Max India Ltd
Max India Ltd (MAXIND) last reported results for the quarter ended Jun 2026, with sales of ₹60 crore and net profit of ₹-36 crore. The stock last traded at ₹153, a market capitalisation of ₹862 crore. Over the past 52 weeks the stock has ranged between ₹120 and ₹225. Figures are as of 6 Oct 2026 and are not real time.
Max India Ltd share price and key metrics
- Current price
- ₹153
- Market cap
- ₹862 cr
- Book value
- ₹77.7
- ROE
- -32.8%
- ROCE
- -23.0%
- Dividend yield
- 0.00%
- 52w high / low
- 225/120
Metrics as of 6 Oct 2026. Not real time.
Track Max India Ltd
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Max India Ltd growth and returns
- 10 Years
- %
- 5 Years
- 11%
- 3 Years
- 0%
- TTM
- 37%
- 10 Years
- %
- 5 Years
- %
- 3 Years
- %
- TTM
- 3%
- 10 Years
- %
- 5 Years
- 16%
- 3 Years
- 4%
- 1 Year
- -29%
- 10 Years
- %
- 5 Years
- -13%
- 3 Years
- -23%
- Last Year
- -33%
Max India Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹60 cr, up 62.2% from ₹37 cr a year earlier. Net profit was ₹-36 cr, down 38.5% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 43 | 35 | 42 | 37 | 45 | 43 | 66 | 60 |
| Expenses | 64 | 64 | 82 | 65 | 76 | 79 | 81 | 94 |
| Operating profit | -21 | -30 | -41 | -28 | -31 | -36 | -15 | -34 |
| OPM % | -49% | -85% | -98% | -76% | -69% | -83% | -23% | -58% |
| Other income | 5 | -8 | 4 | 13 | 5 | 4 | 6 | 9 |
| Interest | 2 | 2 | 3 | 4 | 4 | 3 | 3 | 3 |
| Depreciation | 5 | 5 | 5 | 6 | 6 | 6 | 7 | 7 |
| Profit before tax | -22 | -44 | -45 | -25 | -36 | -41 | -19 | -36 |
| Tax % | 3% | 0% | 2% | 4% | -5% | 3% | 2% | 2% |
| Net profit | -23 | -45 | -46 | -26 | -34 | -43 | -19 | -36 |
| EPS (₹) | -4.42 | -8.68 | -8.88 | -4.91 | -6.52 | -8.17 | -3.67 | -6.91 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Max India Ltd annual results
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|
| Sales | 213 | 128 | 233 | 212 | 191 | 163 | 211 | 214 |
| Operating profit | -53 | -22 | 1 | 10 | -38 | -101 | -88 | -116 |
| OPM % | -25% | -17% | 0.3% | 4.8% | -20% | -62% | -42% | -54% |
| Net profit | 232 | -53 | -16 | -10 | -56 | -140 | -122 | -132 |
| EPS (₹) | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -23.20 | -25.27 |
TTM is the trailing twelve months to the most recent quarter.
Max India Ltd balance sheet
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Equity capital | 54 | 54 | 54 | 43 | 43 | 44 | 53 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 | 356 |
| Borrowings | 182 | 145 | 61 | 45 | 44 | 102 | 96 |
| Other liabilities | 136 | 198 | 156 | 166 | 148 | 172 | 165 |
| Total liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 | 669 |
| Fixed assets | 144 | 156 | 159 | 159 | 193 | 170 | 195 |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 | 2 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 | 34 |
| Other assets | 465 | 506 | 522 | 511 | 418 | 389 | 438 |
| Total assets | 1,024 | 996 | 858 | 753 | 684 | 633 | 669 |
As reported by the company. Total assets equal total liabilities by construction.
Max India Ltd cash flow
| ₹ crore | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -19 | 73 | 66 | 69 | -102 | -128 | -95 |
| Cash from investing | -526 | 13 | 18 | 124 | 159 | 47 | -50 |
| Cash from financing | 557 | -73 | -94 | -119 | -29 | -13 | 148 |
| Net cash flow | 12 | 12 | -10 | 75 | 27 | -93 | 4 |
| Free cash flow | -209 | 61 | 64 | 66 | -131 | -163 | -127 |
| CFO / operating profit | -15% | -326% | 7,765% | 690% | 241% | 126% | 103% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Max India Ltd operating ratios
| Per year | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|
| ROCE % | — | -4% | -0% | 1% | -8% | -24% | -23% |
| Debtor days | 24 | 21 | 9 | 5 | 9 | 50 | 64 |
| Inventory days | 1,682 | 6,515 | 384 | 223 | 38 | 186 | 107 |
| Days payable | 149 | 631 | 28 | 48 | 148 | 346 | 236 |
| Cash conversion cycle | 1,557 | 5,906 | 365 | 180 | -100 | -111 | -65 |
| Working capital days | 493 | 581 | 342 | 249 | -99 | -93 | 231 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Max India Ltd shareholding pattern
Promoters held 48.33% at Jul 2026, down from 50.06% at Sep 2025. FIIs 6.81% and DIIs 5.96%.
