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Max Estates

MAXESTATES NSE
₹513.75 +13.65 (+2.73%)
P/E
1427.08
View as Markdown
MCP
Close 4 Nov 2026 ₹513.75 +32.05 +6.65% 1Y
Start ₹481.70

Key Fundamentals

MicrocapRealtyConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
1.40%
Debt to Equity
1.00
EPS (TTM)
₹0.36
Book Value
₹147.94
Market Cap
—
P/E (TTM)
1427.08
P/B
3.47
ROE
−1.27%
Dividend Yield
0.00%
EBITDA
₹121 Cr
52W High
₹652.80
52W Low
₹305.45
Day Range
₹495.00 – ₹520.00
Volume
32,379

Peer Comparison

Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects

Max Estates peer comparison
DLF
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Max Estates (this company)
₹513.751,427.08₹8,271 Cr3.470.00%−1.27%1.40%₹200 Cr₹12 Cr
Median 8 companies₹1,351.0035.88₹64,707 Cr3.690.31%10.00%10.45%₹5,873 Cr₹1,610 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

38 Weak

Data confidence 98/100

Category scores

Quality
12
Poor
Returns, margins, earnings quality 22% weight
Valuation
17
Poor
Cheap vs sector & own history 24% weight
Growth
59
Good
Sales & profit trajectory 9% weight
Financial Health
20
Poor
Solvency, leverage, coverage 9% weight
Momentum
75
Strong
Trend strength, vol-adjusted 12% weight
Ownership
66
Good
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Debtor days have improved from 29.0 to 22.4 days.

Weaknesses

7
  • Stock is trading at 3.81 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • Company has a low return on equity of -0.50% over last 3 years.
  • Company might be capitalizing the interest cost
  • Earnings include an other income of Rs.96.9 Cr.
  • Working capital days have increased from 2,018 days to 5,036 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish667
OscillatorsBearish261
Moving AveragesStrong Bullish406

Key readings

RSI (14)
46.81
Neutral
MACD (12,26,9)
−10.35
Bullish
SMA (50)
544.06
Bearish
SMA (200)
441.52
Bullish

As of

Analyst Rating

Based on 4 analysts
BUY100%

4 of 4 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
4
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
3Y+22.98%
1Y+24.37%
TTM+16.57%

Net profit

Net profit growth by window
3Y−3.85%
1Y−38.46%
TTM−70.00%

Operating cash flow

Operating cash flow growth by window
3YOutflow widened by ₹160 Cr
1YTurned negative
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
3Y−17.85 pp
1Y−15.44 pp
TTM−16.14 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2022₹69.00 Cr
Mar 2023₹107 Cr
Mar 2024₹93.00 Cr
Mar 2025₹160 Cr
Mar 2026₹199 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2022₹5.00 Cr
Mar 2023₹18.00 Cr
Mar 2024−₹55.00 Cr
Mar 2025₹26.00 Cr
Mar 2026₹16.00 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹43.83 Cr
Reported High Mean Low

Analyst consensus here uses a different definition from reported ebitda (they differ 1.9× on periods where both exist), so the forecast is shown on its own rather than joined to the reported line.

AI Analysis — Bull vs Bear

Generated 31 Jul 2026
AI opinion · based on fundamentals
Risk high

Max Estates Ltd is a realty company with a market cap of Rs.6,366 Cr trading at a PE of 404.8x and PB of 2.63x. The company has delivered TTM sales growth of 24% but reported a 64% decline in TTM profits, with a 3-year average ROE of just 1% and zero dividend payout.

