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Swing Capital

Max Estates Ltd

NSE: MAXESTATES BSE: 544008Infra

This is the real estate development arm of Max Group. Company is a leading Real Estate player in Delhi - NCR.[1]

₹392
52W: ₹305 — ₹564
PE 90.5 · Book ₹148 · +165% vs book
Market Cap₹6,406 Cr
Stock P/E90.5Price to Earnings
ROCE3.22%Return on Capital
ROE2.39%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 40.3% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 2.60 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 2.25% over last 3 years.
  • −Earnings include an other income of Rs.129 Cr.
  • −Company has high debtors of 187 days.
  • −Working capital days have increased from 2,499 days to 5,128 days

Shareholding Pattern

Promoters45.27%
FIIs25.88%
DIIs7.65%
Public21.19%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters49.42%45.26%▼4.245.25%▼0.045.25%45.24%▼0.045.23%▼0.044.9%▼0.345.27%▲0.4
FIIs27.54%27.55%▲0.027.78%▲0.227.43%▼0.427.13%▼0.326.6%▼0.525.67%▼0.925.88%▲0.2
DIIs0.03%5.72%▲5.75.79%▲0.16.3%▲0.56.27%▼0.06.8%▲0.57.78%▲1.07.65%▼0.1
Public23.02%21.47%▼1.621.18%▼0.321.01%▼0.221.36%▲0.321.37%▲0.021.65%▲0.321.19%▼0.5

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales1066157811141413
Expenses991213111415151918
Operating Profit1-3-62-3-6-4-1-5-4
OPM %5%-58%-96%14%-42%-78%-35%-10%-35%-32%
Net Profit62472421715291215
EPS ₹0.380.150.280.515.011.040.941.820.720.92

AI Insights

Revenue Trend

TTM revenue at ₹52Cr, up 26.8% YoY. OPM at -28%.

Debt Position

Borrowings at ₹140Cr. Debt-to-equity ratio: 0.06x. Healthy balance sheet.

Institutional Flow

DIIs: 7.65% (+7.64pp change). FIIs: 25.88% (-3.65pp change). Promoters hold 45.27%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 3% (Mar 2025). Working capital days: 5128.

Valuation

PE 90.5x with 3.22% ROCE. Price is 165% above book value of ₹148. Dividend yield: 0%.

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