Price
Financials
Consolidated, Rs crore| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 49 | 41 | 45 | 26 | 43 | 35 | 42 | 37 | 45 | 43 | 66 | 60 |
| Expenses | 54 | 58 | 66 | 54 | 64 | 64 | 82 | 65 | 76 | 79 | 81 | 94 |
| Operating Profit | -5 | -17 | -21 | -28 | -21 | -30 | -41 | -28 | -31 | -36 | -15 | -34 |
| OPM % | -9% | -43% | -46% | -106% | -49% | -85% | -98% | -76% | -69% | -83% | -23% | -58% |
| Other Income | 6 | 5 | 5 | 6 | 5 | -8 | 4 | 13 | 5 | 4 | 6 | 9 |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 | 3 | 3 |
| Depreciation | 2 | 2 | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 7 | 7 |
| Profit before tax | -2 | -17 | -20 | -27 | -22 | -44 | -45 | -25 | -36 | -41 | -19 | -36 |
| Tax % | 160% | 8% | 6% | 0% | 3% | 0% | 2% | 4% | -5% | 3% | 2% | 2% |
| Net Profit | -5 | -18 | -22 | -27 | -23 | -45 | -46 | -26 | -34 | -43 | -19 | -36 |
| EPS in Rs | -0.91 | -3.48 | -4.20 | -5.25 | -4.42 | -8.68 | -8.88 | -4.91 | -6.52 | -8.17 | -3.67 | -6.91 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 213 | 128 | 233 | 212 | 191 | 163 | 211 | 214 |
| Expenses | 266 | 150 | 233 | 202 | 229 | 264 | 299 | 330 |
| Operating Profit | -53 | -22 | 1 | 10 | -38 | -101 | -88 | -116 |
| OPM % | -25% | -17% | 0.3% | 4.8% | -20% | -62% | -42% | -54% |
| Other Income | 325 | -7 | -1 | 1 | 4 | -11 | 6 | 24 |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 14 | 13 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 25 | 27 |
| Profit before tax | 237 | -64 | -18 | -3 | -49 | -139 | -121 | -132 |
| Tax % | 2% | -17% | -11% | 245% | 15% | 1% | 1% | |
| Net Profit | 232 | -53 | -16 | -10 | -56 | -140 | -122 | -132 |
| EPS in Rs | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -23.20 | -25.27 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| 10 Years | 5 Years | 3 Years | TTM | 1 Year | Last Year | |
|---|---|---|---|---|---|---|
| Compounded Sales Growth | % | 11% | 0% | 37% | ||
| Compounded Profit Growth | % | % | % | 3% | ||
| Stock Price CAGR | % | 19% | 6% | -25% | ||
| Return on Equity | % | -13% | -23% | -33% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 53 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 | 356 |
| Borrowings | 182 | 145 | 61 | 45 | 44 | 102 | 96 |
| Other Liabilities | 136 | 198 | 156 | 166 | 148 | 172 | 165 |
| Total Liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 | 669 |
| Fixed Assets | 144 | 156 | 159 | 159 | 193 | 170 | 195 |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 | 2 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 | 34 |
| Other Assets | 465 | 506 | 522 | 511 | 418 | 389 | 438 |
| Total Assets | 1,024 | 996 | 858 | 753 | 684 | 633 | 669 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | -19 | 73 | 66 | 69 | -102 | -128 | -95 |
| Cash from Investing Activity | -526 | 13 | 18 | 124 | 159 | 47 | -50 |
| Cash from Financing Activity | 557 | -73 | -94 | -119 | -29 | -13 | 148 |
| Net Cash Flow | 12 | 12 | -10 | 75 | 27 | -93 | 4 |
| Free Cash Flow | -209 | 61 | 64 | 66 | -131 | -163 | -127 |
| CFO/OP | -15% | -326% | 7,765% | 690% | 241% | 126% | 103% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 24 | 21 | 9 | 5 | 9 | 50 | 64 |
| Inventory Days | 1,682 | 6,515 | 384 | 223 | 38 | 186 | 107 |
| Days Payable | 149 | 631 | 28 | 48 | 148 | 346 | 236 |
| Cash Conversion Cycle | 1,557 | 5,906 | 365 | 180 | -100 | -111 | -65 |
| Working Capital Days | 493 | 581 | 342 | 249 | -99 | -93 | 231 |
| ROCE % | -4% | -0% | 1% | -8% | -24% | -23% |
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.45% | 50.16% | 50.06% | 49.89% | 49.83% | 49.76% | 48.33% |
| FIIs | 10.32% | 9.54% | 9.01% | 7.41% | 6.77% | 6.63% | 7.13% | 7.08% | 7.09% | 7.07% | 7.06% | 6.81% |
| DIIs | 0.69% | 0.81% | 0.81% | 0.81% | 0.94% | 0.80% | 0.98% | 1.43% | 1.58% | 1.62% | 1.65% | 5.96% |
| Public | 38.04% | 38.70% | 39.23% | 40.83% | 41.35% | 42.11% | 41.72% | 41.45% | 41.44% | 41.48% | 41.50% | 38.90% |
| No. of Shareholders | 35,888 | 40,367 | 38,876 | 39,886 | 40,417 | 39,918 | 40,090 | 39,796 | 38,508 | 37,492 | 36,826 | 36,645 |
Fundamentals
Market Cap₹ 906 Cr.
