Nifty

:

23346.40

Sensex

:

74294.96

75.80 (0.33%)
-19.63 (-0.03%)

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Nifty
Sensex

:
:

23346.40
74294.96

75.80 (0.33%)
-19.63 (-0.03%)

Max India Ltd.

Finance - Investment

Rating :

46/99

BSE: 543223 | NSE: MAXIND

Watchlist

NSE BSE

152.69

18-Sep-2026

Open
High
Low
Previous Close

142.62
155
141
140.19

Volume
Traded Value (lacs)
52 Week High
52 Week Low

216930
32511934.86
241.57
120

Stock Summary

Market Cap(Crs)
Stock P:E
Face Value

863.40
N/A
10

Enterprise Value(Crs)
Dividend Yield
Price:Book Value

788.07
N/A
2.14

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

10 Years
5 Years
3 Years

-
-3.68
2.76

EBITDA CAGR (%)

10 Years
5 Years
3 Years

-
143.37
14.23

PAT CAGR (%)

10 Years
5 Years
3 Years

-
49.83
29.29

P:E (Median)

8 Years
5 Years
3 Years

-
-
-

P:BV (Average)

8 Years
5 Years
3 Years

-
1.57
2.10

EV:EBITDA (Average)

8 Years
5 Years
3 Years

-
-39.42
-98.84

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 1.51 2.85 -47.02% 1.76 3.30 -46.67% 3.13 4.59 -31.81% 3.14 5.41 -41.96%
Expenses 5.00 4.19 19.33% 5.45 5.99 -9.02% 4.77 4.99 -4.41% 5.61 5.20 7.88%
EBITDA -3.49 -1.34 - -3.69 -2.69 - -1.64 -0.40 - -2.47 0.21 -
EBIDTM -231.13% -47.02% -209.66% -81.52% -52.40% -8.71% -78.66% 3.88%
Other Income 0.03 0.68 -95.59% 0.10 0.15 -33.33% 0.01 0.07 -85.71% 0.04 0.09 -55.56%
Interest 0.12 0.83 -85.54% 0.08 0.20 -60.00% 0.13 0.20 -35.00% 0.13 0.20 -35.00%
Depreciation 0.25 0.38 -34.21% 0.26 0.38 -31.58% 0.28 0.80 -65.00% 0.35 0.82 -57.32%
PBT -3.86 6.01 - -3.96 -3.12 - -2.54 -1.33 - -2.94 -0.72 -
Tax -0.08 0.30 - -0.28 0.27 - 0.66 -0.38 - -2.52 0.02 -
PAT -3.78 5.71 - -3.68 -3.39 - -3.20 -0.95 - -0.42 -0.74 -
PATM -250.33% 200.35% -209.09% -102.73% -102.24% -20.70% -13.38% -13.68%
EPS -0.72 1.09 - -0.70 -0.64 - -0.61 -0.18 - -0.08 -0.14 -

Description Jun 26 Jun 25 Var% Mar 26 Mar 25 Var% Dec 25 Dec 24 Var% Sep 25 Sep 24 Var%
Net Sales 59.74 36.67 62.91% 65.63 41.52 58.07% 43.10 34.74 24.06% 45.16 42.77 5.59%
Expenses 93.56 64.52 45.01% 78.85 81.32 -3.04% 77.63 64.38 20.58% 75.42 63.92 17.99%
EBITDA -33.82 -27.85 - -13.22 -39.80 - -34.53 -29.64 - -30.26 -21.15 -
EBIDTM -56.61% -75.95% -20.14% -95.86% -80.12% -85.32% -67.01% -49.45%
Other Income 8.88 4.67 90.15% 6.41 3.95 62.28% 6.71 4.35 54.25% 5.01 4.72 6.14%
Interest 2.72 3.52 -22.73% 2.76 2.83 -2.47% 3.45 2.04 69.12% 4.06 1.70 138.82%
Depreciation 7.37 5.77 27.73% 7.30 5.25 39.05% 6.09 5.03 21.07% 5.94 4.61 28.85%
PBT -35.06 -24.59 - -17.07 -43.93 - -40.23 -44.96 - -35.28 -22.74 -
Tax 0.69 0.98 -29.59% 0.43 0.79 -45.57% 1.43 0.19 652.63% -1.96 0.73 -
PAT -35.75 -25.57 - -17.50 -44.72 - -41.66 -45.15 - -33.32 -23.47 -
PATM -59.84% -69.73% -26.66% -107.71% -96.66% -129.97% -73.78% -54.87%
EPS -6.90 -4.91 - -3.67 -9.99 - -8.17 -9.76 - -6.52 -4.97 -

