Analysts/Institutional Investor Meet/Con. Call Updates

August 21, 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, in continuation of our intimation dated August 11, 2026, for schedule of the Earnings Conference Call, please find enclosed the transcript of the Earnings Conference Call conducted on August 17, 2026, at 11:00 a.m. (IST) to discuss Q1FY27 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 Q1 FY '27 Earnings Conference Call” August 17, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchange on 17th August 2026 will prevail. 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), MAX ESTATES LIMITED MODERATORS: MR. KARAN KHANNA – AMBIT CAPITAL PRIVATE LIMITED Page 1 of 17 Max Estates Limited August 17, 2026 Moderator: Ladies and gentlemen, good day and welcome to Q1 FY '27 Earnings Conference Call of Max Estates Limited hosted by Ambit Capital Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing *, then 0 on your touchtone phone. Please note that this conference is being recorded. I would now hand the conference over to Mr. Karan Khanna from Ambit Capital Private Limited. Thank you and over to you, sir. Karan Khanna: Thank you Muskan and good morning, everyone. On behalf of Ambit Capital, I would like to welcome you all to the 1Q FY '27 Earnings Conference Call for Max Estates Limited. From the management today, we have with us Mr. Sahil Vachani - Vice Chairman and Managing Director; Mr. Vachan Singh - Chief Operating Officer; Mr. Nitin Kansal - Chief Financial Officer and Mr. Archit Goyal - Head of Investor Relations. We would like to now begin the call with opening remarks from the management, post which we will have the forum open for an interactive question-and-answer session. Thank you and over to you, Sahil. Sahil Vachani: Thank you, Karan and good morning, everyone. I would like to begin with some industry highlights followed by key business updates for the quarter ended 30th of June, 2026: The Delhi NCR residential market, to cover that first, saw a broadly resilient quarter, despite the more cautious demand backdrop nationally. Delhi NCR recorded close to 8,800 residential unit launches in Q2, 2026, with Gurgaon continuing to lead the region accounting for approximately a 70% share across the key vectors of Sohna Road and Dwarka Expressway. Noida, Greater Noida too contributed the balance with Noida Expressway and Noida Extension emerging as key micro markets. For the first half of calendar year 2026, the total launches across the region reached approximately 18,500 units, reflecting sustained momentum. On the pricing side: Weighted average prices held broadly stable on a quarter-on-quarter basis, while capital values recorded healthy annual growth across both cities and rentals improved steadily, led by the prime micro markets that I outlined. That said, the residential sales volumes across the sector moderated through the quarter against a backdrop of global uncertainty, tightening liquidity conditions and cautious consumer sentiment. Page 2 of 17 Max Estates Limited August 17, 2026 On the commercial side: Delhi NCR recorded strong office leasing of 4.1 million square feet in Q2, 2026, reflecting healthy occupied demand across key commercial markets led by GCC's IT flexible workspaces and professional service firms. Coming to the business performance for Max Estates: First on the Residential side: We are very delighted to share that Max Estates delivered a strong Q1 FY '27, with pre-sales of approximately Rs. 1,100 crores, registering a 5x year-on-year growth, a clear reflection of the continued strength of our brand and product positioning, even in a more selective demand environment. This was anchored by the full sellout of Phase-1 of the Terraces at Estate 361 Gurgaon, which contributed approximately Rs. 500 crores, while sustenance sales across the existing portfolio added another Rs. 600 crores. Collections for the quarter stood at approximately Rs. 575 crores, consistent with our historical collection range of 20%-25% of the sales value, enabling us to fund construction without incremental debt on any of our residential projects. On the embedded value, the total revenue potential across our launched residential and mixed- use portfolio stands at INR 17,500 crores. Of this, INR 13,500 crores is already sold and contracted, comprising Rs. 3,500 crores already collected and a further Rs. 10,000 crores to be collected as construction progresses. It is important to note that our current P&L reflects only a fraction of what is already contracted. Translating the sold portfolio into profitability terms, the embedded PBT is estimated in the range of Rs. 4,500-Rs. 5,500 crores. This is a critical distinction of how we think about the business. A substantial majority of our future reported earnings is already locked in, well ahead of P&L recognition, which meaningfully derisks our running trajectory. Looking ahead, our residential launch pipeline, spanning both unsold launched inventory and future launches, stands at approximately Rs. 16,100 crores. Of this, Rs. 4,000 crores is already launched and available for sale this year, while the remaining Rs. 12,000 crores approximately represents new project launches planned through the course of FY '27, as we continue to target annual addition of 2 million square feet of residential development. Max Estates launched the Terraces in May, its newest residential offering within Estate 361 in Dwarka Expressway, Gurgaon. The Terraces brought together smart residences, 8 community shared spaces, across a host of amenities. This particular aspect within the development has a broad GDV of Rs. 1,200 crores, which is part of Estate 361, which has an overall GDV of Rs. 9,000 crores. Phase-1 with a GDV of Rs. 500 crores was fully sold out in the launch quarter. Estate 361 is built as a fully intergenerational community, encompassing the Terraces for young couples and first-time homeowners. Page 3 of 17 Max Estates Limited August 17, 2026 At Estate 105 Noida, driven by the strong response to the project, we have revised the development mix to a residential portfolio, enhancing our project GDV to Rs. 6,000 crores, with Phase-2 of this plan in FY '27 as a launch. Max One, which was part of the transformative revival of the long-stalled Delhi One project, has now got well underway. The acquisition and subsequent clearances provided a decade's worth of relief to erstwhile homebuyers who were brought into the Max Estates family, including bookings recognized post-RERA approval from the erstwhile developer. The project spans 2.5 million square feet, with a total GDV of approximately INR 3,200 crores, and an annuity income of Rs. 145 crores. Delighted to [Showing first 8,000 characters — download PDF for full document]