Max Estates Ltd
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]
- Market Cap ₹ 7,145 Cr.
- Current Price ₹ 444
- High / Low ₹ 724 / 320
- Stock P/E 141
- Book Value ₹ 142
- Dividend Yield 0.00 %
- ROCE 2.54 %
- ROE 2.01 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 3.14 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.95% over last 3 years.
- Earnings include an other income of Rs.111 Cr.
- Working capital days have increased from 666 days to 1,013 days
* 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.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|
69 | 107 | 93 | 160 | 171 | |
39 | 76 | 75 | 116 | 128 | |
Operating Profit | 31 | 32 | 18 | 44 | 43 |
OPM % | 44% | 30% | 19% | 28% | 25% |
5 | 24 | -17 | 89 | 111 | |
Interest | 16 | 19 | 43 | 62 | 63 |
Depreciation | 11 | 15 | 25 | 34 | 34 |
Profit before tax | 8 | 22 | -68 | 38 | 57 |
Tax % | 42% | 16% | -19% | 30% | |
5 | 18 | -55 | 26 | 40 | |
EPS in Rs | -2.87 | 2.53 | 3.15 | ||
Dividend Payout % | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 32% |
TTM: | 49% |
Compounded Profit Growth | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 91% |
TTM: | 1904% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | % |
1 Year: | -27% |
Return on Equity | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | 1% |
Last Year: | 2% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|
Equity Capital | 78 | 0.00 | 147 | 161 |
Reserves | 531 | 1,211 | 1,024 | 2,117 |
315 | 862 | 999 | 1,656 | |
101 | 144 | 924 | 3,295 | |
Total Liabilities | 1,025 | 2,216 | 3,094 | 7,229 |
898 | 1,427 | 1,826 | 2,047 | |
CWIP | 0 | 0 | 0 | 0 |
Investments | 13 | 160 | 93 | 587 |
114 | 629 | 1,175 | 4,596 | |
Total Assets | 1,025 | 2,216 | 3,094 | 7,229 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|
41 | -456 | 271 | 225 | |
-121 | -52 | -292 | -1,993 | |
78 | 521 | 234 | 1,766 | |
Net Cash Flow | -2 | 13 | 213 | -2 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|
Debtor Days | 10 | 20 | 31 | 33 |
Inventory Days | 271 | 6,553 | ||
Days Payable | 197 | 458 | ||
Cash Conversion Cycle | 85 | 6,115 | 31 | 33 |
Working Capital Days | -105 | 993 | -8 | 1,013 |
ROCE % | 2% | 0% | 3% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
6 Sep - Acquired 100% of BBPL for 7.25 acres in Gurugram; ~1.3mn sqft, INR534 Cr outlay, INR3,000+ Cr GDV potential; expands GDV pipeline to INR17,000+ Cr; launches …
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Announcement under Regulation 30 (LODR)-Acquisition
6 Sep - Max Estates to acquire BBPL (7.25 acres, Gurugram); ~₹534 crore; 1.3m sq.ft. potential; Sept 5, 2025.
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Announcement under Regulation 30 (LODR)-Credit Rating
29 Aug - CARE withdrew ratings after Max Estates fully repaid bank facilities on Aug 28, 2025.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
28 Aug - Newspaper publication for the completion of dispatch of Integrated Annual Report for FY2025 along with the Notice of 9th AGM.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
28 Aug - For Investor Meeting scheduled to be held on September 2, 2025.
Annual reports
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Aug 2024Transcript PPT
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May 2024Transcript PPT REC
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Feb 2024Transcript PPT
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Nov 2023Transcript PPT
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.