Max India cash flow

Latest FY26

Cash from operations: −₹94.7cr−₹128 cr in FY25
Capital spending: ₹51.3cr+43.1% on FY25
Free cash flow: −₹146cr−₹163 cr in FY25
Cash from financing: ₹148cr−₹12.6 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Jun 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	25.1	18.8	10.2	8.5
	—	12.8	7.7	4.3	6.0
	—	−22.5	0.0	−24.8	−22.1
	—	−0.9	−2.8	0.0	0.0
	—	1.9	2.7	0.0	0.0
	—	0.0	0.0	−1.2	−2.6
	—	0.2	−0.3	−39.9	−24.9
	—	−6.4	−5.3	−3.2	−3.7
	—	0.8	−10.5	44.9	79.4
	—	−15.3	−17.5	−2.6	2.8
	—	0.0	9.9	0.0	0.0
	—	34.5	0.0	−54.3	−2.7
	—	3.3	7.5	12.6	3.8
	—	−7.6	10.5	9.4	27.0
	—	−1.1	2.1	0.0	0.0
	—	1.6	−0.1	2.4	0.9
Cash from operating activities
	−128	−117	−139	−50.1	−1.8
	—	26.4	22.6	−42.0	72.5
	—	−90.8	−117	−92.1	70.7
	—	0.0	16.2	0.0	0.0
	—	4.0	−5.3	10.2	1.3
	—	−94.7	−128	−102	69.4
Cash from investing activities
	—	51.3	35.9	28.8	3.7
	—	0.8	0.5	0.1	0.6
	—	0.0	0.5	0.0	0.0
	—	0.0	5.3	0.0	0.0
	—	0.0	0.0	−22.3	−17.8
	—	0.0	0.0	8.0	0.0
	—	0.0	7.0	0.0	0.0
	—	12.2	16.2	26.1	19.6
	—	−11.3	68.3	131	89.8
	—	−49.7	46.8	159	124
Cash from financing activities
	—	123	2.8	0.0	0.0
	—	4.4	0.0	0.9	0.0
	—	0.0	0.0	0.0	91.4
	—	0.3	0.2	0.0	0.0
	—	0.0	0.0	21.2	18.0
	—	17.0	15.4	7.7	5.5
	—	2.1	0.0	1.0	3.7
	—	0.0	0.1	0.0	0.0
	—	40.2	0.0	0.0	0.0
	—	148	−12.6	−29.0	−119
	—	3.9	−93.3	27.3	75.0
	—	3.9	−93.3	27.3	75.0
	—	—	—	116	88.7
Reference items
	−112	−106	−119	−54.5	0.5
	−52.3%	−55.6%	−81.5%	−31.0%	0.3%
	−146	−146	−163	−131	65.8
	—	−148	−163	−153	—
	−₹27.81	−₹27.81	−₹31.13	−₹24.96	₹12.52
	—	0.78×	0.91×	1.82×	−6.67×
	—	4.0	−5.3	10.2	1.3
	—	2.1	16.2	1.0	3.7

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

alphave

MAXIND₹150.26

Max India Limited

· Banking & Finance

₹ CrorePeersHEXATRADEX VLSFINANCE BLAL JINDALPHOT AFSL JPOLYINVST VHL STELMcap ₹789 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	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	8.5	10.2	18.8	25.1	—
+ Finance Costs	6.0	4.3	7.7	12.8	—
+ Interest Income	-22.1	-24.8	0.0	-22.5	—
+ Fair Value (Gains) / Losses	0.0	0.0	-2.8	-0.9	—
+ Share-based Payments	0.0	0.0	2.7	1.9	—
+ Unrealised FX (Gain) / Loss	-2.6	-1.2	0.0	0.0	—
+ Other Non-cash Items	-24.9	-39.9	-0.3	0.2	—
+ Other — Cash Effects are Investing / Financing	-3.7	-3.2	-5.3	-6.4	—
Changes in Working Capital
+ Inventories	79.4	44.9	-10.5	0.8	—
+ Trade Receivables — Current	2.8	-2.6	-17.5	-15.3	—
+ Other Financial Assets — Non-current	0.0	0.0	9.9	0.0	—
+ Other Current Assets	-2.7	-54.3	0.0	34.5	—
+ Trade Payables — Current	3.8	12.6	7.5	3.3	—
+ Other Financial Liabilities — Current	27.0	9.4	10.5	-7.6	—
+ Other Current Liabilities	0.0	0.0	2.1	-1.1	—
+ Provisions — Current	0.9	2.4	-0.1	1.6	—
Cash from Operating Activities
Profit Before Tax (per I/S)	-1.8	-50.1	-139.3	-117.2	-127.6
+ Total Adjustments (incl. Working Capital)	72.5	-42.0	22.6	26.4	—
Cash from Operations (pre-tax)	70.7	-92.1	-116.7	-90.8	—
+ Interest Paid — Operating	0.0	0.0	16.2	0.0	—
+ Income Taxes Paid	1.3	10.2	-5.3	4.0	—
Cash from Operating Activities	69.4	-102.3	-127.6	-94.7	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	3.7	28.8	35.9	51.3	—
+ Disp of Fixed Assets	0.6	0.1	0.5	0.8	—
+ Acq of Investment Property	0.0	0.0	0.5	0.0	—
+ Disp of Investment Property	0.0	0.0	5.3	0.0	—
+ Purchase of Investments (Equity / Debt)	-17.8	-22.3	0.0	0.0	—
+ Disp of Interests in Joint Ventures	0.0	8.0	0.0	0.0	—
+ Acq of Subsidiaries / Businesses (net)	0.0	0.0	7.0	0.0	—
+ Interest Received — Investing	19.6	26.1	16.2	12.2	—
+ Other Inflows / (Outflows) — Investing	89.8	131.0	68.3	-11.3	—
Cash from Investing Activities	124.1	158.6	46.8	-49.7	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	0.0	0.0	2.8	122.5	—
+ Proceeds from Exercise of Stock Options	0.0	0.9	0.0	4.4	—
+ Buyback / Redemption of Own Shares	91.4	0.0	0.0	0.0	—
+ Proceeds from Borrowings	0.0	0.0	0.2	0.3	—
+ Repayment of Borrowings	18.0	21.2	0.0	0.0	—
+ Payment of Lease Liabilities	5.5	7.7	15.4	17.0	—
+ Interest Paid	3.7	1.0	0.0	2.1	—
+ Income Taxes (Paid) / Refund — Financing	0.0	0.0	0.1	0.0	—
+ Other Inflows / (Outflows) — Financing	0.0	0.0	0.0	40.2	—
Cash from Financing Activities	-118.5	-29.0	-12.6	148.3	—
Net Changes in Cash (pre-FX)	75.0	27.3	-93.3	3.9	—
Net Changes in Cash	75.0	27.3	-93.3	3.9	—
Closing Cash	88.7	116.0	—	—	—
Reference Items
EBITDA	0.5	-54.5	-118.5	-105.9	-111.8
EBITDA Margin %	0.25	-31.03	-81.47	-55.55	-52.35
Free Cash Flow (CFO − Capex)	65.8	-131.1	-163.5	-146.1	-146.1
Free Cash Flow to Equity	—	-153.3	-163.2	-147.8	—
Free Cash Flow per Basic Share	12.52	-24.96	-31.13	-27.81	-27.81
Cash Flow to Net Income	-6.67	1.82	0.91	0.78	—
Cash Paid for Taxes	1.3	10.2	-5.3	4.0	—
Cash Paid for Interest	3.7	1.0	16.2	2.1	—

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%.