Max Estates Ltd

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

₹ 572 -3.83%
28 Sep - 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 ₹ 9,354 Cr.
  • Current Price ₹ 572
  • High / Low ₹ 654 / 305
  • Stock P/E 1,594
  • Book Value ₹ 148
  • Dividend Yield 0.00 %
  • ROCE 1.40 %
  • ROE -1.27 %
  • Face Value ₹ 10.0
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Pros

  • Debtor days have improved from 29.0 to 22.4 days.

Cons

  • Stock is trading at 3.86 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -0.50% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.96.9 Cr.
  • Working capital days have increased from 2,018 days to 5,036 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 1000 BSE Consumer Discretionary

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026
18.28 20.49 24.17 30.01 40.49 40.18 40.04 39.78 51.47 48.77 49.77 49.43 51.91
15.13 19.92 17.90 22.20 25.26 31.64 28.47 30.72 37.56 38.68 46.84 52.63 43.79
Operating Profit 3.15 0.57 6.27 7.81 15.23 8.54 11.57 9.06 13.91 10.09 2.93 -3.20 8.12
OPM % 17.23% 2.78% 25.94% 26.02% 37.61% 21.25% 28.90% 22.78% 27.03% 20.69% 5.89% -6.47% 15.64%
-39.28 7.29 6.30 8.55 7.21 12.60 31.85 37.52 28.66 25.86 21.68 21.15 28.17
Interest 4.38 10.52 13.88 14.21 16.55 13.94 14.83 16.55 17.32 16.28 15.63 16.19 16.73
Depreciation 3.69 6.37 6.89 8.45 8.77 8.41 8.16 8.76 8.41 8.04 8.02 7.93 8.17
Profit before tax -44.20 -9.03 -8.20 -6.30 -2.88 -1.21 20.43 21.27 16.84 11.63 0.96 -6.17 11.39
Tax % -13.19% -49.94% -8.41% -24.92% -30.56% 14.05% 22.61% 34.23% 29.10% 32.85% 96.88% -33.87% 26.60%
-38.37 -4.51 -7.51 -4.73 -2.00 -1.38 15.82 13.99 11.94 7.82 0.02 -4.08 8.35
EPS in Rs 0.01 -0.21 -0.10 0.11 0.13 1.23 1.08 0.71 0.45 -0.07 -0.31 0.29
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
69 107 93 160 199 200
39 76 75 116 175 182
Operating Profit 31 32 18 44 24 18
OPM % 44% 30% 19% 28% 12% 9%
5 24 -17 89 97 97
Interest 16 19 43 62 65 65
Depreciation 11 15 25 34 32 32
Profit before tax 8 22 -68 38 23 18
Tax % 42% 16% -19% 30% 33%
5 18 -55 26 16 12
EPS in Rs -2.87 2.53 0.77 0.36
Dividend Payout % 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: %
3 Years: 23%
TTM: 17%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -88%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 23%
Return on Equity
10 Years: %
5 Years: 0%
3 Years: -1%
Last Year: -1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 78 0.00 147 161 163
Reserves 531 1,211 1,024 2,117 2,256
315 862 962 1,656 2,412
101 144 961 3,295 7,582
Total Liabilities 1,025 2,216 3,094 7,229 12,414
898 1,427 1,826 2,047 2,523
CWIP 0 0 0 0 0
Investments 13 160 93 587 385
114 629 1,175 4,596 9,506
Total Assets 1,025 2,216 3,094 7,229 12,414

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
41 -456 271 225 -616
-121 -52 -292 -1,993 -288
78 521 234 1,766 879
Net Cash Flow -2 13 213 -2 -24
Free Cash Flow -88 -979 -50 -452 -696
CFO/OP 147% -1,339% 1,559% 669% -2,322%

Ratios

Consolidated / View Standalone

Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 10 20 31 33 22
Inventory Days 271 6,553
Days Payable 197 458
Cash Conversion Cycle 85 6,115 31 33 22
Working Capital Days -105 993 6 1,013 5,036
ROCE % 2% 0% 3% 1%

Insights

In beta
Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Lease Rental Income (Commercial)
Rs. Million

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Total Leased Area (Commercial)
sq ft
Commercial Portfolio Occupancy
%
Customer Collections (Residential)
Rs. Crore
Residential Pre-sales / Booking Value
Rs. Crore
Residential Realization per Sq Ft
Rs./sq ft
Total Pipeline GDV
Rs. Crore

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
49.51% 49.51% 49.42% 45.26% 45.25% 45.25% 45.24% 45.23% 44.90% 45.27% 45.25%
29.53% 27.61% 27.54% 27.55% 27.78% 27.43% 27.13% 26.60% 25.67% 25.88% 25.84%
0.01% 0.20% 0.03% 5.72% 5.79% 6.30% 6.27% 6.80% 7.78% 7.65% 8.20%
20.96% 22.69% 23.02% 21.47% 21.18% 21.01% 21.36% 21.37% 21.65% 21.19% 20.69%
No. of Shareholders 24,64025,07326,30528,17228,37830,07931,05832,11331,33630,72029,722

* 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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