Yes. Good morning and thank you for the opportunity. So my first question is on employee and marketing expense, like it has increased materially Y-o-Y in Q1, how should we think about the quarterly cost run rate and EBITDA margins over the rest of 2027? Nitin Kansal: Thank you. This is Nitin Kansal. I would like to answer your question. See, I think the underlying aspect of the advertising and marketing cost lies in the accounting principle. The way the accounting principles are defined under Ind AS 115 pertains that in the case of residential sales, the entire sales is accounted for in the P&L at the time of transferring the possession to the customer, although the advertising and marketing costs are all charged to P&L. If you see in the current quarter, we had launches and ongoing sales and marketing effort going in the current quarter as compared to the same quarter in the previous year in which we didn't had any launches. So the current year quarter looks like a given impression of being elevated as compared to on year-on-year basis. Going forward, these sales and marketing expenses would be in line with the launches which we have planned within the course of the year. Parth Sodha: Got it. My second question is like with Rs. 11,900 crores of residential GDV planned across Estate 361 Phase-2, Estate 105 Phase-2 and Sector 59, which of these projects do you see as the biggest contributor to FY '27 pre-sales? Nitin Kansal: We would not like to single out a single project. All these three projects equi-distributably give a contribution. An important factor to note is that all these projects are in different micro-markets, while Estate 361 happens to be on the Dwarka Expressway, while Sector 59 happens in the upcoming Golf Course Extension Road and we have Estate 105, which is in Noida. So it is widely distributed and would be very much equi-distributed across these 3 projects. Parth Sodha: That is all from my side. Thank you. Moderator: Thank you. The next question is from the line of Aman from GoPaisa. Please go ahead. Aman: I wanted to check how exactly the relationship between Max India and Max Estates, particularly with respect to Antara. I noticed from Max India's presentation that we are co-hosting some of the Antara projects in Estate 361 and Estate 360. So how exactly does it work? How does it work commercially? And what kind of revenue share, what shares do we have with this? And also, the monetization of the Antara project? Thank you. Sahil Vachani: Sure. Thank you and Thank you, Aman for asking this question. Aman, just as a clarity, Max India and Max Estates, Max India being the holding company of Antara are two distinct listed entities having separate managements altogether. At this point of time, the Estate projects, Estate 361 and 361 are completely housed on the balance sheet of Max Estates. And all the development which is happening in these projects, although are being marketed under the brand name of Antara, the entire profit and loss, cost, all benefits and expenses are on the balance sheet of Max Estates. As we speak today, Antara acts as a knowledge partner to Max Estates for which they are given a fee, which is a fixed fee in the range of close to 9.5%, which is a development

manager's fees given to them. And this, what Antara helps us is it propels and gives us the community of flavor of our intergenerational community, which gives us a multi-pronged avenues to sell our product, whereby if you see in the last quarter, we launched Terraces, we have got Max Estates luxury residences, we have got our senior living residences under the brand name Antara, and then we have got the Terraces. So all these things make a complete package in our projects in Estate 360 and 361. So just to summarize, our relationship with Antara is purely an arm's length basis and they get a 9.5% fee on the topline as a development manager for Max Estates. Aman: Just to get clarity on this one, 9.5% of what exactly, of what? Nitin Kansal: Of the topline. Just to clarify, in the case of Estate 360, one third of the project was being marketed and developed under the brand name Antara. So on the one third portion, which is close to what, ballpark in the range of Rs. 1,200-Rs. 1,500 crores of Estate 360, which was under the aegis of Antara, only on that they get 9.5% and not on the entire project. Aman: Sotechnically it becomes an Antara project, which we are developing. So is this strategy, do they help us get extra, in terms of extra rate for square feet or how does it help to have the Antara? I understand it is a holding company, but how exactly does estate use the Antara? Nitin Kansal: So what happens is, I think I would like to differ on this, it does not become an Antara project. It remains a Max Estates project and what happens because of the expertise which is coming on the table for the senior living component through Antara, Antara is able to drive better price realizations on the asset and thereby making it a self-funded. So the way to look at it, without having a cost escalation, in fact better economics, we are able to get a better sales velocity on the section which is unsold under the brand name of Antara. In the Estate 360, we had a continuous basis, we had a price escalation, a price differentiation of Antara as compared to luxury residences in the range of 7%-10%. What it means that whatever fee which we were paying to them was getting realized and they were able to realize the pricing which was a premium to Max Estates residences. Aman: So you are saying 18% of extra revenue we make and that is in itself passed through to them? Nitin Kansal: It is not 18%. I think I will again repeat. The revenue is fully to the account of Max Estates. On the topline, if we sell an apartment of Rs. 5 crores, the topline accrues to Max Estates and if it is a senior living apartment, they get Rs. 45-Rs. 48 lakh as a fee and that is also paid as we collect over the life cycle of the project and not upfront. Aman: Are there any other revenues? Moderator: Hello, Mr. Aman. I just request you to rejoin the queue for the follow-up question, please. Aman: Thank you.

