Max Estates Ltd.
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ABOUT
AI Sector View
AI GENERATEDRealty
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.
PROS
- Company is almost debt free
- Company comfortably covers its interest (17.3x coverage)
CONS
- Company is loss-making at the operating / net level
- Operating cash flow has been negative in recent years
- A large part of profit comes from other income (131.5% of PBT)
- Recent results are weak - TTM profit is down 47.0% versus prior year
- Company has a low return on capital employed of 8.2%
- Company has a low return on equity of 6.8% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| DLF | 656.40 | 36.55 | 162479.46 | 1.22 | 793.90 | -89.59 | 1280.34 | -52.87 | 6.81 | 49.68 |
| LODHA | 1165.45 | 28.23 | 116454.47 | 0.36 | 1373.10 | 103.39 | 4996.70 | 43.10 | 16.89 | 38.51 |
| PHOENIXLTD | 1897.90 | 53.03 | 67883.68 | 0.13 | 394.51 | 22.95 | 1074.94 | 12.80 | 15.41 | 59.77 |
| PRESTIGE | 1541.85 | 58.31 | 66412.14 | 0.13 | 271.40 | -12.87 | 2675.10 | 15.94 | 11.51 | 31.75 |
| OBEROIRLTY | 1796.30 | 24.84 | 65313.87 | 0.45 | 543.51 | 29.02 | 1300.89 | 31.73 | 17.69 | 56.75 |
| GODREJPROP | 1860.00 | 35.01 | 56028.13 | 0.54 | 349.38 | -41.61 | 506.17 | 16.48 | 8.37 | -57.98 |
| ANANTRAJ | 613.40 | 38.15 | 22074.85 | 0.16 | 149.19 | 18.50 | 631.40 | 6.58 | 12.23 | 29.53 |
| BRIGADE | 662.00 | 31.08 | 21598.36 | 0.23 | 216.94 | 37.35 | 1115.55 | -12.93 | 11.02 | 32.33 |
| ABREL | 1341.65 | 113.30 | 14985.65 | 0.19 | -34.59 | -27.73 | 188.85 | 30.95 | -4.54 | -30.02 |
| SOBHA | 1228.35 | 56.96 | 13137.67 | 0.49 | 50.85 | 273.37 | 1278.15 | 50.03 | 6.96 | 6.07 |
| SIGNATURE | 785.75 | 10.59 | 11054.40 | 0.00 | -16.53 | -148.00 | 551.99 | -36.24 | 34.77 | -8.10 |
| MAXESTATES | 547.20 | 774.04 | 8950.27 | 0.00 | 8.35 | -30.00 | 51.91 | 0.86 | 2.05 | 15.65 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 7 | 10 | 6 | 6 | 15 | 7 | 8 | 11 | 14 | 14 | 13 | 14 | 19 | |
| 9 | 9 | 9 | 12 | 13 | 11 | 14 | 15 | 15 | 19 | 18 | 21 | 28 | |
| Operating Profit | -2 | 1 | -4 | -6 | 2 | -3 | -6 | -4 | -1 | -5 | -4 | -7 | -9 |
| OPM % | -25.27% | 5.37% | -71.20% | -95.96% | 14.04% | -41.98% | -78.22% | -35.40% | -10.28% | -35.34% | -31.90% | -48.77% | -46.67% |
| 12 | 12 | 10 | 14 | 14 | 292 | 31 | 29 | 44 | 27 | 29 | 27 | 27 | |
| Interest | 3 | 3 | 4 | 4 | 5 | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 3 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit before Tax | 5 | 8 | 2 | 3 | 9 | 285 | 22 | 23 | 39 | 19 | 22 | 17 | 19 |
| Tax % | -120.27% | 26.01% | -22.86% | -33.88% | 20.26% | 15.30% | 23.74% | 32.73% | 24.84% | 39.43% | 31.63% | 52.34% | 34.80% |
| Net Profit | 11 | 6 | 2 | 4 | 7 | 242 | 17 | 15 | 29 | 12 | 15 | 8 | 12 |
| 0.78 | 0.38 | 0.15 | 0.28 | 0.50 | 16.16 | 1.17 | 0.98 | 1.82 | 0.72 | 0.92 | 0.47 | 0.74 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|
| 49 | 29 | 41 | 55 | 61 | |
| 49 | 39 | 52 | 73 | 86 | |
| Operating Profit | 0 | -10 | -11 | -18 | -25 |
| OPM % | 0.37% | -33.99% | -27.10% | -31.73% | -41.25% |
| 50 | 47 | 366 | 127 | 111 | |
| Interest | 11 | 14 | 9 | 6 | 7 |
| Depreciation | 5 | 5 | 7 | 7 | 7 |
| Profit before Tax | 33 | 18 | 339 | 96 | 76 |
| Tax % | 1.55% | -32.18% | 17.14% | 34.02% | 38.90% |
| Net Profit | 33 | 23 | 281 | 64 | 46 |
| EPS | 2.22 | 1.58 | 17.45 | 3.89 | — |
| Dividend Payout % | — | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 4%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 25%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 25%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 7%
- Last Year:
- 3%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| Equity Capital | 0 | 147 | 161 | 163 |
| 1,084 | 1,108 | 2,158 | 2,377 | |
| 217 | 208 | 58 | 226 | |
| Trade Payables | 10 | 4 | 7 | 10 |
| 158 | 63 | 106 | 32 | |
| Total Liabilities | 1,469 | 1,529 | 2,490 | 2,808 |
| 22 | 20 | 16 | 15 | |
| 1,109 | 1,151 | 1,490 | 2,076 | |
| 2 | 2 | 0 | 0 | |
| 0 | 11 | 21 | 7 | |
| Cash & Bank | 15 | 19 | 327 | 16 |
| 320 | 326 | 636 | 694 | |
| Total Assets | 1,469 | 1,529 | 2,490 | 2,808 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
| 3 | -36 | -49 | -208 | |
| Cash from Investing | -106 | 60 | -606 | -62 |
| Cash from Financing | 125 | -24 | 654 | 269 |
| -1 | -0 | -1 | -0 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Max Estates Limited has informed the Exchange regarding Notice of Extraordinary General Meeting to be held on September 24, 2026
2026-08-29 - Max Estates Limited has informed the Exchange about Preferential issue
2026-08-29 - Max Estates Limited has informed the Exchange regarding a press release dated August 28, 2026, titled "Press Release".
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 - Max Estates Limited has informed the Exchange about General Updates
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 - Max Estates Limited has informed the Exchange regarding Outcome of Board Meeting held on August 28, 2026.
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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