Maha Rashtra Apex Corporation Limited (MAHAPEXLTD) AI Stock Analysis

• Market Cap: ₹1.60B
• Dividend Yield: N/A
• Average Volume (3M): 759.00
• Price to Earnings (P/E): 7.6
• Beta (1Y): 0.35
• Revenue Growth: -6.94%
• EPS Growth: -97.47%
• Country: IN
• Employees: 19
• Sector: Services
• Sector Strength: N/A
• Industry: Financial - Credit Services
• EPS (TTM): 3.49
• Shares Outstanding: 14,150,100
• 10 Day Avg. Volume: 583
• 30 Day Avg. Volume: 759
• PEG Ratio: 0.36
• Price to Book (P/B): 0.33
• Price to Sales (P/S): 112.09
• P/FCF Ratio: -29.31
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹139.00 ▲(37.62% Upside)
• Action: Reiterated Date: 03/19/26
• Date: Action: Reiterated 03/19/26

The score is held back primarily by deteriorating financial performance (sharp revenue decline, weaker profitability, and negative operating/free cash flow), partially offset by a comparatively stable balance sheet. Technicals show positive trend signals but are overbought, adding short-term risk. Valuation appears inexpensive on P/E, providing some support.

Positive Factors

Low leverage / strong equity ratio

A low debt-to-equity profile and strong equity ratio provide durable financial resilience. This structural strength reduces insolvency risk, supports access to credit or capital if needed, and gives management time to address operating weaknesses without immediate refinancing pressure.

Lean operating footprint

A very small headcount implies a lean cost base and lower fixed payroll obligations. Over the medium term this preserves cash, limits ongoing burn, and allows quicker margin recovery per employee if top-line stabilizes or new initiatives scale, aiding operational flexibility.

Low systematic volatility (low beta)

A low beta indicates the business historically exhibits limited sensitivity to market swings. For a credit-services firm this can reflect stable client cashflows or conservative risk exposure, which supports steadier operations and planning across economic cycles.

Negative Factors

Sharp revenue collapse

An ~83% revenue decline is a structural red flag: it materially reduces scale, weakens pricing power, and undermines the economics of core offerings. Restoring prior revenue levels will likely require sustained strategic change, making near-term recovery uncertain and capital-intensive.

Negative gross and net margins

Negative gross margins indicate the company is paying more to deliver services than it earns, which is not sustainable. Persistently negative operating economics erode equity, limit reinvestment, and require either structural cost cuts or pricing/portfolio changes to restore profitability.

Negative operating and free cash flows

Sustained negative operating and free cash flow drains liquidity and increases dependence on external financing. Over months this constrains investment, loan-loss provisioning and growth initiatives; it raises refinancing and solvency risk if underlying profitability does not recover.

Maha Rashtra Apex Corporation Limited Business Overview & Revenue Model

Company Description

Maha Rashtra Apex Corporation Limited does not have significant operations. Previously, it was engaged in the hire purchase, leasing, and bill discounting. business. The company was formerly known as Maharashtra Apex Bank Ltd. Maha Rashtra Apex Corporation Limited was incorporated in 1943 and is based in Manipal, India.

Maha Rashtra Apex Corporation Limited Financial Statement Overview

Summary

Income statement and cash flows are weak: revenue fell 82.86% in the latest year, profitability deteriorated with negative gross margin, and operating/free cash flows are negative. The balance sheet is a relative strength with low leverage and a strong equity ratio, but ROE has declined.

Income Statement

The income statement shows significant volatility with a sharp decline in revenue and profitability in the latest year. Gross profit margin turned negative, and net profit margin dropped significantly. The company experienced a substantial revenue decline of 82.86% in the most recent year, indicating potential challenges in maintaining revenue streams.

Balance Sheet

The balance sheet remains relatively stable with a low debt-to-equity ratio, indicating low leverage. The equity ratio is strong, suggesting a solid capital structure. However, the return on equity has decreased, reflecting reduced profitability relative to shareholder equity.

