Other income outweighed operating profit in Max Estates' Q1FY27
The consolidated operating margin was above the sector median, but interest and depreciation kept pre-tax profit below other income.
Filed 14 Aug 2026, 20:54 IST · after market close · Max Estates Ltd (MAXESTATES)
Key takeaways
- Max Estates reported consolidated net profit of Rs 8.35 cr in Q1FY27, with other income of Rs 28.17 cr exceeding profit before tax of Rs 11.39 cr.
- Operating margin was 15.65%, or 2.78 percentage points above the 12.87% median for 180 Consumer Discretionary peers that had reported.
- Interest of Rs 16.73 cr and depreciation of Rs 8.17 cr absorbed most of the Rs 8.12 cr operating profit before non-operating income supported pre-tax earnings.
Price around the results
Q1 profit depended on non-operating income
Max Estates reported consolidated revenue of Rs 51.91 cr and operating profit of Rs 8.12 cr in Q1FY27. Other income of Rs 28.17 cr was more than twice operating profit and exceeded the Rs 11.39 cr profit before tax. This makes the Rs 8.35 cr net profit less representative of operating earnings than the headline profit figure suggests.
Operating margin stood above the peer median
The 15.65% operating margin was 2.78 percentage points above the 12.87% median among 180 Consumer Discretionary peers that had reported the quarter. However, interest expense of Rs 16.73 cr was more than twice operating profit, while depreciation was Rs 8.17 cr. The 26.65% tax rate also reduced the conversion of pre-tax profit into net profit.
No sequential or market comparison is available yet
The filing provides a first-quarter view without a reported year-on-year or sequential comparison, so the direction of revenue and margin cannot be established from this release alone. The results were filed after market close on 14 August 2026, leaving no immediate stock reaction to assess.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹52 cr |
| Other income | ₹28 cr |
| Expenses | ₹44 cr |
| Operating profit | ₹8 cr |
| Operating margin (%) | 15.65% |
| Interest | ₹17 cr |
| Depreciation | ₹8 cr |
| Profit before tax | ₹11 cr |
| Tax | ₹3 cr |
| Net profit | ₹8 cr |
| EPS (₹) | ₹0.51 |
Operating margin of 15.65% compares with a Consumer Discretionary sector median of 12.87% across 180 peers that have reported Q1FY27.
What to watch
- Whether operating margin holds above 15.65% in the next reported quarter.
- Whether other income remains a major contributor relative to the Rs 8.12 cr operating profit.
- Whether interest expense moves below the Rs 16.73 cr reported in Q1FY27.