| ₹ crore | Q1 FY27 | Q1 FY26 | Change |
|---|---|---|---|
| Revenue | 59.7 | 36.7 | +62.9% |
| EBITDA | −33.8 | −27.9 | — |
| EBITDA margin | −56.6% | −76.0% | +19.3 pts |
| Profit before tax | −35.1 | −24.6 | — |
| Net profit | −36.3 | −25.6 | — |
| EPS | −₹6.91 | −₹5.44 | — |
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 | FY23Mar 2023 | FY22 and earlierAlpha Plus |
|---|
| 789 | — | — | — | — | FY22 and earlierEvery year the company has filed comes with Alpha Plus. | |
| 43.9 | 43.9 | 56.4 | 168 | 154 | ||
| 1.8 | 1.8 | 1.4 | 1.2 | 22.4 | ||
| 747 | — | — | — | — | ||
| 214 | 191 | 145 | 176 | 201 | ||
| — | +31.0% | −17.2% | −12.6% | — | ||
| −112 | −106 | −119 | −54.5 | 0.5 | ||
| −52.3% | −55.6% | −81.5% | −31.0% | 0.3% | ||
| −139 | −131 | −137 | −64.7 | −8.0 | ||
| −132 | −122 | −140 | −56.4 | −10.4 | ||
| −62.0% | −63.9% | −96.5% | −32.1% | −5.2% | ||
| −₹25.23 | −₹23.20 | −₹26.50 | −₹10.73 | −₹1.98 | ||
| — | +12.5% | −146.9% | −442.1% | — | ||
| — | −94.7 | −128 | −102 | 69.4 | ||
| — | −51.3 | −35.9 | −28.8 | −3.7 | ||
| −146 | −146 | −163 | −131 | 65.8 | ||
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 | FY23 31/03/2023 | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|---|
| Market Capitalization | — | — | — | — | 789.2 | |
| - Cash, Equiv & ST Investments | 153.5 | 167.8 | 56.4 | 43.9 | 43.9 | |
| + Total Debt | 22.4 | 1.2 | 1.4 | 1.8 | 1.8 | |
| Enterprise Value | — | — | — | — | 747.0 | |
| Revenue | 201.0 | 175.6 | 145.5 | 190.6 | 213.6 | |
| Growth %, YoY | — | -12.6 | -17.2 | +31.0 | — | |
| EBITDA | 0.5 | -54.5 | -118.5 | -105.9 | -111.8 | |
| Margin % | 0.25 | -31.03 | -81.47 | -55.55 | -52.35 | |
| EBIT | -8.0 | -64.7 | -137.4 | -131.0 | -138.5 | |
| Net Income | -10.4 | -56.4 | -140.4 | -121.9 | -132.5 | |
| Margin % | -5.17 | -32.10 | -96.49 | -63.94 | -62.02 | |
| EPS, Adj (current shares) | -1.98 | -10.73 | -26.50 | -23.20 | -25.23 | |
| Growth %, YoY | — | -442.1 | -146.9 | +12.5 | — | |
| Cash from Operations | 69.4 | -102.3 | -127.6 | -94.7 | — | |
| Capital Expenditures | -3.7 | -28.8 | -35.9 | -51.3 | — | |
| Free Cash Flow | 65.8 | -131.1 | -163.5 | -146.1 | -146.1 | |
Prices at the 30 October 2026 close · figures from the company's filings with NSE
Max India (NSE: MAXIND) had a market capitalisation of ₹774 crore at the 30 October 2026 close (₹147.22 a share) and a price-to-book ratio of 1.90. In FY26 its consolidated net loss was ₹122 crore on revenue of ₹191 crore; in Q1 FY27 (April–June 2026) it was a loss of ₹36.3 crore. Its debt-to-equity ratio was 0.00 on 31 March 2026. Promoters held 48.22% of the shares on 30 September 2026.
