MAX Estates Limited
NSE: MAXESTATES · Residential, Commercial Projects · sector
₹496.60NSE close 2026-10-26
Key numbers
Market cap₹8,119 cr
Price₹496.60
52w high / low₹653 / ₹305
P/E671.1xSector median 18.7x
P/B3.4xSector median 1.4x
Book value₹148.0
Dividend yield–Sector median 0.54%
ROE0.5%Sector median 5.5%
ROCE1.7%Sector median 6.5%
OPM9.0%Sector median 12.1%
Debt / equity0.98xSector median 0.36x
EV/EBITDA529.7xSector median 17.7x
Interest cover1.3x
Current ratio1.79x
Sales growth 3y–Sector median +16.6%
Profit growth 3y–Sector median +28.0%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 141 companies in Residential, Commercial Projects (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹995 cr vs borrowings ₹2,379 cr (FY26): borrowings are higher by ₹1,384 cr.
- Operating profit covered interest 1.3x in the last 12 months.
- Operating cash flow was below net profit in 1 of the last 3 years (FY26).
- Net loss in 1 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 838% of net profit in the last 12 months.
- No dividend in the last 3 financial years.
- Price ₹496.60 on 2026-10-26: -23.9% from the 52-week high, +62.6% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹618.80 · low ₹325.15
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40 | 40 | 40 | 51 | 49 | 50 | 49 | 52 |
| EBITDA | 9 | 12 | 9 | 14 | 10 | 3 | -3 | 8 |
| OPM % | 21.3% | 28.9% | 22.8% | 27.0% | 20.7% | 5.9% | -6.5% | 15.6% |
| Other income | 13 | 32 | 38 | 29 | 26 | 22 | 21 | 28 |
| Net profit | 2 | 20 | 17 | 11 | 7 | 0 | -4 | 8 |
| EPS (₹) | -0.09 | 1.04 | 0.90 | 0.74 | 0.49 | 0.00 | -0.26 | 0.51 |
| Revenue YoY | +21.4% | +24.3% | +24.3% | +0.9% | ||||
| Profit YoY | +238.1% | -99.8% | -123.5% | -27.1% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 93 | 160 | 199 | 200 |
| EBITDA | -27 | 44 | 24 | 18 |
| Net profit | -42 | 41 | 16 | 12 |
| EPS (₹) | -3.75 | 1.70 | 0.97 | 0.74 |
| Revenue growth | +72.7% | +24.3% | +16.6% | |
| Profit growth | – | -61.6% | -77.2% | |
| Dividend / share (₹) | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +16.6% |
| Net profit | – | – | -77.2% |
| EPS | – | – | – |
| Share price | – | -8.8% (2y) | +3.3% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 1,171 | 2,278 | 2,420 |
| Borrowings | 914 | 1,615 | 2,379 |
| Cash & equivalents | 350 | 1,665 | 995 |
| Total assets | 3,101 | 7,246 | 12,437 |
| Fixed assets | 19 | 6 | 11 |
| Capital work in progress | 0 | 0 | 0 |
| Investments | 3 | 5 | 5 |
| Receivables | 8 | 14 | 12 |
| Inventory | 533 | 2,285 | 6,888 |
| Payables | 37 | 453 | 1,018 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | 271 | 225 | -616 |
| Cash from investing | -292 | -1,993 | -291 |
| Cash from financing | 234 | 1,766 | 879 |
| Capex | 321 | 677 | 81 |
| Free cash flow | -50 | -452 | -697 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | -3.6% | 1.8% | 0.6% |
| ROCE % | -1.2% | 2.6% | 1.8% |
| Debtor days | 31 | 33 | 22 |
| Inventory days | 2,093 | 1,83,504 | 6,54,537 |
