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Max Estates Ltd

₹ 4410.52%
07 Jan 11:46 a.m. – close price
🔗maxestates.in•BSE: 544008•NSE: MAXESTATES
Market Cap₹ 7,150 Cr.
Current Price₹ 441
High / Low₹ 630
Stock P/E98.3
Book Value₹ 149
Dividend Yield0.00 %
ROCE3.22 %
ROE2.39 %
Face Value₹ 10.0
Sales₹ 46.6 Cr.
OPM-35.3 %
Mar Cap₹ 7,150 Cr.

ABOUT

This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]

KEY POINTS

Max Group[1]The company is a part of Max Group which has nurtured strong companies over the last 40 years like Max Life, Max asset services, Max health Insurance etc.

Also present in buckets:
Aggressive Growth TriggersExcellent ResultsRevenue GuidanceAsset Base ExpansionCapacity Expansion And ProductsPreferential IssuanceOrder Book PositionLarge Order ReceiptsJv Partnerships AcquisitionsRevenue Guidance Vs ActualsCredit Rating UpdatesRed Flags And Poor Performance

Peer Comparision

S.No.NameCurrent Price (Rs.)Price to EarningMarket Capitalization (Rs.Cr.)Dividend yield (%)Net Profit latest quarter (Rs.Cr.)YOY Quarterly profit growth (%)Sales latest quarter (Rs.Cr.)YOY Quarterly sales growth (%)Return on capital employed (%)Sales (Rs.Cr.)OPM (%)Profit after tax (Rs.Cr.)Profit after tax latest quarter (Rs.Cr.)Price to book valueReturn on assets (%)Debt to equity
1.DLF699.6044.88173172.790.861180.09-27.081643.04-16.816.519016.0322.473859.741007.104.067.300.04
2.Lodha Developers1117.2533.54111585.040.38789.8086.503798.5044.6715.6215597.5029.613329.50788.705.205.700.45
3.Prestige Estates1630.8091.7670243.490.11457.40123.882431.705.527.667921.9036.60765.50430.304.421.150.92
4.Phoenix Mills1943.0064.9569481.360.13384.0939.381115.4321.5110.754059.8957.731069.86303.996.436.110.46
5.Godrej Propert.2140.0041.5864458.200.00402.9920.84740.38-32.286.574265.55-18.341549.83405.083.512.670.89
6.Oberoi Realty1721.1028.0262579.560.46760.2628.981779.0434.7917.735327.8156.592233.06760.263.7710.230.18
7.Brigade Enterpr.889.4027.3321745.700.28170.2836.581383.3729.0313.345588.8426.50795.44162.503.393.390.83
8.Max Estates440.6098.287150.490.0011.52-95.2314.0988.373.2246.62-35.3172.7511.522.952.150.06
–Median: 96 Co.162.5733.95867.890.04.26.1740.69.847.61144.5516.5211.183.32.952.390.43

Quarterly Results

Standalone figures in ₹ crores

Dec 2022Dec 2023Dec 2024Jun 2023Jun 2024Jun 2025Mar 2023Mar 2024Mar 2025Sep 2022Sep 2023Sep 2024Sep 2025
Sales
76871514166111410714
Expenses
9914913151112151591119
Operating Profit
-2-3-6-22-15-6-4-11-3-5
Other Income
81031121444201429121229227
Profit before tax
12225939203237828519
Tax %
78%-23%24%-120%20%25%-9%-34%33%7%26%15%39%
Net Profit
021711729224156624212
EPS in Rs
–0.151.04–0.501.82–0.280.94–0.3815.010.72

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales
3711193949294147
Expenses
5218293549395263
Operating Profit
-15-7-1140-10-11-16
Other Income
1211105047366131
Interest
58127111495
Depreciation
00115577
Profit before tax
-19-12-1253318339103
Net Profit
-19-12-125332328173
EPS in Rs
–––––1.5817.454.52
Dividend Payout %
0%0%0%0%0%0%0%–

Compounded Profit Growth

10 Years:%
5 Years:40%
3 Years:104%
TTM:-71%

Compounded Sales Growth

10 Years:%
5 Years:30%
3 Years:2%
TTM:36%

Return on Equity

10 Years:%
5 Years:2%
3 Years:2%
Last Year:2%

Stock Price CAGR

10 Years:%
5 Years:%
3 Years:%
1 Year:-29%

Balance Sheet

Standalone figures in ₹ crores

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital
687878780.00147161161
Reserves
3253315215281,2341,1122,2002,243
Borrowings
98218716520520852140
Other Liabilities
6016181832627740
Total Liabilities
5526436896881,4711,5292,4902,584
Fixed Assets
4459757693901615
Gross Block
44.0859.3676.4878.0597.7197.0019.80–
Accumulated Depreciation
0.350.511.122.355.127.224.17–
CWIP
00000000
Investments
3204734975001,1091,1511,4901,953
Other Assets
188111116113269288984616
Total Assets
5526436896881,4711,5292,4902,584

Cash Flows

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity
9-2466-20-36-49
Cash from Investing Activity
-352-168-494-10460-606
Cash from Financing Activity
34624345-13125-24654
Net Cash Flow
3512-21-0-1

Ratios

Standalone Figures in ₹ Crores / Yearly

Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days
46101529137187
Inventory Days
4691,93375426562––
Days Payable
36333716762313––
Cash Conversion Cycle
1091,601597219-221137187
Working Capital Days
273-5,325691497771,5925,128
ROCE %
–-1%-0%2%3%2%3%

