Max Estates Ltd

Max Estates Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Max Estates Ltd

₹ 444 -2.07%
29 May - close price
maxestates.in BSE: 544008 NSE: MAXESTATES
About

This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]

Key Points

Max Group[1]
The company is a part of Max Group which has nurtured strong companies over the last 40 years like Max Life, Max asset services, Max health Insurance etc.

Website BSE NSE
  • Market Cap ₹ 7,257 Cr.
  • Current Price ₹ 444
  • High / Low ₹ 564 / 305
  • Stock P/E 114
  • Book Value ₹ 156
  • Dividend Yield 0.00 %
  • ROCE 3.95 %
  • ROE 2.59 %
  • Face Value ₹ 10.0
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 48.4% CAGR over last 5 years
  • Debtor days have improved from 123 to 45.9 days.

Cons

  • Stock is trading at 2.84 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 2.26% over last 3 years.
  • Earnings include an other income of Rs.127 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Consumer Discretionary Realty Realty Residential, Commercial Projects

Part of BSE Consumer Discretionary BSE 1000

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
16.15 7.40 9.50 5.99 5.94 14.81 7.48 7.99 10.82 13.72 14.09 13.45 14.21
10.77 9.27 8.99 9.45 11.64 12.72 10.62 14.25 14.64 15.13 19.06 17.74 21.15
Operating Profit 5.38 -1.87 0.51 -3.46 -5.70 2.09 -3.14 -6.26 -3.82 -1.41 -4.97 -4.29 -6.94
OPM % 33.31% -25.27% 5.37% -57.76% -95.96% 14.11% -41.98% -78.35% -35.30% -10.28% -35.27% -31.90% -48.84%
19.72 11.51 11.62 9.95 14.46 13.73 291.60 31.20 29.43 43.56 26.96 28.93 27.35
Interest 3.45 3.33 3.34 3.51 3.93 4.65 1.51 1.26 1.43 1.41 1.36 1.28 1.86
Depreciation 1.27 1.13 1.14 1.23 1.76 1.88 1.80 1.65 1.63 1.82 1.61 1.62 1.85
Profit before tax 20.38 5.18 7.65 1.75 3.07 9.29 285.15 22.03 22.55 38.92 19.02 21.74 16.70
Tax % -8.73% -120.46% 26.01% -22.86% -33.88% 20.13% 15.30% 23.69% 32.73% 24.87% 39.43% 31.65% 52.34%
22.16 11.41 5.65 2.15 4.10 7.41 241.52 16.81 15.17 29.25 11.52 14.87 7.96
EPS in Rs 0.38 0.15 0.28 0.50 15.01 1.04 0.94 1.82 0.72 0.92 0.49
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
37 11 19 39 49 29 41 55
52 18 29 35 49 39 52 73
Operating Profit -15 -7 -11 4 0 -10 -11 -18
OPM % -40% -63% -57% 9% 0% -34% -27% -32%
1 2 11 10 50 47 366 127
Interest 5 8 12 7 11 14 9 6
Depreciation 0 0 1 1 5 5 7 7
Profit before tax -19 -12 -12 5 33 18 339 96
Tax % 0% 0% 0% 0% 2% -32% 17% 34%
-19 -12 -12 5 33 23 281 64
EPS in Rs 1.58 17.45 3.89
Dividend Payout % 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 24%
3 Years: 4%
TTM: 35%
Compounded Profit Growth
10 Years: %
5 Years: 48%
3 Years: 31%
TTM: 47%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: -15%
Return on Equity
10 Years: %
5 Years: 2%
3 Years: 2%
Last Year: 3%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 68 78 78 78 0.00 147 161 163
Reserves 325 331 521 528 1,234 1,112 2,200 2,390
98 218 71 65 205 208 52 216
60 16 18 18 32 62 77 42
Total Liabilities 552 643 689 688 1,471 1,529 2,490 2,811
44 59 75 76 93 90 16 15
CWIP 0 0 0 0 0 0 0 0
Investments 320 473 497 500 1,109 1,151 1,490 2,076
188 111 116 113 269 288 984 720
Total Assets 552 643 689 688 1,471 1,529 2,490 2,811

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
9 -24 6 6 -20 -36 -49 -208
-352 -168 -49 4 -104 60 -606 -62
346 243 45 -13 125 -24 654 269
Net Cash Flow 3 51 2 -2 1 -0 -1 -0
Free Cash Flow 8 -24 6 5 -23 -38 75 -212
CFO/OP -63% 345% -64% 211% 1,489% 314% 60% 1,040%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 4 6 10 15 29 137 187 46
Inventory Days 469 1,933 754 265 62
Days Payable 363 337 167 62 313
Cash Conversion Cycle 109 1,601 597 219 -221 137 187 46
Working Capital Days 273 -5,325 69 149 777 1,592 5,128 2,233
ROCE % -1% -0% 2% 3% 2% 3% 4%

Insights

In beta
Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2025 Dec 2026 (P)
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Total Real Estate Portfolio Area
Million Sq. Ft.
Annuity Rental Income Trajectory
INR Crore
Commercial Occupancy Rate (Operational Assets)
%
Residential Pre-sales Booking Value
INR Crore
Total Leased Area (Operational Assets)
Sq. Ft.
Residential Square Feet Sold
Million Sq. Ft.

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
49.51% 49.51% 49.42% 45.26% 45.25% 45.25% 45.24% 45.23% 44.90% 45.27%
29.53% 27.61% 27.54% 27.55% 27.78% 27.43% 27.13% 26.60% 25.67% 25.88%
0.01% 0.20% 0.03% 5.72% 5.79% 6.30% 6.27% 6.80% 7.78% 7.65%
20.96% 22.69% 23.02% 21.47% 21.18% 21.01% 21.36% 21.37% 21.65% 21.19%
No. of Shareholders 24,64025,07326,30528,17228,37830,07931,05832,11331,33630,720

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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