Current Price₹ 160
Book Value₹ 77.7
ROCE-23.0 %
ROE-32.8 %
Dividend Yield0.00 %
Face Value₹ 10.0
Compounded Sales Growth (TTM)37%
Compounded Profit Growth (TTM)3%
Consolidated figures.
Valuation
Market capRs 700 Cr
Enterprise valueRs 653 Cr
Price to book1.29x
Price to sales3.28x
EV / sales3.06x
Price to cash flow10.09x
Earnings yield-18.92%
P/B, 3-year average0.56x
Profitability
Operating margin (excl. other income)4.84%
Operating margin (incl. other income)5.51%
EBITDA margin-43.16%
Pre-tax margin-61.74%
Net profit margin-62.02%
Net margin, latest quarter-60.73%
ROE-1.75%
ROCE0.50%
ROA-1.29%
ROE, 3-year average-4.02%
ROCE, 3-year average-1.74%
ROA, 3-year average-2.76%
ROIC (approx.)-83.01%
Tax rate-245.18%
Other income / net worth0.26%
Growth
Sales growth (latest year)-9.24%
Sales CAGR, 3 years-0.23%
Sales growth QoQ-8.97%
Sales growth YoY (latest quarter)62.91%
Per share
EPS (TTM)Rs -30.79
EPS (latest year)Rs -2.41
EPS (latest quarter)Rs -8.43
EPS, 3-year averageRs -5.10
Book value per shareRs 125.99
Sales per shareRs 49.65
Cash flow per shareRs 16.13
Free cash flow per shareRs -29.52
Efficiency
Asset turnover0.28x
Fixed asset turnover1.33x
Inventory turnover1.99x
Inventory days184 days
Debtor days5 days
Debtors turnover74.04x
Creditor days236 days
Cash conversion cycle-65 days
Working capital days231 days
Leverage
Total debtRs 45 Cr
Cash and bankRs 93 Cr
Net debtRs -48 Cr
Debt to equity0.08x
Interest coverage-9.15x
Current ratio (filing 2026-03-31)2.35x
Quick ratio (filing 2026-03-31)2.26x
Trade payables (filing 2026-03-31)Rs 34 Cr
Owners' fund to total sources71.96%
Debt to assets6.01%
Cash flow
Cash from Operating Activity (latest year)Rs 69 Cr
Cash from Investing Activity (latest year)Rs 124 Cr
Cash from Financing Activity (latest year)Rs -119 Cr
Net Cash Flow (latest year)Rs 75 Cr
Free cash flow (latest year)Rs -127 Cr
FCFE (approx.: FCF + change in debt)Rs -142 Cr
Sales to cash flow3.05x
Statement figures
Net sales (TTM)Rs 214 Cr
Net sales (latest year)Rs 212 Cr
Sales (latest quarter)Rs 60 Cr
Operating profit excl. other income (latest year)Rs 10 Cr
Operating profit (latest quarter)Rs -34 Cr
Other income (TTM)Rs 24 Cr
EBITDA (TTM)Rs -92 Cr
PBDT (TTM)Rs -105 Cr
Profit before tax (TTM)Rs -132 Cr
Tax (latest year)Rs 7 Cr
Net profit (TTM)Rs -132 Cr
Net profit (latest year)Rs -10 Cr
Net profit (latest quarter)Rs -36 Cr
Depreciation (TTM)Rs 27 Cr
Depreciation (latest quarter)Rs 7 Cr
Interest (TTM)Rs 13 Cr
Cost of goods sold (latest year)Rs 101 Cr
Total expenditure (latest year)Rs 202 Cr
Total income (latest year)Rs 213 Cr
Share capitalRs 43 Cr
ReservesRs 499 Cr
Shareholders' fundsRs 542 Cr
Total assetsRs 753 Cr
Net blockRs 159 Cr