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Promoters
49.51%49.51%49.42%45.26%45.25%45.25%45.24%45.23%
FIIs
29.53%27.61%27.54%27.55%27.78%27.43%27.13%26.60%
DIIs
0.01%0.20%0.03%5.72%5.79%6.30%6.27%6.80%
Public
20.96%22.69%23.02%21.47%21.18%21.01%21.36%21.37%

* The classifications might have changed from Sep'2022 onwards.ℹ️

BSE Announcements AI Summary

Direct from BSE filings, auto-summarised

Max Estates to hold Investor/Analyst Meetings on April 16-17, 2026

14th April 2026, 1:32 am

Max Estates Files SEBI Compliance Certificate for Dematerialization

10th April 2026, 1:25 am

Genus Power Informs on Postal Ballot & E-Voting Particulars Dispatch

7th April 2026, 6:06 pm

Max Estates Schedules Virtual Analyst/Investor Meeting for April 9, 2026

6th April 2026, 11:11 pm

Max Estates Achieves ~INR 5,305 Cr Pre-Sales in FY2026, Second Consecutive Year Above INR 5,000 Cr

6th April 2026, 5:54 pm

Published by Other Websites

External media mentions & references

India Real Estate Surges: NCR Leads Structural Growth Amid Wellness Boom

6th April 2026, 6:22 pm

Max Estates Hits Rs 5,305 Cr Pre-Sales, Second Consecutive Year

6th April 2026, 3:28 pm

Max Estates Jumps 7% as FY26 Pre-Sales Top ₹5,000 Crore

6th April 2026, 2:47 pm

Max Estates Surges 5% on Strong FY26 Pre-Sales Beat

6th April 2026, 1:21 pm

Max Estates Sees Flat FY26 Sales Amid Realty Slowdown; Future Pipeline Robust

6th April 2026, 1:14 pm

News Articles

Editorial & research coverage

Realty Stocks Plunge to 52-Week Lows on Disappointing Q3 Sales
Realty Stocks Plunge to 52-Week Lows on Disappointing Q3 Sales

20th January 2026, 11:38 am

Max India's Antara Plans HUGE Senior Living Expansion: ₹200 Cr Investment to Build 1.5 Million Sq Ft Annually!
Max India's Antara Plans HUGE Senior Living Expansion: ₹200 Cr Investment to Build 1.5 Million Sq Ft Annually!

22nd December 2025, 1:24 am

Real Estate Boom: Top Firms Book ₹92,500 Cr Sales in 6 Months! Prestige Leads as Demand Surges
Real Estate Boom: Top Firms Book ₹92,500 Cr Sales in 6 Months! Prestige Leads as Demand Surges

23rd November 2025, 3:46 pm

Max Estates Surges on Strong Pre-Sales and Commercial Leasing Momentum
Max Estates Surges on Strong Pre-Sales and Commercial Leasing Momentum
Max Estates Q3 Margins Crash 80%, Despite Revenue Growth
Max Estates Q3 Margins Crash 80%, Despite Revenue Growth

Documents

Announcements

Announcement under Regulation 30 (LODR)-Allotment

14h - 11,41,552 shares allotted to Max Ventures at ₹657; ₹56.25 crore received.

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018

3 Jan - MAS Services confirms dematerialisation compliance for Max Estates for quarter ended 31-Dec-2025.

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

2 Jan - Allotment of equity shares pursuant to exercise of options.

Intimation Under Regulation 30 Of The SEBI (LODR) Regulations, 2015

1 Jan - Max Square penalised ₹35,48,442 (Section 270A) for alleged ₹63,77,502 under-reported interest; NFAC appeal pending.

Closure of Trading Window

Annual Reports

Financial Year 2025

(from bse)

Financial Year 2024

(from bse)

Financial Year 2023

(from bse)

Credit Ratings

Rating update

4 Sep 2025 from care

Rating update

4 Oct 2024 from care

Rating update

5 Apr 2024 from care

Rating update

3 May 2023 from care

Concalls

Nov 2025

TranscriptPPTRecording

Aug 2025

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May 2025

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Feb 2025

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Nov 2024

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Aug 2024

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May 2024

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Feb 2024

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Nov 2023

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Stock Analysis

Description

  1. Max Estates Limited is the real estate development arm of the Max Group, primarily operating in the Delhi-NCR region.

Key Growth Triggers

  1. Currently no data available for Key Growth Triggers.

Order Book

  1. Currently no data available for Order Book.

Key Red Flags

  1. Currently no data available for Key Red Flags.

Key Dates To Watch

  1. Currently no data available for Key Dates To Watch.

Corporate Announcements

13th Apr 26
Impact Rating: 6
Max Estates Limited will attend scheduled investor and analyst meetings on April 16th and 17th, 2026, in Mumbai. The company will only discuss publicly available information and no unpublished price-sensitive information (UPSI).
9th Apr 26
Impact Rating: 3
Max Estates Limited has officially submitted a confirmation certificate to BSE and NSE, verifying its compliance with SEBI (Depositories and Participants) Regulations, 2018, for the quarter ending March 31, 2026.
7th Apr 26
Impact Rating: -
No description available.
6th Apr 26
Impact Rating: 5
Max Estates Limited announced a virtual Group Meeting for analysts and institutional investors on April 9, 2026 (11 AM-12 Noon). Discussions will be limited to publicly available information, with no unpublished price-sensitive data to be shared.
6th Apr 26
Impact Rating: 8
Max Estates posted ~INR 5,305 crore pre-sales in FY2026. The company has a robust ~INR 16,000+ crore GDV pipeline and a strong balance sheet with net debt of ~INR 174 crore.