Max Estates cash flow

Latest FY26

Cash from operations: −₹616cr₹225 cr in FY25
Capital spending: ₹80.9cr−88.1% on FY25
Free cash flow: −₹697cr−₹452 cr in FY25
Cash from financing: ₹879cr−50.2% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024

Adjustments to reconcile profit — non-cash items
	—	32.4	34.1	25.4
	—	0.0	0.0	44.5
	—	65.4	57.0	43.0
	—	−72.9	−65.6	−16.5
	—	−1.0	−8.3	−8.1
	—	0.0	0.0	0.8
	—	−15.0	0.0	−0.9
	—	0.0	−7.4	−1.1
Changes in working capital
	—	−2,802	−1,714	−133
	—	3.1	−6.5	0.9
	—	0.0	2.9	0.0
	—	−411	−140	0.0
	—	0.0	−181	−146
	—	1,106	410	76.5
	—	0.0	880	0.0
	—	1,512	998	460
	—	0.0	0.0	0.0
Cash from operating activities
	17.8	23.3	37.6	−67.7
	—	−582	259	345
	—	−559	297	277
	—	56.8	71.9	6.3
	—	−616	225	271
Cash from investing activities
	—	80.9	677	321
	—	0.2	0.3	0.0
	—	0.0	1,813	0.0
	—	0.0	1,339	0.0
	—	320	0.0	0.0
	—	79.2	51.5	14.4
	—	30.3	−894	14.5
	—	−291	−1,993	−292
Cash from financing activities
	—	112	800	0.2
	—	0.8	0.9	0.4
	—	0.0	0.0	145
	—	687	1,062	64.0
	—	79.6	431	62.2
	—	7.2	11.0	7.4
	—	125	63.4	66.7
	—	290	408	161
	—	879	1,766	234
	—	−27.8	−1.7	213
	—	3.7	0.0	0.0
	—	−24.1	−1.7	213
	—	—	—	231
Reference items
	17.9	23.7	44.4	17.8
	9.0%	11.9%	27.7%	19.1%
	−697	−697	−452	−49.8
	—	−56.9	185	—
	−₹42.62	−₹42.62	−₹27.67	−₹3.05
	—	−39.23×	8.51×	−4.91×
	—	56.8	71.9	6.3
	—	125	63.4	66.7

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

MAXESTATES₹485.00

Max Estates Limited

· Real Estate

₹ CrorePeersMAHLIFE GANESHHOU KALPATARU MANINFRA RUSTOMJEE KOLTEPATIL RAYMONDREL ASHIANAMcap ₹7,927 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/06/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	25.4	34.1	32.4	—
+ Impairment Loss / (Reversal)	44.5	0.0	0.0	—
+ Finance Costs	43.0	57.0	65.4	—
+ Interest Income	-16.5	-65.6	-72.9	—
+ Fair Value (Gains) / Losses	-8.1	-8.3	-1.0	—
+ Share-based Payments	0.8	0.0	0.0	—
+ Other Non-cash Items	-0.9	0.0	-15.0	—
+ Other Reconciling Items	-1.1	-7.4	0.0	—
Changes in Working Capital
+ Inventories	-133.1	-1,714.2	-2,801.6	—
+ Trade Receivables — Current	0.9	-6.5	3.1	—
+ Trade Receivables — Non-current	0.0	2.9	0.0	—
+ Other Current Assets	0.0	-139.6	-410.8	—
+ Other Non-current Assets	-146.4	-181.0	0.0	—
+ Trade Payables — Current	76.5	410.3	1,105.9	—
+ Trade Payables — Non-current	0.0	879.9	0.0	—
+ Other Current Liabilities	459.9	997.7	1,512.3	—
+ Provisions — Current	0.0	0.0	0.0	—
Cash from Operating Activities
Profit Before Tax (per I/S)	-67.7	37.6	23.3	17.8
+ Total Adjustments (incl. Working Capital)	344.7	259.3	-582.1	—
Cash from Operations (pre-tax)	277.0	296.9	-558.8	—
+ Income Taxes Paid	6.3	71.9	56.8	—
Cash from Operating Activities	270.7	225.0	-615.6	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	320.5	677.2	80.9	—
+ Disp of Fixed Assets	0.0	0.3	0.2	—
+ Acq of Investment Property	0.0	1,812.8	0.0	—
+ Disp of Investment Property	0.0	1,339.4	0.0	—
+ Acq of Subsidiaries / Businesses (net)	0.0	0.0	320.0	—
+ Interest Received — Investing	14.4	51.5	79.2	—
+ Other Inflows / (Outflows) — Investing	14.5	-894.3	30.3	—
Cash from Investing Activities	-291.7	-1,993.1	-291.2	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	0.2	800.0	112.5	—
+ Proceeds from Exercise of Stock Options	0.4	0.9	0.8	—
+ Proceeds — Change in Ownership of Subsidiaries	144.9	0.0	0.0	—
+ Proceeds from Borrowings	64.0	1,062.3	687.3	—
+ Repayment of Borrowings	62.2	430.6	79.6	—
+ Payment of Lease Liabilities	7.4	11.0	7.2	—
+ Interest Paid	66.7	63.4	125.0	—
+ Other Inflows / (Outflows) — Financing	161.0	408.1	290.3	—
Cash from Financing Activities	234.1	1,766.4	879.0	—
Net Changes in Cash (pre-FX)	213.1	-1.7	-27.8	—
+ Effect of FX Rate Changes on Cash	0.0	0.0	3.7	—
Net Changes in Cash	213.1	-1.7	-24.1	—
Closing Cash	230.7	—	—	—
Reference Items
EBITDA	17.8	44.4	23.7	17.9
EBITDA Margin %	19.12	27.66	11.90	8.97
Free Cash Flow (CFO − Capex)	-49.8	-452.2	-696.5	-696.5
Free Cash Flow to Equity	—	185.0	-56.9	—
Free Cash Flow per Basic Share	-3.05	-27.67	-42.62	-42.62
Cash Flow to Net Income	-4.91	8.51	-39.23	—
Cash Paid for Taxes	6.3	71.9	56.8	—
Cash Paid for Interest	66.7	63.4	125.0	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.