Max India shareholders and shareholding pattern
NSE: MAXINDBSE: 543223FinanceSmall Cap
Max India 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 Aug 2020
Last close ₹149.90down ₹0.03 (0.02%)BSE ₹149.05
Share price at the NSE close on 28 Oct 2026. Previous close ₹149.93.
28 Oct: open ₹150.58, high ₹151.90, low ₹146.70
52-week range of traded prices to 28 Oct 2026
₹120.00Low, 30 Mar 2026₹220.00High, 4 Nov 2025
- 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
- ₹844 Cr1,580th 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
- Lossover the last 12 months
- 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
- Shares changed
- 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
- ROEReturn on equity. Profit over 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, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- −34.5%
- 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.
- −33.8%
- 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.
- 0.00
- 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
- 17,70058.6% delivered
Max India's shareholding pattern for Sep 2026, filed on 15 Oct 2026, with every filing from Sep 2020: who owns its shares by group, its promoters by name and its public holders of 1% or more.
Who owns Max India, filing by filing
Per cent of the company's shares.
Sep 2026 filing
- Promoters48.22%
- Foreign institutions6.89%
- Indian institutions4.94%
- Individuals and others39.95%
Shareholding pattern, per cent, from Sep 2022
- Promoters
- Foreign institutions
- Indian institutions
- Individuals and others
| Per cent | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 51.11% | 51.11% | 51.11% | 51.11% | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.45% | 50.16% | 50.05% | 49.89% | 49.82% | 49.77% | 48.22% | |
| Indian promoters | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 40.89% | 51.11% | 51.11% | 51.11% | 51.11% | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.45% | 50.16% | 50.05% | 49.89% | 49.82% | 49.77% | 48.22% |
| Public. Every shareholder outside the promoter group, the employee trusts and the shares held against depositary receipts, as the filing totals them. Public in the glossary | 59.11% | 59.11% | 59.11% | 59.11% | 59.11% | 59.11% | 59.11% | 59.11% | 48.89% | 48.89% | 48.89% | 48.89% | 49.06% | 49.06% | 49.06% | 49.06% | 49.06% | 49.06% | 49.55% | 49.84% | 49.95% | 50.11% | 50.18% | 50.23% | 51.78% |
| Promoter shares pledgedShare of the promoters' own shares | 78.09% | 6.24% | 6.24% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Shares in issue | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 5,37,86,261 | 4,30,29,009 | 4,30,29,009 | 4,30,29,009 | 4,30,29,009 | 4,31,70,768 | 4,31,70,768 | 4,31,70,768 | 4,31,70,768 | 4,31,70,768 | 4,31,70,768 | 4,35,89,333 | 5,21,71,778 | 5,22,82,115 | 5,24,50,362 | 5,25,22,862 | 5,25,82,862 | 5,63,20,678 |
| Shares locked inShares locked in. Shares the filing reports as barred from sale until a set day, such as promoters' shares after a public issue or shares allotted to an investor directly. Shares locked in in the glossary | – | – | – | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | – | – | 2,19,41,441 | 2,19,41,441 | – | – |
| Promoters' shares locked in | – | – | – | – | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | – | – | 2,14,79,127 | 2,14,79,127 | – | – |
Filings before Sep 2022 are on an older form, which did not split institutions into foreign and Indian and grouped some holders differently, so those columns show only the lines both forms state alike. Pledged is the share of the promoters' own shares given to lenders as security. A dash is a line the filing did not state. “Under 0.01%” is a holding of shares too small to show at two decimals.
Max India promoters
Promoters are the founders, families and companies that control the company, as its filings name them. Every member of the promoter group holding shares in the filing for Sep 2026; the largest is MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED, 39.90%. The filing names 55 more members with no shares.Promoter buying and selling
| Holder | ||
|---|---|---|
| MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITEDIndian companies, trusts and others | 39.90% | 2,24,70,289 |
| SIVA FINVEST PRIVATE LIMITEDIndian companies, trusts and others | 6.35% | 35,78,211 |
| ANALJIT SINGHIndividuals and Hindu undivided familiesHindu undivided family. A family the tax law treats as one holder: property held in the family's name, shared by its members and managed by one of them. Hindu undivided family in the glossary | 1.84% | 10,38,104 |
| PIYA SINGHIndividuals and Hindu undivided families | 0.05% | 26,258 |
| TARA SINGH VACHANIIndividuals and Hindu undivided families | 0.04% | 23,800 |
| NEELU ANALJIT SINGHIndividuals and Hindu undivided families | 0.04% | 23,800 |
No promoter shares are reported as pledged.
