Max Estates share price
NSE: MAXESTATESBSE: 544008RealtySmall Cap
Max Estates Limited · Face value ₹10 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Oct 2023
Last close ₹507.20down ₹10.90 (2.10%)BSE ₹504.95
Share price at the NSE close on 30 Oct 2026. Previous close ₹518.10.
30 Oct: open ₹511.10, high ₹518.95, low ₹494.00
52-week range of traded prices to 30 Oct 2026
₹305.45Low, 30 Mar 2026₹652.80High, 24 Sep 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹8,297 Cr698th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Owners' profit not stated
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 3.43
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- −0.3%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026.
- 0.75
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 71,68052.2% delivered
About Max Estates
Max Estates Limited is the real estate development arm of the Max Group, developing homes, offices and mixed-use projects in Delhi NCR.12 It leases office space to domestic and multinational companies and sells homes to premium and luxury buyers.1 It brands its homes LiveWell, its offices WorkWell and its mixed-use projects PlayWell, and designs them around the well-being of the people who use them.23
Its operating office buildings are Max Towers and Max Square in Noida and Max House in Delhi, managed by its wholly owned subsidiary Max Asset Services.456 Its housing projects are Estate 128 in Noida and Estate 360 and Estate 361 in Gurugram, and its mixed-use projects are Max One and Estate 105 in Noida.5 It was incorporated on 22 March 2016.7 It acquired Boulevard Projects Private Limited on 23 April 2025, which supported the revival of the Max One project, and Base Buildwell Private Limited on 26 December 2025, gaining development rights in Sector 59, Gurugram.89
Analjit Singh, founder and chairman of the Max Group, which also has interests in senior care (Antara) and life insurance (Max Life), chairs the company and is a promoter.1011 Sahil Vachani is its vice chairman and managing director.10 In its annual report for the year to Mar 2026, the promoter group held 45.27% of the shares.12 New York Life Insurance Company owns 49% of its commercial assets, and the company 51%.13
Max Estates key points
Results
- In the quarter to Jun 2026, consolidated revenue was ₹51.9 crore (₹51.4 crore a year earlier); EBITDA before other income (earnings before interest, tax and depreciation) was ₹8.1 crore, a 15.8% margin, and profit after tax ₹8.4 crore.1415
- In the year to Mar 2026, consolidated revenue from operations rose 24% to ₹199.45 crore from ₹160.49 crore, and profit after tax fell 40% to ₹15.69 crore from ₹26.43 crore; EBITDA before other income was ₹24 crore.1617
- Pre-sales (the value of homes booked) were ₹5,305 crore in the year to Mar 2026, including ₹1,221 crore of Max One bookings made by the previous developer and counted after its RERA (real estate regulator) approval.1819
- Collections from homebuyers were ₹1,578 crore in the year to Mar 2026; pre-sales were ₹1,093 crore in the quarter to Jun 2026.2021
Portfolio and housing projects
- Portfolio by type22The total portfolio is 18.4 million sq. ft.
Item year to Mar 2026 Residential (LiveWell) 9.1 million sq. ft. Mixed-use (PlayWell) 5.1 million sq. ft. Commercial (WorkWell) 4.2 million sq. ft. - Value sold since launch in each launched project, to Jun 20262324
Item quarter to Jun 2026 Estate 360, Gurugram ₹4,831 crore Estate 128, Noida ₹2,734 crore Estate 361, Gurugram ₹2,489 crore Estate 105, Noida ₹2,002 crore Max One, Noida ₹1,504 crore
Office portfolio
- Operating office buildings, all 100% occupied, by leasable area252627
Item quarter to Jun 2026 Max Square, Noida 680,665 sq. ft. Max Towers, Noida 358,234 sq. ft. Max House II, Delhi 150,839 sq. ft. Max House I, Delhi 108,006 sq. ft. - Lease rental income rose 40% to ₹158 crore in the year to Mar 2026.28
- At Max District, an office project under construction in Gurugram, the company signed a letter of intent (a preliminary agreement) to pre-lease (rent before completion) 2,00,000 sq. ft., securing over ₹270 crore of gross rent over the lease.29
Customers and partners
- Largest tenant in each operating office building, by share of its space3031
