Max Estates Ltd

MAXESTATES

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Market Cap

₹ 7,331 Cr

P/E

131.40

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Performance

STEADY PERFORMER

Valuation

OVERVALUED

Growth

EXCEPTIONAL

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Max Estates Limited is a premier real estate developer in the Delhi NCR region, focusing on residential and commercial projects. They announced Rs. 9,500 crores in new project launches for FY26, spanning various strategic locations.

The company achieved 140% of its pre-sales guidance for FY24, highlighting excellent performance. In FY25, it set a target for achieving Rs. 6,000-6,500 crores in pre-sales.

They maintain 100% occupancy in their commercial real estate properties and expect rental income growth, underlining a robust operational model.

Max Estates’ strategic partnership with New York Life is pivotal in expanding their commercial property portfolio, showing significant investment in their ventures.

Sector

Realty

Industry

Construction - Housing - Medium / Small

Market Cap

7,331 Cr

Volatility

High Risk

P/E Ratio

131.4

Industry P/E

31.4

PEG Ratio

1.2

P/B Ratio

3.2

52W High

724.45

52W Low

320.00

Sales CAGR

72.68%

1.75%

30.04%

10Y

—

Profit CAGR

147.95%

276.47%

—

10Y

—

ROE

TTM

2.43%

6.94%

5.45%

10Y

—

ROCE

TTM

2.38%

8.04%

6.64%

10Y

—

Technicals

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Forecasts

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MAXESTATES	446.70	7,331 Cr	131.40	3.19	0.00	2.43	2.38	0.49
KALPATARU	348.00	7,183 Cr	—	1.81	0.00	-1.30	0.71	-0.29
ASHIANA	287.55	2,905 Cr	38.68	3.67	0.52	9.04	8.04	1.82
ARVSMART	606.00	2,772 Cr	30.05	4.63	0.99	15.42	21.23	3.76
UNITECH	5.91	1,546 Cr	—	0.00	0.00	25.59	-119.75	-10.14
ELPROINTL	80.75	1,370 Cr	19.07	0.68	0.87	3.55	4.93	2.07
ARIHANTSUP	312.75	1,353 Cr	21.61	3.85	0.46	17.81	11.40	3.60

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	18	20	24	30	40	40	40	40	51	49
Expenses	15	20	18	22	25	32	28	31	38	39
Operating Profit	3.15	0.56	6.26	7.80	15	8.54	12	9.06	14	10
OPM %	17.23	2.73	25.90	25.99	37.64	21.25	28.90	22.78	27.03	20.67
Other Income	-39	7.29	6.30	8.55	7.21	13	32	38	29	26
Interest	4.38	11	14	14	17	14	15	17	17	16
Depreciation	3.69	6.37	6.89	8.45	8.77	8.41	8.16	8.76	8.41	8.04
Profit Before Tax	-44	-9.03	-8.20	-6.31	-2.88	-1.21	20	21	17	12
Tax %	13.19	50.06	8.41	25.04	30.56	-14.05	22.61	34.21	29.10	32.76
Net Profit	-38	-4.52	-7.51	-4.73	-2.00	-1.38	16	14	12	7.81
EPS in Rs	—	—	—	-0.29	-0.13	-0.09	1.04	0.90	0.74	0.48

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	69	107	93	160	171
Expenses	39	76	75	116	128
Operating Profit	31	32	18	44	43
OPM %	44.24	29.51	19.12	27.66	25.12
Other Income	4.65	24	-17	89	111
Interest	16	19	43	62	63
Depreciation	11	15	25	34	34
Profit Before Tax	8.45	22	-68	38	57
Tax %	41.76	16.37	18.62	29.74	29.63
Net Profit	4.92	18	-55	26	40
EPS in Rs	—	1.76	-3.72	1.72	3.16
Dividend Payout %	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	78	0.00	147	161
Reserves	531	1,211	1,024	2,117
Borrowings	315	862	962	1,656
Other Liabilities	101	154	969	3,311
Total Liabilities	1,025	2,227	3,101	7,246
Fixed Assets	1.20	22	22	18
CWIP	0.00	0.00	0.27	0.00
Investments	909	1,565	1,896	2,616
Other Assets	115	640	1,183	4,612
Total Assets	1,025	2,227	3,101	7,246

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	41	-456	271	225
Cash from Investing Activity	-121	-52	-292	-1,993
Cash from Financing Activity	78	521	234	1,766
Net Cash Flow	-2.26	13	213	-1.72