Max India's PE ratio is not meaningful at the 30 October 2026 close: its consolidated net profit over the last four quarters (Q2 FY26 to Q1 FY27) was a loss of ₹132 crore, and a price-to-earnings ratio needs positive earnings. Its market capitalisation was ₹774 crore at ₹147.22 a share.
Max India's price-to-book (PB) ratio is 1.90 at the 30 October 2026 close: a market capitalisation of ₹774 crore divided by shareholders' equity (book value) of ₹408 crore on 31 March 2026. That is a book value of ₹77.65 per share against a share price of ₹147.22.
Max India's net worth — shareholders' equity in its consolidated balance sheet — was ₹408 crore on 31 March 2026, up 13.8% from ₹359 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹774 crore at the 30 October 2026 close.
Max India's market capitalisation was ₹774 crore at the 30 October 2026 close: 5.26 crore shares at ₹147.22 each.
No. Max India had borrowings of ₹1.8 crore on 31 March 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.00. Its cash and current investments were ₹94.4 crore, so it held net cash of ₹92.6 crore.
Max India's basic earnings per share (EPS) were −₹23.85 in FY26, against −₹32.50 in FY25. Over the last four quarters (Q2 FY26 to Q1 FY27) they add up to −₹25.27.
Max India's debt-to-equity ratio was 0.00 on 31 March 2026: borrowings of ₹1.8 crore against total equity of ₹408 crore. A year earlier, on 31 March 2025, it was 0.00.
Max India's book value per share was ₹77.65 on 31 March 2026: shareholders' equity of ₹408 crore divided by the 5.26 crore shares in issue. The share price at the 30 October 2026 close was ₹147.22.
Promoters held 48.22% of Max India on 30 September 2026, down 1.55 percentage points from 49.77% the previous quarter and down 1.83 percentage points from 50.05% a year earlier, according to the shareholding pattern filed with NSE.
In FY26, Max India's return on equity (ROE) was −31.8% and its return on capital employed (ROCE) was −26.9%. 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 −32.7% and ROCE −27.1%.
On 30 September 2026, Max India's shares were held by promoters 48.22%, foreign portfolio investors (FII/FPI) 6.89%, domestic institutions (DII) 4.94% (including mutual funds at 0.00%) and retail and other non-institutional investors 39.95%. Over the year, FII holding was down 0.19 percentage points from 7.08% and DII holding was up 3.51 percentage points from 1.43%.
On FY26 consolidated figures, against Hexa Tradex, VLS Finance and BEML Land Assets: Max India's operating margin of −68.7% is the second highest of the four (Hexa Tradex −141.1%, VLS Finance 33.9%, BEML Land Assets −217.8%; peer average −108.3%); its return on equity of −31.8% is the lowest of the four (Hexa Tradex −0.2%, VLS Finance 1.0%, BEML Land Assets 1.0%; peer average 0.6%).
In FY26, Max India generated ₹94.7 crore of cash from operations and spent ₹51.3 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of −₹146 crore. In FY25 it was −₹163 crore.
Max India's latest results are for Q1 FY27 (April–June 2026), filed on 11 August 2026: consolidated net loss ₹36.3 crore, wider than the loss of ₹25.6 crore in Q1 FY26; revenue from operations ₹59.7 crore, up 62.9% year on year.
In FY26 (April 2025–March 2026), Max India's consolidated net loss was ₹122 crore, narrower than the loss of ₹139 crore in FY25, on revenue from operations of ₹191 crore (up 31.0%).
Max India will announce its Q2 FY27 results (July–September 2026) on Tuesday, 3 November 2026, the date of the board meeting it has notified to the exchanges.
In FY26, Max India earned net profit of ₹122 crore on revenue of ₹191 crore, against ₹8.7 crore on ₹4.6 crore for Hexa Tradex. Max India's operating margin was −68.7% (Hexa Tradex −141.1%) and its return on equity −31.8% (Hexa Tradex −0.2%). At the 30 October 2026 close, Max India's market capitalisation was ₹774 crore against ₹823 crore for Hexa Tradex.
From Max India's own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 30 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.