Max Estates Limited
₹504.95-₹12.45 (-2.4%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹6,857 Cr
- P/E
- 94.3x
- EV / EBITDA
- 189.4x
- Revenue
- ₹41.0 Cr
- Net margin
- 79.3%
- ROCE
- -0.7%
Price chart
Technical chartScreen technicals →+7.3% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -13.9%
- 3M
- +29.9%
- 6M
- +28.9%
- 1Y
- +7.3%
- 5Y
- +64.8%
52-week range
Day change -₹12.45 (-2.4%) from ₹517 to ₹505 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in MAXESTATES, bought on each weekday since 2023.
AI Summary
Indian StockStrengths1
- Strong 5-year revenue CAGR of 21.4%
Concerns1
- Low return on equity of 1.8%
Rule-based from financial data. Not advice.
About the company
Max Estates Limited develops and constructs residential and commercial properties. The company also offers investment, facility management, managed office, and shared services. In addition, it engages in the real estate development, letting, and sub-letting; leasing, selling, and distribution of residential or commercial complex, houses, buildings, etc. The company was incorporated in 2016 and is based in Noida, India.
- Sector
- Construction & Real Estate
- Shares outstanding
- 16.2 Cr shares
- ISIN
- INE03EI01018
- BSE code
- 544008
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹6,857 Cr
- P/E
- 94.3x
- P/B
- 2.8x
- EV / EBITDA
- 189.4x
- EV / Sales
- 241.6x
- P/S
- 236.4x
- Earnings yield
- 1.1%
- 52-week high
- ₹615.75
- 52-week low
- ₹307.35
Profitability
- Operating margin
- -34.5%
- Net margin
- 79.3%
- EBITDA margin
- 127.6%
- ROE
- 1.8%
- ROCE
- -0.7%
- ROA
- 1.5%
- Dividend payout
- 0.0%
- Tax rate
- -32.0%
- Other income, % of PBT
- 261.1%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹41.0 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 41.4%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 21.4%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹37.0 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -26.0%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 1121.7%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹36.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 80.0%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- 3.9%
Solvency and efficiency
- Current ratio
- 23.21
- Debt / Equity
- 0.17
- Debt / Assets
- 0.14
- Debt / EBITDA
- 5.62
- Financial leverage
- 1.21
- CFO / Net profit
- -1.57
- Cash / Market cap
- 4.2%
- Cash per share
- ₹17.77
- Asset turnover
- 0.02
- Fixed asset turnover
- 0.32
- Capital intensity
- 3.10
- Debtor days
- 137 days
- Cash conversion cycle
- 137 days
Where the revenue went
FY2025 ended in a loss, so the lines are listed rather than drawn as a flow.
| Line | FY2025 |
|---|---|
| Sales | ₹41 Cr |
| Expenses | ₹52 Cr |
| Operating profit | -₹11 Cr |
| Other income | ₹366 Cr |
| Interest | ₹9 Cr |
| Depreciation | ₹7 Cr |
| Profit before tax | ₹339 Cr |
| Tax and other | ₹58 Cr |
| Net profit | ₹281 Cr |
Revenue and net profit
Revenue grew 41.4% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹19 Cr | -₹12 Cr |
| FY2022 | ₹39 Cr | ₹5 Cr |
| FY2023 | ₹49 Cr | ₹33 Cr |
| FY2024 | ₹29 Cr | ₹23 Cr |
| FY2025 | ₹41 Cr | ₹281 Cr |
Cash flows
FY2025: -₹49.0 Cr from operations, -₹655 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | ₹6 Cr | -₹43 Cr |
| FY2022 | ₹6 Cr | ₹10 Cr |
| FY2023 | -₹20 Cr | -₹124 Cr |
| FY2024 | -₹36 Cr | ₹24 Cr |
| FY2025 | -₹49 Cr | -₹655 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹41 Cr+41.4%1Y
- Net profit
- ₹281 Cr+1,121.7%1Y
- Cash from operations
- -₹49 Cr
- Free cash flow
- -₹655 Cr-2,829.2%1Y
- Revenue CAGR, 5Y
- 21.4%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹41 Cr | -₹11 Cr | — | ₹281 Cr | -₹49 Cr | -₹655 Cr | 11.9% | +41.4% | +1121.7% |
Monthly returns
Month-by-month returns of MAXESTATES across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹2,490 Cr |
| Equity capital | ₹161 Cr |
| Reserves | ₹2,200 Cr |
| Borrowings | ₹52 Cr |
| Other liabilities | ₹77 Cr |
| Assets | ₹2,490 Cr |
| Fixed assets | ₹16 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹1,490 Cr |
| Other assets | ₹984 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
MAXESTATES trades at 94.3x earnings against a peer median of 55.8x (a 69% premium).