Item quarter to Jun 2026 Max Square Adobe, 23% Max Towers Cyril Amarchand Mangaldas, 22% Max House I Target, 25% Max House II BBC-CNR, 23% - New York Life Insurance Company, a US life insurer and the company's strategic partner, has committed ₹1,800 crore over 7 rounds of capital since 2017.32
Debt and cash
- At the end of June 2026, borrowings were ₹1,961 crore, including ₹934 crore of lease rental discounting loans (repaid from office rents), against cash of ₹1,727 crore, of which ₹1,233 crore is in RERA and other restricted accounts; net debt was ₹234 crore.3334
- These borrowings exclude ₹546 crore of compulsorily convertible debentures (loans that convert into shares) held by New York Life.35
What the company expects
- On its earnings call of 17 Aug 2026, the company said it expects collections of ₹2,500 crore to ₹2,700 crore in the year to Mar 2027, and plans to spend ₹1,500 crore to ₹1,800 crore on its projects.36
- In its presentation of 14 Aug 2026, the company said it plans housing launches from the year to Mar 2027 at Estate 361 Phase 2, Estate 105 Phase 2 and Sector 59, with a gross development value (expected total sales value) of ₹11,900 crore.37
- In its presentation of 14 Aug 2026, the company said its rental portfolio could earn about ₹700 crore a year at peak occupancy within 5 years, its own share about ₹350 crore.38
- In its presentation of 14 Aug 2026, the company said its first home delivery, at Estate 128, Noida, was on track for the year to Mar 2028; revenue from homes is counted only at handover.3940
Recent events
- On 1 Oct 2026, the company said it received a 5-star GRESB rating (a sustainability benchmark for real estate) in development and standing investments for a second year, ranking first in development among a peer group of 6 listed Indian residential entities.41
- On 23 Sep 2026, the company announced a binding memorandum of understanding for a proposed joint development, with the landowner, of a 9.76-acre plot in Indirapuram, Ghaziabad, with an estimated gross development value of ₹2,500 crore to ₹3,000 crore, subject to approvals.42
- On 28 Aug 2026, the board approved acquiring 9 related-party companies holding about 84.7 acres in Najafgarh, Delhi, for up to 70,33,162 new shares at ₹597.50 each. Shareholders were to vote on 24 Sep 2026; the company's documents give no outcome.434445
- On 13 Aug 2026, ICRA (a credit rating agency) assigned the company a first-time issuer rating (an opinion of its ability to repay debt) of [ICRA]A+ with a stable outlook.46
Litigation and regulatory matters
- In its exchange filing of 8 Oct 2026, the company said a GST show cause notice (a proposed demand, before any order) sought tax, interest and penalty of ₹2.59 crore for the year to Mar 2023; no final order had been passed.47
Last updated
All 47 sources, each with its page
- 1. Annual report, 28 Jul 2026, page 95
- 2. Annual report, 28 Jul 2026, page 9
- 3. Annual report, 28 Jul 2026, page 34
- 4. Annual report, 28 Jul 2026, page 18
- 5. Investor presentation, 14 Aug 2026, page 6
- 6. Annual report, 28 Jul 2026, page 36
- 7. Annual report, 28 Jul 2026, page 127
- 8. Annual report, 28 Jul 2026, page 79
- 9. Annual report, 28 Jul 2026, page 36
- 10. Annual report, 28 Jul 2026, page 57
- 11. Annual report, 28 Jul 2026, page 68
- 12. Annual report, 28 Jul 2026, page 59
- 13. Investor presentation, 14 Aug 2026, page 18
- 14. Investor presentation, 14 Aug 2026, page 44
- 15. Investor presentation, 14 Aug 2026, page 45
- 16. Annual report, 28 Jul 2026, page 66
- 17. Annual report, 28 Jul 2026, page 31
- 18. Annual report, 28 Jul 2026, page 32
- 19. Annual report, 28 Jul 2026, page 18
- 20. Annual report, 28 Jul 2026, page 26
- 21. Investor presentation, 14 Aug 2026, page 43
- 22. Annual report, 28 Jul 2026, page 26
- 23. Investor presentation, 14 Aug 2026, page 14
- 24. Investor presentation, 14 Aug 2026, page 14
- 25. Investor presentation, 14 Aug 2026, page 19
- 26. Investor presentation, 14 Aug 2026, page 20
- 27. Investor presentation, 14 Aug 2026, page 43
- 28. Annual report, 28 Jul 2026, page 32
- 29. Annual report, 28 Jul 2026, page 63
- 30. Investor presentation, 14 Aug 2026, page 19
- 31. Investor presentation, 14 Aug 2026, page 20
- 32. Investor presentation, 14 Aug 2026, page 8
- 33. Investor presentation, 14 Aug 2026, page 44
- 34. Investor presentation, 14 Aug 2026, page 7
- 35. Investor presentation, 14 Aug 2026, page 43
