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Max Estates Limited
(MAXESTATES)
Max Estates Limited (MAXESTATES) vs. iShares MSCI India ETF (INDA)
Max Estates Limited Business Overview & Revenue Model
Max Estates Limited Financial Statement Overview
| 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
Max Estates Limited Peers Comparison
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 | ₹45.03B | 24.91 | ― | 0.36% | -14.25% | 17.95% | |
57 Neutral | ₹60.25B | -1,536.76 | ― | ― | 79.32% | ― | |
56 Neutral | ₹72.82B | 19.33 | ― | 0.70% | -22.59% | 17.35% | |
54 Neutral | ₹47.02B | 487.69 | ― | 0.28% | -20.38% | -36.03% | |
46 Neutral | ₹42.71B | 23.64 | ― | ― | -23.33% | -512.89% |
Max Estates Limited Corporate Events
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 homebuyers affected by the previous developer’s insolvency and allows construction to begin shortly, shifting attention to future delivery and restoration of customer confidence.
Planned over about 10 acres with roughly 2.5 million square feet of potential, Max One is envisioned as a landmark urban campus combining ultra-luxury serviced residences, premium offices, curated retail, and an exclusive club. Inspired by global districts like Hudson Yards and Marina One, the project is expected to generate sales of around ₹2,000 crore and annuity rental income of about ₹120 crore, strengthening Max Estates’ presence in NCR’s high-end mixed-use market.
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 regulatory disclosure obligations and provides investors and other stakeholders with formal public access to its latest interim financial performance data.
By releasing these results through newspaper advertisements, Max Estates enhances transparency around its quarterly and nine‑month financials while aligning with listing requirements of BSE and NSE. The announcement underscores the company’s continued compliance with market regulations, which is important for maintaining investor confidence and orderly trading in its securities.
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 roughly INR 22,000 per sq. ft., significantly above prevailing local rates. The project, featuring extensive curated green spaces and senior living with integrated wellness services, has helped drive year-to-date pre-sales in Gurugram to over INR 1,900 crore, reinforcing demand for its wellness-focused LiveWell offerings.
Across ongoing projects, the company has fully sold Estate 128 in Noida with pre-sales of INR 2,734 crore and collections of INR 1,094 crore, while Estate 360 in Gurugram has reached INR 4,831 crore in pre-sales with INR 1,110 crore collected, with construction progressing as per schedule. In commercial, Max Estates has secured a binding pre-lease for about 200,000 sq. ft. at Max District, Gurugram, expected to generate more than INR 270 crore in gross rentals at a 35% plus premium to market rents and locked in three years before project completion, underscoring strong leasing momentum and strengthening its position in the premium office segment.
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 on the company’s website, is intended to update investors and analysts on the company’s performance and strategic journey, reinforcing its transparency and engagement with capital market stakeholders.
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 requirements. The consolidated results, which cover a broad set of subsidiaries active across multiple real estate projects, have undergone a limited review by independent auditors S.R. Batliboi & Co. LLP, providing moderate assurance to investors and regulators on the interim financial reporting and reinforcing the company’s transparency and governance standards as it executes its growing portfolio of real estate assets.
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 a commercial project in Sector 129, Noida. This new guarantee raises Max Estates’ total corporate guarantee obligation for Max Square’s loan to INR 250 crore, classified as a related-party transaction executed on an arm’s-length basis; the company has clarified that the guarantee represents a contingent liability and will not affect its consolidated debt position, signalling continued financial support for its subsidiary’s project without an immediate balance-sheet debt increase.
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 company clarified that it did not mandate SES ESG Research to conduct this assessment, which was done independently and disseminated via the stock exchanges under a SEBI circular, indicating a modest improvement in the company’s environmental, social and governance profile as perceived by an external, regulated rater.
Max Estates Limited and New York Life Insurance Company have increased their investment in subsidiary Max Estates Noida Private Limited through a further subscription of unsecured compulsory convertible debentures, deepening the capital base of the Noida-focused entity. On 9 January 2026, New York Life subscribed to debentures worth INR 66 crore and Max Estates subscribed to debentures worth INR 68.1 crore, following an earlier, larger CCD subscription, strengthening funding for the subsidiary’s projects and underscoring the strategic partnership between the two investors.
Max Estates Limited has allotted 1,141,552 new equity shares of ₹10 each to promoter entity Max Ventures Investment Holdings Private Limited following the conversion of an equivalent number of warrants, for which the company received the remaining 75% of the issue price amounting to about ₹56.25 crore. The move increases the company’s paid-up equity share capital from ₹162.29 crore to ₹163.43 crore, marginally raising the promoter’s stake from 21.36% to 21.91%, and reflects additional capital infusion by the promoter group, potentially strengthening the company’s balance sheet and signaling continued promoter confidence in its growth strategy; the newly issued shares will rank pari passu with existing equity and will be listed for trading on BSE and NSE subject to regulatory approvals.
Max Estates Limited has allotted 57,595 equity shares of face value ₹10 each pursuant to the exercise of employee stock options under its 2023 ESOP Plan, following approval by its Nomination and Remuneration Committee on 2 January 2026. As a result of this ESOP-driven issuance, the company’s paid-up equity share capital has marginally increased from ₹162.23 crore to ₹162.29 crore, reflecting ongoing use of equity-based compensation that slightly dilutes existing shareholding while aligning employees’ interests with long-term shareholder value.
Max Estates Limited has disclosed that its subsidiary, Max Square Limited, has received a penalty order from the Income Tax Department’s Assessing Officer under Section 270A of the Income-tax Act for assessment year 2021-22, alleging under-reporting of income related to interest of ₹63.77 lakh earned on fixed deposits during project development and treated as “Income from Other Sources.” The penalty, amounting to ₹35.48 lakh, follows an earlier order by the National Faceless Appeal Centre confirming the tax addition and demand, though Max Square has already appealed that decision before the Income Tax Appellate Tribunal, with the hearing concluded and the order awaited; Max Estates has stated that the financial impact is not material at the consolidated level and that business operations remain unaffected while further legal options are being evaluated.
Max Estates Limited has disclosed that it has received an order from the Office of the Deputy Commissioner, State Tax Department, Uttar Pradesh (Noida), under Section 73(9) of the Uttar Pradesh GST and Central GST Acts, demanding goods and services tax, interest and penalty for various matters pertaining to FY 2021-22. The order raises a total tax and penalty demand of about INR 2.15 crore, which the company states does not have a material impact on its financial position, operations or other activities, and Max Estates plans to challenge the order by pursuing legal remedies, including an appeal before the relevant authorities.
Max Estates Limited has announced that the Assistant Commissioner, Central GST, Division-I, Noida, has passed an order dropping a proposed goods and services tax demand of ₹2.22 crore, along with the associated interest and penalties, that arose from an earlier show cause notice questioning the company’s input tax credit claims on certain services. The company stated that the order, received on December 30, 2025, results in no material impact on its financial or operational activities, removing a potential tax contingency and providing greater clarity for stakeholders on its indirect tax exposure without altering its current business trajectory.