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Max Estates Limited
(MAXESTATES)
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Rating:51Neutral
Price Target:
₹619.00
▲(60.43% Upside)
Action:Reiterated
Date:08/25/26
The score is held back primarily by weak cash flow (negative operating cash flow in 2026 and persistent negative free cash flow) and rising leverage, despite improving operating profitability. Technicals are strong but appear overbought, and valuation is a major headwind due to the extremely high P/E.
Positive Factors
Improving operating performance
The return to solid operating profitability after the 2024 loss indicates that the business can recover earnings when development and leasing activity improve. Continued revenue growth and healthy operating margins provide a foundation for reinvestment and stronger earnings over the next several quarters.
Negative Factors
Weak cash generation
Persistent free-cash-flow deficits and the latest negative operating cash flow indicate that reported operating improvement is not yet translating into internally generated cash. Ongoing project spending and working-capital pressure may increase reliance on funding and constrain investment flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving operating performance
The return to solid operating profitability after the 2024 loss indicates that the business can recover earnings when development and leasing activity improve. Continued revenue growth and healthy operating margins provide a foundation for reinvestment and stronger earnings over the next several quarters.
Read all positive factors
Max Estates Limited (MAXESTATES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹86.80B
Dividend YieldN/A
Average Volume (3M)8.52K
Price to Earnings (P/E)1343.9
Beta (1Y)1.21
Revenue Growth5.19%
EPS Growth-84.80%
CountryIN
Employees309
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.41
Shares Outstanding163,579,860
10 Day Avg. Volume3,225
30 Day Avg. Volume8,517
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 Limited primarily makes money through a combination of (1) development-led monetization and (2) ownership/operation-led recurring income. Development-led revenue is generated when the company develops real estate projects and monetizes...
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 | 2.97B | 2.97B | 2.50B | 929.44M | 1.07B | 734.82M |
| Gross Profit | 1.91B | 1.59B | 2.45B | 238.80M | 648.20M | 532.30M |
| EBITDA | 1.15B | 1.21B | 1.34B | 182.72M | 543.08M | 347.90M |
| Net Income | 67.96M | 156.93M | 408.10M | -421.63M | 190.15M | 49.99M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 124.37B | 72.46B | 31.01B | 22.27B | 10.25B |
| Cash, Cash Equivalents and Short-Term Investments | 10.81B | 9.95B | 16.84B | 3.50B | 1.47B | 611.29M |
| Total Debt | 0.00 | 24.12B | 16.56B | 9.62B | 8.62B | 3.15B |
| Total Liabilities | -31.61B | 92.76B | 45.85B | 16.51B | 9.73B | 3.82B |
| Stockholders Equity | 31.61B | 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 | 407.08M |
| 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
385.85
Price Trends
522.36
Positive
476.30
Positive
436.84
Positive
Market Momentum
1.81
Positive
48.04
Neutral
13.81
Positive
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 385.85 is below the 20-day moving average (MA) of 571.58, below the 50-day MA of 522.36, and below the 200-day MA of 436.84, indicating a neutral trend. The MACD of 1.81 indicates Positive momentum. The RSI at 48.04 is Neutral, neither overbought nor oversold. The STOCH value of 13.81 is Positive, 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | ₹57.86B | 21.60 | ― | 0.22% | -28.55% | -54.07% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹39.61B | 18.62 | ― | 0.55% | 50.62% | 32.30% | |
53 Neutral | ₹37.80B | 30.47 | ― | 1.09% | 7.76% | 27.78% | |
52 Neutral | ₹74.04B | 22.21 | ― | 2.00% | 875.69% | 195.25% | |
51 Neutral | ₹86.80B | 1,343.90 | ― | ― | 5.19% | -84.80% | |
47 Neutral | ₹49.80B | 31.31 | ― | 2.45% | 113.93% | ― |
* General Sector Average
IN:MAXESTATES
Max Estates Limited
545.25
82.15
17.74%
IN:GANESHHOU
Ganesh Housing Corporation Limited
684.15
-122.14
-15.15%
IN:KOLTEPATIL
Kolte-Patil Developers Limited
428.55
11.35
2.72%
IN:MAHLIFE
Mahindra Lifespace Developers Limited
350.70
-13.84
-3.80%
IN:PURVA
Puravankara Limited
211.40
-44.90
-17.52%
IN:SUNTECK
Sunteck Realty Limited
270.65
-151.29
-35.86%
Max Estates Limited Corporate Events
Max Estates Calls EGM To Approve ₹420 Crore Land Portfolio Acquisition
Sep 2, 2026
Max Estates Limited has called an Extra-Ordinary General Meeting on September 24, 2026, to be held via video conferencing and other audio-visual means in line with Indian corporate and securities regulations. Shareholders will be able to vote thro...
