Max Estates Limited (MAXESTATES.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-247.7%

-₹747.90

vs ₹506.25 price

Levered DCF

-₹955.05

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	318.3×	147.87×	-74.8×	219.42×	832.5×	544.33×	-333×	-145.15×
P/B	2.06×	4.1×	2.69×	3.44×	6.84×	4.72×	2.22×	2.36×
P/S	16.83×	37.39×	33.93×	38.79×	56.68×	62.69×	3.09×	4.92×
EV / EBITDA	56.09×	80.57×	212.61×	92.21×	128.69×	-410.46×	25.81×	121.4×
Gross margin	53.5%	98.2%	25.7%	60.4%	72.4%	34.2%	17.5%	9.5%
Operating margin	29.9%	65.1%	-7.4%	24.2%	58.1%	-18.2%	6.5%	-2.5%
Net margin	5.3%	16.3%	-45.4%	17.7%	6.8%	11.6%	2.8%	-3.4%
Current ratio	13.11×	2×	1.55×	4.39×	1.72×	4.83×	248.38×	520.04×
Debt / equity	1×	0.73×	0.82×	0.71×	0.52×	0.62×	0.32×	0.3×
Interest coverage	1.36×	2.63×	-0.16×	1.4×	2.64×	-0.7×	11.14×	-0.54×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	0.6%	1.8%	-3.6%	1.6%	0.8%	0.9%	2.0%	-1.6%
Return on invested capital	0.5%	2.2%	-0.2%	1.0%	2.5%	-0.5%	1.1%	-0.1%
Return on assets	0.1%	0.6%	-1.4%	0.9%	0.5%	0.4%	5.8%	-11.3%
Free cash flow yield	-14.9%	-4.8%	-3.2%	-24.2%	-2.6%	-0.8%	0.8%	-6.3%
Earnings yield	0.3%	0.4%	-1.3%	0.5%	0.1%	0.2%	0.9%	-0.7%
Enterprise value	₹67.9B	₹107.6B	₹38.8B	₹50.1B	₹44.8B	₹47B	₹47.5B	₹50.5B
Net debt / EBITDA	14.84×	10.68×	40.01×	15.54×	8.98×	-46.62×	3.17×	13.62×
Cash conversion cycle (days)	-2,680	147,137	2,666	2,580	-230	1,016	36	67