Stox
20
Max India Limited
NSE: MAXIND · Unclassified
₹147.67-1.35%06 Nov 2026
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Instant answers about Max India Limited — computed from its filings, no language modelMarket cap₹832 cr
Current price₹147.67
High / Low₹214 / ₹123
P/E—
P/B2.11
Book value₹70.1
ROE-30.6%
ROCE-24.4%
Debt / equity0.06
Dividend yield—
EPS (TTM)₹-21.43
Face value₹10
Price & valuation
split & bonus adjusted · pick a metric and rangeAnnual performance
annual · ₹ crore · line = operating margin| FY21 | FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|---|
| Revenue | 87.0 | 229.9 | 201.0 | 175.6 | 145.5 | 190.6 |
| EBITDA | -21.4 | -1.2 | 0.5 | -54.5 | -118.5 | -105.9 |
| Operating margin | -24.6% | -0.5% | 0.2% | -31.0% | -81.5% | -55.6% |
| Interest | 7.8 | 10.3 | 6.2 | 4.6 | 8.1 | 13.8 |
| Depreciation | 19.9 | 9.0 | 8.4 | 10.2 | 18.8 | 25.1 |
| Profit before tax | -49.6 | -18.1 | -1.8 | -50.1 | -139.3 | -117.2 |
| Tax | -6.5 | -1.9 | 7.4 | 7.3 | 1.8 | 0.9 |
| Net profit | -43.6 | -18.0 | -10.4 | -56.4 | -139.2 | -121.8 |
| EPS ₹ | -8.11 | -3.35 | -2.18 | -13.08 | -32.50 | -23.85 |
| Operating cash flow | — | 66.5 | 69.4 | -102.3 | -127.6 | -94.7 |
| Capex | — | 3.0 | 3.7 | 28.8 | 35.9 | 51.3 |
| Dividend paid | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total assets | — | — | 753.4 | 684.3 | 632.9 | 669.2 |
| Equity | — | — | 542.1 | 492.3 | 358.7 | 408.3 |
Quarterly performance
last 25 quarters · ₹ crore| JUN '20 | SEP '20 | DEC '20 | MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | SEP '22 | DEC '22 | MAR '23 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25.5 | 28.8 | 32.7 | 32.7 | 55.3 | 82.8 | 41.7 | 50.1 | 58.0 | 43.1 | 56.4 | 40.7 | 49.2 | 40.7 | 45.0 | 26.5 | 42.8 | 34.7 | 41.5 | 36.7 | 45.2 | 43.1 | 65.6 | 59.7 | 86.8 |
| Operating profit | -8.5 | -7.2 | -5.7 | -5.7 | -0.5 | 3.5 | -1.4 | -2.8 | 2.6 | -3.0 | 1.8 | -12.5 | -4.5 | -17.3 | -20.1 | -27.9 | -21.1 | -29.6 | -39.8 | -27.9 | -30.3 | -34.5 | -13.2 | -33.8 | -20.1 |
| Operating margin | -33.3% | -24.9% | -17.6% | -17.6% | -1.0% | 4.2% | -3.5% | -5.5% | 4.4% | -6.9% | 3.1% | -30.7% | -9.2% | -42.6% | -44.7% | -105.6% | -49.5% | -85.3% | -95.9% | -75.9% | -67.0% | -80.1% | -20.1% | -56.6% | -23.2% |
| Other income | 3.4 | 1.9 | 1.5 | 1.5 | 2.5 | 2.6 | 1.1 | 1.4 | 3.0 | 3.1 | 3.8 | 4.8 | 5.8 | 3.8 | 4.6 | 5.7 | 4.7 | 4.3 | 4.0 | 4.7 | 5.0 | 6.7 | 6.4 | 8.9 | 8.7 |
| Interest | 6.2 | 8.0 | 5.7 | 2.6 | 3.9 | 3.4 | 2.0 | 1.1 | 1.4 | 1.6 | 1.5 | 1.0 | 1.0 | 1.4 | 1.3 | 1.5 | 1.7 | 2.0 | 2.8 | 3.5 | 4.1 | 3.5 | 2.8 | 2.7 | 3.0 |
| Depreciation | 2.3 | 2.8 | 2.6 | 5.7 | 2.2 | 2.2 | 2.2 | 2.3 | 2.5 | 2.8 | 2.2 | 2.4 | 2.3 | 2.4 | 3.0 | 3.9 | 4.6 | 5.0 | 5.2 | 5.8 | 5.9 | 6.1 | 7.3 | 7.4 | 7.4 |
| Profit before tax | -20.9 | -16.1 | -12.6 | -12.6 | -9.3 | 0.5 | -4.5 | -4.8 | 1.6 | -4.3 | 1.8 | -11.1 | -2.0 | -17.3 | -19.8 | -27.7 | -22.7 | -45.0 | -43.9 | -24.6 | -35.3 | -40.2 | -17.1 | -35.1 | -21.8 |
| Tax | -7.6 | 0.9 | 0.3 | 0.3 | 0.7 | 0.5 | 0.8 | -3.9 | 3.4 | -3.5 | 5.6 | 1.9 | 2.9 | 1.3 | 1.3 | 0.1 | 0.7 | 0.2 | 0.8 | 1.0 | -2.0 | 1.4 | 0.4 | 0.7 | 0.6 |
