Max Estates Ltd
MAXESTATES NSE
Max Estates Ltd
RealtyNSE: MAXESTATES BSE: 544008 Residential Commercial Projects
Key Fundamentals
MicrocapResidential Commercial ProjectsRealtyMarket Cap
₹7,954 Cr
Volatility
High Risk
P/E Ratio
1,327.36
EBITDA
₹121 Cr
Return on Equity
0.5%
Debt to Equity
1
Book Value
₹147.95
EPS
₹0
52W High
₹502.15
52W Low
₹305.45
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Max Estates Ltd insights
37 extracted metrics + investor summaries across FY22–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Debtor days have improved from 29.0 to 22.4 days.
Weaknesses
7- Stock is trading at 3.23 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
Growth Rate
Revenue Growth
18.86% ↗
Net Income Growth
-40.53% ↘
Cash Flow Change
-373.61% ↘
ROE
-49.49% ↗
ROCE
-40.21% ↘
EBITDA Margin (Avg.)
-23.76% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 18d agoAI opinion · based on fundamentals
Risk high
Max Estates Ltd is a realty company with a market cap of Rs.6,366 Cr trading at a PE of 404.8x and PB of 2.63x. The company has delivered TTM sales growth of 24% but reported a 64% decline in TTM profits, with a 3-year average ROE of just 1% and zero dividend payout.
Bull Case 7
- TTM revenue growth of 24% indicates strong topline momentum in a capital-intensive real estate business
- 3-year compounded sales CAGR of 23% demonstrates sustained demand for the company's projects over multiple years
- Debtor days improved from 29.0 to 22.4 days, reflecting better collection efficiency and cash flow management
- Market cap of Rs.6,366 Cr positions the company as a mid-cap realty player with potential for institutional interest
- The company is reporting repeated profits, indicating the business model is fundamentally viable despite thin margins
- Other income of Rs.97.4 Cr provides a cushion to the bottom line and may reflect returns on treasury or land bank assets
- Price-to-book of 2.63x is not extreme for a realty company with land bank appreciation potential compared to premium peers trading at 5-8x PB
Bear Case 8
- PE ratio of 404.8x is extremely elevated, indicating the stock is priced for perfection with very thin current earnings support
- TTM profit declined 64%, signaling severe earnings deterioration despite strong revenue growth
- 3-year compounded profit CAGR of -12% shows a persistent inability to convert revenue growth into bottom-line gains
- Working capital days surged from 2,250 to 5,732 days, indicating massive capital locked in projects or inventory with very slow conversion
- 3-year average ROE of just 1% (0.58% per company data) reflects extremely poor capital efficiency for shareholders
- Zero dividend yield despite repeated profits suggests shareholders receive no direct return on investment
- Low interest coverage ratio raises concerns about the company's ability to service debt from operating profits
- Possible capitalization of interest costs may be flattering reported profits, masking the true cost burden on the P&L
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 16d ago Headwinds 1
- Subsidiary faces ₹5.9 Cr GST notice Jul 28
Pharmax Corporation Limited received a ₹5.90 crore GST show cause notice from Delhi authorities for FY23, relating to alleged ineligible input tax credit.
Positives 3
- Pre-sales surge 5x to ₹1,100 Cr Jul 4
Max Estates achieved pre-sales of ₹1,100 crore in Q1 FY2027, a 5x YoY rise driven by The Terraces Phase 1 sell-out. GDV pipeline exceeds ₹17,200 crore with major launches planned in Q2 and Q3.
- Strong FY26 presales at ₹5,305 Cr Jul 28
Integrated Annual Report for FY26 reports consolidated revenue of ₹199.45 crore and presales of ₹5,305 crore. 10th AGM scheduled for August 19, 2026.
- MD pay and new director approved Jul 27
Shareholders approved remuneration for MD Sahil Vachani and appointment of Jillian Leigh Moo-Young via postal ballot, with promoters voting unanimously in favor.
Neutral 1
- Digital & IT head resigns Jul 30
Vikram Vij, Head - Digital and IT, resigned effective July 30, 2026 citing a new professional opportunity.
TL;DR: Max Estates is firing on all cylinders commercially with pre-sales surging 5x YoY to ₹1,100 crore in Q1 FY2027 and a robust ₹17,200 crore GDV pipeline ahead. FY26 presales of ₹5,305 crore confirm strong execution. The ₹5.9 crore GST notice on a subsidiary is a minor regulatory overhang but immaterial relative to scale. The trend is clearly improving with significant launches lined up in Q2-Q3 FY2027.
