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 ₹ 8,448 Cr.
- Current Price ₹ 525
- High / Low ₹ 724 / 283
- Stock P/E 320
- Book Value ₹ 142
- Dividend Yield 0.00 %
- ROCE 2.96 %
- ROE 1.53 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 3.71 times its book value
- Company has low interest coverage ratio.
- Company has a low return on equity of 0.72% over last 3 years.
- Earnings include an other income of Rs.89.2 Cr.
- Working capital days have increased from 1,437 days to 2,683 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 | |
|---|---|---|---|---|
| 69 | 107 | 93 | 160 | |
| 39 | 76 | 75 | 116 | |
| Operating Profit | 31 | 32 | 18 | 44 |
| OPM % | 44% | 30% | 19% | 28% |
| 5 | 24 | -17 | 89 | |
| Interest | 16 | 19 | 43 | 62 |
| Depreciation | 11 | 15 | 25 | 34 |
| Profit before tax | 8 | 22 | -68 | 38 |
| Tax % | 42% | 16% | -19% | 30% |
| 5 | 18 | -55 | 26 | |
| EPS in Rs | -2.87 | 2.53 | ||
| Dividend Payout % | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 32% |
| TTM: | 73% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 75% |
| TTM: | 260% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 50% |
| 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 | 962 | 1,656 | |
| 101 | 144 | 961 | 3,311 | |
| Total Liabilities | 1,025 | 2,216 | 3,094 | 7,246 |
| 898 | 1,427 | 1,826 | 2,047 | |
| CWIP | 0 | 0 | 0 | 0 |
| Investments | 13 | 160 | 93 | 587 |
| 114 | 629 | 1,175 | 4,612 | |
| Total Assets | 1,025 | 2,216 | 3,094 | 7,246 |
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 | 62 | 1,251 | 377 | 2,683 |
| ROCE % | 2% | 0% | 3% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
2d - Annual Secretarial Compliance Report confirms full regulatory compliance for FY ended March 31, 2025.
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Intimation Of The Decision Of The BSE Limited On The Application For Re-Classification In Relation To Ms. Neelu Analjit Singh From 'Promoter And Promoter Group' To 'Public' Category As Per Regulation 31(A) Of The SEBI (LODR) Regulations, 2015.
2d - BSE rejects Max Estates' application to reclassify Ms. Neelu Singh from promoter to public category.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
28 May - Transcript of the Earning Conference Call held on May 23, 2025.
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Shareholder Meeting / Postal Ballot-Scrutinizer"s Report
27 May - Postal ballot passed for director appointment, Section 186 limits, and related party transactions approvals.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
24 May - Newspaper publication for the Audited Financial results for the quarter and financial year ended March 31, 2025.
Annual reports
Concalls
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May 2025Transcript PPT
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Feb 2025Transcript PPT
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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.