Max Estates Ltd

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

Max Estates Ltd

₹ 369 -1.63%
13 Mar - 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 ₹ 6,040 Cr.
  • Current Price ₹ 369
  • High / Low ₹ 564 / 320
  • Stock P/E 173
  • Book Value ₹ 142
  • Dividend Yield 0.00 %
  • ROCE 2.54 %
  • ROE 2.01 %
  • Face Value ₹ 10.0
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Pros

Cons

  • Stock is trading at 2.60 times its book value
  • Company has low interest coverage ratio.
  • Company has a low return on equity of 0.95% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.114 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.

Peer comparison

Consumer Discretionary Realty Realty Residential, Commercial Projects

Part of BSE Allcap BSE Consumer Discretionary Nifty Microcap 250 Nifty Total Market

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
29.28 23.31 18.28 20.49 24.17 30.01 40.49 40.18 40.04 39.78 51.47 48.77 49.77
22.20 15.71 15.13 19.92 17.90 22.20 25.26 31.64 28.47 30.72 37.56 38.68 46.84
Operating Profit 7.08 7.60 3.15 0.57 6.27 7.81 15.23 8.54 11.57 9.06 13.91 10.09 2.93
OPM % 24.18% 32.60% 17.23% 2.78% 25.94% 26.02% 37.61% 21.25% 28.90% 22.78% 27.03% 20.69% 5.89%
6.36 5.41 -39.28 7.29 6.30 8.55 7.21 12.60 31.85 37.52 28.66 25.86 21.68
Interest 4.53 5.10 4.38 10.52 13.88 14.21 16.55 13.94 14.83 16.55 17.32 16.28 15.63
Depreciation 3.45 3.72 3.69 6.37 6.89 8.45 8.77 8.41 8.16 8.76 8.41 8.04 8.02
Profit before tax 5.46 4.19 -44.20 -9.03 -8.20 -6.30 -2.88 -1.21 20.43 21.27 16.84 11.63 0.96
Tax % 28.94% -9.79% -13.19% -49.94% -8.41% -24.92% -30.56% 14.05% 22.61% 34.23% 29.10% 32.85% 100.00%
3.88 4.60 -38.37 -4.51 -7.51 -4.73 -2.00 -1.38 15.82 13.99 11.94 7.82 0.00
EPS in Rs 0.01 -0.21 -0.10 0.11 0.13 1.23 1.08 0.71 0.45 -0.07
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
69 107 93 160 190
39 76 75 116 154
Operating Profit 31 32 18 44 36
OPM % 44% 30% 19% 28% 19%
5 24 -17 89 114
Interest 16 19 43 62 66
Depreciation 11 15 25 34 33
Profit before tax 8 22 -68 38 51
Tax % 42% 16% -19% 30%
5 18 -55 26 34
EPS in Rs -2.87 2.53 2.17
Dividend Payout % 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 32%
TTM: 26%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: 91%
TTM: 58%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 4%
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 Sep 2025
Equity Capital 78 0.00 147 161 161
Reserves 531 1,211 1,024 2,117 2,139
315 862 999 1,656 2,098
101 144 924 3,295 5,765
Total Liabilities 1,025 2,216 3,094 7,229 10,163
898 1,427 1,826 2,047 2,827
CWIP 0 0 0 0 0
Investments 13 160 93 587 724
114 629 1,175 4,596 6,612
Total Assets 1,025 2,216 3,094 7,229 10,163

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%

Insights

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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.

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
49.51% 49.51% 49.42% 45.26% 45.25% 45.25% 45.24% 45.23% 44.90%
29.53% 27.61% 27.54% 27.55% 27.78% 27.43% 27.13% 26.60% 25.67%
0.01% 0.20% 0.03% 5.72% 5.79% 6.30% 6.27% 6.80% 7.78%
20.96% 22.69% 23.02% 21.47% 21.18% 21.01% 21.36% 21.37% 21.65%
No. of Shareholders 24,64025,07326,30528,17228,37830,07931,05832,11331,336

* 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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Documents

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