Quarterly Results
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 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 |
| Expenses | 15.13 | 19.92 | 17.9 | 22.2 | 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 | -3.2 | 8.12 |
| OPM % | 17.23% | 2.78% | 25.94% | 26.02% | 37.61% | 21.25% | 28.9% | 22.78% | 27.03% | 20.69% | 5.89% | -6.47% | 15.64% |
| Other Income | -39.28 | 7.29 | 6.3 | 8.55 | 7.21 | 12.6 | 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 |
| PBT | -44.2 | -9.03 | -8.2 | -6.3 | -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% | 29.1% | 32.85% | 96.88% | -33.87% | 26.6% |
| Net Profit | -38.37 | -4.51 | -7.51 | -4.73 | -2 | -1.38 | 15.82 | 13.99 | 11.94 | 7.82 | 0.02 | -4.08 | 8.35 |
| EPS in Rs | — | 0.01 | -0.21 | -0.1 | 0.11 | 0.13 | 1.23 | 1.08 | 0.71 | 0.45 | -0.07 | -0.31 | 0.29 |
Profit & Loss
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|
| Sales | 69 | 107 | 93 | 160 | 199 | 200 |
| Expenses | 39 | 76 | 75 | 116 | 175 | 182 |
| Operating Profit | 31 | 32 | 18 | 44 | 24 | 18 |
| OPM % | 44% | 30% | 19% | 28% | 12% | 9% |
| Other Income | 5 | 24 | -17 | 89 | 97 | 97 |
| Interest | 16 | 19 | 43 | 62 | 65 | 65 |
| Depreciation | 11 | 15 | 25 | 34 | 32 | 32 |
| PBT | 8 | 22 | -68 | 38 | 23 | 18 |
| Tax % | 42% | 16% | -19% | 30% | 33% | — |
| Net Profit | 5 | 18 | -55 | 26 | 16 | 12 |
| EPS in Rs | — | — | -2.87 | 2.53 | 0.77 | 0.36 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity Capital | 78 | 0 | 147 | 161 | 163 |
| Reserves | 531 | 1,211 | 1,024 | 2,117 | 2,256 |
| Borrowings | 315 | 862 | 962 | 1,656 | 2,412 |
| Other Liabilities | 101 | 144 | 961 | 3,295 | 7,582 |
| Total Liabilities | 1,025 | 2,216 | 3,094 | 7,229 | 12,414 |
| Fixed Assets | 898 | 1,427 | 1,826 | 2,047 | 2,523 |
| CWIP | 0 | 0 | 0 | 0 | 0 |
| Investments | 13 | 160 | 93 | 587 | 385 |
| Other Assets | 114 | 629 | 1,175 | 4,596 | 9,506 |
| Total Assets | 1,025 | 2,216 | 3,094 | 7,229 | 12,414 |
Cash Flow
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 41 | -456 | 271 | 225 | -616 |
| Investing | -121 | -52 | -292 | -1,993 | -288 |
| Financing | 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
| 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% |
Documents
1
Announcement under Regulation 30 (LODR)-Newspaper Publication
24 May - Please find attached the newspaper advertisement. 24 May - Please find attached the newspaper advertisement.
2
Disclosure For Giving Of Corporate Guarantee
27 Apr - Max Estates issued additional ₹100 crore corporate guarantee for Max Square; total guarantee rises to ₹350 crore. 27 Apr - Max Estates issued additional ₹100 crore corporate guarantee for Max Square; total guarantee rises to ₹350 crore.
3
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
23 Apr - Max Estates declares Large Corporate debt framework not applicable; outstanding borrowing was Rs 1.19 crore on March 31, 2026. 23 Apr - Max Estates declares Large Corporate debt framework not applicable; outstanding borrowing was Rs 1.19 crore on March 31, 2026.
4
Disclosure For Giving Of Corporate Guarantee
7h - Max Estates issued additional ₹100 crore corporate guarantee for Max Square; total guarantee rises to ₹350 crore. 7h - Max Estates issued additional ₹100 crore corporate guarantee for Max Square; total guarantee rises to ₹350 crore.
5
Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure A
7h - Max Estates declares Large Corporate debt framework not applicable; outstanding borrowing was Rs 1.19 crore on March 31, 2026. 7h - Max Estates declares Large Corporate debt framework not applicable; outstanding borrowing was Rs 1.19 crore on March 31, 2026.
Frequently Asked Questions about Max Estates Ltd
What does Max Estates Ltd do?
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]
Where is Max Estates Ltd (MAXESTATES) listed?
Max Estates Ltd is listed on the Indian stock exchanges. It is listed on NSE: MAXESTATES and BSE: 544008. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Max Estates Ltd belong to?
Max Estates Ltd operates in the Realty sector within the Residential Commercial Projects industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Max Estates Ltd?
Max Estates Ltd has a market capitalisation of approximately ₹7954.49 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Max Estates Ltd?
The Price-to-Earnings (PE) ratio of Max Estates Ltd is 1327.36. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Max Estates Ltd?
Over the past 52 weeks, Max Estates Ltd has traded between a low of ₹305.45 and a high of ₹502.15. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Max Estates Ltd?
Max Estates Ltd has a Return on Equity (ROE) of 0.50%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Max Estates Ltd on Tapetide?
On Tapetide, you can view Max Estates Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]