Annual Results

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description TTM Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Net Sales 9.54 10.88 19.13 31.23 32.54 32.61 33.66 73.61 Net Sales Growth -40.93% -43.13% -38.74% -4.03% -0.21% -3.12% -54.27% Cost Of Goods Sold 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Gross Profit 9.54 10.88 19.13 31.23 32.54 32.61 33.66 73.61 GP Margin 100.00% 100% 100% 100% 100% 100% 100% 100% Total Expenditure 20.83 20.02 21.38 27.22 23.75 23.90 25.95 78.33 Power & Fuel Cost - 0.12 0.16 0.13 0.13 0.15 0.05 0.14 % Of Sales - 1.10% 0.84% 0.42% 0.40% 0.46% 0.15% 0.19% Employee Cost - 9.48 12.23 12.60 10.02 9.79 9.49 28.69 % Of Sales - 87.13% 63.93% 40.35% 30.79% 30.02% 28.19% 38.98% Manufacturing Exp. - 1.10 0.90 0.87 1.01 1.37 4.78 6.03 % Of Sales - 10.11% 4.70% 2.79% 3.10% 4.20% 14.20% 8.19% General & Admin Exp. - 7.93 8.09 13.58 12.32 12.43 11.50 19.60 % Of Sales - 72.89% 42.29% 43.48% 37.86% 38.12% 34.17% 26.63% Selling & Distn. Exp. - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % Of Sales - 0% 0% 0% 0% 0% 0% 0% Miscellaneous Exp. - 1.52 0.16 0.18 0.39 0.31 0.18 24.00 % Of Sales - 13.97% 0.84% 0.58% 1.20% 0.95% 0.53% 32.60% EBITDA -11.29 -9.14 -2.25 4.01 8.79 8.71 7.71 -4.72 EBITDA Margin -118.34% -84.01% -11.76% 12.84% 27.01% 26.71% 22.91% -6.41% Other Income 0.18 0.83 1.66 1.03 0.50 1.25 5.54 0.69 Interest 0.46 1.16 0.80 0.59 0.24 0.16 0.16 0.05 Depreciation 1.14 1.28 2.78 2.68 2.24 2.17 2.68 3.08 PBT -13.30 -10.76 -4.17 1.77 6.82 7.62 10.41 -7.16 Tax -2.22 -1.84 -0.31 0.41 -0.85 1.33 -11.27 3.09 Tax Rate 16.69% 53.49% 6.94% 24.85% -7.51% 17.45% 430.15% -2.57% PAT -11.08 -1.59 -4.16 1.24 12.16 6.29 8.65 -123.26 PAT before Minority Interest -11.08 -1.59 -4.16 1.24 12.16 6.29 8.65 -123.26 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin -116.14% -14.61% -21.75% 3.97% 37.37% 19.29% 25.70% -167.45% PAT Growth -1,858.73% - - -89.80% 93.32% -27.28% - EPS -2.11 -0.30 -0.79 0.24 2.31 1.20 1.64 -23.43