- 36. Earnings call, 17 Aug 2026, page 10
- 37. Investor presentation, 14 Aug 2026, page 29
- 38. Investor presentation, 14 Aug 2026, page 15
- 39. Investor presentation, 14 Aug 2026, page 26
- 40. Annual report, 28 Jul 2026, page 130
- 41. Exchange filing, 1 Oct 2026, page 2
- 42. Exchange filing, 23 Sep 2026, page 2
- 43. Exchange filing, 29 Aug 2026, page 1
- 44. Exchange filing, 29 Aug 2026, page 2
- 45. Exchange filing, 29 Aug 2026, page 3
- 46. Investor presentation, 14 Aug 2026, page 46
- 47. Exchange filing, 8 Oct 2026, page 1
Results
Consolidated; ₹ crore.Max Estates quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +16.6%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Jun 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹52 Crup 5.01%
- Net profitNet profit. Under it, net profit in the quarter before. A change in per cent is not worked out where either period is a loss or nothing. Net profit in the glossary
- ₹8.35 CrQuarter to Mar 2026: −₹4.08 Cr
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 16.1%
Revenue by quarter
Peak revenue ₹52 Cr, quarter to Jun 2026; lowest ₹40 Cr, quarter to Mar 2025
Net profit by quarter, a loss in red
- Net profit
- Loss
Back to profit in the quarter to Jun 2026, ₹8.35 CrA loss in 2 of the 8 quarters shown
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 40.2 | 40.0 | 39.8 | 51.5 | 48.8 | 49.8 | 49.4 | 51.9 |
| Net profit | −1.4 | 15.8 | 14.0 | 11.9 | 7.8 | 0.0 | −4.1 | 8.4 |
| Net margin | −3.4% | 39.5% | 35.2% | 23.2% | 16.0% | 0.1% | −8.3% | 16.1% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹199 Crup 24.28%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹16 Crdown 40.63%
- Net margin
- 7.9%
Revenue by year
Peak revenue ₹199 Cr, year to Mar 2026; lowest ₹93 Cr, year to Mar 2024
Net profit by year, a loss in red
- Net profit
- Loss
A loss in 1 of the 3 years shown
| ₹ crore | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 93 | 160 | 199 |
| Net profit | −55 | 26 | 16 |
| Net margin | −59.3% | 16.5% | 7.9% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
In the year to Mar 2026 the company reports one business segment, REAL ESTATE, which carries all its revenue.
Valuation
Today, against the company's own history. Not shown, P/E: a quarter's profit for shareholders does not agree with its own earnings per share. Dividend yield is not shown: no dividend in the years on record.Max Estates PE ratio and valuation
Price to book
At or below today's level on 55% of 652 trading days since Jan 2024.
LowestHighest
Its median3.37Industry median1.54
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −20.7% | −62.1% | +109.4% | 0.0% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth over 1 year is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.
Mutual fund holdings
13 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 1 of the 1 fund that added or cut is an index fund, an ETF or an arbitrage fund: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 1 more fund filed its first portfolio on record, holding it.All 13 funds holding Max Estates
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 1
- AddedAdded. Funds that held more shares than at the end of the month before.
- 1
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 10
| Fund | |||
|---|---|---|---|
 Kotak-Small Cap FundKotak Mahindra Mutual Fund | 25,47,581 | 0.78% | ₹149.6 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 25,10,461 | 0.18% | ₹147.4 Cr |
 Bandhan Small Cap FundBandhan Mutual Fund | 18,24,804 | 0.30% | ₹107.1 Cr |
 Invesco India Large & Mid Cap FundInvesco Mutual Fund | 16,09,854 | 0.78% | ₹94.5 Cr |
| Invesco India Mid Cap FundInvesco Mutual Fund | 13,38,912 | 0.50% | ₹78.6 Cr |
| Invesco India Small Cap FundInvesco Mutual Fund | 9,76,325 | 0.36% | ₹57.3 Cr |
| Bandhan Large & Mid Cap FundBandhan Mutual Fund | 9,28,617 | 0.26% | ₹54.5 Cr |
 quant Small Cap Fundquant Mutual Fund | 8,75,756 | 0.14% | ₹51.4 Cr |
| Nippon India Multi Asset Allocation FundNippon India Mutual Fund | 5,19,867 | 0.17% | ₹30.5 Cr |
| Invesco India ELSS Tax Saver FundInvesco Mutual Fund | 4,05,197 | 0.92% | ₹23.8 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Promoter and insider buying and selling
Trades made since 31 Oct 2025.Max Estates insider trading
No promoter, director, key manager or employee bought or sold on the market.
