Max Estates Limited (IN:MAXESTATES)
:MAXESTATES
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Max Estates Limited
(MAXESTATES)
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Rating:57Neutral
Price Target:
₹389.00
▼(-14.06% Downside)
Action:ReiteratedDate:02/11/26
The score is driven primarily by improving profitability and strong revenue/gross margin performance, but it is held back by negative free cash flow and balance-sheet solvency risk signals. Technicals are moderately supportive but mixed due to a negative MACD, while valuation is a major drag given the very high P/E.
Positive Factors
Revenue Growth
Sustained high revenue growth combined with a 98% gross margin and a positive 16% net margin indicates a scalable leasing/development model with meaningful pricing efficiency. Over 2-6 months this supports durable operating cash generation as projects stabilize and rents normalize.
Negative Factors
Negative Free Cash Flow
Negative free cash flow driven by sizable capital expenditures limits internal funding for new projects or debt reduction. Over a multi-month horizon this can necessitate external financing, asset recycling, or slower growth, increasing execution and refinancing risk for the business model.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Sustained high revenue growth combined with a 98% gross margin and a positive 16% net margin indicates a scalable leasing/development model with meaningful pricing efficiency. Over 2-6 months this supports durable operating cash generation as projects stabilize and rents normalize.
Read all positive factors
Max Estates Limited (MAXESTATES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹61.59B
Dividend YieldN/A
Average Volume (3M)7.42K
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue Growth79.32%
EPS GrowthN/A
CountryIN
Employees140
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.00
Shares Outstanding163,445,480
10 Day Avg. Volume7,341
30 Day Avg. Volume7,424
Financial Highlights & Ratios
PEG Ratio-1.34
Price to Book (P/B)4.10
Price to Sales (P/S)37.39
P/FCF Ratio-20.65
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹610.00Price Target Upside34.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.15
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 Limited makes money primarily through (1) leasing and operating income from commercial real estate assets (e.g., office buildings), where revenue is generated via rent, maintenance/operating recoveries, and other tenant-related income ...
Max Estates Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
60
Neutral
Cash Flow
50
Neutral
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.75B | 2.50B | 929.44M | 1.07B | 734.82M | 664.30M |
| Gross Profit | 2.56B | 2.45B | 492.83M | 797.28M | 532.30M | 358.26M |
| EBITDA | 1.68B | 1.34B | 182.72M | 543.08M | 347.90M | 10.08M |
| Net Income | 558.00M | 408.10M | -421.63M | 190.15M | 49.99M | -940.34M |
Balance Sheet | ||||||
| Total Assets | 101.63B | 72.46B | 31.01B | 22.27B | 10.25B | 18.95B |
| Cash, Cash Equivalents and Short-Term Investments | 14.86B | 16.65B | 3.50B | 1.47B | 611.29M | 893.82M |
| Total Debt | 20.98B | 16.56B | 9.62B | 8.62B | 3.15B | 5.43B |
| Total Liabilities | 71.45B | 45.85B | 16.51B | 9.73B | 3.82B | 894.01M |
| Stockholders Equity | 23.00B | 22.78B | 11.71B | 12.11B | 6.09B | 18.95B |
Cash Flow | ||||||
| Free Cash Flow | -4.47B | -4.52B | -1.02B | -10.09B | -1.09B | -346.03M |
| Operating Cash Flow | -3.04B | 2.25B | 2.18B | -4.87B | 195.68M | 922.19M |
| Investing Cash Flow | -2.18B | -19.93B | -1.45B | -521.44M | -1.21B | -485.86M |
| Financing Cash Flow | 5.04B | 17.66B | 1.40B | 5.21B | 779.83M | -457.60M |
Max Estates Limited Technical Analysis
Neutral
452.65
Price Trends
381.34
Negative
414.00
Negative
445.41
Negative
Market Momentum
-8.13
Negative
54.32
Neutral
92.05
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAXESTATES, the sentiment is Neutral. The current price of 452.65 is above the 20-day moving average (MA) of 355.91, above the 50-day MA of 381.34, and above the 200-day MA of 445.41, indicating a neutral trend. The MACD of -8.13 indicates Negative momentum. The RSI at 54.32 is Neutral, neither overbought nor oversold. The STOCH value of 92.05 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 | ₹46.45B | 24.91 | ― | 0.36% | -14.25% | 17.95% | |
57 Neutral | ₹61.59B | -1,536.76 | ― | ― | 79.32% | ― | |
56 Neutral | ₹73.50B | 19.33 | ― | 0.70% | -22.59% | 17.35% | |
54 Neutral | ₹51.04B | 487.69 | ― | 0.28% | -20.38% | -36.03% | |
45 Neutral | ₹46.23B | 23.64 | ― | ― | -23.33% | -512.89% |
* Real Estate Sector Average
IN:MAXESTATES
Max Estates Limited
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Max Estates Limited Corporate Events
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...
Max Estates publishes unaudited financial results for nine months to December 2025
Feb 9, 2026
Max Estates Limited has notified stock exchanges that it has published its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 in newspapers. The move fulfills the company’s regulat...
Max Estates clocks over INR 1,900 crore YTD pre-sales in Gurugram on premium residential launch
Feb 9, 2026
Max Estates Limited reported strong traction across its residential portfolio, anchored by the launch of Estate 361, a forest-led community in Sector 36A, Gurugram with a gross development value of about INR 2,500 crore and average realizations of...
Max Estates Files Investor Presentation with Stock Exchanges
Feb 7, 2026
Max Estates Limited has submitted an investor presentation to the stock exchanges in compliance with disclosure requirements, following its earlier announcement of an earnings conference call schedule. The presentation, which will also be hosted o...
Max Estates Board Clears Unaudited Q3 and Nine-Month FY2025 Financial Results
Feb 6, 2026
Max Estates Limited announced that its Board of Directors has approved the unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025, in compliance with SEBI’s listing and disclosure requi...
Max Estates Raises Corporate Guarantee for Subsidiary’s Noida Project to ₹250 Crore
Feb 4, 2026
Max Estates Limited has issued an additional corporate guarantee of INR 50 crore in favour of Catalyst Trusteeship Limited, acting as security trustee for ICICI Bank and Yes Bank, in relation to loans taken by its subsidiary Max Square Limited for...
Max Estates’ ESG Score Upgraded by Independent SEBI-Registered Rater
Jan 12, 2026
Max Estates Limited reported that SES ESG Research Private Limited, a SEBI-registered ESG rating provider, has raised the company’s ESG rating from 65.3 for FY 2023-24 to 68 for FY 2024-25, based on publicly available information. The compan...
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.