Description TTM Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Net Sales 213.63 190.56 145.49 175.63 201.03 229.88 120.88 211.00 Net Sales Growth 37.21% 30.98% -17.16% -12.63% -12.55% 90.17% -42.71% Cost Of Goods Sold 57.24 52.73 32.71 58.12 83.72 123.72 13.91 47.53 Gross Profit 156.39 137.83 112.77 117.51 117.31 106.16 106.97 163.47 GP Margin 73.21% 72.33% 77.51% 66.91% 58.35% 46.18% 88.49% 77.47% Total Expenditure 325.46 296.42 263.68 230.05 200.53 231.12 149.58 216.26 Power & Fuel Cost - 6.17 4.79 3.60 3.35 2.80 1.97 2.29 % Of Sales - 3.24% 3.29% 2.05% 1.67% 1.22% 1.63% 1.09% Employee Cost - 94.76 96.57 78.20 54.32 57.79 88.43 106.34 % Of Sales - 49.73% 66.38% 44.53% 27.02% 25.14% 73.16% 50.40% Manufacturing Exp. - 68.53 60.90 38.30 19.55 19.01 16.22 17.22 % Of Sales - 35.96% 41.86% 21.81% 9.72% 8.27% 13.42% 8.16% General & Admin Exp. - 71.89 67.27 49.62 39.28 27.41 28.30 39.66 % Of Sales - 37.73% 46.24% 28.25% 19.54% 11.92% 23.41% 18.80% Selling & Distn. Exp. - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 % Of Sales - 0% 0% 0% 0% 0% 0% 0% Miscellaneous Exp. - 8.51 6.22 5.80 3.67 3.19 2.72 5.51 % Of Sales - 4.47% 4.28% 3.30% 1.83% 1.39% 2.25% 2.61% EBITDA -111.83 -105.86 -118.19 -54.42 0.50 -1.24 -28.70 -5.26 EBITDA Margin -52.35% -55.55% -81.24% -30.99% 0.25% -0.54% -23.74% -2.49% Other Income 27.01 22.80 18.69 19.11 12.42 7.56 8.70 3.33 Interest 12.99 13.79 8.06 4.67 6.23 10.28 24.40 27.09 Depreciation 26.70 25.10 18.82 10.15 8.45 7.09 10.37 8.36 PBT -127.64 -121.95 -126.39 -50.13 -1.74 -11.05 -54.77 -37.38 Tax 0.59 0.88 1.81 7.34 7.37 -1.89 -10.66 5.22 Tax Rate -0.46% -0.75% -1.30% -14.65% -423.56% 11.68% 16.92% -5.97% PAT -128.23 -121.85 -140.39 -56.38 -10.38 -16.14 -52.36 -92.60 PAT before Minority Interest -128.23 -121.85 -140.39 -56.38 -10.38 -16.14 -52.36 -92.60 Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 PAT Margin -60.02% -63.94% -96.49% -32.10% -5.16% -7.02% -43.32% -43.89% PAT Growth 0.00% - - - - - - EPS -24.38 -23.17 -26.69 -10.72 -1.97 -3.07 -9.95 -17.60

Results Balance Sheet

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Shareholder's Funds 1,032.89 864.80 863.99 857.80 935.59 928.01 919.17 Share Capital 52.52 43.59 43.17 43.03 53.79 53.79 53.79 Total Reserves 934.78 814.39 814.56 812.12 880.72 874.23 865.38 Non-Current Liabilities 4.99 10.73 11.40 3.24 4.88 6.78 5.96 Secured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 2.33 2.19 2.34 1.70 1.18 1.93 3.62 Current Liabilities 3.27 10.42 5.73 7.30 6.88 4.03 6.66 Trade Payables 0.71 0.91 1.02 1.66 2.96 1.21 2.57 Other Current Liabilities 2.44 9.35 4.59 5.46 3.67 2.68 3.52 Short Term Borrowings 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Short Term Provisions 0.12 0.15 0.13 0.17 0.25 0.14 0.56 Total Liabilities 1,041.15 885.95 881.12 868.34 947.35 938.82 931.79 Net Block 5.58 6.98 35.34 31.08 29.89 97.82 93.81 Gross Block 7.93 10.37 40.08 34.39 33.43 102.50 98.12 Accumulated Depreciation 2.35 3.39 4.74 3.31 3.54 4.68 4.32 Non Current Assets 959.63 767.20 689.04 576.54 541.57 525.12 470.09 Capital Work in Progress 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Non Current Investment 952.23 758.61 583.73 469.43 431.49 385.02 344.61 Long Term Loans & Adv. 1.82 1.60 2.34 0.63 5.92 35.58 27.66 Other Non Current Assets 0.00 0.00 0.00 7.25 4.98 6.70 4.01 Current Assets 81.52 23.67 192.08 291.81 405.78 413.71 461.70 Current Investments 3.31 20.49 39.20 54.07 145.61 290.05 390.43 Inventories 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Sundry Debtors 0.03 0.88 0.17 0.61 0.36 3.54 4.71 Cash & Bank 39.98 0.21 73.64 0.32 0.36 0.92 0.41 Other Current Assets 38.21 1.12 2.50 2.38 259.45 119.21 66.15 Short Term Loans & Adv. 33.48 0.96 76.56 234.43 249.06 115.75 30.48 Net Current Assets 78.24 13.25 186.35 284.51 398.90 409.67 455.04 Total Assets 1,041.15 790.87 881.12 868.35 947.35 938.83 931.79