Max Estates to Acquire 84.7-Acre Delhi Land Parcel via ₹420-Crore Share-Swap Deal
Aug 28, 2026
Max Estates’ board has approved the acquisition of nine land-owning companies that collectively hold an approximately 84.7-acre land parcel in Sector 3, Najafgarh, Delhi, turning each of them into wholly owned subsidiaries once completed. Th...
Max Estates to Acquire 84.7 Acres in Delhi via ₹420‑Crore Share Swap Deal
Aug 28, 2026
Max Estates Limited’s board has cleared an integrated transaction to acquire full ownership in nine land‑owning companies that collectively control about 84.7 acres in Sector 3, Najafgarh, Delhi, turning each into a wholly owned subsid...
Max Estates to acquire 84.7-acre Delhi land platform via ₹420 crore share-swap deal
Aug 28, 2026
Max Estates Limited’s board has approved the acquisition of nine land-owning companies that collectively control an 84.7-acre land parcel in Sector 3, Najafgarh, Delhi, with each entity to become a wholly owned subsidiary upon completion. Th...
Max Estates acquires 84.71-acre Delhi land bank via equity deal
Aug 28, 2026
Max Estates Limited has announced the acquisition of a substantial Delhi land bank of approximately 84.71 acres through an equity-based, non-cash transaction. The deal, which is subject to shareholder and regulatory approvals, reflects an estimate...
Max Estates to Acquire 84.7-Acre Delhi Land Platform via ₹420-Crore Share Swap
Aug 28, 2026
Max Estates’ board has approved the acquisition of nine land-owning companies that collectively control about 84.7 acres in Sector 3, Najafgarh, Delhi, turning each of them into wholly owned subsidiaries upon completion. The move significant...
Max Estates Enters Delhi Housing Market with 84.7-Acre Share-Swap Deal
Aug 28, 2026
Max Estates Limited, the real estate arm of the Max Group, is expanding beyond its established Noida and Gurugram operations into the NCT Delhi residential market. The company focuses on capital-efficient acquisitions and large, phase-able land ba...
Max Estates to acquire 84.7-acre Delhi land platform via ₹420 crore share-swap issue
Aug 28, 2026
Max Estates Limited’s board has approved a composite transaction to acquire full ownership of nine land-owning companies that collectively hold about 84.7 acres of land in Sector 3, Najafgarh, Delhi, which will become wholly owned subsidiari...
Max Estates Grants 50,226 Stock Options Under 2023 ESOP Plan
Aug 17, 2026
Max Estates Limited has granted 50,226 stock options under its Employee Stock Option Plan 2023, effective August 18, 2026, with each option convertible into one equity share of face value ₹10 at an exercise price of ₹221. The options, ...
Max Estates Publishes Q1 FY27 Unaudited Results in Newspapers
Aug 15, 2026
Max Estates Limited has notified the stock exchanges that it has published unaudited standalone and consolidated financial results for the quarter ended June 30, 2026 in newspapers, in line with regulatory disclosure requirements. The move undersc...
Max Estates Boosts Paid-Up Capital With ESOP Share Allotment
Aug 11, 2026
Max Estates Limited has approved the allotment of 51,525 equity shares under its 2023 Employee Stock Option Plan, following the exercise of options by eligible employees. The shares carry a face value of INR 10 each and were sanctioned by the comp...
Max Estates Subsidiary Faces ₹5.9 Crore GST Demand in Show Cause Notice
Jul 28, 2026
Max Estates Limited has disclosed that its subsidiary Pharmax Corporation Limited has received a show cause notice from the Department of Trade and Taxes, Government of NCT of Delhi, under GST laws for FY 2022-23. The notice proposes a tax, intere...
Max Estates calls 10th AGM, rolls out FY26 integrated report and e-voting
Jul 28, 2026
Max Estates Limited has scheduled its 10th Annual General Meeting for August 19, 2026, to be held via video conferencing and other audio-visual means in line with regulatory guidance. The company has circulated its FY26 Integrated Annual Report, i...
Max Estates Sets Virtual 10th AGM, Moves to Fully Digital Shareholder Communication
Jul 26, 2026
Max Estates Limited has scheduled its 10th Annual General Meeting for August 19, 2026, to be conducted via video conferencing and other audio visual means in line with regulatory guidance from the Ministry of Corporate Affairs and SEBI. The compan...
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...
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.