| Payable days | 146 | 36,389 | 96,774 |
| Cash conversion cycle (days) | 1,978 | 1,47,148 | 5,57,785 |
| Working capital days | 1,380 | 4,801 | 6,889 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 45.23% |
| FIIs | 26.34% |
| DIIs | 8.74% |
| of which Mutual funds | 8.57% |
| of which Insurance | 0.00% |
| Public (non-institutions) | 19.69% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 45.25% | 45.25% | 45.24% | 45.24% | 44.91% | 45.27% | 45.26% | 45.23% |
| Promoter group | % |
|---|---|
| MAX Ventures Investment Holdings(p) Ltd. | 21.89% |
| SIVA FINVEST PRIVATE LIMITED (formerly known as Siva Enterprises Private Limited) | 20.78% |
| Neelu Analjit Singh | 2.19% |
| Analjit Singh | 0.27% |
| Ravi Vachani | 0.04% |
| Piya Singh | 0.03% |
| Tara Singh Vachani | 0.03% |
| Veer Singh | 0.00% |
| Sahil Vachani | 0.00% |
| Veda Vachani | 0.00% |
| Avya Vachani | 0.00% |
| Tina Vachani | 0.00% |
| Analjit Singh HUF | 0.00% |
| ABK Consultants Private Limited | 0.00% |
| Anchor Management Services Private Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| NEW York Life International Holdings Ltd | 19.12% |
| Invesco India Small CAP Fund | 2.94% |
| Nippon Life India Trustee Ltd-a/c Nippon India Multi Asset Allocation Fund | 1.85% |
| Habrok India Master LP | 1.83% |
| Bandhan Small CAP Fund | 1.68% |
| India Insight Value Fund | 1.67% |
| Atul Behari Lall | 1.58% |
| Kotak Small CAP Fund | 1.56% |
| NEW York Life Insurance Company | 1.27% |
| Sunil Vachani | 1.04% |
28,906 shareholders. Pledged: – of promoter shares.
Peers in Residential, Commercial Projects
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| DLF | ₹1,63,939 cr | 35.9x | 3.6x | 10.3% | 6.3% | 14.8% | +12.9% | 0.90% |
| LODHA | ₹97,912 cr | 23.7x | 4.2x | 19.0% | 17.9% | 32.2% | +20.8% | 0.43% |
| PHOENIXLTD | ₹67,737 cr | 52.9x | 6.2x | 11.9% | 15.4% | 59.1% | +18.8% | 0.13% |
| PRESTIGE | ₹60,152 cr | 52.8x | 3.7x | 7.2% | 10.5% | 28.1% | +15.1% | 0.12% |
| OBEROIRLTY | ₹57,522 cr | 21.9x | 3.0x | 14.7% | 16.9% | 57.1% | +12.8% | 0.51% |
| GODREJPROP | ₹45,942 cr | 28.7x | 2.4x | 8.8% | 6.9% | -7.7% | +31.6% | – |
| BRIGADE | ₹17,781 cr | 25.6x | 2.6x | 11.2% | 10.9% | 27.0% | +18.3% | 0.35% |
| ANANTRAJ | ₹16,514 cr | 27.8x | 2.9x | 11.6% | 11.1% | 27.0% | +37.9% | 0.15% |
| SOBHA | ₹12,247 cr | 64.1x | 2.6x | 4.1% | 6.5% | 6.5% | +16.2% | 0.26% |
| MAXESTATES | ₹8,119 cr | 671.1x | 3.4x | 0.5% | 1.7% | 9.0% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2023-12-15 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Real Estate: Real Estate Activities including facility management - With owned or leased assets.
| Sector | Consumer Discretionary |
| Industry | Residential, Commercial Projects |
| Sub-industry | Residential, Commercial Projects |
| Symbol | MAXESTATES |
| BSE code | 544008 |
| ISIN | INE03EI01018 |
| Face value | ₹10.0 |
| Incorporated | 2016-03-22 |
| Website | www.maxestates.in |
| Plants (India / abroad) | 0 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.