Max Estates Limited

BSE: MAXESTATES544008ISIN INE03EI01018

Consumer Discretionary
Residential, Commercial Projects
BSE 1000

Share price

₹515.00+16.65 (+3.34%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹653.60
52W low: ₹305.55
Off 52W high: -21.21%
1M return: -8.40%
3M return: +30.28%
6M return: +24.74%
1Y return: +7.89%
20D avg volume: 2,302
50 DMA: ₹543.75
200 DMA: ₹441.54

Key ratios Consolidated

Market cap: ₹8,424 Cr
Current price: ₹515.00
52W high / low: ₹653.60 / ₹305.55
Face value: ₹10.00
P/E: 695.54
P/B: 3.48
EPS (TTM): ₹0.74
Book value / share: ₹148.06
ROE: —
ROCE: 1.20%
Operating margin: —
Net margin: —
Debt / equity: 0.75
Net debt: ₹2,174 Cr
Interest cover: 1.36
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: 10,764.2 days

Financials

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	51.91	49.43	49.77	48.77	51.47	39.78	40.04	40.18	40.49	30.01	24.17	20.49
	28.17	21.15	21.68	25.86	28.66	37.52	31.85	12.60	7.21	8.55	6.30	7.29
	80.08	70.59	71.45	74.64	80.13	77.30	71.89	52.77	47.70	38.56	30.48	27.78
	68.69	76.76	70.49	63.01	63.29	56.03	51.46	53.98	50.58	44.87	38.68	36.81
	0.00	0.00	0.00	0.00	3.84	0.00	—	2.68	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	11.01	10.99	7.86	7.08	7.32	5.65	4.17	3.99	3.82	3.52	2.99	3.10
	16.73	16.19	15.62	16.28	17.32	16.55	14.83	13.94	16.55	14.21	13.88	10.52
	8.17	7.93	8.02	8.04	8.41	8.76	8.16	8.41	8.77	8.45	6.89	6.37
	32.78	41.64	38.98	31.61	26.40	25.08	9.78	5.41	5.59	8.80	9.73	6.27
	11.39	-6.17	0.96	11.63	16.84	21.28	20.43	-1.21	-2.88	-6.31	-8.20	-9.03
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.39	-6.17	0.96	11.63	16.84	21.28	20.43	-1.21	-2.88	-6.31	-8.20	-9.03
	3.04	2.09	0.93	3.81	4.90	7.28	4.62	0.17	0.88	1.58	0.69	4.52
	8.35	-4.08	0.03	7.81	11.93	13.99	15.81	-1.38	-2.00	-4.73	-7.51	-4.52
	0.51	-0.26	0.00	0.49	0.74	0.90	1.04	-0.09	-0.14	-0.32	-0.51	-0.31
Key metrics
	36.29	17.95	24.60	35.95	42.57	46.59	43.42	21.14	22.44	16.35	12.57	7.86
	69.90%	36.30%	49.40%	73.70%	82.70%	117.10%	108.40%	52.60%	55.40%	54.50%	52.00%	38.40%
	16.10%	-8.30%	0.10%	16.00%	23.20%	35.20%	39.50%	-3.40%	-4.90%	-15.80%	-31.10%	-22.10%
	—	0.10%	—	0.40%	—	0.70%	—	—	—	—	—	—
	0.90%	24.30%	24.30%	21.40%	27.10%	32.60%	65.70%	96.10%	—	—	—	—
	-30.00%	-129.20%	-99.80%	665.90%	696.50%	395.80%	310.50%	69.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	199.88	199.45	160.49	92.94
	96.86	97.35	89.19	27.33
	296.76	296.80	249.67	120.27
	278.95	273.55	212.05	143.56
	0.00	3.84	2.68	—
	0.00	0.00	0.00	—
	36.94	33.26	17.63	12.28
	64.82	65.41	61.87	42.99
	32.16	32.41	34.10	25.40
	145.01	138.62	93.91	22.04
	17.81	23.25	37.62	-23.29
	0.00	0.00	0.00	-44.45
	17.81	23.25	37.62	-67.74
	9.87	7.56	11.19	12.62
	12.11	15.69	26.43	-55.12
	0.74	0.97	1.70	-3.75
Key metrics
	114.79	121.07	133.59	0.65
	57.43%	60.70%	83.20%	0.70%
	6.06%	7.90%	16.50%	-59.30%
	—	1.20%	1.90%	—
	16.57%	24.30%	72.70%	—
	-69.99%	-40.60%	147.90%	—
	—	-696.53	-452.20	—
	—	-39.24	8.51	—
	—	0.75	0.61	—
	—	2,174	1,386	—
	—	10,764.2	4,199.2	—
Balance sheet
	—	12,437	7,246	—
	—	8,528	4,218	—
	—	204.88	229.02	—
	—	12.27	14.50	—
	—	6,888	2,285	—
	—	273.42	89.56	—
	—	11.10	6.12	—
	—	1,018	453.12	—
	—	4,763	2,107	—
	—	2,379	1,615	—
	—	72.79	145.06	—
	—	2,307	1,470	—
	—	3,161	2,661	—
Cash flow
	—	-615.65	225.00	—
	—	-291.19	-1,993	—
	—	879.03	1,766	—
	—	80.88	677.20	—

