MAX India Limited
NSE: MAXIND · Holding Company · sector
₹149.29NSE close 2026-10-26
Key numbers
Market cap₹785 cr
Price₹149.29
52w high / low₹220 / ₹120
P/E–Sector median 26.4x
P/B1.9xSector median 2.1x
Book value₹77.7
Dividend yield–Sector median 1.56%
ROE-34.5%Sector median 11.0%
ROCE-28.0%Sector median 11.2%
OPM-53.8%Sector median 7.3%
Debt / equity0.00xSector median 0.59x
EV/EBITDA–Sector median 6.0x
Interest cover-8.8x
Current ratio2.35x
Sales growth 3y-1.8%Sector median +29.6%
Profit growth 3y–Sector median +32.8%
PEG–
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 16 companies in Holding Company (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹94 cr vs borrowings ₹2 cr (FY26): cash is higher (net cash).
- Operating profit covered interest -8.8x in the last 12 months.
- No promoter shares are pledged.
- Promoter holding fell by 1.83 percentage points in a year, to 48.22% (2026-09-30).
- Operating cash flow was below net profit in 1 of the last 5 years (FY24).
- Net loss in 8 of the last 8 quarters.
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Debtor days went from 10 (FY24) to 71 (FY26).
- No dividend in the last 5 financial years.
- Price ₹149.29 on 2026-10-26: -32.1% from the 52-week high, +24.4% 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 ₹308.63 · low ₹138.32
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43 | 35 | 42 | 37 | 45 | 43 | 66 | 60 |
| EBITDA | -21 | -42 | -40 | -20 | -30 | -37 | -13 | -34 |
| OPM % | -49.5% | -121.6% | -95.9% | -54.5% | -67.1% | -86.8% | -20.4% | -56.7% |
| Other income | 5 | 4 | 4 | 5 | 5 | 7 | 6 | 9 |
| Net profit | -23 | -45 | -46 | -26 | -34 | -43 | -19 | -36 |
| EPS (₹) | -5.27 | -10.33 | -10.67 | -5.44 | -6.52 | -8.17 | -3.67 | -6.91 |
| Revenue YoY | +5.6% | +24.1% | +58.1% | +62.9% | ||||
| Profit YoY | – | – | – | – |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 230 | 201 | 176 | 145 | 191 | 214 |
| EBITDA | -6 | 0 | -54 | -131 | -101 | -115 |
| Net profit | -18 | -10 | -56 | -139 | -122 | -132 |
| EPS (₹) | -3.35 | -2.18 | -13.08 | -32.50 | -23.85 | -25.27 |
| Revenue growth | -12.6% | -12.6% | -17.2% | +31.0% | +37.2% | |
| Profit growth | – | – | – | – | – | |
| Dividend / share (₹) | – | – | – | – | – |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | -1.8% | +17.0% | +37.2% |
| Net profit | – | – | – |
| EPS | – | – | – |
| Share price | – | -23.0% (2y) | -31.4% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 542 | 492 | 359 | 408 |
| Borrowings | – | 22 | 1 | 1 | 2 |
| Cash & equivalents | – | 158 | 261 | 143 | 94 |
| Total assets | – | 753 | 684 | 633 | 669 |
| Fixed assets | – | 71 | 72 | 56 | 97 |
| Capital work in progress | – | 0 | 10 | 21 | 2 |
| Investments | – | 19 | 12 | 20 | 17 |
| Receivables | – | 3 | 5 | 22 | 37 |
| Inventory | – | 51 | 6 | 17 | 16 |
| Payables | – | 13 | 24 | 31 | 34 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 66 | 69 | -102 | -128 | -95 |
| Cash from investing | 32 | 124 | 159 | 47 | -50 |
| Cash from financing | -94 | -119 | -29 | -13 | 148 |
| Capex | 3 | 4 | 29 | 36 | 51 |
| Free cash flow | 63 | 66 | -131 | -163 | -146 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | -1.9% | -11.5% | -38.8% | -29.8% |
| ROCE % | – | 0.8% | -9.2% | -36.5% | -25.2% |
| Debtor days | – | 5 | 10 | 56 | 71 |