Not shown (no positive earnings and no EV / Sales): GMR Power and Urban Infra Limited, Kalpataru Limited, VALOR ESTATE LIMITED.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Max Estates LimitedMAXESTATESthis companyP/E ↑ premium | ₹6,857 Cr | 94.3x | 2.8x | 1.8% | 189.4x |
| Mahindra Lifespace Developers Ltd.MAHLIFE | ₹7,835 Cr | 451.0x | 2.7x | -2.5% | -159.0x |
| GMR Power and Urban Infra LimitedGMRP&UI | ₹7,586 Cr | — | 3.8x | 124.3% | 9.8x |
| Sri Lotus Developers and Realty LimitedLOTUSDEV | ₹7,422 Cr | 43.2x | 4.4x | 72.4% | 50.9x |
| Kalpataru LimitedKALPATARU | ₹7,393 Cr | — | 1.8x | 7.4% | 26.4x |
| GANESH HOUSING LIMITEDGANESHHOU | ₹6,395 Cr | 30.0x | 4.2x | 22.3% | 16.9x |
| Keystone Realtors LimitedRUSTOMJEE | ₹6,272 Cr | 68.0x | 2.4x | 6.8% | 35.1x |
| Sunteck Realty LtdSUNTECK | ₹6,192 Cr | 59.8x | 2.5x | 4.1% | 32.9x |
| VALOR ESTATE LIMITEDDBREALTY | ₹5,887 Cr | — | 1.3x | 13.9% | 6.4x |
| Peer median | — | 55.8x | 3.7x | 6.8% | 32.9x |
Year-to-date ROI
MAXESTATES since 1 January, against earlier years.
Historical volatility
MAXESTATES's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | -57.0% |
| FY2022 | 9.0% |
| FY2023 | 0.0% |
| FY2024 | -34.0% |
| FY2025 | -27.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹41 Cr |
| Costs | |
| Interest | ₹9 Cr |
| Expenses | ₹52 Cr |
| Operating profitOperating Profit | -₹11 Cr |
| Other income and charges | |
| Profit before tax | ₹339 Cr |
| Tax | |
| Net profitNet Profit | ₹281 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹2,490 Cr |
| Equity capitalEquity Capital | ₹161 Cr |
| Reserves | ₹2,200 Cr |
| Borrowings | ₹52 Cr |
| Other liabilitiesOther Liabilities | ₹77 Cr |
| AssetsTotal Assets | ₹2,490 Cr |
| Fixed assetsFixed Assets | ₹16 Cr |
| Capital work in progressCWIP | ₹0 Cr |
| Investments | ₹1,490 Cr |
| Other assetsOther Assets | ₹984 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹49 Cr |
| Investing cash flowCash from Investing Activity | -₹606 Cr |
| Financing cash flowCash from Financing Activity | ₹654 Cr |
| Change in cashNet Cash Flow | -₹1 Cr |
Learn while you research
Academy chapters picked for Max Estates Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Valuation Multiples ExplainedThis stock trades at a P/E of 94.3, learn when high multiples are justified.6 min read
- 04 Growth Investing41% revenue growth is in the top tier, learn how to value growth.7 min read
- 05 Stock Market RisksSmall caps carry concentrated, idiosyncratic risk, learn to manage it.6 min read
- 06 Sectors & IndustriesHow to classify and compare companies across sectors.6 min read