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Oct 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	49.51%	49.51%	49.42%	45.26%	45.25%	45.25%	45.24%	45.24%
FIIs	30.14%	27.61%	27.54%	27.55%	27.78%	27.43%	27.12%	26.60%
DIIs	0.00%	0.26%	0.04%	5.78%	5.79%	6.30%	6.27%	6.79%
Public	20.35%	22.62%	23.00%	21.41%	21.18%	21.01%	21.36%	21.37%
Total Shareholders	24,917	25,073	26,305	28,172	28,378	30,079	31,058	32,113

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jan 06, 2025	Nitin kumar	Insider - Designated Person	Disposal	562.53	0.39 Cr	7,000	0.00
Oct 04, 2024	Manish bhardwaj	Insider - Employee	Disposal	612.82	0.31 Cr	5,000	0.00
Oct 04, 2024	Manish bhardwaj	Insider - Employee	Acquisition	52.15	0.01 Cr	2,517	0.00
Oct 04, 2024	Manish bhardwaj	Insider - Employee	Acquisition	12.90	0.01 Cr	7,800	0.00
Oct 04, 2024	Manish bhardwaj	Insider - Employee	Disposal	586.64	0.03 Cr	500	0.00
Jul 05, 2024	Rajendra singh	Insider - Designated Person	Pledge	478.45	0.43 Cr	9,000	0.00
Jul 01, 2024	Nitin kumar	Insider - Employee	Pledge	464.65	3.09 Cr	66,440	0.04
Jul 01, 2024	Nitin kumar	Insider - Employee	Acquisition	12.90	0.09 Cr	66,440	0.04
Jul 01, 2024	Rishi raj	Insider - Employee	Acquisition	52.15	0.08 Cr	14,442	0.00
Jul 01, 2024	Rishi raj	Insider - Employee	Acquisition	12.90	0.06 Cr	47,619	0.02

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Employee Stock Options

3 days ago

Grant of Stock Options Under ESOP Plan

Max Estates Limited has granted 1,004,512 stock options under its Employee Stock Option Plan 2023, effective December 13, 2025.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Investor Presentation

Q2 FY24

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Oscillators

BearishNeutralBullish

Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Overview

Detailed Summary

The company achieved 140% of its pre-sales guidance for FY24, highlighting excellent performance. In FY25, it set a target for achieving Rs. 6,000-6,500 crores in pre-sales.

They maintain 100% occupancy in their commercial real estate properties and expect rental income growth, underlining a robust operational model.

Max Estates’ strategic partnership with New York Life is pivotal in expanding their commercial property portfolio, showing significant investment in their ventures.

Sector

Realty

Industry

Construction - Housing - Medium / Small

Market Cap

7,331 Cr

Volatility

High Risk

P/E Ratio

131.4

Industry P/E

31.4

PEG Ratio

1.2

P/B Ratio

3.2

52W High

724.45

52W Low

320.00

Sales CAGR

72.68%

1.75%

30.04%

10Y

—

Profit CAGR

147.95%

276.47%

—

10Y

—

ROE

TTM

2.43%

6.94%

5.45%

10Y

—

ROCE

TTM

2.38%

8.04%

6.64%

10Y

—

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MAXESTATES	446.70	7,331 Cr	131.40	3.19	0.00	2.43	2.38	0.49
KALPATARU	348.00	7,183 Cr	—	1.81	0.00	-1.30	0.71	-0.29
ASHIANA	287.55	2,905 Cr	38.68	3.67	0.52	9.04	8.04	1.82
ARVSMART	606.00	2,772 Cr	30.05	4.63	0.99	15.42	21.23	3.76
UNITECH	5.91	1,546 Cr	—	0.00	0.00	25.59	-119.75	-10.14
ELPROINTL	80.75	1,370 Cr	19.07	0.68	0.87	3.55	4.93	2.07
ARIHANTSUP	312.75	1,353 Cr	21.61	3.85	0.46	17.81	11.40	3.60

Maxestates

Max Estates Ltd

MAXESTATES

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Shareholdings

Shareholding History

Market Transactions

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Oscillators

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Consolidated Quarterly Results (in ₹ Crores)

Consolidated Profit Loss (in ₹ Crores)

Consolidated Balance Sheet (in ₹ Crores)

Consolidated Cash Flows (in ₹ Crores)

Forecasts

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Max Estates Ltd

MAXESTATES

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