Yes, thank you. The next question is from the line of Karan Khanna from Ambit Capital. Please go ahead. Karan Khanna: Yes, hi. Thanks for the opportunity. So firstly, I have a question at a broader macro and industry level. We are seeing a lot of new graded developers taking a chance in the Gurgaon and Delhi NCR market at large with premium projects which have been launched lately. While obviously this shows that demand has been quite resilient, how should one read the success of one of your peers' project from Mumbai and Golf Course Extension Road and what does this do to your project in Sector 59? And more importantly, with increased competition, how should one think about BD potential given that there will be higher demand from the landowners and the overall scope for absorption of inventory given that many new projects have similar ticket sizes? Sahil Vachani: Yes, thank you for that, Karan. So we do continue to believe that there is a wave of consolidation that is happening in the real estate space and that consolidation towards organized, trusted, listed players will continue and we are seeing a trend of that. In specific, we remain very encouraged by the response some of our peers have received in the Gurgaon market. It is reflective of the inherent demand for a good quality offering and product and a brand. And at Max Estates, we believe that we firmly operate in that category where from a product differentiation perspective, from a brand recognition perspective, we do believe that we will be able to command very strong sales and our track record has shown that to us by the fact that we have closed Rs. 5,300 crores plus sales in the last 2 financial years and even in Q1, having done Rs. 1,100 crores of sales as we speak. On the business development part, I think we remain very confident and optimistic that there will be, while there will continue to be a consolidation amongst the listed and organized players, Max Estates continues to be one of them and will continue to do the BD within our guidelines and within our parameters and we continue to do that as we move forward. So we remain very optimistic about that as well. Karan Khanna: Sure. And then second question, Sahil, is on the BD pipeline. You had earlier said that Ghaziabad, Jewar and Faridabad were markets you were studying, but your core focus remained Gurgaon, Delhi and Noida. With Ghaziabad now appearing more prominently in the BD conversation as well as on slide 29 of your investor presentation, has Max Estates moved beyond evaluating markets to actively pursue specific parcels and if so, could you give us some sense on the potential scale, deal structure and return hurdles that you are seeing in Ghaziabad versus the traditional Gurgaon, Noida market? Sahil Vachani: Yes. So we at Max Estates will continue to evaluate many opportunities and within the greater NCR region as well and we are already doing that as is evident and as we have shown. It is a little premature at this stage to give guidelines or to give guidance on what the commercial parameters of a deal that we have not yet closed are. But I think broadly, just to give you perspective, NCR and the larger part of NCR, we remain very confident to continue to accelerate our growth journey.