Bull Case 7
  • TTM revenue growth of 24% indicates strong topline momentum in a capital-intensive real estate business
  • 3-year compounded sales CAGR of 23% demonstrates sustained demand for the company's projects over multiple years
  • Debtor days improved from 29.0 to 22.4 days, reflecting better collection efficiency and cash flow management
  • Market cap of Rs.6,366 Cr positions the company as a mid-cap realty player with potential for institutional interest
  • The company is reporting repeated profits, indicating the business model is fundamentally viable despite thin margins
  • Other income of Rs.97.4 Cr provides a cushion to the bottom line and may reflect returns on treasury or land bank assets
  • Price-to-book of 2.63x is not extreme for a realty company with land bank appreciation potential compared to premium peers trading at 5-8x PB
Bear Case 8
  • PE ratio of 404.8x is extremely elevated, indicating the stock is priced for perfection with very thin current earnings support
  • TTM profit declined 64%, signaling severe earnings deterioration despite strong revenue growth
  • 3-year compounded profit CAGR of -12% shows a persistent inability to convert revenue growth into bottom-line gains
  • Working capital days surged from 2,250 to 5,732 days, indicating massive capital locked in projects or inventory with very slow conversion
  • 3-year average ROE of just 1% (0.58% per company data) reflects extremely poor capital efficiency for shareholders
  • Zero dividend yield despite repeated profits suggests shareholders receive no direct return on investment
  • Low interest coverage ratio raises concerns about the company's ability to service debt from operating profits
  • Possible capitalization of interest costs may be flattering reported profits, masking the true cost burden on the P&L

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

94d ago

TL;DR: Max Estates is firing on all cylinders commercially with pre-sales surging 5x YoY to ₹1,100 crore in Q1 FY2027 and a robust ₹17,200 crore GDV pipeline ahead. FY26 presales of ₹5,305 crore confirm strong execution. The ₹5.9 crore GST notice on a subsidiary is a minor regulatory overhang but immaterial relative to scale. The trend is clearly improving with significant launches lined up in Q2-Q3 FY2027.

Headwinds 1
  • Subsidiary faces ₹5.9 Cr GST notice Jul 28

    Pharmax Corporation Limited received a ₹5.90 crore GST show cause notice from Delhi authorities for FY23, relating to alleged ineligible input tax credit.

Positives 3
  • Pre-sales surge 5x to ₹1,100 Cr Jul 4

    Max Estates achieved pre-sales of ₹1,100 crore in Q1 FY2027, a 5x YoY rise driven by The Terraces Phase 1 sell-out. GDV pipeline exceeds ₹17,200 crore with major launches planned in Q2 and Q3.

  • Strong FY26 presales at ₹5,305 Cr Jul 28

    Integrated Annual Report for FY26 reports consolidated revenue of ₹199.45 crore and presales of ₹5,305 crore. 10th AGM scheduled for August 19, 2026.

  • MD pay and new director approved Jul 27

    Shareholders approved remuneration for MD Sahil Vachani and appointment of Jillian Leigh Moo-Young via postal ballot, with promoters voting unanimously in favor.

Neutral 1
  • Digital & IT head resigns Jul 30

    Vikram Vij, Head - Digital and IT, resigned effective July 30, 2026 citing a new professional opportunity.

Quarterly Results

₹ Cr
MAXESTATES quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
18.28
20.49
24.17
30.01
40.49
40.18
40.04
39.78
51.47
48.77
49.77
49.43
51.91
Expenses
15.13
19.92
17.9
22.2
25.26
31.64
28.47
30.72
37.56
38.68
46.84
52.63
43.79
Operating Profit
3.15
0.57
6.27
7.81
15.23
8.54
11.57
9.06
13.91
10.09
2.93
−3.2
8.12
OPM %
17.23%
2.78%
25.94%
26.02%
37.61%
21.25%
28.9%
22.78%
27.03%
20.69%
5.89%
−6.47%
15.64%
Other Income
−39.28
7.29
6.3
8.55
7.21
12.6
31.85
37.52
28.66
25.86
21.68
21.15
28.17
Interest
4.38
10.52
13.88
14.21
16.55
13.94
14.83
16.55
17.32
16.28
15.63
16.19
16.73
Depreciation
3.69
6.37
6.89
8.45
8.77
8.41
8.16
8.76
8.41
8.04
8.02
7.93
8.17
PBT
−44.2
−9.03
−8.2
−6.3
−2.88
−1.21
20.43
21.28
16.84
11.63
0.96
−6.17
11.39
Tax %
−13.19%
−49.94%
−8.41%
−24.92%
−30.56%
14.05%
22.61%
34.23%
29.1%
32.85%
96.88%
−33.87%
26.6%
Net Profit
−38.37
−4.52
−7.51
−4.73
−2
−1.38
15.81
13.99
11.94
7.81
0.03
−4.08
8.35
EPS (₹)
—
0.01
−0.21
−0.1
0.11
0.13
1.23
1.08
0.71
0.45
−0.07
−0.31
0.29