| Inventory days | – | 222 | 38 | 186 | 107 |
| Payable days | – | 58 | 148 | 346 | 237 |
| Cash conversion cycle (days) | – | 169 | -100 | -104 | -59 |
| Working capital days | – | 545 | 425 | 239 | 419 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 48.22% |
| FIIs | 6.89% |
| DIIs | 4.94% |
| of which Mutual funds | 0.00% |
| Public (non-institutions) | 39.95% |
| Quarter | May 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 50.45% | 50.16% | 50.05% | 49.89% | 49.82% | 49.77% | 48.33% | 48.22% |
| Promoter group | % |
|---|---|
| MAX Ventures Investment Holdings Private Limited | 39.90% |
| Siva Finvest Private Limited | 6.35% |
| Analjit Singh | 1.84% |
| Piya Singh | 0.05% |
| Neelu Analjit Singh | 0.04% |
| Tara Singh Vachani | 0.04% |
| Veer Singh | 0.00% |
| Sahil Vachani | 0.00% |
| Veda Vachani | 0.00% |
| Avya Vachani | 0.00% |
| Analjit Singh HUF | 0.00% |
| ABK Consultants Private Limited | 0.00% |
| Anchor Management Services Private Limited | 0.00% |
| Capricorn Health Services Private Limited | 0.00% |
| Capricorn Hospitality Services Private Limited | 0.00% |
| Public holders above 1% | % |
|---|---|
| Singularity Equity Fund I | 4.08% |
| Habrok India Master LP | 3.17% |
| Cassini Partners, L.P. Managed BY Habrok Capital Management LLP | 2.59% |
| P & Y Capital Trust | 1.08% |
| Nivedita Ritesh Oswal | 1.00% |
36,788 shareholders. Pledged: 0.00% of promoter shares.
Peers in Holding Company
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | ₹2,67,153 cr | 120.3x | 26.2x | 23.9% | – | – | +23.3% | 0.06% |
| BAJAJHLDNG | ₹1,22,943 cr | 40.8x | 4.5x | 12.9% | – | – | +18.6% | 0.84% |
| CHOICEIN | ₹15,551 cr | 60.1x | 9.3x | 18.0% | – | 35.3% | +42.7% | – |
| EDELWEISS | ₹11,633 cr | 25.6x | 1.9x | 7.8% | – | – | -39.0% | 1.22% |
| JMFINANCIL | ₹10,261 cr | 18.2x | 2.1x | 12.2% | – | – | +35.5% | 3.91% |
| KAMAHOLD | ₹6,988 cr | 52.4x | 8.2x | 15.4% | – | – | +54.5% | 1.90% |
| RANEHOLDIN | ₹2,064 cr | 24.4x | 1.8x | 7.5% | 13.0% | 7.3% | +18.8% | 3.02% |
| BFINVEST | ₹1,428 cr | 9.7x | 0.4x | 4.4% | – | – | +29.6% | – |
| BLIL | ₹1,388 cr | 9.8x | 7.2x | 73.6% | – | – | – | 10.12% |
| MAXIND | ₹785 cr | – | 1.9x | -34.5% | -28.0% | -53.8% | -1.8% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Assisted Care | ₹108 cr | 56.2% | ₹-112 cr | -103.4% |
| Senior Living | ₹74 cr | 38.1% | ₹-1 cr | -1.2% |
| Business Investments | ₹11 cr | 5.6% | ₹-12 cr | -105.5% |
| Others | ₹0 cr | – | ₹-0 cr | – |
| Investment in joint ventures | ₹0 cr | – | ₹0 cr | – |
| Non- Current Asset Held for Sale | ₹0 cr | – | ₹0 cr | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2025-04-29 | Rights | Rights 19:100 @ Premium Rs 140/- |
| 2024-09-13 | Other | Annual General Meeting |
| 2023-08-14 | Other | Annual General Meeting |
| 2022-08-17 | Other | Annual General Meeting |
| 2022-07-26 | Other | Capital Reduction Pursuant To Nclt Order |
| 2021-09-15 | Other | Annual General Meeting |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
| Sector | Financial Services |
| Industry | Holding Company |
| Sub-industry | Holding Company |
| Symbol | MAXIND |
| BSE code | 543223 |
| ISIN | INE0CG601016 |
| Face value | ₹10.0 |
| Incorporated | – |
| Website | – |
| Plants (India / abroad) | – |
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.