Max Estates Ltd.

•

maxestates.inBSE: 544008NSE: MAXESTATES

Market Cap₹ 9,169 Cr.

Current Price

High / Low₹ 579 / 305

Stock P/E793.0

Book Value₹ 148

Price to Book2.09

Dividend Yield0.00 %

ROCE2.0 %

ROE0.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Strong cash generation - operating cash flow backs reported profits (CFO/PAT 9.23x)

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (418.7% of PBT)
Recent results are weak - TTM profit is down 76.6% versus prior year
Company has a low return on equity of -0.9% over last 3 years
Company has a low return on capital employed of 1.4%
Promoter holding has decreased over last 2 years: -4.2pp

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	643.60	35.83	159311.06	1.24	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1113.00	26.96	111226.00	0.38	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1891.15	52.85	67642.25	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1505.00	56.92	64824.90	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1747.40	24.16	63535.85	0.46	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1745.00	32.85	52564.02	0.57	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	599.05	37.26	21558.43	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	638.90	30.00	20844.71	0.24	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1284.65	108.49	14348.99	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1217.35	56.45	13020.02	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	762.15	10.27	10722.39	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MAXESTATES	560.60	793.00	9169.45	0.00	8.35	-30.00	51.91	0.86	2.05	15.65

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	18	20	24	30	40	40	40	40	51	49	50	49	52
	15	20	18	22	25	32	28	31	38	39	47	53	69
Operating Profit	3	1	6	8	15	9	12	9	14	10	3	-3	-17
OPM %	17.18%	2.73%	25.90%	26.02%	37.61%	21.25%	28.90%	22.75%	27.03%	20.67%	5.89%	-6.49%	-32.32%
	-39	7	6	9	7	13	32	38	29	26	22	21	28
Interest	4	11	14	14	17	14	15	17	17	16	16	16	17
Depreciation	4	6	7	8	9	8	8	9	8	8	8	8	8
Profit before Tax	-44	-9	-8	-6	-3	-1	20	21	17	12	1	-6	11
Tax %	13.19%	50.06%	8.41%	25.04%	30.56%	-14.05%	22.61%	34.21%	29.10%	32.85%	96.88%	33.87%	26.65%
Net Profit	0	0	0	0	-2	-1	16	14	12	8	0	-4	8
	-2.61	-0.31	-0.51	-0.32	-0.14	-0.09	1.04	0.90	0.74	0.49	0.00	-0.26	0.51

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	107	93	160	199	200
	76	75	116	176	207
Operating Profit	32	18	44	24	-7
OPM %	29.51%	19.12%	27.66%	11.90%	-3.49%
	24	-17	89	97	97
Interest	19	43	62	65	65
Depreciation	15	25	34	32	32
Profit before Tax	22	-68	38	23	18
Tax %	16.37%	18.62%	29.74%	32.51%	31.98%
Net Profit	18	-55	26	16	12
EPS	1.26	-2.87	2.53	0.77	—
Dividend Payout %	—	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 23%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: -13%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 28%

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: -1%
Last Year:: 1%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	147	161	163
Minority Interest	43	280	382	741
	1,062	1,020	2,076	2,244
	905	998	2,458	4,499
Trade Payables	27	33	453	1,018
	171	558	1,628	3,575
Total Liabilities	2,207	3,037	7,158	12,242
	22	22	18	17
	160	93	587	385
	387	533	2,285	6,888
	0	8	15	12
Cash & Bank	41	264	1,083	615
	1,597	2,117	3,169	4,324
Total Assets	2,207	3,037	7,158	12,242

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-424	271	225	-616
Cash from Investing	-52	-292	-1,993	-291
Cash from Financing	521	234	1,766	879
	13	213	-2	-28

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	49.42	45.26	45.25	45.25	45.24	45.24	44.91	45.27	45.26
	27.54	27.55	27.78	27.43	27.13	26.60	25.67	25.88	25.84
	0.03	5.72	5.77	6.29	6.26	6.78	7.77	7.64	8.19
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	23.01	21.47	21.19	21.01	21.37	21.38	21.66	21.21	20.71

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Updates

2026-09-11 - Max Estates Limited has informed the Exchange regarding 'Allotment of 14,931 equity shares under the Max Estates Employee Stock Option Plan 2023'.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Max Estates Limited has informed the Exchange about Copy of Newspaper Publication regarding Completion of Dispatch of the Notice convening the Extra-Ordinary General Meeting of the Company

2026-09-03

Shareholders meeting

2026-09-03 - Max Estates Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 24, 2026

2026-08-29

Preferential issue

2026-08-29 - Max Estates Limited has informed the Exchange about Preferential issue

2026-08-29

Press Release

2026-08-29 - Max Estates Limited has informed the Exchange regarding a press release dated August 28, 2026, titled "Press Release".

