Max India Limited (MAXIND)

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Max India Limited (MAXIND) · mywealthgrid

About

Max India Limited is a holding company in the Financials sector with a market cap of ₹794.94 Cr. Consolidated quarterly results show material operating losses, with Jun 2026 registering a net loss of ₹36.28 Cr on revenues of ₹59.74 Cr and an OPM of -56.61%.

Face value: ₹10

Market cap

₹856 Cr

P/E

—

P/B

2.1×

Dividend yield

ROE

-31.8%

ROCE

-22.2%

Debt / equity

OPM

-55.6%

EPS (TTM)

₹-25.2

Book value

₹77.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Persistent quarterly losses: all eight recent quarters ended in negative net profit; Jun 2026 consolidated OPM -56.61% with net loss ₹36.28 Cr
Negative return on equity (-31.77%) indicating accumulated losses and equity erosion
Stock price decline of 26% over one year (1y return -26.18%); trading at ₹149.2 vs. 52w high ₹224.11 signals market concern
Verify portfolio composition, sector exposure, and whether subsidiaries face structural headwinds or cyclical pressure

Generated analysis · source review pending

Growth drivers

Subsidiary profitability recovery: the ₹32.5 Cr gap between consolidated loss (₹36.28 Cr) and standalone loss (₹3.78 Cr, Jun 2026) represents portfolio underperformance; growth requires these holdings to reach profitability
Portfolio operational margin stabilization: consolidated OPM of -56.61% vs. standalone -231.13% (Jun 2026) suggests portfolio businesses carry a revenue base but post weak returns; verify sector-specific recovery catalysts
Verify management's articulated strategy for portfolio optimization, including asset exits, new investments, or operational turnarounds for existing holdings

Generated analysis · source review pending

1,503 historical price candles were omitted because the exchange source has not been verified.

₹162.8+1.6%1Y

Quick read

rule-based

Pros

+Revenue CAGR of 17% over the last 5 years
+Almost debt-free (debt/equity 0)

Cons

−Low return on equity of -25.1% (3-yr avg)
−Weak interest coverage of -7.8×

Research score

Structured signal from quality, growth, valuation and momentum.

55/100

Business quality: 20
Growth: 50
Valuation: 95

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Screen this industry Compare top 5 side-by-side

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	87	230	201	176	145	191
Interest	8	10	6	5	8	14
Expenses	108	231	201	230	264	296
Financing profit	-29	-12	-6	-59	-127	-120
Financing margin %	-33.6%	-5%	-2.9%	-33.6%	-87%	-62.8%
Other income	7	8	12	19	19	23
Depreciation	20	9	8	10	19	25
Exceptional items	-7	-5	0	0	-13	5
Profit before tax	-50	-20	-3	-49	-139	-121
Tax	-6	-2	7	7	2	1
Tax %	-12.9%	-9.5%	244.4%	15%	1.3%	0.7%
PAT	-44	-18	-10	-56	-140	-122
EPS (₹)	-8.1	-3.4	-2.2	-13.1	-32.5	-23.9
EPS adjusted (₹)	-8.1	-3.4	-2.4	-13.1	-31.9	-23.2
Annual report	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
	139	90	40	22	1	1	2
	180	254	177	189	191	273	259
Total equity & liabilities	1,024	998	858	753	684	633	669
	69	69	72	91	125	170	195
CWIP	0	—	—	0	10	21	2
Investments	414	312	247	152	131	53	34
	541	616	540	511	418	389	439
Total assets	1,024	998	858	753	684	633	669

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Assisted Care	108.41	-112.06	226.72	117.99	108.73	-103.06
Senior Living	73.45	-0.86

