Max Estates Ltd.
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ABOUT
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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
- 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
| 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
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:
- 25%
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 | |
|---|---|---|---|---|
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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