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Max India Ltd
(MAXIND)
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Rating:53Neutral
Price Target:
₹185.00
▲(0.05% Upside)
Action:Reiterated
Date:07/25/26
The score is held back primarily by weak financial performance—large recent losses and sustained negative operating/free cash flow—despite a comparatively supportive balance sheet. Technicals improve the outlook as the stock trades above key moving averages with positive momentum, but valuation remains constrained by negative earnings and no provided dividend yield.
Positive Factors
Supportive balance sheet with manageable leverage
Low reported leverage (debt well below equity historically) and a sizable equity base provide structural financial flexibility. This cushion reduces near-term refinancing risk, supports continued investment or restructuring options, and gives the company runway to absorb losses while pursuing recovery strategies.
Negative Factors
Sustained negative operating and free cash flow
Consistent cash burn across multiple years is a structural weakness: it increases reliance on external financing or parent/group support, limits capacity to invest organically, and risks equity dilution or asset sales to bridge gaps. Persistent outflows also reduce margin for operational setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Supportive balance sheet with manageable leverage
Low reported leverage (debt well below equity historically) and a sizable equity base provide structural financial flexibility. This cushion reduces near-term refinancing risk, supports continued investment or restructuring options, and gives the company runway to absorb losses while pursuing recovery strategies.
Read all positive factors
Max India Ltd (MAXIND) vs. iShares MSCI India ETF (INDA)
Market Cap
₹9.06B
Dividend YieldN/A
Average Volume (3M)27.13K
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth30.98%
EPS Growth22.50%
CountryIN
Employees19
SectorGeneral
Sector StrengthN/A
IndustryMedical - Care Facilities
Share Statistics
EPS (TTM)-23.80
Shares Outstanding52,582,863
10 Day Avg. Volume4,474
30 Day Avg. Volume27,134
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)1.54
Price to Sales (P/S)3.29
P/FCF Ratio-4.62
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)N/A
Revenue Forecast (FY)N/A
Max India Ltd Business Overview & Revenue Model
Company Description
Max India Limited focuses on delivering a range of services tailored for senior living communities. The company is actively involved in the complete lifecycle of these residential developments, from their initial creation and construction to their...
How the Company Makes Money
Max India Ltd primarily makes money as a holding/investment company through income and value creation from its underlying investments in senior care businesses (notably Antara Senior Living). Its earnings may therefore be driven by a combination o...
Max India Ltd Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.91B | 1.45B | 1.58B | 2.13B | 1.69B |
| Gross Profit | -130.70M | -26.20M | 942.71M | 1.17B | 1.06B |
| EBITDA | -820.80M | -1.12B | -376.40M | 92.77M | 823.00K |
| Net Income | -1.22B | -1.40B | -563.76M | -104.00M | -161.36M |
Balance Sheet | |||||
| Total Assets | 6.69B | 6.33B | 6.84B | 7.53B | 8.54B |
| Cash, Cash Equivalents and Short-Term Investments | 943.80M | 1.43B | 2.96B | 3.86B | 3.99B |
| Total Debt | 962.10M | 1.02B | 435.65M | 453.00M | 607.63M |
| Total Liabilities | 2.61B | 2.74B | 1.92B | 2.11B | 2.17B |
| Stockholders Equity | 4.08B | 3.59B | 4.92B | 5.42B | 6.37B |
Cash Flow | |||||
| Free Cash Flow | -1.36B | -1.47B | -1.31B | 657.50M | 597.96M |
| Operating Cash Flow | -846.60M | -1.12B | -1.02B | 694.10M | 664.96M |
| Investing Cash Flow | -618.70M | 306.30M | 1.59B | 1.24B | 322.51M |
| Financing Cash Flow | 1.50B | -124.13M | -289.96M | -1.19B | -939.41M |
Max India Ltd Technical Analysis
Neutral
184.90
Price Trends
164.54
Positive
159.07
Positive
170.76
Negative
Market Momentum
2.43
Positive
51.22
Neutral
21.10
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MAXIND, the sentiment is Neutral. The current price of 184.9 is above the 20-day moving average (MA) of 170.27, above the 50-day MA of 164.54, and above the 200-day MA of 170.76, indicating a neutral trend. The MACD of 2.43 indicates Positive momentum. The RSI at 51.22 is Neutral, neither overbought nor oversold. The STOCH value of 21.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MAXIND.
Max India Ltd Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | ₹1.29T | 65.99 | ― | 0.23% | 15.76% | 34.28% | |
67 Neutral | ₹724.76B | 68.09 | ― | 0.11% | 17.50% | 20.65% | |
64 Neutral | ₹450.92B | 140.54 | ― | 0.84% | 15.70% | -2.63% | |
64 Neutral | ₹385.02B | 45.73 | ― | 0.24% | 57.80% | 3.73% | |
61 Neutral | ₹1.04T | 72.08 | ― | 0.14% | 19.14% | 34.01% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
53 Neutral | ₹9.06B | -7.12 | ― | ― | 30.98% | 22.50% |
* General Sector Average
IN:MAXIND
Max India Ltd
169.85
-36.40
-17.65%
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Max India Ltd Corporate Events
Max India announces resignation of independent director Rohit Kapoor
Jul 1, 2026
Max India Ltd, a listed entity on BSE and NSE under the symbol MAXIND, operates from its corporate headquarters in Gurgaon with a registered office in New Delhi and forms part of a diversified Indian business group. The company maintains a public ...
Max India discloses resignation of independent director Rohit Kapoor
Jul 1, 2026
Max India Limited has announced that Non-Executive Independent Director Rohit Kapoor has resigned from the company’s board with effect from July 1, 2026. The resignation was formally notified to both the BSE and NSE in compliance with Regula...
Max India files investor presentation with BSE and NSE
Jun 24, 2026
Max India Limited has released an investor presentation and notified both the BSE and NSE in compliance with Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The presentation, also available on the compa...
Max India Grants 8.74 Lakh ESOPs, Ups Paid-Up Capital via Share Allotment
Jun 9, 2026
Max India Ltd has expanded its employee equity incentive framework by granting 874,227 stock options under its Employee Stock Option Plan 2020 to eligible staff, with a grant price of ₹80.02 per option, set at a discount to the average marke...
Max India Board Clears Auditor Reappointment, Fund Reallocation and Subsidiary Guarantees
May 28, 2026
Max India Ltd’s board has approved several measures including the re-appointment of MGC Global Risk Advisory LLP as internal auditor for FY 2026-27 and amendments to its related party transactions policy, signalling a continued focus on gove...
Max India Tightens Governance, Reallocates Rights Issue Funds and Backs Subsidiary Loans
May 28, 2026
Max India Ltd’s board has approved several governance and capital allocation measures at its May 28 meeting, including the re-appointment of MGC Global Risk Advisory LLP as internal auditor for FY 2026-27 and amendments to its related party ...
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.