Sure. And then lastly, Nitin, in the last call, you had indicated Rs. 2,500-Rs. 3,000 crores of FY '27 collections against Rs. 1,578 crores last year, with project deployment of around Rs. 1,500-Rs. 1,800 crores. Given Q1 collections were around Rs. 500 crores, are you still comfortable with the Rs. 2,500-Rs. 3,000 crores full year range? And importantly, should we expect OCF to remain meaningfully positive even as construction spend accelerates at Estate 105, Max One and Estate 361? Sahil Vachani: Absolutely, Karan. The Quarter 1 collections has, in fact, given us more confidence that we are on track to achieve our target collections and OCF for the current year. And we expect our collections to be in the range of Rs. 2,500-Rs. 2,700 crores in the current year, which would be a combination of the projects which we have already sold, which will be hitting the construction milestones and the fresh sales which we are planning to do, which is in equal proportion to one of them. And we would be deploying, say, if I can break up my deployment would be on two prongs. We would be deploying close to Rs. 1,500-Rs. 1,800 crores on the project, and we would be having OCF of close to Rs. 750-Rs. 1,000 crores left, which we would be planning to deploy on the BD efforts ongoing in the company. Karan Khanna: Great. Thank you. These were my questions. I will come back in the queue for any follow-ups. Sahil Vachani: Thank you, Karan. Moderator: Thank you. The next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead. Pritesh Sheth: Yes. Hi, Sahil. Hi, team. Good morning, and thanks for this opportunity. Just 2-3 questions. Firstly, if I see the velocity that we have achieved in projects which we have launched, Estate 361, Max One and Estate 105, we can see like 50%-70% of the inventory in the first 6 months-- Moderator: Mr. Pritesh, your line is not clear. Pritesh Sheth: Is it clear now? Sahil Vachani: Yes, better, please go ahead. Pritesh Sheth: So I was just checking on how one should think about sales velocity, given that we have sold 50%-70% of inventory in first 6 months, how should we think about velocity? Like should we going forward also assume that whenever a project is launched within 6 months, there is enough demand where we give this kind of velocity, and within 1 year or 2 years, we should be able to sell out this project. And apart from that, for Max One, while it is strictly on the ultra-luxury side, there, how should or it can go, the sales can go on the project?

Yes. So just to give you an overview, we are not giving forward-looking guidance in terms of sales. But as you have seen our track record, we remain extremely optimistic and confident in achieving very robust sales. You have seen that you mentioned the numbers that we have done. I would like to highlight that even in this quarter, almost 50% of our sales came from sustenance sales and 50% came from a new launch, approximately. So we remain very confident on the strength of the product, on the strength of the brand, on the pull that we have on our geographical diversification and on our product diversification to continue the growth trajectory for Max Estates at large. Pritesh Sheth: Just as a follow-up, you still want to avoid giving guidance for FY '27 or now that we have seen first full quarter and half of second quarter as well, we know you are more confident on guiding for FY '27? Sahil Vachani: Yes. So like I said, we are not giving a guidance for FY '27. All we are saying is we do have about Rs. 16,000 crores of inventory available with us to sell for the coming year and beyond. So we remain very confident, optimistic that what we have is in fantastic location. It is a great product mix. It is a great product diversification basis of strategy. So we remain very confident on that. Pritesh Sheth: Sure. And just one last, in terms of launches, you highlighted Q3, we will have a Sector 59 launch. But apart from that, the balance inventory in 361 and Estate 105, how should one think about phasing that out? Sahil Vachani: Yes. So some of it will obviously go to FY '28 and we will plan it in that way. Like I said, after Rs. 16,000 crores, there will be some which will come in Q3 and there will be some that will come in FY '28 as well. Pritesh Sheth: You want to exactly put the number? Like Rs. 16,000 can take half and half, or it will be more in FY '28 and less in FY '27? Sahil Vachani: Like I said, we will decide that basis the market scenario and microeconomic environment. Pritesh Sheth: Sure. Just one last on the Delhi Master Plan 2047 now how should one think about it? Sahil Vachani: This has been one of the most important milestones in this development, whereby the hurdles have finally got cleared. And now with the DDA finally agreeing to this, the new guidelines that have come has cleared the path for land pooling to finally take off. And we, as Max Estates continue to be extremely excited and optimistic. And we believe that this is a complete transformational policy for the state of Delhi, for development in Delhi and for housing in Delhi. So it is completely a very transformative, broad policy and contours of the deal, which is in line with what has been the discussion that DDA has had over the past many years. So we are very happy that finally this has come through.