InvestmentsRs 83 Cr
ReceivablesRs 3 Cr
InventoryRs 51 Cr
Other liabilitiesRs 166 Cr
Shares outstanding (crore)4.30
Ownership
Promoter holding48.33% (-1.73 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 1.29 is at the 54th percentile (median 1.27).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
| Period | MAXIND | Nifty 50 | Difference |
|---|---|---|---|
| 1 week | +9.1% | -2.8% | +11.9 pts |
| 1 month | +9.3% | -6.8% | +16.1 pts |
| 3 months | +2.0% | -7.6% | +9.6 pts |
| 6 months | +32.5% | +0.4% | +32.1 pts |
| 1 year | -27.4% | -9.9% | -17.4 pts |
| 2 years | -34.2% | -13.6% | -20.7 pts |
| 3 years | +15.0% | +14.2% | +0.8 pts |
| 5 years | +117.6% | +27.9% | +89.7 pts |
Red flags
F-score 7 of 8| explain | Share dilution Share count up -20% in a year, 51100% in three |
| look | Repeated losses Net loss in each of the last two years |
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.
Latest quarter
Jun 2026Sales ₹60 Cr +62.2% vs Jun 2025.
Net loss ₹36 Cr.
Activity
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|---|---|---|---|
| Bajaj Finserv Ltd | 279,143 | 27.2 | 10.6 % |
| Bajaj Holdings & Investment Ltd | 117,967 | 13.3 | 11.0 % |
| Choice International Ltd | 16,511 | 72.4 | 17.9 % |
| Edelweiss Financial Services Ltd | 13,040 | 20.7 | 14.1 % |
| JM Financial Ltd | 12,037 | 11.4 | 11.6 % |
| Kama Holdings Ltd | 7,192 | 6.34 | 14.0 % |
| Rane Holdings Ltd | 2,207 | 28.0 | 9.52 % |
| BF Investment Ltd | 1,640 | 4.21 | 4.86 % |
| Balmer Lawrie Investment Ltd | 1,439 | 8.03 | 16.9 % |
| Abans Financial Services Ltd | 1,030 | 8.02 | 7.90 % |
| GFL Ltd | 606 | 10.0 | 2.07 % |
| Nisus Finance Services Co Ltd | 394 | 5.84 | 37.7 % |
| Tamboli Industries Ltd | 292 | 26.4 | 12.0 % |
| BIL Vyapar Ltd | 14 | 84.9 | % |
No bulk or block deals on record.
| Ex-date | Action | Factor |
|---|---|---|
| 2025-04-29 | Rights 19:100 @ Premium Rs 140/- | |
| 2024-09-13 | Annual General Meeting | |
| 2023-08-14 | Annual General Meeting | |
| 2022-08-17 | Annual General Meeting | |
| 2022-07-26 | Capital Reduction Pursuant To Nclt Order | |
| 2021-09-15 | Annual General Meeting |
No announcements in our files yet.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
EPS in the scrip is zero (4 trailing quarters)Loss making
Quick answers
What is the market cap of Max India Ltd?
Max India Ltd (MAXIND) has a market capitalisation of Rs 906 Cr. at the 2026-10-01 close.
What were Max India Ltd's latest quarterly results?
In the Jun 2026 quarter, Max India Ltd sales was Rs 60 Cr (+62.2% vs Jun 2025) with a net loss of Rs 36 Cr.
What is the 52-week high and low of Max India Ltd?
The 52-week high is Rs 228.80 and the 52-week low is Rs 120.00.