing side, what has not come down is value. Average prices in NCR rose about 12% at the highest growth amongst the major cities. and over one-third of new NCR supply in the quarter was priced at -- higher than about INR3 crores. Rising land costs visible in development authority auctions across Noida, Greater Noida and Gurgaon are reinforcing this trend. As I mentioned last quarter, we believe the market is consolidating towards organized, trusted and listed players. Volumes are concentrating with fewer, more credible developers and buyers are also paying for design, quality and delivery certainty. This is a space that Max Estates has chosen to compete in. On the commercial side, the office market has a steadier story as per reports NCR recorded gross leasing of about 3.8 million square feet in the third quarter and 10 million square feet in the first 9 months, with net absorption at about 2 million square feet, which outpaced new supply of about 1 million square feet, bringing vacancy down by about 200 basis points year-on-year to about 17% and rentals rose between 6% to 10%. Page 2 of 10 Max Estates Limited November 05, 2026 Gurgaon accounted for about 63% of the quarter's leasing and Noida about 27% with the Noida Expressway as the most active submarket. Now coming to the business performance for Max Estates. On the residential side, we're delighted to share that the second quarter was a strong quarter. We recorded presales of approximately INR2,100 crores across 274 units. This takes our first half year H1 presales to INR3000 -- approximately INR3,200 crores across 521 units, already about 60% of our full year FY26 presales. Last quarter, half of our sales came from the launch of The Terraces. And this quarter, the entire INR2,100 crores came from sustenance sales with no new project launched. Three projects drove this performance. Estate 361 on Dwarka Expressway, Max One in Noida and Estate 105 on Noida Expressway. Our other developments, Estate 128 in Noida and Estate 360 in Gurgaon are fully sold at INR2,700 crores and INR4,800 crores, respectively, in terms of GDV. Pricing continues to also move in our favor. Our average realization in the second quarter was about INR24,700 per square foot compared with about INR18,400 in FY24. We see this as a strong measure of what customers are willing to pay for the Max Estates experience. Collections were also healthy at INR560 crores in Q2, roughly double the same quarter last year, taking H1 collections close to approximately INR1,100 crores. Collections are weighted towards the second half as projects reach construction milestones. Cancellations remain immaterial across the entire launch portfolio. On the embedded value of the INR18,700 crores we have launched across residential and mixed-use projects, approximately INR15,700 crores or 83% is now sold. Because revenue is recognized on handover, this contracted revenue with an estimated PBT of approximately INR4,800 crores to INR5,700 crores is yet to reach our P&L. It begins to flow through FY28, starting with Estate 128. On the execution side, The Terraces -- Terrace slabs are being cast at Towers 1 and 2 of Estate 128 and the superstructure of Tower 3 is also complete. At Estate 360, the slab work has reached the sixth and 11th floor. We execute in-house with various contractors and expect construction spend of about INR1,500 crores in FY27. Coming to the commercial portfolio, all 3 of our commercial assets, Max Towers, Max House and Max Square continue to operate at 100% occupancy with 1.3 million square feet leased. Lease rental income was about INR40 crores in Q2, broadly stable year-on-year. We've received encouraging response on pre-leasing for our under construction assets as well at Max Square 2 on the Noida Expressway pre-leasing has increased to 3.1 lac square feet from about 90,000 square feet last quarter. That is roughly one-third of the total leasable area, more than a year ahead of the occupancy certificate and at a premium of about 25% to the micro market. Page 3 of 10 Max Estates Limited November 05, 2026 At Max District in Gurgaon, about 2 lakh square feet is pre-leased at a premium of over 35%. Both the projects remain on track for its occupancy certificate with scheduled time lines. Our commercial portfolio has a potential to generate rental income of about INR700 crores on a 100% basis on stabilization over the few years. In terms of our new project, Sector 59 on Golf Course Extension Road, Gurgaon, it's a project with a GDV of approximately INR4,000 crores and is planned on a 7.25 acre land parcel with a develo [Showing first 8,000 characters — download PDF for full document]