Max Estates Limited (IN:MAXESTATES)
:MAXESTATES
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Max Estates Limited
(MAXESTATES)
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Rating:48Neutral
Price Target:
₹425.00
▼(-6.11% Downside)
Action:Reiterated
Date:05/25/26
The score is held back primarily by weak cash flow quality (negative operating cash flow in 2026 and consistently negative free cash flow) and elevated leverage, alongside a very expensive valuation (P/E 318.3). These are partially offset by improving operating profitability and supportive near-term technical momentum.
Positive Factors
Recurring leasing income
Max Estates generates recurring rental income from commercial office leasing, providing predictable cash inflows and tenant-derived revenues that support operating stability over cycles. For a development landlord, long-term leases increase revenue visibility and underpin portfolio value beyond one-off sales.
Negative Factors
Weak cash generation
Materially negative operating cash flow and persistent negative free cash flow point to cash burn from working-capital and project spending. This raises reliance on external funding, constrains organic reinvestment, and elevates refinancing and liquidity risk across the 2–6 month horizon and beyond.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring leasing income
Max Estates generates recurring rental income from commercial office leasing, providing predictable cash inflows and tenant-derived revenues that support operating stability over cycles. For a development landlord, long-term leases increase revenue visibility and underpin portfolio value beyond one-off sales.
Read all positive factors
Max Estates Limited (MAXESTATES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹74.13B
Dividend YieldN/A
Average Volume (3M)7.42K
Price to Earnings (P/E)518.2
Beta (1Y)1.45
Revenue Growth18.88%
EPS Growth-67.41%
CountryIN
Employees140
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)3.13
Shares Outstanding163,450,350
10 Day Avg. Volume7,341
30 Day Avg. Volume7,424
Financial Highlights & Ratios
PEG Ratio-5.04
Price to Book (P/B)2.06
Price to Sales (P/S)16.83
P/FCF Ratio-6.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.3
Revenue Forecast (FY)₹2.31B
Max Estates Limited Business Overview & Revenue Model
Company Description
Max Estates Limited construction and develops residential and commercial properties. It also offers investment, facility management, managed office, and shared services. In addition, it leases office spaces. The company was incorporated in 2016 an...
How the Company Makes Money
Max Estates primarily makes money through (1) leasing income from commercial/office properties—earning recurring revenue via rent and lease-related charges from corporate tenants occupying its buildings; (2) real estate development and sale—earnin...
Max Estates Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
55
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.75B | 2.97B | 2.50B | 929.44M | 1.07B | 734.82M |
| Gross Profit | 2.56B | 1.59B | 2.45B | 492.83M | 797.28M | 532.30M |
| EBITDA | 1.68B | 1.21B | 1.34B | 182.72M | 543.08M | 347.90M |
| Net Income | 558.00M | 156.93M | 408.10M | -421.63M | 190.15M | 49.99M |
Balance Sheet | ||||||
| Total Assets | 101.63B | 124.37B | 72.46B | 31.01B | 22.27B | 10.25B |
| Cash, Cash Equivalents and Short-Term Investments | 14.86B | 9.95B | 16.65B | 3.50B | 1.47B | 611.29M |
| Total Debt | 20.98B | 24.12B | 16.56B | 9.62B | 8.62B | 3.15B |
| Total Liabilities | 71.45B | 92.76B | 45.85B | 16.51B | 9.73B | 3.82B |
| Stockholders Equity | 23.00B | 24.20B | 22.78B | 11.71B | 12.11B | 6.09B |
Cash Flow | ||||||
| Free Cash Flow | -4.47B | -7.42B | -4.52B | -1.02B | -10.09B | -1.09B |
| Operating Cash Flow | -3.04B | -6.61B | 2.25B | 2.18B | -4.87B | 195.68M |
| Investing Cash Flow | -2.18B | -801.36M | -19.93B | -1.45B | -521.44M | -1.21B |
| Financing Cash Flow | 5.04B | 7.14B | 17.66B | 1.40B | 5.21B | 779.83M |
Max Estates Limited Technical Analysis
Positive
452.65
Price Trends
386.63
Positive
396.27
Positive
429.23
Positive
Market Momentum
13.74
Negative
60.97
Neutral
84.19
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAXESTATES, the sentiment is Positive. The current price of 452.65 is above the 20-day moving average (MA) of 413.56, above the 50-day MA of 386.63, and above the 200-day MA of 429.23, indicating a bullish trend. The MACD of 13.74 indicates Negative momentum. The RSI at 60.97 is Neutral, neither overbought nor oversold. The STOCH value of 84.19 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MAXESTATES.
Max Estates Limited Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | ₹58.53B | 11.17 | ― | 0.63% | -32.22% | -23.11% | |
57 Neutral | ₹44.10B | 20.54 | ― | 0.36% | 29.46% | 35.84% | |
51 Neutral | ₹72.93B | 22.75 | ― | 0.70% | 216.52% | 290.61% | |
51 Neutral | ₹52.50B | 82.57 | ― | ― | 83.76% | ― | |
49 Neutral | ₹33.49B | -83.96 | ― | 1.01% | -57.20% | -133.26% | |
48 Neutral | ₹74.13B | 518.20 | ― | ― | 18.88% | -67.41% |
* Real Estate Sector Average
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Max Estates Limited
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Max Estates Limited Corporate Events
Max Estates Publishes Notice of Audited FY 2026 Results
May 24, 2026
Max Estates Limited has published newspaper advertisements announcing the release of its audited standalone and consolidated financial results for the quarter and full financial year ended March 31, 2026. The disclosure, made to both BSE and NSE, ...
Max Estates Posts Second Year of ₹5,000-Crore-Plus Pre-Sales as Collections Surge 61% in FY26
May 23, 2026
Max Estates Limited reported sustained strong performance in FY26 with pre-sales of ₹5,305 crore, marking a second consecutive year above the ₹5,000 crore level and highlighting its positioning as a purpose-driven, end-user-focused dev...
Max Estates Reshuffles Board, Appoints New Internal Auditor and Updates Governance Code
May 22, 2026
Max Estates Limited has announced a series of board and governance changes, including the resignation of New York Life Insurance Company representative Anthony Ramsey Malloy as director following his retirement, effective May 22, 2026. Consequent ...
Max Estates revamps board representation, strengthens audit and compliance framework
May 22, 2026
Max Estates Limited has announced a series of boardroom and governance changes, including the resignation of New York Life representative Anthony Ramsey Malloy following his retirement and the consequent cessation of Jillian Leigh Moo-Young’...
Max Estates Grants 271,666 Stock Options Under 2023 ESOP Plan
May 22, 2026
Max Estates Limited has granted 271,666 stock options under its 2023 Employee Stock Option Plan, in a move approved by the Nomination and Remuneration Committee on 22 May 2026. Each option, convertible into one equity share of INR 10 at an exercis...
Max Estates Secures Key Approvals to Revive Stalled Delhi One as Max One
Mar 7, 2026
Max Estates has secured key regulatory approval under RERA for its Max One project, an integrated mixed-use development adjacent to Max Towers in Noida that revives the long-stalled Delhi One scheme. The move offers long-awaited relief to homebuye...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.