---
title: "Max India Ltd(Merged) (MAXINDIA) — Share Price, Financials & Analysis"
symbol: "MAXINDIA"
company: "Max India Ltd(Merged)"
canonical: "https://tapetide.com/stocks/MAXINDIA"
nse_symbol: "MAXINDIA"
generated_at: "2026-09-13T22:39:07.536Z"
---

# Max India Ltd(Merged) (MAXINDIA)

Canonical page: https://tapetide.com/stocks/MAXINDIA

## Company

- **NSE Symbol:** MAXINDIA
- **Stock Type:** DELISTED
- **Face Value:** ₹2
- **F&O Eligible:** No
- **Website:** maxindia.com

## About

Max India is primarily engaged in making business investment in its subsidiaries and providing management advisory services to the group companies.(Source : 201903 Annual Report Page No: 158)

## Latest Price

## Key Insights

### Strengths

- Company has reduced debt.

### Weaknesses

- Company has a low return on equity of -4.68% over last 3 years.
- Earnings include an other income of Rs.415 Cr.
- Debtor days have increased from 39.6 to 61.3 days.
- Working capital days have increased from 723 days to 2,697 days

## Growth Rates

| Metric | 1Y | 3Y |
| --- | --- | --- |
| net income growth | 39% | 13% |
| revenue growth | -35% | -50% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 43 | 36 | 35 | 40 | 38 | 39 | 34 |
| Expenses | 60 | 99 | 57 | 49 | 129 | 59 | 46 |
| Operating Profit | -17 | -63 | -23 | -10 | -92 | -20 | -12 |
| OPM % | -40 | -176 | -66 | -24 | -244 | -52 | -34 |
| Other Income | 0 | 2 | 1 | 10 | 5 | 13 | 387 |
| Interest | 7 | 6 | 6 | 6 | 6 | 6 | 6 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 2 | 2 |
| Profit before tax | -24 | -68 | -29 | -6 | -94 | -15 | 367 |
| Tax % | 4 | 0 | 4 | 5 | 1 | 5 | 0 |
| Net Profit | -25 | -69 | -30 | -7 | -95 | -15 | 367 |
| EPS in Rs | -0.7 | -1.51 | -0.57 | -0.43 | -1.87 | -0.29 | 14.1 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 15m | Mar 2017 | Mar 2018 | Mar 2019 | TTM |
| --- | --- | --- | --- | --- | --- |
| Sales | 1220 | 1428 | 242 | 157 | 150 |
| Expenses | 1223 | 1393 | 323 | 207 | 283 |
| Operating Profit | -3 | 35 | -80 | -50 | -133 |
| OPM % | -0.3 | 2.5 | -33 | -32 | -89 |
| Other Income | 11 | 28 | 85 | -49 | 415 |
| Interest | 41 | 53 | 26 | 24 | 23 |
| Depreciation | 56 | 53 | 4 | 5 | 7 |
| Profit before tax | -88 | -43 | -26 | -128 | 252 |
| Tax % | 12 | 8 | 28 | 2 | — |
| Net Profit | -99 | -46 | -33 | -131 | 250 |
| EPS in Rs | -2691.67 | -1.73 | -1.58 | -3.21 | 11.51 |
| Dividend Payout % | 0 | 0 | 0 | 0 | — |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- |
| Equity Capital | 0.05 | 53 | 54 | 54 |
| Reserves | 1152 | 1214 | 1236 | 1116 |
| Borrowings | 524 | 654 | 214 | 194 |
| Other Liabilities | 773 | 993 | 846 | 971 |
| Total Liabilities | 2449 | 2914 | 2349 | 2335 |
| Fixed Assets | 936 | 931 | 170 | 120 |
| CWIP | 248 | 444 | 4 | 6 |
| Investments | 738 | 953 | 1631 | 821 |
| Other Assets | 527 | 587 | 544 | 1388 |
| Total Assets | 2449 | 2914 | 2349 | 2335 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- |
| Cash from Operating Activity | — | — | 31 | -3 |
| Cash from Investing Activity | — | — | -54 | 13 |
| Cash from Financing Activity | — | — | 25 | -16 |
| Net Cash Flow | — | — | 2 | -5 |
| Free Cash Flow | — | — | 4 | 7 |
| CFO/OP | — | — | -60 | -19 |