And in terms of timelines of getting to the listed entity? Sahil Vachani: It is difficult to mention timelines as you know that this has just happened a few days ago. So we are still trying to get more details of it. We understand that there is still some notification that Ministry of Housing has to do. And then, we have to understand in more detail some of the aspects. But yes, it is something that we will look at as Max Estates very seriously. Pritesh Sheth: Sure. That is it from my side. Thank you for answering all the questions and all the best to you. Thank you. Sahil Vachani: Thank you. Moderator: Thank you. The next question is from the line of Parikshit Gupta from Fair Value Capital. Please go ahead. Parikshit Gupta: Thank you very much for the opportunity and congratulations on a good quarter. My first question is in continuation from one of the other participants on business developments. In the previous quarter's concall, we also articulated the fact that the discussions with landowners were opportunistic given the volatility in pricing. Can you please help us understand the current scenario? I mean, how the discussions are going? Is the pricing more favorable or anything on that sort, please? Sahil Vachani: I think we continue to remain very optimistic and push on the business development pipeline. As I discussed, we have identified our key geographies and we continue to drive them. At this stage, I would not like to comment anymore on how some of those discussions are going, obviously because of the competitive nature of each of those opportunities. But it is suffice to suggest that we are very optimistic and we are continuing to push the business development pipeline. Parikshit Gupta: Thank you for that. My second question is just a bookkeeping question. So when you mentioned that 1 million square feet of commercial real estate will be added each year, is that inclusive of the Rs. 700 crores annuity guidance or is it on top of that? Nitin Kansal: Yes. Thank you. This is Nitin. Just to answer that, Rs. 700 crores is onaccount of the projects which have already done and under construction, under development at this point of time. So 1 million is over and above what the Rs. 700 crores is. Parikshit Gupta: Understood. This is very helpful. That is it for now. I will join back the queue for any questions and good luck for the quarter. Sahil Vachani: Thank you so much.

Thank you. The next question is from the line of Jay Kant Beria from IIFL Capital. Please go ahead. Jay Kant Beria: Yes. Hi. Thanks for the opportunity. I just wanted to get a sense of the cash flows for this quarter. So our collections were quite healthy, but our net debt has seen some increase. So can you give some flavor on how the cash flows have been deployed in the quarter? Nitin Kansal: So I think the way we have to think is that although our debt has gone up, so has our cash balance has also gone up. The debt which is going up is on account of the construction finance we have taken on the commercial assets. Currently, we have got 3 assets which are underway. We have got Max Square 2, Max District, and Max One which is underway. So as we speak today, what is happening is the debt drawn on this project which is toward construction finance is getting added and which adds to the overall debt of the company. Jay Kant Beria: And how do we explain the rise in net debt then because our net debt also has gone up. So have our construction spends accelerated in the quarter or? Sahil Vachani: Our construction spend is across the assets. What is happening in addition to what we are deploying in the projects, we also have a land revenue share towards landowners which go over there. So if you in terms of actual deployment, it is accelerated in the quarter. Jay Kant Beria: My second question was on the commercial side. So have you made any progress in terms of pre-leasing after a strong FY '26 where we saw some good pre-leasing momentum for our under construction assets? Because our peers are saying that there are some deferrals by large clients. So how are we seeing the leasing momentum for our assets? Nitin Kansal: So we see a strong traction. If you see in our last quarter, we had mentioned about both our under construction projects, Max District having close to 2 lakh square feet of area getting pre-leased and the case of Max One close to 100,000 square feet of area getting pre-leased. To assure you, as we speak today, in both the projects, we have a pipeline of which is in excess of 3 million square feet which is under discussion. And also important part to note is that our pre-leasing momentum is not only on the quantum, it is also the increase in premiums or the rates which we are getting. Both the pre-leasing happened at 25%-30% and we are gradually trying to inch up the premium on the remaining pre-leasing which we are planning to do. Jay Kant Beria: Sure. That is helpful. Thank you. Moderator: Thank you. The next question is from the line of Akash Gupta from Nomura. Please go ahead. Akash Gupta: Hi, am I audible? Moderator: Yes, sir.

