Max India Ltd
Max India is the holding company of Max Group’s Senior Care business Antara, an integrated service provider for all senior care needs. [1]
- Market Cap ₹ 1,112 Cr.
- Current Price ₹ 213
- High / Low ₹ 312 / 160
- Stock P/E
- Book Value ₹ 69.1
- Dividend Yield 0.00 %
- ROCE -23.6 %
- ROE -30.0 %
- Face Value ₹ 10.0
Pros
Cons
- Stock is trading at 3.08 times its book value
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -0.58%
- The company has delivered a poor sales growth of -5.08% over past five years.
- Company has a low return on equity of -12.6% over last 3 years.
- Debtor days have increased from 21.4 to 49.8 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
Financial Services Financial Services Finance Holding Company
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 211 | 121 | 229 | 212 | 191 | 163 | 156 | |
| 216 | 150 | 232 | 202 | 229 | 264 | 275 | |
| Operating Profit | -5 | -29 | -3 | 10 | -38 | -101 | -120 |
| OPM % | -2% | -24% | -1% | 5% | -20% | -62% | -77% |
| 277 | 0 | 2 | 1 | 4 | -10 | 14 | |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 10 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 21 |
| Profit before tax | 237 | -64 | -18 | -3 | -49 | -139 | -136 |
| Tax % | 2% | -17% | -11% | 245% | 15% | 1% | |
| 232 | -53 | -16 | -10 | -56 | -140 | -139 | |
| EPS in Rs | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -26.89 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -11% |
| TTM: | -4% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -88% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 31% |
| 3 Years: | 34% |
| 1 Year: | -18% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -9% |
| 3 Years: | -13% |
| Last Year: | -30% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 |
| 182 | 145 | 61 | 45 | 44 | 102 | |
| 136 | 198 | 156 | 166 | 148 | 172 | |
| Total Liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 |
| 144 | 156 | 159 | 159 | 193 | 170 | |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 |
| 465 | 506 | 522 | 511 | 418 | 389 | |
| Total Assets | 1,024 | 996 | 858 | 753 | 684 | 633 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -19 | 73 | 66 | 69 | -102 | -128 | |
| -526 | 13 | 18 | 124 | 159 | 47 | |
| 557 | -73 | -94 | -119 | -29 | -13 | |
| Net Cash Flow | 12 | 12 | -10 | 75 | 27 | -93 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 24 | 22 | 9 | 5 | 9 | 50 |
| Inventory Days | 1,736 | 6,544 | 385 | 223 | 38 | 186 |
| Days Payable | 154 | 633 | 28 | 48 | 148 | 346 |
| Cash Conversion Cycle | 1,607 | 5,932 | 366 | 180 | -100 | -111 |
| Working Capital Days | 438 | 500 | 343 | 249 | -99 | -93 |
| ROCE % | -4% | -0% | 1% | -8% | -24% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Change in Management
27 Oct - Dharmender Kumar ceases as Senior Management Personnel Oct 31, 2025; transfer effective Nov 1, 2025.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
15 Oct - AGEasy launches ‘Gifting with Purpose’ campaign featuring Anita Hassanandani; 10 digital films promoting senior-care products.
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 9 Oct
- Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 3 Oct
-
Volume Movement Letter
26 Sep - Max India informs BSE there is no pending or unpublished price-sensitive information; no disclosures due.
Annual reports
Concalls
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Business Profile[1]
Max India Limited, through its Antara brand and subsidiaries like Max Estates Gurgaon Limited (MEGL), operates in the senior care sector. Their business includes senior living residences, assisted care services such as care homes and at-home care, and a products vertical (AGEasy) catering to senior needs