### Ratios

| Item | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 |
| --- | --- | --- | --- | --- |
| Debtor Days | 34 | 33 | 24 | 61 |
| Inventory Days | 22 | 20 | 829 | 2053 |
| Days Payable | 406 | 458 | 342 | 166 |
| Cash Conversion Cycle | -351 | -404 | 511 | 1948 |
| Working Capital Days | -119 | -114 | -414 | 2697 |
| ROCE % | — | 0 | -2 | -2 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 |
| --- | --- | --- | --- | --- |
| Promoters | 41.14% | 40.97% | 40.93% | 40.89% |
| FIIs | 21.49% | 24.51% | 26.3% | 37.58% |
| DIIs | 29.82% | 21.36% | 17.31% | 4.57% |
| Public | 7.55% | 13.16% | 15.46% | 16.96% |
| No. of Shareholders | 37508 | 35508 | 36365 | 32347 |

### Quarterly

| Category | Jun 2017 | Sep 2017 | Dec 2017 | Mar 2018 | Jun 2018 | Sep 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sep 2019 | Dec 2019 | Mar 2020 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 41.13% | 40.97% | 40.97% | 40.97% | 40.96% | 40.96% | 40.96% | 40.93% | 40.93% | 40.93% | 40.89% | 40.89% |
| FIIs | 19.47% | 19.36% | 19.66% | 24.51% | 23.2% | 23.64% | 23.76% | 26.3% | 34.4% | 36.08% | 36.82% | 37.58% |
| DIIs | 26.8% | 26.91% | 27.01% | 21.36% | 19.59% | 19.88% | 20.6% | 17.31% | 7.66% | 4.99% | 4.68% | 4.57% |
| Public | 12.6% | 12.75% | 12.36% | 13.16% | 16.25% | 15.51% | 14.68% | 15.46% | 17.02% | 18% | 17.61% | 16.96% |
| No. of Shareholders | 38263 | 35416 | 33689 | 35508 | 37236 | 36750 | 36241 | 36365 | 35027 | 33971 | 33114 | 32347 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Sell
- **Buy / Neutral / Sell:** 2 / 5 / 12

### Moving Averages — summary: **Strong Sell**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 7.22 | Sell |
| EMA (10) | 7.13 | Sell |
| SMA (20) | 7.27 | Sell |
| EMA (20) | 7.2 | Sell |
| SMA (50) | 7.19 | Sell |
| EMA (50) | 7.3 | Sell |
| SMA (100) | 7.56 | Sell |
| EMA (100) | 7.38 | Sell |
| SMA (200) | 7.42 | Sell |
| EMA (200) | 7.12 | Sell |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 43.08 | Neutral |
| MACD (12,26,9) | -0.07 | Sell |
| Stochastic (14,3,3) | 26.78 | Neutral |
| ADX (14) | 14.61 | Neutral |
| Williams %R (14) | -81.37 | Buy |
| ATR (14) | 0.74 | High Volatility |
| ROC (12) | -10.98 | Sell |
| Stoch RSI (14) | 1.65 | Buy |
| UO (7,14,28) | 36.26 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 11 Nov 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=FD0466E0_00C5_43CA_BEBE_2F4B92CA052F_115027.pdf) |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 11 Nov 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/FD0466E0_00C5_43CA_BEBE_2F4B92CA052F_115027.pdf) |
| — | [Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 3 Oct 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=93960C9C_3802_4820_945A_C8527A907251_094549.pdf) |
| — | [Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 3 Oct 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/93960C9C_3802_4820_945A_C8527A907251_094549.pdf) |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 1 Oct 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=41DB7137_6FBF_46D0_A427_68BF8BAECA1A_175207.pdf) |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 1 Oct 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/41DB7137_6FBF_46D0_A427_68BF8BAECA1A_175207.pdf) |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 29 Sep 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=A5349E43_62DB_4F1B_81E0_03F89809411C_180356.pdf) |
| — | [Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 29 Sep 2020](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=DEF28BC8_3426_49DF_AB1B_17D439002AF0_184351.pdf) |
| — | [Disclosures under Reg. 31(1) and 31(2) of SEBI (SAST) Regulations, 2011. 29 Sep 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/A5349E43_62DB_4F1B_81E0_03F89809411C_180356.pdf) |
| — | [Disclosures of reasons for encumbrance by promoter of listed companies under Reg. 31(1) read with Regulation 28(3) of SEBI (SAST) Regulations, 2011. 29 Sep 2020](https://www.bseindia.com/xml-data/corpfiling/AttachHis/DEF28BC8_3426_49DF_AB1B_17D439002AF0_184351.pdf) |