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	89.3%	46.2%	58.4%	66.9%	77.5%	72.3%
EBITDA margin %	-24.6%	-0.5%	0.3%	-31%	-81.5%	-55.6%
EBIT margin %	-47.5%	-4.5%	-4%	-36.8%	-94.4%	-68.7%
PAT margin %	-50.2%	-7.9%	-5.2%	-32.1%	-96.5%	-63.9%
Working capital
Receivable days	31	9	5	10	56	71
Inventory days	9,819	385	222	38	186	107
Payable days	950	28	58	148	346	237
NWC days	8,899	366	170	-99	-104	-59
Leverage
Current ratio	3.22	3.58	2.86	2.47	1.58	2.35
Debt to EBITDA	—	—	44.84	—	—	—
Debt to equity	0.14	0.06	0.04	0	0	0
Interest coverage	-4.4	-0.3	0.7	-9.9	-14.7	-7.8
Asset turnover	0.09	0.27	0.27	0.26	0.23	0.28
Return ratios
Return on assets %	-4.4%	-2.1%	-1.4%	-8.2%	-22.2%	-18.2%
Return on capital employed %	-4.5%	-0.4%	0.7%	-8%	-23.4%	-22.2%
Return on equity %	-6.7%	-2.8%	-1.9%	-11.5%	-39.1%	-29.8%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	50.94%	50.94%	50.94%	50.94%	50.94%	50.94%	50.45%	50.16%	50.05%	49.89%	49.82%	49.77%
	10.59%	10.32%	9.54%	9.01%	7.41%	6.77%	6.63%	7.13%	7.08%	7.08%	7.07%	7.06%
	0.7%	0.7%	0.82%	0.82%	0.82%	0.95%	0.81%	0.98%	1.43%	1.58%	1.63%	1.66%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	37.77%	38.04%	38.7%	39.23%	40.83%	41.34%	42.11%	41.73%	41.44%	41.45%	41.48%	41.51%
No. of shareholders	—	—	—	—	—	—	—	—	39,796	38,508	37,492	36,826

Promoter holding down 1.17 percentage points since Sep 2023.

17 deals · 13 Aug 2021 – 2 Jan 2024

Date	Client	Type	Venue	Side	Quantity	Price	Value
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,01,414	₹201.27	₹6.07 Cr
2 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,01,414	₹201.49	₹6.07 Cr
1 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Sell	3,11,391	₹183.72	₹5.72 Cr
1 Jan 2024	GRAVITON RESEARCH CAPITAL LLP	Bulk	NSE	Buy	3,11,391	₹183.01	₹5.70 Cr
6 Sept 2023	SIVA ENTERPRISES PRIVATE LIMITED	Bulk	NSE	Buy	3,23,000	₹154.32	₹4.98 Cr
6 Sept 2023	SINGH ANALJIT	Bulk	NSE	Sell	3,23,000	₹154.30	₹4.98 Cr
14 Aug 2023	AIONIOS ALPHA FUND I	Bulk	NSE	Buy	2,36,000	₹157.29	₹3.71 Cr
15 Dec 2022	PORINJU VELIYATH	Bulk	NSE	Buy	2,30,000	₹100.31	₹2.31 Cr
24 Oct 2022	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Sell	4,75,841	₹95.20	₹4.53 Cr
3 Oct 2022	RAJASTHAN GLOBAL SECURITIES PVT LTD	Bulk	NSE	Sell	14,76,991	₹82.01	₹12.11 Cr

1–10 of 17

1 / 2

Mr. Analjit SinghNon-Executive - Non Independent Director-Chairperson related to Promoter
Mrs. Tara Singh VachaniNon-Executive - Non Independent Director
Mr. Mohit TalwarNon-Executive - Non Independent Director
Mr. Pradeep PantNon-Executive - Independent Director
Mr. Rajit MehtaExecutive Director
Mr. Niten MalhanNon-Executive - Independent Director
Mr. Ajit SinghNon-Executive - Independent Director
Mr. Sandeep PathakChief Financial Officer & Head - Legal
Mr. Rohit KapoorNon-Executive - Independent Director
Mrs. Mrinalini MirchandaniNon-Executive - Independent Director
Ms. TraptiCompany Secretary & Compliance Officer

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

No fund holdings on record

No scheme among the 32 fund houses on record reported a position in Max India Limited. Portfolios are published monthly by each AMC; coverage is still partial.

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI Summary PPTREC
Jun 2026Transcript AI Summary PPT