Yes, please. Akash Gupta: Hi, sir. My first question is on the launch lineup for FY '27. I was not clear. So we have Rs. 16,000 crores of GDV launch pipeline. Could you just give us a sense, what is the value of launches that we are looking in the balance 9 months, quarterly, if possible? That is my first question. Sahil Vachani: So I think broadly, we will have close to, I would say, Rs. 5,000 crores of launches that we are looking to do in the remaining half of the year that we have, in the second half of the year. And yes, between Rs. 5,000-Rs. 5,500 crores of new launches. And we will have about Rs. 3,000-Rs. 4,000 crores of old inventory that we have available with us as well that is already launched that we continue to sell through the sustenance process. Akash Gupta: Understood. And my second question is on the FY '27 pre-sales guidance. I am seeing slide 15 and we continue to give guidance for the past 3 years. And now we have changed our strategy. All your peers are also giving guidance, at least on the pre-sales and launches. So I just wanted to understand why has there been change in strategy? Sahil Vachani: We feel that giving guidance in the current microeconomic environment is not the best thing for the long-term health of the company and we are very focused on the quality of sales that we do, in how we sell, in who we sell to, etc. And therefore, I do not want to lock ourselves by giving guidance, and especially in the microeconomic environment, which is extremely volatile. So we have taken the path of not giving sales guidance and we will stick to that. Akash Gupta: Understood, sir. Thank you so much. Sahil Vachani: Thank you. Moderator: Thank you. The next question is from the line of Ritwik Sheth from One Up Financial. Please go ahead. Ritwik Sheth: Hi, good morning. Just one question from my end. Sir, the Sector 59 project, are we launching the entire project together or it will be phase-wise? Sahil Vachani: We will take that decision as we get closer to the time. I think it is not a very large project in terms of the number of units that we are planning. So this is a decision that the management team will take closer to launch. Ritwik Sheth: But we have the approval for the entire project, right? Sahil Vachani: Yes, of course. Ritwik Sheth: Great. All the best and thank you.

Thank you so much. Moderator: Thank you. The next question is from the line of Abhishek Lodhia from Antique Stock Broking. Please go ahead. Abhishek Lodhia: Good morning, Sahil and team. Just one question. So we are developing commercial assets. Just want to understand what kind of CAPEX is still remaining as I can see, we are expecting the occupancy certificate by Q2 FY '28 for at least Phase-1. And yes, so that is one? And whether that will basically weigh on our balance sheet anymore from here or how should we see the cash flow moving ? Nitin Kansal: Hi, Abhishek. Good morning. Abhishek, just to get context in the remaining CAPEX to be done on the commercial asset, to begin with, to clarify, currently we have achieved financial closure on all our commercial assets. What we had underwritten, both the equity partners have put in their share of equity and we have also got debt sanctioned from leading banks like SBI, ICICI, etc. The remaining capital which we need to deploy on these assets is amount in the range of Rs. 1,500-Rs. 1,800 crores and which would be, which is completely tied up as we speak. Abhishek Lodhia: So basically current balance sheet already includes that kind of provision, right? Sahil Vachani: The equity provisions have been made. As and when we draw the construction finance, if you see, we have been stating that our long-term strategy is to put in equity to the tune of 40% and the remaining is done through debt. And once the project is commissioned, then construction finance is going to convert into lease rental discounting. If you see from the balance sheet reflection, this incremental debt of Rs. 1,500 crores is not reflected, but the whole objective is once the projects are completed, this construction finance would be converted into a lease rental discounting. Abhishek Lodhia: Thanks for the clarification, Nitin. Nitin Kansal: Thank you, Abhishek. Moderator: Thank you. The next question is from the line of Jigar from Financial Research. Please go ahead. Jigar: Yes. Thank you for taking our question. Congratulations on very good results. Sir, I wanted to understand a bit more about the Max India understanding that we have regarding Antara. I think you alluded a little bit about Estate 360 and maybe Estate 361 also if you could just go through it once again, please? Thank you. Sahil Vachani: Yes. I will try and explain it. I think the way we need to look at it is in the context of where you have a hotel owner and a hotel operator, right? So you have brands that run hotels. They are operating hotels and they take management fee for operating that. And the property owner is separate. In the same way, just to give you that analogy, Max Estates is the developer of the