Metric	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24
Income statement
	18.84	14.21	13.45	14.09	13.72	10.82	7.99	7.48	14.81	5.94	5.51	9.50
	27.40	27.35	28.93	26.96	43.56	29.43	31.20	291.60	13.73	14.46	10.43	11.62
	46.24	41.56	42.38	41.05	57.27	40.25	39.18	299.07	28.55	20.40	15.94	21.12
	27.64	24.86	20.64	22.03	18.35	17.70	17.15	13.93	19.26	17.33	14.19	13.47
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	12.66	10.81	8.05	8.40	8.48	6.46	5.03	5.07	5.56	4.02	3.57	4.81
	2.92	1.86	1.28	1.36	1.41	1.43	1.26	1.51	4.65	3.93	3.51	3.34
	1.82	1.85	1.62	1.61	1.82	1.63	1.65	1.80	1.88	1.76	1.23	1.14
	10.24	10.33	9.68	10.67	6.65	8.19	9.21	5.55	5.30	7.62	5.88	4.19
	18.61	16.70	21.75	19.02	38.93	22.55	22.03	285.15	9.29	3.07	1.75	7.65
	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—	—
	18.61	16.70	21.75	19.02	38.93	22.55	22.03	285.15	9.29	3.07	1.75	7.65
	6.48	8.74	6.88	7.50	9.67	7.38	5.22	43.63	1.88	1.04	0.40	1.99
	12.13	7.96	14.87	11.52	29.25	15.17	16.81	241.52	7.41	4.11	2.15	5.65
	0.74	0.47	0.92	0.72	1.82	0.98	1.17	16.16	0.50	0.28	0.15	0.38
Key metrics
	23.35	20.41	24.65	21.99	42.16	25.61	24.94	288.46	15.82	8.76	6.49	12.13
	123.90%	143.60%	183.30%	156.10%	307.30%	236.70%	312.10%	3,856.40%	106.80%	147.50%	117.80%	127.70%
	64.40%	56.00%	110.60%	81.80%	213.20%	140.20%	210.40%	3,228.90%	50.00%	69.20%	39.00%	59.50%
	—	0.70%	—	0.80%	—	1.00%	—	—	—	—	—	—
	37.30%	31.30%	68.30%	88.40%	-7.40%	82.20%	45.00%	-21.30%	—	—	—	—
	-58.50%	-47.50%	-11.50%	-95.20%	294.70%	269.10%	681.90%	4,174.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24
Income statement
	60.59	55.47	41.10	29.37
	110.64	126.80	365.95	47.00
	171.23	182.27	407.05	76.37
	95.17	85.87	68.04	58.73
	0.00	0.00	0.00	—
	0.00	0.00	0.00	—
	39.92	35.74	22.12	16.44
	7.42	5.91	8.85	14.11
	6.90	6.89	6.96	5.26
	40.92	37.33	28.25	22.92
	76.08	96.39	339.01	17.64
	0.00	0.00	0.00	—
	76.08	96.39	339.01	17.64
	29.60	32.80	58.11	5.68
	46.48	63.60	280.90	23.32
	2.85	3.93	18.10	1.59
Key metrics
	90.40	109.19	354.82	37.01
	149.20%	196.80%	863.30%	126.00%
	76.71%	114.70%	683.50%	79.40%
	—	3.90%	14.20%	—
	51.44%	35.00%	39.90%	—
	-84.65%	-77.40%	1,104.50%	—
	—	-212.06	-50.29	—
	—	-3.26	-0.17	—
	—	0.07	0.00	—
	—	178.69	9.78	—
	—	-22.7	126.2	—
Balance sheet
	—	2,811	2,490	—
	—	562.94	1,295	—
	—	0.83	0.96	—
	—	6.98	21.07	—
	—	0.00	0.00	—
	—	48.85	16.50	—
	—	5.75	3.37	—
	—	10.42	6.86	—
	—	207.71	34.99	—
	—	179.52	10.74	—
	—	178.62	10.64	—
	—	0.90	0.10	—
	—	2,553	2,361	—
Cash flow
	—	-207.59	-48.71	—
	—	-61.55	-606.13	—
	—	269.01	654.29	—
	—	4.47	1.58	—