Largest public holders of Max India, filing by filing
Per cent, on the same shares as the split above.
| Holder | Sep 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sep 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SINGULARITY EQUITY FUND IAlternative investment funds | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 4.08% |
| HABROK INDIA MASTER LPForeign portfolio investors, category I | – | – | – | – | – | – | – | – | 1.90% | 2.85% | 2.85% | 2.85% | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% | 2.81% | 3.42% | 3.41% | 3.40% | 3.40% | 3.39% | 3.17% |
| CASSINI PARTNERS, L.P. MANAGED BY HABROK CAPITAL MANAGEMENT LLPForeign portfolio investors, category I | – | – | – | – | – | – | – | – | – | 2.85% | 2.85% | 2.85% | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% | 2.84% | 2.81% | 2.79% | 2.79% | 2.78% | 2.78% | 2.77% | 2.59% |
| P & Y CAPITAL TRUSTOther non-institutions | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.08% |
| NIVEDITA RITESH OSWALResident individuals, over ₹2 lakh at face value | – | – | – | – | – | – | – | – | – | – | – | 1.08% | 1.16% | 1.16% | 1.16% | 1.16% | 1.18% | 1.16% | 1.15% | 1.14% | 1.14% | 1.13% | 1.13% | 1.13% | 1.00% |
| MURUGU SELVAN KResident individuals, over ₹2 lakh at face value | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | 1.07% | 1.41% | 1.45% | 1.50% | 1.50% | 1.45% | 1.45% | 1.46% | 1.46% | – |
| VALUE PROLIFIC CONSULTING SERVICES PVT LTDCompanies | – | – | – | – | – | – | – | – | – | – | – | – | 1.00% | 1.00% | 1.00% | 1.04% | 1.06% | 1.06% | 1.05% | 1.04% | 1.04% | 1.03% | 1.03% | 1.03% | – |
| PORINJU VELIYATHResident individuals, over ₹2 lakh at face value | – | – | – | – | – | – | – | – | – | 1.05% | 1.05% | 1.05% | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% | 1.04% | 1.03% | – | – | – | – | – | – |
| TVF FUND LTDForeign portfolio investors, category I | 1.62% | 1.62% | 1.62% | 1.62% | 1.53% | 1.53% | 1.53% | 1.53% | 2.47% | 2.47% | 2.47% | 2.47% | 2.46% | 2.46% | 1.67% | 1.25% | – | – | – | – | – | – | – | – | – |
| NOMURA SINGAPORE LIMITED ODIForeign portfolio investors, category I | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.82% | 1.49% | 1.49% | 1.49% | 1.49% | 1.48% | 1.48% | 1.48% | 1.01% | – | – | – | – | – | – | – | – | – |
| KRISHNAMURTHY NARAYANAN IYERResident individuals, over ₹2 lakh at face value | – | – | – | – | – | – | – | – | 1.22% | 1.22% | 1.20% | 1.14% | 1.02% | – | – | – | – | – | – | – | – | – | – | – | – |
| RAJASTHAN GLOBAL SECURITIES PRIVATE LIMITEDCompanies | – | – | – | – | – | – | – | – | 7.62% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| RAJASTHAN GLOBAL SECURITIES PRIVATE LIMIEDOther non-institutions | – | 2.09% | 6.05% | 10.05% | 13.58% | 15.05% | 15.48% | 15.67% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| INTERNATIONAL FINANCE CORPORATIOINOther Institutions | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| NEW YORK LIFE INSURANCE COMPANYInstitutions Foreign Portfolio Investor | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% | 1.92% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| FE SECURITIES PVTOther non-institutions | – | – | – | – | – | 1.02% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| ASHISH DHAWANResident individuals, over ₹2 lakh at face value | 6.06% | 6.06% | 6.06% | 6.06% | 6.06% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| ELLIPSIS PARTNERS LLCInstitutions Foreign Portfolio Investor | 4.31% | 4.31% | 4.31% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| BRIARWOOD CAPITAL MASTER FUND, LTD.Institutions Foreign Portfolio Investor | 4.74% | 3.72% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
| KOTAK MAHINDRA (INTERNATIONAL) LIMITEDInstitutions Foreign Portfolio Investor | 2.20% | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – | – |
A filing names every holder above one per cent, in the company's own words: an insurer's holding can carry one of its funds' names. A dash is a filing that did not name the holder, which includes holding under one per cent.
Who moved in the Sep 2026 filing
Against the Jul 2026 filing. A filing names a public holder only at 1% or more, so a holder no longer named fell under 1% or sold out.
- Individuals and others: MURUGU SELVAN K no longer named, from 1.36%; NIVEDITA RITESH OSWAL 1.00%, −0.05 pts; P & Y CAPITAL TRUST 1.08%, +0.01 pts