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Max Estates Limited
(MAXESTATES)
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Rating:52Neutral
Price Target:
₹447.00
▼(-1.25% Downside)
Action:Reiterated
Date:07/08/26
The score is held back primarily by weak cash flow (negative operating cash flow in 2026 and consistently negative free cash flow) and elevated leverage for a development business, alongside a very high P/E. These risks are only partly offset by improving operating profitability and a constructive technical trend with positive momentum.
Positive Factors
Operating profitability rebound
Max Estates shows a durable improvement in core operating profitability with healthy EBIT/EBITDA margins. Strong operating margins reflect better project execution and rental economics, supporting sustainable cash generation potential from operations even if below-the-line items remain volatile.
Negative Factors
Negative operating and free cash flow
Persistent negative operating and free cash flow increases reliance on external funding to support project capex and working capital. Over months, this weakens liquidity cushions, heightens refinancing and interest rate exposure, and raises execution risk for new developments.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating profitability rebound
Max Estates shows a durable improvement in core operating profitability with healthy EBIT/EBITDA margins. Strong operating margins reflect better project execution and rental economics, supporting sustainable cash generation potential from operations even if below-the-line items remain volatile.
Read all positive factors
Max Estates Limited (MAXESTATES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹72.18B
Dividend YieldN/A
Average Volume (3M)7.42K
Price to Earnings (P/E)524.6
Beta (1Y)1.35
Revenue Growth18.88%
EPS Growth-67.41%
CountryIN
Employees140
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.86
Shares Outstanding163,497,270
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 primarily focuses on the creation and development of both residential and commercial real estate projects. In addition to its core property business, the company provides a variety of supplementary services such as investment m...
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 | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.97B | 2.50B | 929.44M | 1.07B | 734.82M |
| Gross Profit | 1.59B | 2.45B | 492.83M | 797.28M | 532.30M |
| EBITDA | 1.21B | 1.34B | 182.72M | 543.08M | 347.90M |
| Net Income | 156.93M | 408.10M | -421.63M | 190.15M | 49.99M |
Balance Sheet | |||||
| Total Assets | 124.37B | 72.46B | 31.01B | 22.27B | 10.25B |
| Cash, Cash Equivalents and Short-Term Investments | 9.95B | 16.65B | 3.50B | 1.47B | 611.29M |
| Total Debt | 24.12B | 16.56B | 9.62B | 8.62B | 3.15B |
| Total Liabilities | 92.76B | 45.85B | 16.51B | 9.73B | 3.82B |
| Stockholders Equity | 24.20B | 22.78B | 11.71B | 12.11B | 6.09B |
Cash Flow | |||||
| Free Cash Flow | -7.42B | -4.52B | -1.02B | -10.09B | -1.09B |
| Operating Cash Flow | -6.61B | 2.25B | 2.18B | -4.87B | 195.68M |
| Investing Cash Flow | -801.36M | -19.93B | -1.45B | -521.44M | -1.21B |
| Financing Cash Flow | 7.14B | 17.66B | 1.40B | 5.21B | 779.83M |
Max Estates Limited Technical Analysis
Positive
452.65
Price Trends
429.19
Positive
406.21
Positive
428.05
Positive
Market Momentum
2.65
Positive
51.24
Neutral
32.03
Neutral
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 441.72, above the 50-day MA of 429.19, and above the 200-day MA of 428.05, indicating a neutral trend. The MACD of 2.65 indicates Positive momentum. The RSI at 51.24 is Neutral, neither overbought nor oversold. The STOCH value of 32.03 is Neutral, 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹72.25B | 22.94 | ― | 0.63% | -46.72% | -47.12% | |
57 Neutral | ₹46.87B | 23.49 | ― | 0.36% | 29.46% | 35.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹72.18B | 524.63 | ― | ― | 18.88% | -67.41% | |
51 Neutral | ₹78.53B | 25.78 | ― | 0.70% | 216.52% | 285.20% | |
51 Neutral | ₹52.03B | 83.29 | ― | ― | 83.76% | ― | |
49 Neutral | ₹31.97B | -79.50 | ― | 1.01% | -57.20% | -133.23% |
* General Sector Average
IN:MAXESTATES
Max Estates Limited
450.15
-65.35
-12.68%
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-25.29%
Max Estates Limited Corporate Events
Max Estates initiates electronic postal ballot to secure shareholder approvals
Jun 25, 2026
Max Estates Limited has launched a postal ballot process conducted exclusively via remote e-voting to seek shareholder approval for certain board-proposed resolutions. In line with Ministry of Corporate Affairs and SEBI regulations, the notice has...
Max Estates marginally expands equity base with ESOP share allotment
Jun 23, 2026
Max Estates Limited has issued 9,644 new equity shares following the exercise of employee stock options under its 2023 stock option plan, reflecting ongoing use of equity-based incentives to align staff interests with long-term shareholder value. ...
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...
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.