Compounded growth

Standalone

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +51.44%
Profit YoY (TTM): -84.65%

Consolidated

Sales CAGR 3Y: —
Sales CAGR 5Y: —
Profit CAGR 3Y: —
Profit CAGR 5Y: —
Sales YoY (TTM): +16.57%
Profit YoY (TTM): -69.99%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 45.23%

Quarter	September 2026	June 2026
Promoter %	45.23%	45.25%

Holder	Type	Holding	Previous	Change
MAX VENTURES INVESTMENT HOLDINGS(P) LTD.	Promoter	21.89%	21.90%	-0.01%
SIVA FINVEST PRIVATE LIMITED (formerly known as Siva Enterprises Private Limited)	Promoter	20.78%	20.79%	-0.01%
NEW YORK LIFE INTERNATIONAL HOLDINGS LTD	Public	19.12%	19.13%	-0.01%
INVESCO INDIA SMALL CAP FUND	Public	2.94%	—	—
NEELU ANALJIT SINGH	Promoter	2.19%	2.19%	0.00%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA MULTI ASSET ALLOCATION FUND	Public	1.85%	1.85%	0.00%
HABROK INDIA MASTER LP	Public	1.83%	1.37%	+0.46%
BANDHAN SMALL CAP FUND	Public	1.68%	1.62%	+0.06%
INDIA INSIGHT VALUE FUND	Public	1.67%	1.67%	0.00%
ATUL BEHARI LALL	Public	1.58%	1.58%	0.00%
KOTAK SMALL CAP FUND	Public	1.56%	1.47%	+0.09%
NEW YORK LIFE INSURANCE COMPANY	Public	1.27%	1.27%	0.00%
SUNIL VACHANI	Public	1.04%	1.04%	0.00%
ANALJIT SINGH	Promoter	0.27%	0.27%	0.00%
RAVI VACHANI	Promoter Group	0.04%	0.04%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
DLF LIMITED	1,78,037	719.25	38.98	6.40%	-29.29% TTM	+6.62% TTM	-7.08%
Lodha Developers Limited	1,11,937	1,120.00	25.72	18.00%	+20.85% TTM	+30.60% TTM	-8.38%
The Phoenix Mills Ltd.	74,091	2,071.45	44.28	11.80%	+12.86% TTM	+19.04% TTM	+17.13%
Prestige Estates Projects Limited	67,971	1,578.05	53.72	13.00%	+67.46% TTM	+103.62% TTM	-9.58%