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

1

Board meeting to consider results11 Aug 2026

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

23 announcementsExport CSV

28 Sept 2026, 2:23 pmInsider Trading / SAST

Closure of Trading Window

Closure of Trading Window PDF

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Ratio	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	89.3%	46.2%	58.4%	66.9%	77.5%	72.3%
EBITDA margin %	-24.6%	-0.5%	0.3%	-31%	-81.5%	-55.6%
EBIT margin %	-47.5%	-4.5%	-4%	-36.8%	-94.4%	-68.7%
PAT margin %	-50.2%	-7.9%	-5.2%	-32.1%	-96.5%	-63.9%
Working capital
Receivable days	31	9	5	10	56	71
Inventory days	9,819	385	222	38	186	107
Payable days	950	28	58	148	346	237
NWC days	8,899	366	170	-99	-104	-59
Leverage
Current ratio	3.22	3.58	2.86	2.47	1.58	2.35
Debt to EBITDA	—	—	44.84	—	—	—
Debt to equity	0.14	0.06	0.04	0	0	0
Interest coverage	-4.4	-0.3	0.7	-9.9	-14.7	-7.8
Asset turnover	0.09	0.27	0.27	0.26	0.23	0.28
Return ratios
Return on assets %	-4.4%	-2.1%	-1.4%	-8.2%	-22.2%	-18.2%
Return on capital employed %	-4.5%	-0.4%	0.7%	-8%	-23.4%	-22.2%
Return on equity %	-6.7%	-2.8%	-1.9%	-11.5%	-39.1%	-29.8%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Bajaj Holdings & Investment LimitedBAJAJHLDNGBAJAJHLDNG	₹1,18,713 Cr	₹1,18,713 Cr	₹1,139 Cr	₹965 Cr	84.8%	₹8,993 Cr	915.2%	—	14.2%	—
Choice International LimitedCHOICEINCHOICEIN	₹16,028 Cr	₹16,912 Cr	₹1,194 Cr	₹421 Cr	35.8%	₹251 Cr	21.3%	21.9%	16.1%	117
Edelweiss Financial Services LimitedEDELWEISSEDELWEISS	₹13,052 Cr	₹31,557 Cr	₹10,517 Cr	₹2,903 Cr	29.7%	₹602 Cr	6.5%	—	12.1%	—
Jm Financial LimitedJMFINANCILJMFINANCIL	₹11,809 Cr	₹23,331 Cr	₹4,180 Cr	₹2,360 Cr	61.4%	₹1,040 Cr	29.4%	—	11.8%	—
Kama Holdings LimitedKAMAHOLDKAMAHOLD	₹7,264 Cr	—	₹38 Cr	₹37 Cr	97.7%	₹38 Cr	100.6%	—	7.1%	—
Rane Holdings LimitedRANEHOLDINRANEHOLDIN	₹2,172 Cr	₹3,053 Cr	₹6,129 Cr	₹442 Cr	7.4%	₹84 Cr	2.3%	14.8%	8.7%	49
Bf Investment LimitedBFINVESTBFINVEST	₹1,616 Cr	₹1,616 Cr	₹78 Cr	₹66 Cr	83.9%	₹390 Cr	369.5%	—	3.7%	—
Balmer Lawrie Investments LimitedBLILBLIL	₹1,443 Cr	—	₹124 Cr	—	—	₹31 Cr	25%	—	16.7%	—
Abans Financial Services LimitedAFSLAFSL	₹1,021 Cr	₹1,765 Cr	₹25,747 Cr	₹206 Cr	0.7%	₹128 Cr	0.4%	12.2%	8.3%	-0
Max India LimitedMAXINDMAXIND	₹856 Cr	₹858 Cr	₹214 Cr	₹-112 Cr	-55.6%	₹-132 Cr	-63.9%	-22.2%	-31.8%	-59
Gfl LimitedGFLLIMITEDGFLLIMITED	₹607 Cr	₹607 Cr	₹4 Cr	₹2 Cr	47.6%	₹61 Cr	—	—	1.8%	—
Nisus Finance Services Co LtdNISUSNISUS	₹384 Cr	—	₹561 Cr	₹139 Cr	24.7%	₹70 Cr	12.5%	—	—	—

Date	Category	Subject	Filing
28 Sept 2026, 2:23 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
5 Sept 2026, 8:59 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
20 Aug 2026, 4:35 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
19 Aug 2026, 3:12 pm	Company Update Earnings Call Transcript	Announcement under Regulation 30 (LODR)-Earnings Call Transcript	PDF
19 Aug 2026, 3:00 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Aug 2026, 6:24 pm	Company Update Monitoring Agency Report	Announcement under Regulation 30 (LODR)-Monitoring Agency Report	PDF
11 Aug 2026, 6:09 pm	Company Update Investor Presentation	Announcement under Regulation 30 (LODR)-Investor Presentation	PDF
11 Aug 2026, 5:47 pm	Company Update Reg. 32 (1), (3) - Statement of Deviation & Variation	Statement Of Deviation & Variation	PDF

₹ Cr	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	73	67	69	-102	-128	-95
	13	32	124	159	47	-50
	-73	-94	-119	-29	-13	148
Net cash flow	12	5	75	27	-93	4
Free cash flow	61	63	66	-131	-163	-146
CFO / Operating profit %	—	—	—	—	—	—

Max India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

1

Announcements

1

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Investor Presentation and earnings call

Segment results

Compounded sales growth

Return on equity

Asset Classified as Held for Sale · revenue

Max India Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

No fund holdings on record

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Board meetings1

Announcements

Board meetings1

Ratio timeline

Not in the F&O segment

No fund holdings on record

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Return on equity

Asset Classified as Held for Sale · revenue

1

1