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Shareholder's Funds 408.30 358.69 492.34 542.11 641.37 653.20 705.58 Share Capital 52.52 43.59 43.17 43.03 53.79 53.79 53.79 Total Reserves 305.87 304.89 440.20 495.48 586.24 599.41 651.79 Non-Current Liabilities 97.71 108.91 53.16 49.85 62.48 117.14 155.54 Secured Loans 1.09 0.94 0.82 22.34 38.98 86.55 136.38 Unsecured Loans 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Long Term Provisions 11.11 8.55 9.61 7.82 6.53 7.67 9.03 Current Liabilities 161.70 165.11 138.84 161.44 153.19 225.89 161.72 Trade Payables 34.24 30.98 23.54 10.90 9.51 24.14 20.03 Other Current Liabilities 123.27 132.11 114.24 147.97 141.59 194.41 134.08 Short Term Borrowings 0.00 0.00 0.00 0.08 1.38 3.42 2.25 Short Term Provisions 4.20 2.02 1.06 2.49 0.70 3.92 5.36 Total Liabilities 667.71 632.71 684.34 753.40 857.04 996.23 1,022.84 Net Block 194.51 169.81 125.36 91.03 89.91 156.37 144.46 Gross Block 304.82 258.43 201.07 167.03 160.45 228.29 210.18 Accumulated Depreciation 110.32 88.62 75.71 76.00 70.53 71.92 65.72 Non Current Assets 287.16 277.24 341.09 294.26 307.87 268.62 203.71 Capital Work in Progress 2.28 20.69 9.68 0.00 0.00 0.00 0.53 Non Current Investment 16.67 19.61 11.73 18.67 19.93 21.49 21.43 Long Term Loans & Adv. 59.04 55.65 117.79 109.00 128.71 90.55 36.22 Other Non Current Assets 14.68 11.48 8.91 7.40 0.02 0.20 1.07 Current Assets 380.55 260.38 343.25 459.14 549.17 727.61 819.13 Current Investments 17.31 33.72 51.73 64.80 157.63 312.05 392.17 Inventories 15.52 16.64 6.13 51.01 130.36 249.37 226.12 Sundry Debtors 37.10 22.08 4.94 2.86 5.71 7.42 14.08 Cash & Bank 77.07 109.52 209.02 92.93 23.34 24.11 12.23 Other Current Assets 233.56 4.41 3.92 11.31 232.13 134.66 174.53 Short Term Loans & Adv. 222.46 74.01 67.51 236.23 229.34 129.82 138.12 Net Current Assets 218.85 95.27 204.41 297.69 395.98 501.73 657.41 Total Assets 667.71 537.62 684.34 753.40 857.04 996.23 1,022.84

Cash Flow

Standalone Figures in Rs. Crores /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Cash From Operating Activity -24.22 -8.98 -17.02 -17.38 -7.96 18.84 3.01 PBT -10.76 -4.17 1.77 6.82 7.62 10.41 -7.16 Adjustment -8.45 -11.13 -19.53 -21.55 -23.80 -28.67 -6.94 Changes in Working Capital -4.02 -1.21 2.49 0.47 3.21 24.75 19.25 Cash after chg. in Working capital -23.23 -16.51 -15.26 -14.26 -12.97 6.49 5.15 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -0.99 7.53 -1.76 -3.12 5.01 12.35 -2.15 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -138.35 7.71 16.72 109.16 7.84 -18.17 -10.92 Net Fixed Assets 2.44 29.71 -5.69 -0.96 69.07 -4.38 Net Investments -176.44 -156.17 -99.43 53.60 97.97 59.97 Others 35.65 134.17 121.84 56.52 -159.20 -73.76 Cash from Financing Activity 166.12 1.27 0.17 -91.81 -0.45 -0.17 1.53 Net Cash Inflow / Outflow 3.55 0.01 -0.12 -0.03 -0.56 0.50 -6.39 Opening Cash & Equivalents 0.21 0.20 0.32 0.36 0.92 0.41 6.80 Closing Cash & Equivalent 3.76 0.21 0.20 0.32 0.36 0.92 0.41