| Net profit | -13.4 | -17.3 | -13.0 | -13.0 | -10.2 | -0.6 | -5.7 | -1.6 | -2.2 | -0.8 | -4.2 | -12.4 | -4.7 | -17.9 | -21.6 | -27.0 | -22.7 | -44.6 | -45.6 | -25.6 | -34.1 | -42.9 | -19.3 | -36.3 | -22.2 |
| EPS ₹ | -2.49 | -3.21 | -2.41 | -2.41 | -1.90 | -0.11 | -1.05 | -0.29 | -0.46 | -0.24 | -0.62 | -2.84 | -1.09 | -4.15 | -5.00 | -6.25 | -5.27 | -10.33 | -10.67 | -5.44 | -6.52 | -8.17 | -3.67 | -6.91 | -4.02 |
| Revenue YoY | — | — | — | — | 116.7% | 187.7% | 27.6% | 53.2% | -30.0% | 3.3% | 12.6% | — | -15.1% | -5.5% | -20.1% | -34.9% | -13.1% | -14.6% | -7.8% | 38.6% | 5.6% | 24.1% | 58.1% | 62.9% | 92.2% |
Returns & margins
trailing-twelve-month, per quarter| MAR '21 | JUN '21 | SEP '21 | DEC '21 | MAR '22 | JUN '23 | SEP '23 | DEC '23 | MAR '24 | JUN '24 | SEP '24 | DEC '24 | MAR '25 | JUN '25 | SEP '25 | DEC '25 | MAR '26 | JUN '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | -3.6% | -4.2% | -7.4% | -11.5% | -14.4% | -20.0% | -26.0% | -39.0% | -38.6% | -32.1% | -31.7% | -29.8% | -32.4% | -30.6% |
| ROCE | — | — | — | — | — | -1.1% | -2.0% | -4.5% | -9.2% | -12.5% | -18.3% | -24.3% | -36.5% | -35.0% | -23.8% | -22.7% | -25.2% | -28.0% | -24.4% |
| Net margin | -47.3% | -35.8% | -18.0% | -13.9% | -7.8% | -9.9% | -11.6% | -21.0% | -32.2% | -44.1% | -57.5% | -77.8% | -96.2% | -89.0% | -94.8% | -89.0% | -63.9% | -62.0% | -47.3% |
| EBITDA margin | -22.7% | -12.8% | -4.2% | -2.0% | -0.5% | -5.6% | -9.6% | -17.4% | -31.0% | -43.3% | -55.9% | -66.4% | -81.5% | -76.1% | -80.7% | -79.6% | -55.6% | -52.3% | -39.8% |
| Debt / equity | — | — | — | — | — | 0.04 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.23 | 0.23 | 0.00 | 0.00 | 0.06 |
| Interest coverage | -1.76 | -1.50 | -1.18 | -1.19 | -0.76 | -1.12 | -2.03 | -4.87 | -9.92 | -12.14 | -14.06 | -16.74 | -16.29 | -12.50 | -10.95 | -9.39 | -7.50 | -8.83 | -8.56 |
| Asset turnover | — | — | — | — | — | 0.26 | 0.27 | 0.26 | 0.26 | 0.24 | 0.24 | 0.23 | 0.23 | 0.25 | 0.19 | 0.20 | 0.28 | 0.32 | 0.37 |
Balance sheet
equity vs borrowings over time · ₹ crore| SEP '22 | MAR '23 | SEP '23 | MAR '24 | SEP '24 | MAR '25 | SEP '25 | MAR '26 | SEP '26 | |
|---|---|---|---|---|---|---|---|---|---|
| Share capital | 43.0 | 43.0 | 43.2 | 43.2 | 43.2 | 43.6 | 52.3 | 52.5 | 56.3 |
| Other equity / reserves | 496.6 | 499.1 | 486.1 | 449.2 | 401.6 | 315.1 | 414.9 | 355.8 | 338.3 |
| Total equity | 539.7 | 542.1 | 529.3 | 492.3 | 444.8 | 358.7 | 467.1 | 408.3 | 394.7 |
| Borrowings | 33.9 | 22.4 | 0.1 | 1.2 | 1.5 | 1.4 | 106.1 | 1.8 | 25.2 |
| Current liabilities | 168.8 | 161.5 | 160.1 | 138.8 | 146.0 | 165.2 | 268.9 | 161.7 | 193.3 |
| Non-current liabilities | 62.0 | 49.8 | 23.7 | 53.2 | 67.3 | 108.9 | 101.8 | 99.2 | 98.1 |
| Total assets | 770.6 | 753.4 | 713.1 | 684.3 | 658.0 | 632.9 | 837.9 | 669.2 | 686.0 |
| Property, plant & equipment | 85.3 | 71.0 | 68.8 | 71.8 | 81.8 | 55.9 | 60.3 | 96.7 | 97.6 |
| Capital work-in-progress | 0.0 | 0.0 | 0.7 | 9.7 | 10.8 | 20.7 | 31.6 | 2.3 | 0.0 |
| Investments | 140.7 | 83.5 | 69.6 | 63.5 | 50.0 | 53.3 | 59.1 | 34.0 | 37.1 |
| Inventories | 90.2 | 51.0 | 22.7 | 6.1 | 9.7 | 16.6 | 23.0 | 15.5 | 21.4 |