OBEROI REALTY LIMITED	61,938	1,703.45	23.54	16.70%	+16.64% TTM	+17.82% TTM	-4.40%
Godrej Properties Limited	52,394	1,739.35	39.27	12.00%	+49.99% TTM	-13.26% TTM	-24.13%
Brigade Enterprises Limited	17,657	541.20	21.22	9.90%	-4.37% TTM	+2.36% TTM	-29.23%
Anant Raj Limited	16,572	460.50	27.68	10.40%	+12.31% TTM	+21.36% TTM	-28.62%
Horizon Industrial Parks Limited	12,843	44.55	—	—	—	—	—
Sobha Limited	12,687	1,186.45	66.41	7.60%	+9.57% TTM	+28.50% TTM	-26.67%
ADITYA BIRLA REAL ESTATE LIMITED	11,861	1,061.90	16.98	-4.80%	-26.16% TTM	+413.97% TTM	-42.89%
Sri Lotus Developers and Realty Limited	11,331	231.85	37.10	16.70%	—	—	+30.55%
SIGNATUREGLOBAL (INDIA) LIMITED	9,954	707.50	9.54	36.30%	-22.98% TTM	+709.93% TTM	-34.25%
Max Estates Limited	8,424	515.00	695.54	1.20%	+16.57% TTM	-69.99% TTM	+7.89%
EMBASSY DEVELOPMENTS LIMITED	7,222	51.93	-6.80	-2.20%	-54.57% TTM	-514.70% TTM	-43.97%
Mahindra Lifespace Developers Ltd.	6,723	315.00	22.34	-0.90%	+839.32% TTM	+85.98% TTM	-22.90%
GANESH HOUSING LIMITED	5,278	632.95	23.57	17.80%	-29.50% TTM	-57.50% TTM	-24.55%
Kalpataru Limited	4,947	240.25	182.43	2.40%	—	—	-36.32%
Puravankara Limited	4,775	201.35	17.22	35.70%	+119.51% TTM	+194.89% TTM	-24.56%
VALOR ESTATE LIMITED	4,664	85.98	389.58	4.40%	-54.40% TTM	+113.15% TTM	-41.85%
Keystone Realtors Limited	4,546	359.90	34.71	5.30%	—	—	-35.90%
MAN INFRACONSTRUCTION LIMITED	4,331	107.30	19.63	11.80%	-9.75% TTM	-26.33% TTM	-25.90%
Sunteck Realty Ltd	4,306	293.25	19.69	6.70%	+47.87% TTM	+24.77% TTM	-36.07%
Kolte-Patil Developers Ltd	4,167	469.90	29.28	-0.80%	+37.11% TTM	+120.28% TTM	+8.63%
KESAR INDIA LIMITED	3,920	1,205.00	—	16.60%	—	—	+41.76%

Some figures use IPO-document inputs. Growth periods are shown per value; FY means annual.