2026-08-29

Outcome of Board Meeting

2026-08-29 - Max Estates Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026 about the Acquisition by Max Estates Limited of Land Owning Companies.

2026-08-29

General Updates

2026-08-29 - Max Estates Limited has informed the Exchange about General Updates

2026-08-29

Outcome of Board Meeting

2026-08-29 - Max Estates Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026 entering Share Purchase and Share Subscription Agreement

2026-08-29

Outcome of Board Meeting

2026-08-29 - Max Estates Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026.

News

Recent coverage and analyst commentary for MAXESTATES

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Max Estates Ltd.

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Free 5nance Account

Name

DLF

643.60

35.83

159311.06

1.24

793.90

-89.59

1280.34

-52.87

6.81

49.68

LODHA

1113.00

26.96

111226.00

0.38

1373.10

103.39

4996.70

43.10

16.89

38.51

PHOENIXLTD

1891.15

52.85

67642.25

0.13

394.51

22.95

1074.94

12.80

15.41

59.77

PRESTIGE

1505.00

56.92

64824.90

0.13

271.40

-12.87

2675.10

15.94

11.51

31.75

OBEROIRLTY

1747.40

24.16

63535.85

0.46

543.51

29.02

1300.89

31.73

17.69

56.75

GODREJPROP

1745.00

32.85

52564.02

0.57

349.38

-41.61

506.17

16.48

8.37

-57.98

ANANTRAJ

599.05

37.26

21558.43

0.17

149.19

18.50

631.40

6.58

12.23

29.53

BRIGADE

638.90

30.00

20844.71

0.24

216.94

37.35

1115.55

-12.93

11.02

32.33

ABREL

1284.65

108.49

14348.99

0.19

-34.59

-27.73

188.85

30.95

-4.54

-30.02

SOBHA

1217.35

56.45

13020.02

0.49

50.85

273.37

1278.15

50.03

6.96

6.07

SIGNATURE

762.15

10.27

10722.39

0.00

-16.53

-148.00

551.99

-36.24

34.77

-8.10

MAXESTATES

560.60

793.00

9169.45

0.00

8.35

-30.00

51.91

0.86

2.05

15.65

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

Operating Profit

-3

-17

OPM %

17.18%

2.73%

25.90%

26.02%

37.61%

21.25%

28.90%

22.75%

27.03%

20.67%

5.89%

-6.49%

-32.32%

-39

Interest

Depreciation

Profit before Tax

-44

-9

-8

-6

-3

-1

-6

Tax %

13.19%

50.06%

8.41%

25.04%

30.56%

-14.05%

22.61%

34.21%

29.10%

32.85%

96.88%

33.87%

26.65%

Net Profit

-2

-1

-4

-2.61

-0.31

-0.51

-0.32

-0.14

-0.09

1.04

0.90

0.74

0.49

0.00

-0.26

0.51

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

107

160

199

200

116

176

207

Operating Profit

-7

OPM %

29.51%

19.12%

27.66%

11.90%

-3.49%

-17

Interest

Depreciation

Profit before Tax

-68

Tax %

16.37%

18.62%

29.74%

32.51%

31.98%

Net Profit

-55

EPS

1.26

-2.87

2.53

0.77

—

Dividend Payout %

—

0.00%

—

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

147

161

163

Minority Interest

280

382

741

1,062

1,020

2,076

2,244

905

998

2,458

4,499

Trade Payables

453

1,018

171

558

1,628

3,575

Total Liabilities

2,207

3,037

7,158

12,242

160

587

385

387

533

2,285

6,888

Cash & Bank

264

1,083

615

1,597

2,117

3,169

4,324

Total Assets

2,207

3,037

7,158

12,242

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-424

271

225

-616

Cash from Investing

-52

-292

-1,993

-291

Cash from Financing

521

234

1,766

879

213

-2

-28

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

49.42

45.26

45.25

45.24

44.91

45.27

45.26

27.54

27.55

27.78

27.43

27.13

26.60

25.67

25.88

25.84

0.03

5.72

5.77

6.29

6.26

6.78

7.77

7.64

8.19

Government

0.00

23.01

21.47

21.19

21.01

21.37

21.38

21.66

21.21

20.71

Max Estates Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Max Estates Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI