Max India Ltd: Intrinsic Value & Share Price Analysis

Q: What is the intrinsic value of Max India Ltd and is it undervalued?

As of 25 April 2026, Max India Ltd's intrinsic value is 115.40, which is 18.16% lower than the current market price of 141.00, suggesting the stock is overvalued. Calculated using the PE ratio method factoring in ROE (30.0 %), book value (89.1), dividend yield (0.00 %), and 5-year EPS CAGR.

Q: What is the current share price and 52-week range of Max India Ltd?

Max India Ltd is trading at 141.00 as of 25 April 2026, with a FY2026-2027 high of 242 and low of 120. The stock is currently near its 52-week low. Market cap stands at 741 Cr..

Q: Is Max India Ltd financially healthy?

Key indicators: ROCE of 23.6 % indicates efficient capital utilization. Dividend yield is 0.00 %.

Q: Is Max India Ltd profitable and how is the profit trend?

Max India Ltd reported a net profit of -140 Cr in Mar 2025 on revenue of 163 Cr. Compared to -16 Cr in Mar 2022, the net profit shows a mixed trend.

Fair Value

₹327.18Undervalued by 132.04%vs CMP ₹141.00

P/E (15.0) × ROE (30.0%) × BV (₹89.10) × DY (2.00%)

Defaults: P/E=15

₹115.40Overvalued by 18.16%vs CMP ₹141.00

MoS: -22.2% (Negative)Confidence: 38/100 (Low)Models: 1 Under, 2 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹169.29	49%	Under (+20.1%)
Net Asset Value	Assets	₹88.86	29%	Over (-37%)
Revenue Multiple	Revenue	₹31.02	22%	Over (-78%)
Consensus (3 models)		₹115.40	100%	Overvalued

Key Drivers: EPS CAGR -48.3% drags value — could be higher if earnings stabilize. | Wide model spread (₹31–₹169) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -48.3% · Defaults: P/E=15

*Investments are subject to market risks

Analyst Summary

Max India Ltd operates in the Holding Company segment, NSE: MAXIND | BSE: 543223, current market price is ₹141.00, market cap is 741 Cr.. At a glance, ROE is 30.0 %, ROCE is 23.6 %, book value is 89.1, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹115.40, around 18.2% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹163 Cr versus the prior period change of -14.7%, while latest net profit is about ₹-140 Cr with a prior-period change of -150.0%. The 52-week range shown on this page is 242/120, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMax India Ltd. is a Public Limited Listed company incorporated on 23/01/2019 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L74999M…

This summary is generated from the stock page data available for Max India Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Max India Ltd scores 60/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health68/100 · Strong

ROCE 23.6% ExcellentROE 30.0% ExcellentD/E 0.13 Low debtInterest Coverage 0.0x RiskyProfitable 0/5 years Inconsistent

Smart Money75/100 · Strong

FII holding up 0.46% (6mo) Slight increaseDII holding up 0.78% MF buyingPromoter holding at 49.9% Stable

Earnings Quality40/100 · Moderate

OPM contracting (2% → -41%) Declining

Quarterly Momentum60/100 · Moderate

Revenue (4Q): +12% YoY Growing

Industry Rank65/100 · Strong

ROCE 23.6% vs industry 12.5% Above peersROE 30.0% vs industry 13.7% Above peers3Y sales CAGR: -11% Shrinking

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:19 am

Market Cap	741 Cr.
Current Price	141
Intrinsic Value	₹115.40
High / Low	242/120
Stock P/E
Book Value	89.1
Dividend Yield	0.00 %
ROCE	23.6 %
ROE	30.0 %
Face Value	10.0
PEG Ratio	0.00

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Max India Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Max India Ltd	741 Cr.	141	242/120		89.1	0.00 %	23.6 %	30.0 %	10.0
Abans Holdings Ltd	1,019 Cr.	201	270/173	7.92	233	0.00 %	9.71 %	10.2 %	2.00
BF Investment Ltd	1,305 Cr.	347	562/315	7.94	1,880	0.00 %	4.62 %	3.39 %	5.00
Choice International Ltd	14,263 Cr.	640	860/474	68.2	54.9	0.00 %	20.0 %	19.6 %	10.0
IDFC Ltd	17,275 Cr.	108	/	19.9	83.6	0.93 %	8.49 %	8.37 %	10.0
Industry Average	56,762.86 Cr	1,713.00		24.06	1,273.51	0.29%	12.46%	13.71%	6.86

All Competitor Stocks of Max India Ltd

Quarterly Result

Metric	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
Sales	43	56	41	49	41	45	26	43	35	42	37	45	43
Expenses	46	55	53	54	58	66	54	64	64	82	65	76	79
Operating Profit	-3	1	-12	-5	-17	-21	-28	-21	-30	-41	-28	-31	-36
OPM %	-7%	2%	-31%	-9%	-43%	-46%	-106%	-49%	-85%	-98%	-76%	-69%	-83%
Other Income	3	4	6	6	5	5	6	5	-8	4	13	5	4
Interest	2	2	1	1	1	1	1	2	2	3	4	4	3
Depreciation	2	2	2	2	2	3	4	5	5	5	6	6	6
Profit before tax	-4	1	-10	-2	-17	-20	-27	-22	-44	-45	-25	-36	-41
Tax %	-93%	388%	19%	160%	8%	6%	0%	3%	0%	2%	4%	-5%	3%
Net Profit	-0	-4	-12	-5	-18	-22	-27	-23	-45	-46	-26	-34	-43
EPS in Rs	-0.05	-0.82	-2.38	-0.91	-3.48	-4.20	-5.25	-4.42	-8.68	-8.88	-4.91	-6.52	-8.17

Last Updated: March 3, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

Metric	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	211	121	229	212	191	163	166
Expenses	216	150	232	202	229	264	302
Operating Profit	-5	-29	-3	10	-38	-101	-135
OPM %	-2%	-24%	-1%	5%	-20%	-62%	-81%
Other Income	277	0	2	1	4	-10	25
Interest	27	24	10	6	5	8	14
Depreciation	8	10	7	8	10	19	23
Profit before tax	237	-64	-18	-3	-49	-139	-147
Tax %	2%	-17%	-11%	245%	15%	1%
Net Profit	232	-53	-16	-10	-56	-140	-149
EPS in Rs	29,706.00	-8.30	-2.52	-2.03	-10.97	-27.05	-28.48
Dividend Payout %	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	-122.84%	69.81%	37.50%	-460.00%	-150.00%
Change in YoY Net Profit Growth (%)	0.00%	192.66%	-32.31%	-497.50%	310.00%

Max India Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 5 years from 2020-2021 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	%
5 Years:	-5%
3 Years:	-11%
TTM:	-4%

Compounded Profit Growth
10 Years:	%
5 Years:	%
3 Years:	%
TTM:	-88%

Stock Price CAGR
10 Years:	%
5 Years:	32%
3 Years:	40%
1 Year:	-10%

Return on Equity
10 Years:	%
5 Years:	-9%
3 Years:	-13%
Last Year:	-30%

Last Updated: Unknown

Balance Sheet

Last Updated: December 4, 2025, 1:38 am

Month	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	54	54	54	43	43	44	52
Reserves	652	599	588	499	449	315	415
Borrowings	182	145	61	45	44	102	204
Other Liabilities	136	198	156	166	148	172	167
Total Liabilities	1,024	996	858	753	684	633	838
Fixed Assets	144	156	159	159	193	170	166
CWIP	1	0	0	0	10	21	32
Investments	414	334	178	83	63	53	59
Other Assets	465	506	522	511	418	389	581
Total Assets	1,024	996	858	753	684	633	838

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-19	73	66	69	-102	-128
Cash from Investing Activity +	-526	13	18	124	159	47
Cash from Financing Activity +	557	-73	-94	-119	-29	-13
Net Cash Flow	12	12	-10	75	27	-93
Free Cash Flow	-209	61	64	66	-131	-163
CFO/OP	-15%	-326%	7,765%	690%	241%	126%

Free Cash Flow

Month	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-187.00	-174.00	-64.00	-35.00	-82.00	-203.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	24	22	9	5	9	50
Inventory Days	1,736	6,544	385	223	38	186
Days Payable	154	633	28	48	148	346
Cash Conversion Cycle	1,607	5,932	366	180	-100	-111
Working Capital Days	438	500	343	249	-99	-93
ROCE %		-4%	-0%	1%	-8%	-24%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	51.11%	51.11%	50.94%	50.94%	50.94%	50.94%	50.94%	50.94%	50.45%	50.16%	50.06%	49.89%
FIIs	11.26%	10.71%	10.59%	10.32%	9.54%	9.01%	7.41%	6.77%	6.63%	7.13%	7.08%	7.09%
DIIs	0.00%	0.00%	0.69%	0.69%	0.81%	0.81%	0.81%	0.94%	0.80%	0.98%	1.43%	1.58%
Public	37.63%	38.18%	37.77%	38.04%	38.70%	39.23%	40.83%	41.35%	42.11%	41.72%	41.45%	41.44%
No. of Shareholders	38,697	36,356	36,563	35,888	40,367	38,876	39,886	40,417	39,918	40,090	39,796	38,508

Shareholding Pattern Chart

No. of Shareholders

Max India Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

This stock is not held by any mutual fund.

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	-32.50	-13.08	-2.18	-3.35	-9.88
Diluted EPS (Rs.)	-32.50	-13.08	-2.17	-3.35	-9.88
Cash EPS (Rs.)	-28.06	-10.96	-0.15	-1.34	-7.81
Book Value[Excl.RevalReserv]/Share (Rs.)	82.29	114.05	125.99	118.45	121.44
Book Value[Incl.RevalReserv]/Share (Rs.)	82.29	114.05	125.99	118.45	121.44
Revenue From Operations / Share (Rs.)	33.38	40.68	46.72	42.74	22.47
PBDIT / Share (Rs.)	-22.91	-8.20	3.00	1.17	-3.72
PBIT / Share (Rs.)	-27.23	-10.55	1.04	-0.49	-5.65
PBT / Share (Rs.)	-31.97	-11.61	-0.40	-3.36	-11.72
Net Profit / Share (Rs.)	-32.38	-13.31	-2.12	-3.01	-9.73
NP After MI And SOA / Share (Rs.)	-32.21	-13.06	-2.41	-3.35	-9.88
PBDIT Margin (%)	-68.63	-20.15	6.43	2.74	-16.54
PBIT Margin (%)	-81.57	-25.93	2.22	-1.16	-25.12
PBT Margin (%)	-95.77	-28.53	-0.86	-7.86	-52.13
Net Profit Margin (%)	-97.01	-32.71	-4.53	-7.04	-43.31
NP After MI And SOA Margin (%)	-96.49	-32.10	-5.16	-7.84	-43.94
Return on Networth / Equity (%)	-39.14	-11.45	-1.91	-2.83	-8.13
Return on Capital Employeed (%)	-25.37	-8.34	0.75	-0.38	-3.93
Return On Assets (%)	-22.18	-8.23	-1.37	-2.11	-5.32
Long Term Debt / Equity (X)	0.00	0.00	0.04	0.06	0.13
Total Debt / Equity (X)	0.00	0.00	0.04	0.06	0.13
Asset Turnover Ratio (%)	0.22	0.24	0.25	0.24	0.11
Current Ratio (X)	2.15	2.47	2.86	3.58	3.49
Quick Ratio (X)	2.05	2.43	2.54	2.73	2.38
Inventory Turnover Ratio (X)	12.78	0.46	0.04	0.02	0.01
Interest Coverage Ratio (X)	-12.39	-7.72	2.08	0.61	-0.81
Interest Coverage Ratio (Post Tax) (X)	-14.95	-11.53	-0.46	-0.07	-0.80
Enterprise Value (Cr.)	694.17	645.65	281.41	408.39	411.70
EV / Net Operating Revenue (X)	4.77	3.68	1.40	1.78	3.41
EV / EBITDA (X)	-6.95	-18.24	21.77	64.67	-20.59
MarketCap / Net Operating Revenue (X)	5.51	4.86	1.75	1.73	2.86
Price / BV (X)	2.24	1.73	0.64	0.62	0.52
Price / Net Operating Revenue (X)	5.51	4.86	1.75	1.73	2.86
EarningsYield	-0.17	-0.06	-0.02	-0.04	-0.15

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Max India Ltd. is a Public Limited Listed company incorporated on 23/01/2019 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L74999MH2019PLC320039 and registration number is 320039. Currently company belongs to the Industry of Holding Company. Company's Total Operating Revenue is Rs. 19.13 Cr. and Equity Capital is Rs. 43.59 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Holding Company	167, Floor 1, Plot- 167A, Ready Money Mansion, Mumbai Maharashtra 400018	Contact not found

Management
Name	Position Held
Mr. Analjit Singh	Founder & Chairman
Ms. Tara Singh Vachani	Vice Chairperson
Mr. Rajit Mehta	Managing Director
Mr. Mohit Talwar	Non Executive Director
Mr. Pradeep Pant	Independent Director
Ms. Sharmila Tagore	Independent Director
Dr. Ajit Singh	Independent Director
Mr. Niten Malhan	Independent Director
Mr. Rohit Kapoor	Independent Director

FAQ

What is the intrinsic value of Max India Ltd and is it undervalued?

As of 25 April 2026, Max India Ltd's intrinsic value is ₹115.40, which is 18.16% lower than the current market price of ₹141.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (30.0 %), book value (₹89.1), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Max India Ltd?

Max India Ltd is trading at ₹141.00 as of 25 April 2026, with a FY2026-2027 high of ₹242 and low of ₹120. The stock is currently near its 52-week low. Market cap stands at ₹741 Cr..

How does Max India Ltd's P/E ratio compare to its industry?

Max India Ltd has a P/E ratio of , which is below the industry average of 24.06. This is broadly in line with or below the industry average.

Is Max India Ltd financially healthy?

Key indicators for Max India Ltd: ROCE of 23.6 % indicates efficient capital utilization; ROE of 30.0 % shows strong shareholder returns. Dividend yield is 0.00 %.

Is Max India Ltd profitable and how is the profit trend?

Max India Ltd reported a net profit of ₹-140 Cr in Mar 2025 on revenue of ₹163 Cr. Compared to ₹-16 Cr in Mar 2022, the net profit shows a mixed trend.

Does Max India Ltd pay dividends?

Max India Ltd has a dividend yield of 0.00 % at the current price of ₹141.00. The company is currently not paying meaningful dividends.