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
- Consolidated net profit was Rs 8.35 cr, but other income of Rs 28.17 cr exceeded profit before tax of Rs 11.39 cr.
- The 15.65% operating margin was 2.84 percentage points above the median for 181 Consumer Discretionary peers.
- Max Estates shares rose 7.33% after the results, with trading volume at 10.62 times the reference level.
Price around the results
Q1 profit was supported by non-operating income
Max Estates reported consolidated net profit of Rs 8.35 cr in Q1FY27, while profit before tax was Rs 11.39 cr. Other income of Rs 28.17 cr exceeded profit before tax, making the reported earnings mix dependent on income outside operations.
Interest and depreciation outweighed operating profit
The company generated operating profit of Rs 8.12 cr, but interest expense was Rs 16.73 cr and depreciation was Rs 8.17 cr. That burden helps explain why profit before tax remained modest despite the operating contribution.
Operating margin was ahead of the reported peer median
Max Estates’ 15.65% operating margin was 2.84 percentage points above the 12.81% median for the 181 Consumer Discretionary peers that had reported. The quarter’s margin position was therefore better than the sector comparison, even though the earnings quality was diluted by other income.
The stock reaction was positive after the filing
The shares gained 7.33% on the first measured session after the results, with an opening gap of 0.52%. The move was accompanied by volume at 10.62 times the reference level.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| 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 12.81% across 181 peers that have reported Q1FY27.
How the stock reacted
| Window | Stock | vs NIFTY |
|---|---|---|
| Results day | +7.33% | +7.65% |
| Next session | +8.12% | — |
| 5 sessions | +24.26% | +24.86% |
Volume on the results session was 10.62× its 20-day average.
What to watch
- Whether operating margin holds above 15.65%.
- Whether interest expense remains above operating profit, as Rs 16.73 cr was versus Rs 8.12 cr this quarter.
- Whether other income remains higher than profit before tax, as Rs 28.17 cr compared with Rs 11.39 cr in Q1FY27.