| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 51.9 | 51.5 | +0.8% |
| EBITDA | 8.1 | 13.9 | −41.6% |
| EBITDA margin | 15.7% | 27.0% | −11.4 pts |
| Profit before tax | 11.4 | 16.8 | −32.4% |
| Net profit | 8.4 | 11.9 | −30.0% |
| EPS | ₹0.51 | ₹0.74 | −31.1% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 |
|---|
| 8,468 | — | — | — | |
| 585 | 585 | 811 | 321 | |
| 741 | 741 | 382 | 280 | |
| 2,379 | 2,379 | 1,615 | 914 | |
| 11,004 | — | — | — | |
| 200 | 199 | 160 | 92.9 | |
| — | +24.3% | +72.7% | — | |
| 17.9 | 23.7 | 44.4 | 17.8 | |
| 9.0% | 11.9% | 27.7% | 19.1% | |
| −14.2 | −8.7 | 10.3 | −7.6 | |
| 12.1 | 15.7 | 26.4 | −55.1 | |
| 6.1% | 7.9% | 16.5% | −59.3% | |
| ₹0.74 | ₹0.96 | ₹2.50 | −₹2.59 | |
| — | −61.5% | +196.5% | — | |
| — | −616 | 225 | 271 | |
| — | −80.9 | −677 | −321 | |
| −697 | −697 | −452 | −49.8 | |
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|
| Market Capitalization | — | — | — | 8,468.1 | |
| - Cash, Equiv & ST Investments | 320.7 | 811.0 | 585.1 | 585.1 | |
| + Minority Interest | 279.6 | 382.5 | 741.3 | 741.3 | |
| + Total Debt | 914.2 | 1,614.7 | 2,379.3 | 2,379.3 | |
| Enterprise Value | — | — | — | 11,003.6 | |
| Revenue | 92.9 | 160.5 | 199.5 | 199.9 | |
| Growth %, YoY | — | +72.7 | +24.3 | — | |
| EBITDA | 17.8 | 44.4 | 23.7 | 17.9 | |
| Margin % | 19.12 | 27.66 | 11.90 | 8.97 | |
| EBIT | -7.6 | 10.3 | -8.7 | -14.2 | |
| Net Income | -55.1 | 26.4 | 15.7 | 12.1 | |
| Margin % | -59.31 | 16.47 | 7.87 | 6.06 | |
| EPS, Adj (current shares) | -2.59 | 2.50 | 0.96 | 0.74 | |
| Growth %, YoY | — | +196.5 | -61.5 | — | |
| Cash from Operations | 270.7 | 225.0 | -615.6 | — | |
| Capital Expenditures | -320.5 | -677.2 | -80.9 | — | |
| Free Cash Flow | -49.8 | -452.2 | -696.5 | -696.5 | |
Prices at the 29 October 2026 close · figures from the company's filings with NSE
Max Estates (NSE: MAXESTATES) had a market capitalisation of ₹8,292 crore at the 29 October 2026 close (₹507.20 a share), a PE ratio of 717.1 on the last four quarters' profit and a price-to-book ratio of 3.43. In FY26 its consolidated net profit was ₹15.7 crore on revenue of ₹199 crore; in Q1 FY27 (April–June 2026) it was ₹8.4 crore, down 27.0% year on year. Its debt-to-equity ratio was 0.75 on 31 March 2026. Promoters held 45.23% of the shares on 30 September 2026.
Max Estates' PE ratio is 717.1 at the 29 October 2026 close (₹507.20 a share): a market capitalisation of ₹8,292 crore divided by consolidated net profit of ₹11.6 crore over the last four quarters (Q2 FY26 to Q1 FY27). On FY26 net profit (₹15.7 crore) it is 528.4.
Max Estates' net worth — shareholders' equity in its consolidated balance sheet — was ₹2,420 crore on 31 March 2026, up 6.2% from ₹2,278 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹8,292 crore at the 29 October 2026 close.