senior living component as well. Antara is the operator of it and Antara takes the development management fee for the operations of it. And that is what they will take and that is how they are scaling with us. And we are, as Max Estates, developing Antara as part of our various developments, not in all of them, but in some of them. And Nitin had highlighted that we do pay about Antara as a development management fee, 9%-9.5% of the sales value. It is also important to note at this time that Antara sells at a premium of approximately 10% compared to our own Max Estates sales. So therefore, we are able to offset that cost in that sense. I hope that is clear. Jigar: Yes. So Estate 360, you mentioned that the senior living portion, the intergenerational community would be about Rs. 1,200-Rs. 1,500 crores, right? Sahil Vachani: Approximately, yes. Correct. Jigar: And what about 361? What would be the total? I think 361 is about Rs. 10,000 crores is the GDV, right? So how much would be the? Sahil Vachani: I think between 15%-20% is approximately the sales value. Jigar: Sorry, you got cut. Sahil Vachani: 15%-20% of the total value would be Antara. Jigar: Of 361? Sahil Vachani: Yes. Jigar: Thank you so much and all the best. Thank you. Moderator: Thank you. The next question is from the line of Tushar Agarwal, an Individual Investor. Please go ahead. Tushar Agarwal: Hi, good morning, team. I have a couple of questions. First is on the lease-rental parts. You mentioned that the inventory that you have pre-leased is at a premium. So that premium is on today's market rate or when the property will be occupied on those projected market rates in those years? Nitin Kansal: Thank you, Tushar. So the premium is on today's prevailing market rates. When we do our projections, we have been projecting numbers of what we get today. Tushar Agarwal: Understood. And what is the yield that we are targeting on our projects? Nitin Kansal: So when we underwrite the project at the time of Greenfield, that is in the range of 12%-14% is when we underwrite. And by the time when the project is completely constructed and leased, if you see REITs the prevailing cap rates are more in the range of 6.5%-7%, resulting in a

significant capital appreciation from the time we take over the asset and the project is delivered and leased. This entire cycle journey happens in the range of 3-5 years. Tushar Agarwal: Understood. And on Antara front, how much percent of the project do you plan to keep moving forward in your other projects? Nitin Kansal: So this is not, see, what is happening, we would like to have a certain portion of senior living component, but that is not crystallized that all our projects will have a certain portion of Antara. That is depending upon how the market situation is and what is the market acceptability and the acceptance of senior living in that community. So it is a dynamic feature which we will keep on evaluating on a project-to-project basis. Tushar Agarwal: Understood. Do you see the 9.5% fees which we pay to Antara going down sometime in the future or is it a fixed fee kind of a thing? Nitin Kansal: It is not a fixed fee. It is a dynamic thing. It is a commercial transaction between two commercial entities. It is always commercially negotiated and comes to a certain conclusion. To give a firm commitment, the number remaining static going up and down would not be possible for us in this point of time. Tushar Agarwal: Antara also will be charging for their services in the future. So do we get some revenue share from their portion of revenues? Nitin Kansal: So Antara would not be charging anything. They would be one of the facility managers at that point of time because they have a deep expertise in managing the senior living residences, but that would be all on the balance sheet of Max Estates and the entire revenue stream will accrue to Max Estates only. Whatever fee would be given to them would be a function of charges at that point of time. Tushar Agarwal: And lastly, are we exploring some other markets? Sahil Vachani: Sorry, just to add to that in case your question was about the operating facilities, etc., that fee for the Antara component will go to Antara itself. Tushar Agarwal: Understood. And do you have plans to explore other markets or we will be still focusing on NCR market only in the near future? Sahil Vachani: Yes, we continue to focus on the NCR and the larger NCR region itself. Tushar Agarwal: Thank you so much. I will get back in the queue. Moderator: Thank you. The next follow-up question is from the line of Aman from GoPaisa. Please go ahead.

All my questions are answered. Thank you very much. Sahil Vachani: Thank you, Aman. Moderator: Thank you. As there are no further questions from the participants, I would now hand the conference over to the management for closing comments. Over to you, sir. Sahil Vachani: Thank you so much. Thank you, everyone for joining the conference. Look forward to interacting towards the next quarter results. Thank you so much. Moderator: Thank you. On behalf of Ambit Capital Private Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.