- Promoters and promoter group: no market trade
- Others: no market trade · 1 pledge filing of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.
Max Estates competitors and peers
Residential, Commercial Projects, 171 listed companies, priced on 30 Oct 2026. The table lists the 8 companies closest to Max Estates in market cap.Real estate companies
Max Estates is not on the chart: it has no P/E or return on equity today
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 SobhaSOBHA | 12,033 | 62.98 | 2.54 | +9.6% | +28.5% | 4.1% | 3.5% | 0.53% |
 Sri Lotus Developers and RealtyLOTUSDEV | 12,022 | 41.05 | 5.91 | – | – | 15.5% | 16.2% | 0.33% |
 Aditya Birla Real EstateABREL | 11,213 | – | 2.45 | −26.2% | – | – | −2.6% | 0.25% |
 Signatureglobal (India)SIGNATURE | 9,883 | 9.47 | 5.34 | −23.0% | +710.6% | 81.0% | −3.3% | 0.00% |
| Embassy DevelopmentsEMBDL | 6,881 | – | 0.70 | −39.6% | – | −9.8% | −4.3% | 0.00% |
 Mahindra Lifespace DevelopersMAHLIFE | 6,543 | 21.81 | 1.79 | +839.3% | +85.5% | 8.5% | 0.1% | 1.14% |
 Ganesh HousingGANESHHOU | 5,568 | 24.86 | 2.29 | −29.5% | −57.5% | 9.6% | 11.0% | 0.22% |
 KalpataruKALPATARU | 5,018 | 107.76 | 1.25 | – | – | 1.2% | −0.4% | 0.00% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Latest announcements
Routine notices left out.Max Estates announcements
Oct 2026
22 Oct · Management
22 Oct · Management
8 Oct · Legal
Max Estates share price by year
Each calendar year to 2025.Max Estates share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 450.10 | −20.7% | 616.65 | 344.70 |
| 2024 | 567.30 | +82.8% | 684.35 | 249.85 |
| 2023 | 310.30 | – | 328.70 | 255.45 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. 2023 is from its first session, 30 Oct 2023.
Recent sessions
The 9 trading days to 29 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 29 Oct 2026 | 501.30 | 521.95 | 501.30 | 518.10 | 512.85 | 22,518 | 41.7% |
| 28 Oct 2026 | 505.95 | 530.40 | 505.45 | 515.60 | 516.38 | 45,422 | 46.9% |
| 27 Oct 2026 | 490.05 | 515.20 | 490.05 | 510.95 | 507.89 | 54,996 | 42.9% |
| 26 Oct 2026 | 465.00 | 498.75 | 453.80 | 496.60 | 484.55 | 1,14,099 | 68.6% |
| 23 Oct 2026 | 490.25 | 504.45 | 463.30 | 471.00 | 471.39 | 81,929 | 41.3% |
| 22 Oct 2026 | 495.90 | 507.00 | 486.15 | 495.15 | 495.40 | 50,543 | 49.6% |
| 21 Oct 2026 | 512.00 | 520.95 | 486.40 | 493.85 | 500.17 | 93,598 | 58.6% |
| 19 Oct 2026 | 529.05 | 529.05 | 511.10 | 512.35 | 515.38 | 53,867 | 56.6% |
| 16 Oct 2026 | 535.00 | 540.15 | 521.10 | 525.60 | 529.48 | 34,710 | 60.8% |
Prices in ₹ per share as traded, not adjusted.
Company details
- NSE symbol
- MAXESTATES
- BSE code
- 544008
- ISIN
- INE03EI01018
- Industry
- Realty
- Website
- www.maxestates.in
- CIN
- L70200DL2016PLC438718
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 2016
- Registered office
- Max House 1, Dr. Jha Marg, Okhla Phase 3, Opposite Okhla Railway Station, Okhla Industrial Estate, South Delhi, New Delhi 110020
- Share registrar
- MAS Services Ltd
- Keeps the register of shareholders and handles transfers and dividend payments