Cash Flow

Cash flow analysis reveals negative operating and free cash flows, indicating potential liquidity issues. The free cash flow to net income ratio is above 1, suggesting that cash flow management needs improvement. The company has not shown consistent growth in free cash flow, which could impact future operations.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.81M	13.61M	87.14M	21.30M	38.92M	30.66M
Gross Profit	2.02M	1.91M	67.57M	2.06M	17.09M	12.08M
EBITDA	3.40B	3.40B	-388.90M	-29.31M	19.61M	321.99M
Net Income	3.72B	3.36B	-404.61M	-418.77M	13.42M	337.18M
Balance Sheet
Total Assets	0.00	5.43B	5.49B	2.09B	2.60B	2.61B
Cash, Cash Equivalents and Short-Term Investments	0.00	209.56M	21.05M	134.68M	167.95M	144.44M
Total Debt	0.00	3.18M	62.84M	3.96M	3.18M	3.18M
Total Liabilities	-4.66B	772.72M	878.53M	960.67M	1.10B	1.12B
Stockholders Equity	4.66B	4.66B	4.61B	1.13B	1.50B	1.49B
Cash Flow
Free Cash Flow	0.00	-52.04M	-88.64M	-76.96M	-22.89M	8.59M
Operating Cash Flow	0.00	-43.01M	-88.64M	-76.90M	-22.67M	8.65M
Investing Cash Flow	0.00	69.21M	62.88M	52.54M	5.60M	-68.00K
Financing Cash Flow	0.00	-1.80M	1.04M	7.35M	12.07M	5.68M

Maha Rashtra Apex Corporation Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 101.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAHAPEXLTD, the sentiment is Positive. The current price of 101 is below the 20-day moving average (MA) of 102.72, above the 50-day MA of 98.37, and below the 200-day MA of 101.71, indicating a bullish trend. The MACD of 8.04 indicates Negative momentum. The RSI at 68.29 is Neutral, neither overbought nor oversold. The STOCH value of 81.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAHAPEXLTD.

Maha Rashtra Apex Corporation Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SECMARK	73 Outperform	₹1.13B	-15.68	―	―	28.58%	68.42%
INDBANK	71 Outperform	₹1.38B	20.15	―	―	-18.35%	-43.75%
MAHAPEXLTD	57 Neutral	₹1.60B	7.59	―	―	-6.94%	-97.47%
SIKKO	56 Neutral	₹2.07B	27.36	―	―	14.93%	-24.77%
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
AHLWEST	49 Neutral	₹1.65B	1.72	―	―	―	―

Maha Rashtra Apex Corporation Limited Corporate Events

Maha Rashtra Apex Assigns ISIN for Rights Entitlements Ahead of Rights Issue

Maha Rashtra Apex Corporation Limited has announced the allocation of a dedicated International Securities Identification Number, INE843B20013, for rights entitlements linked to its upcoming rights issue. In line with SEBI’s rights issue regulations, the company has coordinated with depositories NSDL and CDSL to ensure that eligible equity shareholders receive their rights entitlements in dematerialized form in their demat accounts before the issue opens, streamlining participation and reinforcing compliance with market norms.

Maha Rashtra Apex Corporation Clears 1:1 Rights Issue at ₹10 to Double Equity Base

Maha Rashtra Apex Corporation Limited’s board has approved a fully paid rights issue of equity shares at par value, offering one new share for every existing share held as of the March 20, 2026 record date. The rights shares are priced at ₹10 each, with the full amount payable on application, and the issue period is scheduled from April 2 to April 30, 2026, subject to possible extension within regulatory limits.

The company plans to issue up to 14,091,896 new equity shares, targeting an issue size of up to ₹1,409.19 lakhs and potentially doubling its outstanding share capital to 28,183,792 shares on full subscription. This capital-raising move, enabled by recent in-principle approvals from both major Indian exchanges and supported by an appointed advisor, is set to expand the shareholder base and could enhance liquidity in the stock while modestly diluting existing holdings for non-participating investors.

Maha Rashtra Apex Sets Record Date for Upcoming Rights Issue

Maha Rashtra Apex Corporation Limited has set March 20, 2026 as the record date to determine eligible shareholders for receiving rights entitlements in an upcoming rights issue of equity shares. The move, approved by the board on March 11, 2026 and disclosed to both BSE and NSE, clarifies which investors will qualify to participate in the capital-raising exercise, providing transparency for existing stakeholders ahead of the rights offer.

By fixing the record date and formally notifying the exchanges, the company is advancing its planned rights issue process in line with SEBI listing regulations. This step signals an imminent equity fundraising that could strengthen the company’s capital base, while also potentially diluting non-participating shareholders, making the record date a key reference point for investors tracking their entitlements.