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10 Yrs X-Ray 
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Analyst Note 
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About
Max Estates Ltd (MAXESTATES)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544008 NSE: MAXESTATES Construction - Real Estate | Small Cap | Max Estates Share Price
₹442.70 3.35 (0.76%)
As on 14-Aug'26 16:59
Max Estates Ltd (MAXESTATES)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544008 NSE: MAXESTATES Construction - Real Estate | Small Cap | Max Estates Share Price
₹442.70 3.35 (0.76%)
As on 14-Aug'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹7,186 Cr.
Current Price
₹442.7
52-Week Low / High
₹306 / 504
TTM EPS
₹3.9
TTM Sales
₹55.5 Cr.
Book Value per Share
₹155.3
P/E Ratio
113.00
Higher than its 5-year historical median
Industry PE
45.7
Price to Book (P/B)
2.83
Lower than its 5-year historical median
Price to Sales (P/S)
129.55
Lower than its 5-year historical median
EV/EBITDA
67.30
Higher than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
2.62%
In line with industry median
Return on Capital Employed (ROCE)
4.01%
Underperforms industry median
Return on Assets (ROA)
2.40%
Operating Profit Margin
-29.3%
Net Profit Margin
114.65%
Gross Profit Margin
186.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
34.96%
Operating Profit Growth (1 Year)
-
-
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-77.36%
Asset Quality
Promoter Holding
45.26%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹2,377 Cr.
Equity
₹163.6 Cr.
Face Value
₹10
All Time Low / High
₹242.80 / 724.45
Check Before You Invest
Quality
Not GoodValuation
Somewhat UndervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Max Estates Ltd a good quality company?
Max Estates Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Max Estates Ltd performance compare with that of its Peers?
Revenue growth of Max Estates Ltd vs industry peers?
Max Estates Ltd revenue CAGR is 4.02%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Max Estates Ltd?
Promoters hold 45.26% of the Max Estates Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Max Estates Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of 0.32% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Max Estates Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 3.2% | 2.3% | 18.4% | 4% | - |
| Value Creation Index ⓘ | -0.8 | -0.8 | 0.4 | -0.7 | - |
Growth Parameters ⓘ |
|||||
| Sales ⓘ | 49.3 | 29.4 | 41.1 | 55.5 | 55 |
| Sales YoY Gr. | - | -40.4% | 39.9% | 35% | - |
| Adj EPS ⓘ | 0 | 1.6 | 5.5 | 4 | 3.9 |
| YoY Gr. | - | NA | 250% | -28.6% | - |
| BVPS (₹) ⓘ | 0 | 85.3 | 144.1 | 155.4 | 155.3 |
| Adj Net Profit ⓘ | 25.2 | 23.2 | 89 | 64.5 | 64 |
| Cash Flow from Ops. ⓘ | -19.8 | -36.3 | -48.7 | -208 | - |
| Debt/CF from Ops. ⓘ | -8.5 | -4.4 | -0.2 | -0.9 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 4% | 35% | ||||
| Adj EPS ⓘ | NA | NA | NA | -28.6% | ||||
| BVPSⓘ | NA | NA | NA | 7.9% | ||||
| Share Price | - | - | - | -1.3% | ||||
Key Financial Parameters ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | 2 | 1.9 | 4.9 | 2.6 | 2.5 |
| Op. Profit Mgn % ⓘ | 0.4 | -33.8 | -24.7 | -29.3 | -31.7 |
| Net Profit Mgn % ⓘ | 51.1 | 79.1 | 216.6 | 116.4 | 114.7 |
| Debt to Equity ⓘ | 0.2 | 0.1 | 0 | 0.1 | 0 |
| Working Cap Days ⓘ | 0 | 3,505 | 4,117 | 4,469 | 2,348 |
| Cash Conv. Cycle ⓘ | 0 | 10 | 105 | 39 | 1,809 |
Valuation of Max Estates - Standalone
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 49 | 29 | 41 | 55 |
| Operating Expenses ⓘ + | 49 | 39 | 52 | 73 |
| Operating Profit ⓘ | 0 | -10 | -11 | -18 |
| Operating Profit Margin (%) | 0.4% | -34.0% | -27.1% | -31.7% |
| Other Income ⓘ + | 50 | 47 | 366 | 127 |
| Interest ⓘ | 11 | 14 | 9 | 6 |
| Depreciation ⓘ | 5 | 5 | 7 | 7 |
| Profit Before Tax ⓘ | 33 | 18 | 339 | 96 |
| Tax ⓘ | 1 | -6 | 58 | 33 |
| Profit After Tax | 33 | 23 | 281 | 64 |
| PAT Margin (%) | 66.5% | 79.4% | 683.5% | 114.7% |
| Adjusted EPS (₹) | 0.0 | 1.6 | 17.5 | 3.9 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 1,084 | 1,255 | 2,319 | 2,541 | |||||||
| Debt + | 163 | 154 | 11 | 178 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 10 | 4 | 7 | 10 | |||||||
| Others Liabilities ⓘ | 212 | 117 | 154 | 79 | |||||||
| Total Liabilities ⓘ | 1,469 | 1,529 | 2,490 | 2,808 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 22 | 20 | 16 | 15 | |||||||
| CWIP ⓘ | 0 | 0 | 0 | 0 | |||||||
| Investments ⓘ | 1,109 | 1,151 | 1,490 | 2,076 | |||||||
| Inventories | 2 | 2 | 0 | 0 | |||||||
| Trade Receivables | 4 | 11 | 21 | 7 | |||||||
| Cash Equivalents | 15 | 19 | 327 | 16 | |||||||
| Others Assets ⓘ | 316 | 326 | 636 | 694 | |||||||