| % held | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 50.94% | 50.45% | 50.16% | 50.06% | 49.89% | 49.83% | 49.76% | 48.33% |
| FIIs | 6.77% | 6.63% | 7.13% | 7.08% | 7.09% | 7.07% | 7.06% | 6.81% |
| DIIs | 0.94% | 0.80% | 0.98% | 1.43% | 1.58% | 1.62% | 1.65% | 5.96% |
| Public | 41.35% | 42.11% | 41.72% | 41.45% | 41.44% | 41.48% | 41.50% | 38.90% |
| No. of shareholders | 40,417 | 39,918 | 40,090 | 39,796 | 38,508 | 37,492 | 36,826 | 36,645 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
Max India Ltd corporate filings
- Closure of Trading WindowInsider Trading / SASTlow impact
Cruxal's analysis: As per detailed disclosure enclosed.
Read the full analysis - Max India Ltd announces intimation for analyst/investor meetCompany Updatelow impact
Cruxal's analysis: Max India Ltd has filed an intimation regarding an upcoming analyst or investor meeting…
Read the full analysis - Max India Limited announces successful conclusion of 7th Annual General Meeting with all resolutions passedAGM/EGMlow impact
Cruxal's analysis: Max India Limited has formally concluded its 7th Annual General Meeting held on August…
Read the full analysis - Max India Limited Q1 FY27 Earnings Call Transcript: Focus on Execution, Path to Profitability, and Operational MilestonesCompany Updatehigh impact
Cruxal's analysis: Max India Limited reported Q1 FY27 consolidated revenue of INR 68.6 crore, a 66% YoY…
Read the full analysis - Max India Limited concludes 7th Annual General Meeting; re-appointment of Director Rajit Mehta proposedAGM/EGMlow impact
Cruxal's analysis: Max India Limited has successfully concluded its 7th Annual General Meeting held on…
Read the full analysis - Max India Ltd announces outcome of analyst/investor meetingCompany Updatelow impact
Cruxal's analysis: Max India Ltd has filed the outcome of an analyst/investor meeting held on August 12…
Read the full analysis - Max India Ltd announces routine newspaper publication of financial disclosuresCompany Updatelow impact
Cruxal's analysis: Max India Ltd has fulfilled a regulatory requirement under Regulation 30 of the SEBI…
Read the full analysis - Max India Ltd files Monitoring Agency Report under Regulation 30Company Updatelow impact
Cruxal's analysis: Max India Ltd has submitted a Monitoring Agency Report in compliance with SEBI (LODR)…
Read the full analysis - Max India Limited Reports Q1 FY27 Results: Revenue Grows 66% YoY to INR 68.6 Crore Amidst Continued EBITDA LossesCompany Updatehigh impact
Cruxal's analysis: Max India Limited reported Q1 FY27 consolidated revenue of INR 68.6 crore, representing a…
Read the full analysis - Max India Ltd files Statement of Deviation or Variation for fund utilizationCompany Updatelow impact
Cruxal's analysis: Max India Ltd has submitted a Statement of Deviation or Variation regarding the…
Read the full analysis - Max India Limited reports continued consolidated losses for Q1 FY2027 with revenue of 59.74 croreBoard Meetinghigh impact
Cruxal's analysis: Max India Limited reported a consolidated loss of 36.28 crore for the quarter ended June…
Read the full analysis - Max India Ltd announces intimation for analyst/investor meetCompany Updatelow impact
Cruxal's analysis: Max India Ltd has filed a routine intimation regarding an upcoming analyst/investor…
Read the full analysis - Max India Limited schedules Board Meeting for August 11, 2026, to consider Q1 FY27 financial resultsBoard Meetinglow impact
Cruxal's analysis: Max India Limited has issued a routine prior intimation regarding a Board of Directors…
Read the full analysis - Max India Ltd announces allotment of equity shares under ESOP schemeCompany Updatelow impact
Cruxal's analysis: Max India Ltd has filed a disclosure regarding the allotment of equity shares pursuant to…
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