Max Estates' book value per share was ₹148.01 on 31 March 2026: shareholders' equity of ₹2,420 crore divided by the 16.35 crore shares in issue, up 4.6% from ₹141.52 a year earlier. The share price at the 29 October 2026 close was ₹507.20.
Max Estates' price-to-book (PB) ratio is 3.43 at the 29 October 2026 close: a market capitalisation of ₹8,292 crore divided by shareholders' equity (book value) of ₹2,420 crore on 31 March 2026. That is a book value of ₹148.01 per share against a share price of ₹507.20.
In FY26, Max Estates' return on equity (ROE) was 0.7% and its return on capital employed (ROCE) was −0.1%. ROE is net profit divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 2.4% and ROCE 0.3%.
Promoters held 45.23% of Max Estates on 30 September 2026, down 0.03 percentage points from 45.26% the previous quarter and down 0.01 percentage points from 45.24% a year earlier, according to the shareholding pattern filed with NSE.
Max Estates' market capitalisation was ₹8,292 crore at the 29 October 2026 close: 16.35 crore shares at ₹507.20 each.
No. Max Estates had borrowings of ₹2,379 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.75. Its cash and current investments were ₹995 crore, so its net debt was ₹1,384 crore.
Max Estates has not yet announced the date of its Q2 FY27 results (July–September 2026); under SEBI's listing rules (Regulation 33) they are due by 14 November 2026.
Max Estates' debt-to-equity ratio was 0.75 on 31 March 2026: borrowings of ₹2,379 crore against total equity of ₹3,161 crore. A year earlier, on 31 March 2025, it was 0.61.
In FY26, Max Estates generated ₹616 crore of cash from operations and spent ₹80.9 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹697 crore. In FY25 it was −₹452 crore.
In FY26 (April 2025–March 2026), Max Estates' consolidated net profit was ₹15.7 crore, down 61.5% from ₹40.8 crore in FY25, on revenue from operations of ₹199 crore (up 24.3%).
Max Estates' basic earnings per share (EPS) were ₹0.97 in FY26.
On 30 September 2026, Max Estates' shares were held by promoters 45.23%, foreign portfolio investors (FII/FPI) 26.34%, domestic institutions (DII) 8.74% (including mutual funds at 8.57%) and retail and other non-institutional investors 19.69%. Over the year, FII holding was down 0.26 percentage points from 26.60% and DII holding was up 1.95 percentage points from 6.79%.
Max Estates' latest results are for Q1 FY27 (April–June 2026), filed on 14 August 2026: consolidated net profit ₹8.4 crore, down 27.0% from ₹11.4 crore in Q1 FY26; revenue from operations ₹51.9 crore, up 0.8% year on year.
On FY26 consolidated figures, against Mahindra Lifespace Developers, GANESH HOUSING and Kalpataru: Max Estates' operating margin of −4.4% is the third highest of the four (Mahindra Lifespace Developers −12.3%, GANESH HOUSING 81.4%, Kalpataru 2.2%; peer average 23.7%); its return on equity of 0.7% is the lowest of the four (Mahindra Lifespace Developers 10.8%, GANESH HOUSING 14.4%, Kalpataru 2.8%; peer average 9.3%).
At the 29 October 2026 closing prices, on FY26 net profit, Max Estates' PE ratio is 528.4, the highest of the four: Mahindra Lifespace Developers 22.0, GANESH HOUSING 17.6 and Kalpataru 53.6, a peer average of 31.1. Each is the company's market capitalisation at that price divided by its FY26 net profit.
In FY26, Max Estates earned net profit of ₹15.7 crore on revenue of ₹199 crore, against ₹297 crore on ₹1,178 crore for Mahindra Lifespace Developers. Max Estates' operating margin was −4.4% (Mahindra Lifespace Developers −12.3%) and its return on equity 0.7% (Mahindra Lifespace Developers 10.8%). At the 29 October 2026 close, Max Estates' market capitalisation was ₹8,292 crore against ₹6,543 crore for Mahindra Lifespace Developers, and its PE ratio on FY26 profit 528.4 against 22.0.
From Max Estates' own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.