| Total Assets ⓘ | 1,469 | 1,529 | 2,490 | 2,808 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | -20 | -36 | -49 | -208 |
| Cash Flow From Investing Activity ⓘ + | -106 | 60 | -606 | -62 |
| Cash Flow From Financing Activity ⓘ | 125 | -24 | 654 | 269 |
| Net Proceeds from Shares ⓘ + | 0 | 1 | 801 | 113 |
| Net Cash Flow ⓘ | -1 | -0 | -1 | -0 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 3.02 | 1.99 | 15.72 | 2.62 | ||||||
| ROCE (%) | 3.18 | 2.25 | 18.35 | 4.01 | ||||||
| Asset Turnover Ratio | 0.03 | 0.02 | 0.02 | 0.02 | ||||||
| PAT to CFO Conversion(x) | -0.61 | -1.57 | -0.17 | -3.25 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 29.20 | 93 | 142.50 | 92.30 | ||||||
| Inventory Days | 14.50 | 24.20 | 0 | 0 | ||||||
| Payable Days | 313.20 | 0 | 1,049.50 | 0 | ||||||
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Max Estates Ltd FAQs
The current trading price of Max Estates on 14-Aug-2026 16:59 is ₹442.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 13-Aug-2026 the market cap of Max Estates stood at ₹7,186.2 Cr
The latest P/E ratio of Max Estates as of 13-Aug-2026 is 113.0.
The latest P/B ratio of Max Estates as of 13-Aug-2026 is 2.83.
The 52-week high of Max Estates is ₹503.9 and the 52-week low is ₹305.6.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Max Estates is ₹55.47 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Max Estates Ltd is a below average quality company.
The key valuation ratios of Max Estates Ltd's currently when compared to its past seem to suggest it is in the Somewhat Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Max Estates Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Max Estates Ltd
Max Estates is the real estate development arm of Max Group. Established in 2016, Max Estates aspires to build sustainable, grade ‘A’ developments in Delhi-NCR, with a focus on well-being. As progressive developers, Max Estates believes in breaking away from the conventional processes, and bring agility into how it builds. Every day, its endeavour is to consciously create a unique confluence of spaces that enable collaboration, innovation, community, and bring in the true essence of well-being to everyday life.
The company’s current and planned developments are diversified across various asset classes, key strategic locations across Delhi-NCR. Max Estates, in its pursuit of emerging as the most preferred brand in real estate in the NCR, is driven by the desire to enhance well-being through its exceptional experiences across the residential and commercial segment.
The company’s developments personify its well-being orientation and bring its philosophies to life. Guided by its philosophies of WorkWell and LiveWell, it aspires to create differentiated working and living experiences, in the commercial and residential segments, respectively. It ensures this by moving beyond the conventional separation of work, life, and well-being by paying attention to the entire spectrum of wellness across physical, emotional, social, and environmental aspects.
Business area of the company
The Company is mainly engaged in the business of Construction of Buildings carried out on own account basis or on a fee or contract basis i.e. real estate development and letting, sub-letting, leasing, selling and distribution of residential or commercial complex, house, building etc.
Awards
2019
- ET Now Stars of the Industry Awards for Ultra Luxury Project of the Year
- DNA Real Estate & Infrastructure Awards for Luxury Project of the Year
- Realty + Conclave and Excellence Awards for Most Environment Friendly Space
- Realty+ excellence awards North 2019 for 222 Rajpur Villa project of the Year
2020
- ET Now RE Awards 2020 for Developer of the year
- Realty Conclave Excellence Awards 2020 for Design project of the year
- RE/Max India Estate Awards 2020 for Most Sustainable Architecture Design
- Realty Conclave Excellence Awards 2020 for Commercial project of the year
2021
- ET 3rd Kaleido Awards 2021 for Best Campaign
- Global Real Estate Congress Award 2021 for Emerging developer of the year
2022
- ESG India Leadership Awards 2022 for Leadership in Equal Opportunities
- Economic Times Real Estate Awards 2022 for Commercial Project of the year - Office Building
- Economic Times Real Estate Awards 2022 for Emerging Developer of the year
- Indian Buildings Congress Award 2022 for Excellence in Built Environment
- Annual Estate Awards for Environment Friendly Project of the Year - Commercial (North)
- Annual Estate Awards for Emerging Developer of the Year - Commercial (North)
2023
- 14th Annual Estate Awards 2023 for Smart Project of the Year
- CNBC Aawaz’s 14th Real Estate Awards & Conclave 2023 (North Zone) for Best Commercial Project
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