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Cash From Operating Activity -94.72 -127.60 -102.34 69.42 66.50 72.67 -18.98 PBT -125.75 -125.64 -49.05 -3.01 -12.90 -55.53 286.46 Adjustment 18.92 -9.11 -15.25 -12.73 -5.57 3.52 3.99 Changes in Working Capital 16.07 1.83 -27.85 86.43 80.58 107.74 -282.68 Cash after chg. in Working capital -90.76 -132.92 -92.15 70.70 62.12 55.73 7.76 Interest Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tax Paid -3.96 5.32 -10.20 -1.28 4.38 16.94 -26.75 Other Direct Exp. Paid 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Extra & Other Items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Cash From Investing Activity -49.71 46.82 158.64 124.07 17.50 12.52 -585.50 Net Fixed Assets 2.44 29.71 -5.69 -0.96 69.07 -4.38 Net Investments -176.44 -156.17 -99.43 53.60 97.97 59.97 Others 124.29 173.28 263.76 71.43 -149.54 -43.07 Cash from Financing Activity 148.31 -12.55 -29.00 -118.54 -93.94 -73.31 556.98 Net Cash Inflow / Outflow 3.89 -93.34 27.30 74.94 -9.94 11.88 -47.51 Opening Cash & Equivalents 22.70 116.03 88.73 13.78 23.73 12.23 59.74 Closing Cash & Equivalent 26.58 22.70 116.03 88.73 13.78 24.11 12.23

Financial Ratios

Standalone /

Consolidated

Right to Left

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Book Value (Rs.) 187.98 185.92 187.67 198.74 173.74 172.54 170.89 ROA -0.17% -0.47% 0.14% 1.34% 0.67% 0.92% -13.23% ROE -0.17% -0.48% 0.14% 1.36% 0.68% 0.94% -13.41% ROCE -0.24% -0.42% 0.26% 1.29% 0.84% -0.27% -13.07% Fixed Asset Turnover 1.19 0.76 0.84 0.96 0.48 0.34 0.75 Receivable days 15.26 10.03 4.55 5.47 21.83 44.72 23.36 Inventory Days 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Payable days 0.00 0.00 0.00 0.00 0.00 0.00 23.75 Cash Conversion Cycle 15.26 10.03 4.55 5.47 21.83 44.72 -0.38 Total Debt/Equity 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Interest Cover -1.95 -4.59 3.79 49.14 47.29 -15.01 -2507.71

Description Mar 26 Mar 25 Mar 24 Mar 23 Mar 22 Mar 21 Mar 20
Book Value (Rs.) 68.23 75.52 105.76 125.15 118.99 121.44 131.18 ROA -18.74% -21.32% -7.84% -1.29% -1.74% -5.19% -9.05% ROE -34.48% -33.75% -11.03% -1.76% -2.50% -7.71% -13.12% ROCE -27.83% -30.58% -8.39% 0.52% -1.06% -4.68% -6.88% Fixed Asset Turnover 0.68 0.63 0.95 1.23 1.18 0.55 1.00 Receivable days 56.68 33.90 8.10 7.78 10.42 32.46 24.36 Inventory Days 30.80 28.56 59.37 164.65 301.46 717.86 391.16 Payable days 225.74 304.14 108.15 44.50 49.64 579.52 53.13 Cash Conversion Cycle -138.26 -241.68 -40.68 127.92 262.25 170.80 362.39 Total Debt/Equity 0.00 0.00 0.00 0.04 0.06 0.19 0.24 Interest Cover -7.77 -16.19 -9.51 0.52 -0.75 -1.58 -2.23

Top Investors:

habrok india master lp

cassini partners, l.p. managed by habrok capital management llp

murugu selvan k

nivedita ritesh oswal

value prolific consulting services pvt ltd

Annual Reports:

News Update:

Max India - Quarterly Results
12th Aug 2026, 00:00 AM

Read More
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Source: www.accordfintech.com | DISCLAIMER: Information is provided " as is" and solely for informational purposes, not for trading purposes or advice, and may be delayed.

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