MSFL posted its highest ever quarterly revenue & EBITDA; EBITDA margin expands by 380 bps YoY to 22.2%

  • Leasing enquiry for the commercial real estate business gains momentum as economy gradually unlocks

New Delhi,


MaxVIL Q1FY22 Financial Highlights (YoY):

  • Consolidated Revenue up 49% to Rs. 3,841 Mn
  • Consolidated EBITDA up 87% to Rs. 876 Mn
  • Consolidated PAT up 253% to Rs. 460 Mn


Max Estates Q1FY22 Highlights (YoY)

  • Total Lease Rental Income (Max Towers + Max House) up 88% to Rs. 83 Mn
  • Total leased area owned by Max Estates at ~3 Lk Sq. Ft.


Max Speciality Films Q1FY22 Highlights (YoY)

  • Revenue up 46% to Rs. 3,675 Mn
  • EBITDA up 76% to Rs. 814 Mn; EBITDA Margin expands by 380 bps to 22.2%


MaxVIL Business Updates


Max Ventures & Industries Limited (MaxVIL), a part of India’s leading multi-business conglomerate, Max Group, announced its financial results today. The company operates two core businesses – Real Estate & Specialty Packaging Films.


The company’s specialty films vertical – MSFL continue to post strong performance with recording its highest ever quarterly revenue & EBITDA during Q1FY22. MSFL’s revenue increased by 46% YoY, EBITDA increased by 76% YoY while margins expanded by 380 bps YoY to 22.2% on the back of strong demand accelerated by the shift towards sustainable solutions, recyclable, and value-added specialty films products.


The company’s real estate vertical – Max Estates witnessed improved flow of enquiries for leasing as lockdown restrictions were relaxed from the second half of Q1FY22. While company continues to positively engage with new prospective tenants, it expects the leasing to pick up in coming quarters as economy unlocks and restrictions are further relaxed.


After significantly leasing out Max Towers, Max Estates focus currently remains on leasing Max House Okhla Phase 1 and continue the timebound construction of Max Square. Max Estates has also been actively evaluating land parcels for its new commercial & residential projects, closure of which has been slightly delayed due to lockdowns. Company hopes to announce these new projects in FY22.


Going ahead, company expects MSFL to continue the strong performance on the back of sustained demand, better product mix and rising preference towards sustainable, recyclable, and packaged products. In Real Estate business – company expects leasing to gain traction in coming quarters while foraying into residential business will open a new set of opportunities and help Max Estates move towards becoming one of the top multi asset class real estate developers in the Delhi-NCR region.


Commenting on the performance, Sahil Vachani, MD & CEO of MaxVIL said, “Q1FY22 proved to be yet another record quarterly performance for our packaging films business posting its highest ever quarterly revenue & EBITDA. Sustained demand, enhanced specialty product mix and sustainability led initiatives led to this strong performance in our packaging films business. Our packaging films business is expected to continue the robust performance with strong focus on sustainable & recyclable products with improving share of value-added specialty films.


Leasing momentum at our commercial real estate business was impacted due to stringent lockdown restrictions during the first half of Q1FY22 due to second wave of covid-19. As the quarter progressed, we witnessed increased enquiries for leasing as economy started unlocking again. We expect commercial real estate business activity to resume in coming months as lockdowns restrictions are eased while foraying into residential business will allow to us to expand our footprint, create future growth opportunities and enhance shareholder value.”



Key performance highlights of MaxVIL verticals are as below:


Max Estates Limited (MEL)


ü  Max Towers, Noida

  • Total leased area at Max Towers stands at ~4.87 Lk Sq. Ft.; Leased area attributable to Max Estates stands at ~2.87 Lk Sq. Ft.
  • ~90% of the Max Towers is now leased; while leased area owned by Max Estates is ~95% leased.
  • Lease rental income from Max Towers stood at Rs. 77 Mn in Q1FY22 vs Rs. 44 Mn in Q1FY21.


ü  Max House, Okhla

  • Total leased area at Max House Phase 1 stands at ~0.2 Lk Sq. Ft. implying an occupancy of ~18%.
  • Expect leasing to gain traction as economy unlocks and lockdown restrictions are relaxed further.
  • Phase 2 of the project; of similar size to phase 1 will commence construction during Q2FY22.


ü  Max Square, Noida

  • Work on Max Square project continues to be on track and expected to be completed by Q4FY23.
  • Max Square is planned to be a Grade A+ office project with F&B outlets and other amenities with a total leasable area of ~0.7 Mn Sq. Ft. with New York Life Insurance Company as a 49% partner in the project.


Max Asset Services Limited (MAS)

  • MAS has recently launched its managed office offering under the brand name ‘WorkWell Suites’ at Max House Okhla Phase 1
  • MAS Revenue stood at Rs. 34 Mn in Q1FY22 vs Rs. 24 Mn in Q1FY21, up by 40% YoY


Max Speciality Films Limited (MSFL)









Revenue (Rs. Mn)












EBITDA Margins (%)






Volumes (MT)






Specialty Volume Contribution









MSFL Highlights

  • MSFL recorded total volumes at 15,962 MT in Q1FY22. Focus continues to be on enhancing output of value-added specialty products.
  • Value-added specialty films contributed 61% to total MSFL volumes in Q1FY22 vs. 39% in Q1FY21.
  • Value-added specialty films contributed 68% to total MSFL revenue in Q1FY22 vs. 46% in Q1FY21.
  • Work on the new CPP line has commenced in Q2FY22 & expected to be commercialized in Q4FY22 expanding the company’s capacity by 7.2 KTPA.
  • Second metallizer line is expected to be commercialized in Q3FY22 enhancing company’s specialty product capabilities and hence profitability.


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