Max Heights Infrastructure Limited (MAXHEIGHTS.BO) 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

-347.5%

-₹26.61

vs ₹10.75 price

Levered DCF

-₹4.54

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.87×	-65.35×	250×	-158.47×	-259.54×	27.75×	15.23×	22.17×
P/B	0.55×	0.81×	3.17×	4.84×	0.88×	0.56×	0.49×	0.92×
P/S	2.25×	5.79×	4.18×	19.63×	4.89×	1.68×	0.36×	0.63×
EV / EBITDA	11.39×	2,368.5×	140.11×	108.96×	49.99×	18.58×	21.15×	20.13×
Gross margin	26.2%	15.0%	5.9%	40.4%	34.8%	32.3%	16.8%	25.2%
Operating margin	15.7%	-4.9%	1.0%	28.3%	18.5%	21.2%	14.2%	13.4%
Net margin	11.9%	-8.7%	1.7%	-12.4%	-1.9%	6.1%	2.3%	2.8%
Current ratio	145.1×	91.84×	1.94×	2.03×	2.05×	4.07×	1.37×	1.32×
Debt / equity	0.11×	0.21×	2.38×	2.91×	2.61×	2.56×	3.3×	3.58×
Interest coverage	3.93×	-1.07×	0.58×	0.55×	0.31×	0.63×	1.8×	1.47×
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	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.9%	-1.2%	1.3%	-3.1%	-0.3%	2.0%	3.2%	4.1%
Return on invested capital	2.9%	-0.6%	0.2%	1.8%	0.9%	1.3%	3.3%	3.1%
Return on assets	2.6%	-1.0%	0.3%	-0.6%	-0.1%	0.4%	0.3%	0.4%
Free cash flow yield	23.8%	-26.1%	11.2%	-0.4%	0.3%	-16.8%	50.5%	-33.3%
Earnings yield	5.3%	-1.5%	0.4%	-0.6%	-0.4%	3.6%	6.5%	4.5%
Enterprise value	₹196.1M	₹334M	₹1.6B	₹2.2B	₹1B	₹937.5M	₹1.2B	₹1.4B
Net debt / EBITDA	0.61×	487.65×	59.5×	40.14×	37.32×	15.14×	18.35×	15.91×
Cash conversion cycle (days)	1,402	2,682	1,691	9,521	11,702	5,716	2,493	2,754