### Earnings Call Documents

| Date | Document |
| --- | --- |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0eb134af-1b3e-465d-89d8-6eb0e44929c6.pdf) |
| Nov 2018 | [Concall - Nov 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/11/0eb134af-1b3e-465d-89d8-6eb0e44929c6.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=dd163608-e5a6-4a04-b87a-d91e81a75bb8.pdf) |
| Nov 2017 | [Concall - Nov 2017](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2017/11/dd163608-e5a6-4a04-b87a-d91e81a75bb8.pdf) |
| May 2019 | [Concall - May 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=6937e259-aafe-482d-a0e9-a5115b8bc61f.pdf) |
| May 2019 | [Concall - May 2019](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6937e259-aafe-482d-a0e9-a5115b8bc61f.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=29450deb-d450-4337-a1c3-0163afb24f50.pdf) |
| May 2018 | [Concall - May 2018](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2018/5/29450deb-d450-4337-a1c3-0163afb24f50.pdf) |
| Feb 2019 | [Concall - Feb 2019](https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=4293c225-bccf-4d91-8e49-b770409f40ce.pdf) |
| Feb 2019 | [Concall - Feb 2019](https://www.bseindia.com/xml-data/corpfiling/CorpAttachment/2019/2/4293c225-bccf-4d91-8e49-b770409f40ce.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| from bse | [Annual Report 2019 from bse](https://www.bseindia.com/bseplus/AnnualReport/539981/5399810319.pdf) |
| from bse | [Annual Report 2018 from bse](https://www.bseindia.com/bseplus/AnnualReport/539981/5399810318.pdf) |
| from bse | [Annual Report 2017 from bse](https://www.bseindia.com/bseplus/AnnualReport/539981/5399810317.pdf) |
| from bse | [Annual Report 2016 from bse](https://www.bseindia.com/bseplus/AnnualReport/539981/5399810316.pdf) |
| from bse | [Annual Report 2015 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2015/MAX_INDIA_LTD-539981-MARCH-2015.PDF) |
| from bse | [Annual Report 2014 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2014/MAX_INDIA_LTD-539981-MARCH-2014.PDF) |
| from bse | [Annual Report 2013 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2013/MAX_INDIA_LTD-539981-MARCH-2013.PDF) |
| from bse | [Annual Report 2012 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2012/MAX_INDIA_LTD-539981-MARCH-2012.PDF) |
| from bse | [Annual Report 2011 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2011/MAX_INDIA_LTD-539981-MARCH-2011.PDF) |
| from bse | [Annual Report 2010 from bse](https://www.bseindia.com/HIS_ANN_RPT/HISTANNR/2010/MAX_INDIA_LTD-539981-MARCH-2010.PDF) |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-09-13T22:39:07.536Z.