Filings & corporate actions

Recent announcements

Please refer the enclosed Investor Presentation.4 Nov 2026 · Company Update / Investor Presentation
Please refer the enclosed Press Release.4 Nov 2026 · Company Update / Press Release / Media Release
Please refer the enclosed intimation w.r.t. the provision of Corporate Guarantee.4 Nov 2026 · Company Update / General
Please refer the enclosed intimation w.r.t. the approval for proposed incorporation of Wholly-owned Subsidiary Company; Monitoring Agency Reports; and providing of Corporate Guarantee on ....4 Nov 2026 · Company Update / Monitoring Agency Report
Please refer the enclosed intimation w.r.t. to the (1) proposed incorporation of Wholly-owned Subsidary Company; (2) Monitoring Agency Reports; (3) providing of corporate guarantee on behalf ....4 Nov 2026 · Company Update / Acquisition
Please refer the enclosed intimation w.r.t. the Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2026.4 Nov 2026 · Result / Financial Results
Please refer the enclosed intimation for outcome of Board Meeting w.r.t. the Unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September ....4 Nov 2026 · Board Meeting / Outcome of Board Meeting
Please find attached the intimation for the Earning Call scheduled to be held on November 5, 2026 at 2:30 PM (IST).2 Nov 2026 · Company Update / Analyst / Investor Meet
Max Estates Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 04/11/2026 ,inter alia, to consider and approve the Financial Results for the quarter ....31 Oct 2026 · Board Meeting / Board Meeting
Please refer the enclosed intimation related to the grant of stock options.31 Oct 2026 · Company Update / Allotment of ESOP / ESPS
Please refer the enclosed intimation related to the allotment of equity shares pursuant to the exercise of stock options31 Oct 2026 · Company Update / Allotment of Equity Shares
Please find attached the intimation.22 Oct 2026 · Company Update / Change in Management
Please find attached the intimation for Show Cause Notice.8 Oct 2026 · Company Update / General
Please find attached the certificate.6 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find enclosed a copy of the press release titled "Max Estates delivers ~ INR 3,200 Crore pre-sales in H1FY27".6 Oct 2026 · Company Update / Press Release / Media Release
Please refer the enclosed Press Release w.r.t. the GRESB Rating of the Company.1 Oct 2026 · Company Update / Press Release / Media Release
Please refer the enclosed intimation related to the closure of trading window effective from October 1, 2026.30 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Please find attached the Scrutinizers Report and Voting Results for the EGM.24 Sep 2026 · AGM/EGM / EGM
Please find attached the proceedings of the EGM.24 Sep 2026 · AGM/EGM / EGM
Please find attached the schedule of Institutional Investor Meetings.24 Sep 2026 · Company Update / Analyst / Investor Meet
Please find attached the Press Release23 Sep 2026 · Company Update / Press Release / Media Release
Please refer the enclosed Intimation for allotment of 14,931 equity shares pursuant to the exercise of stock options.11 Sep 2026 · Company Update / Allotment of ESOP / ESPS
Newspaper Advertisements regarding completion of dispatch of the Notice convening the Extra-Ordinary General Meeting of the Company.3 Sep 2026 · Company Update / Newspaper Publication
Please find attached the EGM notice.3 Sep 2026 · AGM/EGM / EGM
Announcement under Regulation 30 (LODR) - Preferential Issue29 Aug 2026 · Company Update / Preferential Issue
Announcement under Regulation 30 (LODR) - Issue of Securities29 Aug 2026 · Company Update / Issue of Securities
Announcement under Regulation 30 (LODR) - Acquisition29 Aug 2026 · Company Update / Acquisition
Press Release titled "Max Estates to Acquire ~84.71-acre Land Parcel in Delhi via Non-Cash Share Swap; Unlocks ~ INR 10,000-12,000 Crore GDV Opportunity.29 Aug 2026 · Company Update / Press Release / Media Release
Presentation29 Aug 2026 · Company Update / General
Intimation of the outcome of the Board Meeting under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.29 Aug 2026 · Board Meeting / Outcome of Board Meeting
Max Estates Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 28/08/2026 ,inter alia, to consider and approve In terms of Regulation 29 and other ....25 Aug 2026 · Board Meeting / Board Meeting
Please find the Earning Call Transcript21 Aug 2026 · Company Update / Earnings Call Transcript
Please find attached the consolidated scrutinizer report and voting results of AGM.19 Aug 2026 · AGM/EGM / AGM
Please find attached the AGM proceedings.19 Aug 2026 · AGM/EGM / AGM
Please refer the enclosed intimation with respect to the grant of stock options.17 Aug 2026 · Company Update / Allotment of ESOP / ESPS
Please find attached the audio recording for the earning conference call.17 Aug 2026 · Company Update / Analyst / Investor Meet
Please find the newspaper publication.15 Aug 2026 · Company Update / Newspaper Publication
Please find the press release.14 Aug 2026 · Company Update / Press Release / Media Release
Please find the investor presentation.14 Aug 2026 · Company Update / Investor Presentation
Please find attached the intimation for appointment of Mr. Hardik Manek as Chief Strategy Officer.14 Aug 2026 · Company Update / Change in Management

Board meetings

4 Nov 2026 Board Meeting - Financial Results
14 Aug 2026 Board Meeting - Financial Results