Profit & Loss

₹ Cr
MAXESTATES profit and loss, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
69
107
93
160
199
200
Expenses
39
76
75
116
175
182
Operating Profit
31
32
18
44
24
18
OPM %
44%
30%
19%
28%
12%
9%
Other Income
5
24
−17
89
97
97
Interest
16
19
43
62
65
65
Depreciation
11
15
25
34
32
32
PBT
8
22
−68
38
23
18
Tax %
42%
16%
−19%
30%
33%
—
Net Profit
5
18
−55
26
16
12
EPS (₹)
—
—
−2.87
2.53
0.77
0.36
Div. Payout %
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
MAXESTATES balance sheet, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
78
0
147
161
163
Reserves
531
1,211
1,024
2,117
2,256
Borrowings
315
862
962
1,656
2,412
Other Liabilities
101
144
961
3,295
7,582
Total Liabilities
1,025
2,216
3,094
7,229
12,414
Fixed Assets
898
1,427
1,826
2,047
2,523
CWIP
0
0
0
0
0
Investments
13
160
93
587
385
Other Assets
114
629
1,175
4,596
9,506
Total Assets
1,025
2,216
3,094
7,229
12,414

Cash Flow

₹ Cr
MAXESTATES cash flow, annual, ₹ crore
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
41
−456
271
225
−616
Investing
−121
−52
−292
−1,993
−288
Financing
78
521
234
1,766
879
Net Cash Flow
−2
13
213
−2
−24
Free Cash Flow
−88
−979
−50
−452
−696
CFO/OP
147
−1,339
1,559
669
−2,322

Ratios

MAXESTATES financial ratios, annual
Particulars Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
10
20
31
33
22
Inventory Days
271
6,553
—
—
—
Days Payable
197
458
—
—
—
Cash Conversion Cycle
85
6,115
31
33
22
Working Capital Days
−105
993
6
1,013
5,036
ROCE %
—
2%
0%
3%
1%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Max Estates insights

62 extracted metrics across FY21–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 45.23%
  • FIIs 26.34%
  • Public 13.81%
  • DIIs 8.74%
  • Others 5.87%

No promoter shares pledged as of 14 Oct 2026

Change since Jun 2026

Documents

Frequently Asked Questions about Max Estates

What does Max Estates Ltd do?
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.
Where is Max Estates Ltd (MAXESTATES) listed?
Max Estates Ltd trades as MAXESTATES on the NSE and under code 544008 on the BSE.
Which sector does Max Estates Ltd belong to?
Max Estates Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the PE ratio of Max Estates Ltd?
Max Estates Ltd trades at a PE ratio of 1427.08 as of 4 Nov 2026, on earnings per share of ₹0.36, against a book value of ₹147.94 per share.
What is the 52-week high and low of Max Estates Ltd?
Over the last 52 weeks Max Estates Ltd has traded between ₹305.45 and ₹652.8 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Max Estates Ltd?
Max Estates Ltd reported a return on equity of -1.27%. Its debt-to-equity ratio is 1.00.

Company Information

This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.

Website maxestates.in
Listed 30 Oct 2023
Face Value ₹10

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