Credit Rating

August 13, 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: Intimation of credit rating [ICRA] A+ (Stable) assigned by ICRA Limited Dear Sir/Madam, This is with reference to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. We wish to inform you that ICRA Limited has assigned an issuer rating of [ICRA] A+ (Stable) to Max Estates Limited. The rating rationale issued by ICRA Limited in connection with the aforesaid rating is enclosed herewith for your reference. The date and time of occurrence of the event is August 12, 2026 at 14:43 hrs. (IST). Yours faithfully, For Max Estates Limited Abhishek Mishra Company Secretary and 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 August 13, 2026 Max Estate Limited: [ICRA] A+ (Stable) assigned Summary of rating action Current rated amount Instrument* Rating action Financial sector regulator# (Rs. crore) Issuer Rating - [ICRA] A+ (Stable); assigned $ Total - *Instrument details are provided in Annexure I $ Since no instrument is being rated, FSR is not applicable. The rating scale and definitions stipulated in SEBI Master Circular for CRAs are being followed. SEBI. #SEBI’s grievance redressal/dispute resolution and SEBI investor protection mechanisms such as SCORES and ODR shall not be available for activities and instruments, which fall under the regulatory purview of financial sector regulators other than SEBI. Rationale The rating assigned to Max Estates Limited1 (MEL) factors in the strong operating performance of its residential segment in FY2026, which is expected to continue in FY2027, backed by healthy sales velocity and adequate launch pipeline. In FY2026, the company reported pre-sales of Rs. 5,305 crore and collections of Rs. 1,578 crore (66% growth), driven by strong sales velocity from its recent launches. ICRA expects the collections to further grow by 50-55% in FY2027, resulting in an improvement in cash flow from operations (CFO) from its residential segment. The leverage is expected to be comfortable with Total external residential debt/CFO estimated to be in the range of 2.0-2.5 times as of March 2027. MEL’s cash flow adequacy ratio2 is strong at around 105%, supported by healthy committed receivables and years to sell of less than 14 months for the inventory as of March 2026. The rating considers the robust occupancy of around 100% with reputed tenants across MEL’s operational commercial assets3 of 1.2 million square feet (msf) as of March 2026, aided by favourable location across Delhi National Capital Region (NCR) leading to steady rental inflows of Rs. 160-170 crore in FY2027. The leasing segment (operational and under-construction) debt accounts for considerable portion of total external debt as of March 2026, majority of which is long-term in nature with 12-15 years tenure resulting in comfortable coverage metrics. ICRA notes that the land investments for new business development will be funded through cash flow from operations or promoter infusion with no reliance on external debt. The rating continues to factor in the experienced sponsor group i.e., Max Group, lending financial flexibility and access to capital growth. Also, New York Life Insurance (NYL) holds 20.4% stake in MEL as of June 2026, and has co-invested in developing commercial and mixed-use projects. The credit profile remains exposed to the execution and market risks, given its significant expansion plans in the ongoing and upcoming projects in its residential and commercial real estate segments to maintain its growth momentum and strengthen its market presence. MEL has a launch pipeline with a saleable area of around 5.3 msf over the next 12-24 months. Timely launch of these projects, along with healthy sales and collection momentum, would be critical for improving its cash flow from operations. Further, compared to other established peers, the Group has limited track record of residential projects delivered till July 2026 (cumulatively only around 2 msf of projects). Timely delivery of the ongoing and upcoming projects will remain critical from the credit perspective. However, ICRA takes comfort from the favourable location of the projects, along with the strong sales velocity. Further, the Group faces geographical concentration risk with all ongoing projects located in Delhi NCR, thereby exposing it to fluctuations in a single market’s performance. The credit profile remains exposed to the cyclicality risk inherent in residential and commercial real estate business and is vulnerable to external exogenous shocks. 1 For arriving at the rating, ICRA has considered the consolidated financials of Max Estates Limited along with its subsidiaries and associate concerns given their strategic importance to MEL, close business linkages, common management, common treasury team and MEL’s reputation sensitivity to default. 2 Cash flow adequacy ratio = Committed receivables / (Pending cost + Debt outstanding on residential projects) 3 For the commercial and mixed-use assets, the effective shareholding is 51% MEL and 49% NYL. www.icra.in Sensitivity Label : Public Page The Stable outlook on the long-term rating reflects ICRA’s opinion that MEL will maintain healthy sales and collections in the real estate segment, along with strong occupancy levels for the leasing segment resulting in improvement in CFO and leverage metrics. Key rating drivers and their description Credit strengths Estimated improvement in operating performance of residential segment; sustained strong performance of commercial segment – The company reported healthy pre-sales in FY2026 of Rs. 5,305 crore, along with significant improvement in collections by 66% to Rs. 1,578 crore for FY2026, driven by strong sales velocity from its recent launches. ICRA expects the collections to further grow by 50-55% in FY2027, resulting in an improvement in CFO from its residential segment. The leverage is anticipated to be comfortable with Total external residential debt/CFO estimated in the range of 2.0-2.5 times as of March 2027. The rating considers the robust occupancy of 100% with reputed tenants across MEL’s commercial assets of 1.2 msf as of March 2026, backed by favourable location leading to steady rental inflows of Rs. 160-170 crore in FY2027. The debt protection metrics for the operational commercial leasing segment is likely to be adequate in FY2027, with leverage as measured by LRD debt/annualised rentals of 5.5-6.0 times as of March 2027 and DSCR in the range of 1.30-1.35 times for FY2027. Strong cash flow adequacy ratio – The Group’s cash flow adequacy ratio remains strong at around 105%, driven by healthy committed receivables of around Rs. 9,455 crore as of March 2026 and years to sell is less than 14 months for the inventory as of March 2026, driven by healthy sales velocity for all its ongoing projects. Experienced sponsor group lends financial flexibility – Max Estates Limited belongs to the Max Group, founded in 1982 by Mr. Analjit Singh. The Group has over four decades of entrepreneurial experience and a proven track record of creating, scaling and monetising businesses across sectors, including healthcare, financial services and real estate. NYL is a financial services company and the largest mutual life insurer in the USA. It partnered with the Max Group and co-invested in developing commercial and mixed-use real estate projects. NYL has a cumulative commitment of around Rs. 1,770 c [Showing first 8,000 characters — download PDF for full document]