| Receivables | 5.8 | 2.9 | 4.7 | 4.9 | 5.6 | 22.2 | 20.4 | 37.1 | 50.6 |
| Cash & equivalents | 68.4 | 88.7 | 128.0 | 116.0 | 66.7 | 22.7 | 213.1 | 26.6 | 57.0 |
Cash flow
annual · ₹ crore · line = free cash flow| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 66.5 | 69.4 | -102.3 | -127.6 | -94.7 |
| Cash from investing | 32.2 | 124.1 | 158.6 | 46.8 | -49.7 |
| Cash from financing | -93.9 | -118.5 | -29.0 | -12.6 | 148.3 |
| Capex | 3.0 | 3.7 | 28.8 | 35.9 | 51.3 |
| Free cash flow | 63.5 | 65.8 | -131.1 | -163.5 | -146.1 |
| Dividends paid | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Where the assets sit
Sep '26 · ₹ croreFixed assets (PPE)₹97.6 cr14%
CWIP₹0.0 cr0%
Investments₹37.1 cr5%
Inventories₹21.4 cr3%
Receivables₹50.6 cr7%
Cash & equivalents₹57.0 cr8%
Other assets₹422.2 cr62%
Peer comparison
largest in Unclassified · this company in bold| Company | Market cap ₹cr | Price | P/E | P/B | ROE |
|---|---|---|---|---|---|
| Avantel Limited | 36,86,04,549 | 138.69 | — | 1059360.68 | 0.0% |
| Ducol Organics And Colours Limited | 19,55,275 | 120.00 | — | 20089.13 | 0.0% |
| Jio Platforms Limited | 12,57,181 | 1,406.40 | — | 3.57 | — |
| SBI Funds Management Limited | 1,01,750 | 499.55 | — | — | — |
| Tamilnadu Telecommunication Limited | 91,314 | 9.93 | — | — | — |
| Manipal Health Enterprises Limited | 76,294 | 646.70 | — | — | — |
| INDO-MIM Limited | 59,042 | 1,219.50 | — | — | — |
| AvenuesAI Limited | 45,138 | 129.25 | 153.6 | 9.51 | 6.2% |
| Dhoot Transmission Limited | 32,761 | 1,601.60 | — | 8.11 | — |
| 3M India Limited | 31,071 | 27,570.00 | 53.8 | 17.57 | 32.7% |
| Max India Limited | 832 | 147.67 | — | 2.11 | -30.6% |
StoxGud checklist: Bearish setup · 2/10
- Price above 50-day average
- Price above 200-day average
- 50-day average above 200-day (uptrend)
- RSI in healthy 40–70 zone
- Positive 1-year return
- Return on equity above 15%
- Debt to equity below 1
- Revenue growing year on year
- Net profit margin above 10%
- P/E below industry median
A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.
Returns & technicals
1 month-9.0%
6 months-14.7%
1 year-30.4%
3Y CAGR+1.2%
5Y CAGR+14.5%
10Y CAGR—
50-day avg₹151.41
200-day avg₹156.79
RSI (14)30
FAQs
What is the share price of Max India Limited?
Max India Limited (MAXIND) closed at ₹147.67 on NSE on 06 Nov 2026.
What is the market cap of Max India Limited?
₹832 crore at the latest close.
How fast is Max India Limited growing?
Max India Limited: revenue has compounded at -1.8% a year over three years. Latest-quarter revenue is up 92.2% year on year.
How profitable is Max India Limited?
On a trailing-twelve-month basis return on equity is -30.6%, return on capital employed -24.4%, operating margin -39.8%, net margin -47.3%.
How much debt does Max India Limited have?
Max India Limited is lightly geared: debt to equity is 0.06 with borrowings of ₹25 cr against cash of ₹57 cr (balance sheet of 2026-09-30). Operating profit covers interest -8.6 times.
Financials parsed from Max India Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from JUN '20, annual from FY21, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.
Max India Limited · advanced chart