Max India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Assisted Care: 56.8% • Senior Living: 38.4% • Business Investments: 4.7%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
CONS
- Company is loss-making at the operating / net level
- Company has a low return on equity of -26.4% over last 3 years
- Company has a low return on capital employed of -22.3%
- Operating margins have contracted to -55.6% from 6.4%
- Effective tax rate is unusually low at -0.7% - earnings may be flattered
- Equity base is being diluted - shares outstanding up 22.1%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BAJAJFINSV | 1958.00 | 30.92 | 313683.61 | 0.08 | 6296.67 | 18.15 | 42036.90 | 92.22 | 11.88 | 40.79 |
| AIIL | 519.30 | 21.02 | 44100.28 | 0.00 | 11082.20 | 1075.19 | 14695.40 | 1109.37 | 30.27 | 88.91 |
| CHOLAHLDNG | 1503.20 | 10.58 | 28226.71 | 0.09 | 1788.99 | 42.04 | 11113.57 | 42.92 | 10.52 | 57.53 |
| TVSHLTD | 13145.00 | 13.50 | 26595.10 | 0.65 | 1173.58 | 73.77 | 17076.18 | 40.01 | 19.39 | 16.25 |
| CGCL | 271.75 | 23.19 | 26146.53 | 0.07 | 353.38 | 102.04 | 1576.47 | 62.12 | 11.68 | 68.54 |
| MAHSCOOTER | 13642.20 | 55.98 | 15591.08 | 1.61 | 3.32 | -90.61 | 5.41 | -81.52 | 1.06 | 84.10 |
| JMFINANCIL | 134.50 | 12.38 | 12871.11 | 2.42 | 368.57 | -19.66 | 1200.53 | 9.69 | 11.91 | 58.30 |
| JSWHL | 11523.05 | 93.10 | 12790.15 | 0.00 | 24.54 | -92.74 | 34.58 | 14.97 | 0.58 | 92.45 |
| TSFINV | 406.05 | 18.52 | 9018.53 | 2.75 | 124.95 | -92.11 | 305.57 | 102.23 | 3.47 | 53.35 |
| RELIGARE | 251.85 | 158.05 | 8682.12 | 0.00 | -46.98 | -674.86 | 2353.40 | 1051.76 | 4.71 | -2.08 |
| KAMAHOLD | 2344.15 | 8.08 | 7522.51 | 1.77 | 584.02 | 10.80 | 4657.56 | 7.07 | 20.86 | 22.01 |
| MAXIND | 152.40 | 0.00 | 858.33 | 0.00 | -36.28 | -41.50 | 59.74 | 62.91 | -27.83 | -57.50 |
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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 41 | 49 | 41 | 45 | 26 | 43 | 35 | 42 | 37 | 45 | 43 | 66 | 60 | |
| 53 | 54 | 58 | 65 | 54 | 64 | 64 | 81 | 65 | 75 | 78 | 79 | 104 | |
| Operating Profit | -12 | -5 | -17 | -20 | -28 | -21 | -30 | -39 | -28 | -30 | -35 | -13 | -44 |
| OPM % | -30.71% | -9.18% | -42.61% | -44.56% | -105.59% | -49.45% | -85.32% | -95.01% | -75.95% | -67.01% | -80.12% | -20.14% | -73.50% |
| 5 | 6 | 4 | 5 | 6 | 5 | -8 | 4 | 13 | 5 | 4 | 6 | 9 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 2 | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 7 | 7 |
| Profit before Tax | -11 | -2 | -17 | -20 | -28 | -23 | -45 | -44 | -25 | -35 | -40 | -17 | -36 |
| Tax % | -17.27% | -143.78% | -7.46% | -6.38% | -0.36% | -3.21% | -0.42% | -1.80% | -3.99% | 5.56% | -3.55% | -2.52% | -1.94% |
| Net Profit | 0 | 0 | 0 | 0 | -27 | -23 | -45 | -46 | -26 | -34 | -43 | -19 | -36 |
| -2.84 | -1.09 | -4.15 | -5.00 | -6.06 | -5.27 | -10.03 | -10.36 | -5.44 | -6.52 | -8.17 | -3.67 | -6.91 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 211 | 121 | 230 | 201 | 176 | 145 | 191 | 214 | |
| 216 | 150 | 231 | 201 | 230 | 264 | 296 | 336 | |
| Operating Profit | -5 | -29 | -1 | 1 | -54 | -118 | -106 | -122 |
| OPM % | -2.49% | -23.74% | -0.54% | 0.25% | -30.99% | -81.24% | -55.55% | -57.07% |
| -47 | 0 | 2 | 12 | 19 | 6 | 28 | 24 | |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 14 | 13 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 25 | 27 |
| Profit before Tax | -87 | -63 | -18 | -3 | -49 | -139 | -121 | -128 |
| Tax % | -5.97% | 16.92% | 10.50% | -245.10% | -14.97% | -1.31% | -0.73% | -0.46% |
| Net Profit | -93 | -52 | -16 | -10 | -56 | -140 | -122 | -129 |
| EPS | 0.00 | -9.88 | -3.00 | -2.17 | -13.06 | -32.21 | -23.20 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- 10%
- 3 Years:
- -2%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- 17%
- 3 Years:
- 1%
- 1 Year:
- -32%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- -17%
- 3 Years:
- -26%
- Last Year:
- -34%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 53 |
| 652 | 599 | 586 | 495 | 440 | 305 | 306 | |
| 150 | 110 | 59 | 41 | 42 | 99 | 88 | |
| Trade Payables | 20 | 24 | 10 | 11 | 24 | 31 | 34 |
| 147 | 208 | 149 | 163 | 135 | 154 | 187 | |
| Total Liabilities | 1,023 | 996 | 857 | 753 | 684 | 633 | 668 |
| 144 | 156 | 90 | 91 | 125 | 170 | 195 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 10 | 21 | 2 |
| 414 | 334 | 178 | 83 | 63 | 53 | 34 | |
| 226 | 249 | 130 | 51 | 6 | 17 | 16 | |
| 0 | 0 | 0 | 0 | 5 | 22 | 37 | |
| Cash & Bank | 12 | 24 | 23 | 93 | 209 | 110 | 77 |
| 226 | 233 | 436 | 435 | 266 | 241 | 307 | |
| Total Assets | 1,023 | 996 | 857 | 753 | 684 | 633 | 668 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 8 | 56 | 62 | 71 | -102 | -128 | -95 | |
| Cash from Investing | -586 | 13 | 18 | 124 | 159 | 47 | -50 |
| Cash from Financing | 557 | -73 | -94 | -119 | -29 | -13 | 148 |
| -48 | 12 | -10 | 75 | 27 | -93 | 4 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| PER SHARE | |||||||
| EPS (₹) | -17.21 | -9.59 | -3.00 | -2.41 | -13.06 | -32.21 | -23.20 |
| Book Value (₹) | 131.18 | 121.44 | 118.99 | 125.15 | 111.97 | 79.95 | 68.23 |
| Dividend per Share (₹) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash EPS (₹) | -14.79 | -7.37 | -1.59 | -0.43 | -10.11 | -26.34 | -18.42 |
| PROFITABILITY | |||||||
| Operating Margin % | -0.92% | -16.54% | 2.75% | 6.43% | -30.99% | -81.24% | -55.55% |
| Net Margin % | -43.89% | -43.32% | -7.02% | -5.16% | -32.10% | -96.50% | -63.94% |
| ROE % | -13.12% | -7.71% | -2.50% | -1.76% | -11.03% | -33.75% | -34.48% |
| ROCE % | -6.88% | -4.68% | -1.06% | 0.52% | -8.39% | -30.58% | -27.83% |
| -9.05% | -5.19% | -1.74% | -1.29% | -7.84% | -21.32% | -18.74% | |
| EFFICIENCY | |||||||
| Debtor Days | 24 | 32 | 10 | 8 | 8 | 34 | 57 |
| Inventory Days | 391 | 718 | 301 | 165 | 59 | 29 | 31 |
| Payable Days | 154 | 580 | 50 | 45 | 108 | 304 | 226 |
| 262 | 171 | 262 | 128 | -41 | -242 | -138 | |
| FINANCIAL HEALTH | |||||||
| Debt to Equity (x) | 0.24x | 0.19x | 0.06x | 0.04x | 0.00x | 0.00x | 0.00x |
| Interest Coverage (x) | -2.23x | -1.58x | -0.75x | 0.52x | -9.51x | -16.19x | -7.77x |
| 5.07x | 3.22x | 3.58x | 2.84x | 2.47x | 1.58x | 2.35x | |
| GROWTH | |||||||
| Revenue Growth % | 0.00% | -42.71% | 90.17% | -12.55% | -12.64% | -17.16% | 30.98% |
| Operating Profit Growth % | 0.00% | -934.40% | 131.58% | 104.72% | -373.19% | -181.77% | 16.53% |
| Net Profit Growth % | 0.00% | 43.45% | 69.18% | 35.65% | -442.97% | -149.03% | 13.21% |
| 0.00% | 0.00% | 0.00% | 0.00% | -441.19% | -146.63% | 27.97% | |
| VALUATION | |||||||
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 1.77x | 2.30x | 1.80x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| 0.00x | 0.00x | 0.00x | 0.00x | -18.28x | -6.98x | -6.87x |
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-20 - Max India Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-19 - Max India Limited has informed the Exchange about Transcript of Investor Call held on August 12, 2026.
2026-08-19 - Max India Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026
2026-08-12 - Max India Limited has informed the Exchange about Link of Recording
2026-08-12 - Max India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-11 - Monitoring Agency Report Q1 FY 27
2026-08-11 - Max India Limited has informed the Exchange about Investor Presentation
2026-08-11 - Max India Limited has informed the Exchange about statement of deviation(s) or variation(s) under Reg. 32
2026-08-11 - Max India Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
News
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