Max Estates
Max Estates
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Key Insights
Strengths
1- Debtor days have improved from 29.0 to 22.4 days.
Weaknesses
7- Stock is trading at 3.79 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
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 44d agoMax 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.
- 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
- 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
anthropic claude-opus-4.6 42d ago- 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.
- 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.
- Digital & IT head resigns Jul 30
Vikram Vij, Head - Digital and IT, resigned effective July 30, 2026 citing a new professional opportunity.
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.
Quarterly Results
| Particulars | 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 21.27 | 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 | -4.51 | -7.51 | -4.73 | -2 | -1.38 | 15.82 | 13.99 | 11.94 | 7.82 | 0.02 | -4.08 | 8.35 |
| EPS in Rs | — | 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
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|
| 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 in Rs | — | — | -2.87 | 2.53 | 0.77 | 0.36 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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61 extracted metrics + investor summaries across FY22–FY26.
Documents
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Company Information
This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]
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