Max Estates share price today

Max Estates Ltd's share price was ₹513.75 at the close on 4 November 2026. It has been rising for 10 weeks. That is 9.1% above its average price over the last 200 trading days. In the last 52 weeks it traded between ₹331 and ₹595, and at that close it sat 69% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Max Estates Ltd is in stage 2. The phase helps read everything below.

Over the past 13 weeks it has done better than the NIFTY 500, and it has stayed ahead for 13 weeks in a row.

Over the last 3 years the share price moved +91% while the NIFTY 500 moved +27%, so it is ahead of the index over that whole period. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

4 points on a year earlier and highest quarterly revenue in 15 quarters.

1. Revenue up on a year earlier for 10 quarters in a row

   In the June 2026 quarter revenue was ₹52 crore, +0.9% on a year earlier.

2. Operating margin down 11.4 points on a year earlier

   15.6% in the June 2026 quarter, from 27%.

   Why: Margins fell because advertising and marketing costs were higher this quarter, since it had project launches while the same quarter last year had none. Accounting rules also put selling costs in the accounts before the home sale revenue is booked.

   Next results: check whether marketing costs ease in a quarter with fewer launches, since management ties these costs to launch timing.

   From the earnings call on 17 Aug 2026.

3. Highest quarterly revenue in 15 quarters

   Revenue of ₹52 crore in the June 2026 quarter is the highest of the last 15 quarters.

For April to June 2026 (the quarter ended 30 June 2026), Max Estates reported revenue of ₹51.9 crore, up 0.9% from ₹51.5 crore a year earlier, and a profit of ₹8.35 crore, down 30.1% from ₹11.9 crore.

Max Estates results: April to June 2026 against a year earlier

The next results, for July to September 2026, are due by 14 November 2026: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Max Estates' management discussed these results on a call held on 17 August 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 June 2026). Revenue and profit in ₹ crore.

Max Estates closed at ₹513.75 on 4 November 2026, up 5.5% from ₹486.95 a year earlier (7 November 2025) and up 91.2% over three years. Its highest weekly close since November 2023 was ₹675.15 on 30 August 2024.

Max Estates share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

162 weekly closes from 3 November 2023 to 4 November 2026.

4 Nov 2026: Max Estates closed at ₹513.75, up 1.3% on the week and down 9.3% on the month. 17 Aug 2026: Max Estates held its results call for April to June 2026. Management guided: FY27 collections ₹2,500-2,700 crore and surplus operating cash flow ₹750-1,000 crore for business development.

Earlier

• Results for April to June 2026: Revenue up 0.9% and profit down 30.1% on a year earlier.

Max Estates has paid no dividend on the NSE since its first NSE close in our records (3 November 2023), the start of the period we checked.

No. Max Estates Ltd paid out 0% of its profit as dividends in each of its last 5 reported years, so there is no payout history to show. That comes from the filed annual statements, not an estimate.

From the NSE corporate-actions record, read 5 November 2026.

On the call for April to June 2026, held on 17 August 2026, Max Estates' management guided: FY27 collections ₹2,500-2,700 crore and surplus operating cash flow ₹750-1,000 crore for business development.

“We expect our collections to be in the range of 2,500-2,700 crores in the current year.”Nitin Pansari, on the call for April to June 2026

What management guided

• Residential pipeline approximately ₹16,100 crore, including ₹4,000 crore launched inventory and approximately ₹12,000 crore new projects; annual additions goal 2 million square feet.
• Second-half FY27 new residential launches ₹5,000-5,500 crore plus ₹3,000-4,000 crore sustenance inventory.
• Sector 59 launch with GDV above ₹3,500 crore.
• Max Square 2 OC July to September 2027 and Max District OCs across October to December 2027-October to December 2028; annuity additions ₹125 crore and ₹200 crore.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for April to June 2026, 17 August 2026.

When Max Estates reports July to September 2026, these are the 4 checks that show whether the story is still on course. First: Q2 residential pre-sales and collections - check launch execution and customer payment conversion against the FY27 frameworks.

Max Estates is on one of our India lists: Real estate, REIT & cement.

Max Estates Ltd earned ₹8.3 Cr of net profit in the Jun 2026 quarter, −30.1% on the same quarter a year earlier. Full-year FY26 profit was ₹16.0 Cr. Over 4 years profit has grown 33.7% a year on average. That is 16.1% of the quarter's revenue. The same quarter a year earlier earned ₹11.9 Cr.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

6 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹16.0 Cr (−38.5% on the year before).

Why profit moved: revenue changed +0.9% on a year earlier and the margin moved −11.4 percentage points. Sales did the work while the margin got thinner.

On average over the last four quarters, profit changed −86.4% and revenue +17.7%. Profit is growing slower than sales: rising costs are taking part of the growth.

Max Estates Ltd reported ₹51.9 Cr of revenue in the Jun 2026 quarter, +0.9% on the same quarter a year earlier. That is the 10th quarter in a row with growth on the year before. Over 4 years it has grown 30.3% a year on average. The last full year, FY26, came in at ₹199 Cr.

Revenue is everything the company billed its customers in the period.

The last four reported quarters add to ₹200 Cr.

FY26 revenue was ₹199 Cr, +24.4% on the year before.

Recent pace: the last four quarters grew +17.7% on average, against 30.3% a year over the longer run, so this year is growing slower than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +16.6%, against +31.7% a year over the last 8 quarters (rolling over).

Max Estates Ltd's operating margin was 15.6% in the Jun 2026 quarter, 11.4 percentage points lower than the same quarter a year ago. Across 5 years it has been between 12.0% and 44.0%. The latest quarter is within that range.

Operating margin is what is left from every ₹100 of sales after the costs of running the business, before interest and tax. It shows pricing power and cost control.

Why the margin moved: operating margin changed −11.4 percentage points on the year while gross margin changed +7.5 points. So the drop came mostly from the gross margin, which means input costs and prices charged.

Over the last 3 years Max Estates Ltd's operations used more cash than they brought in, so cash conversion was −1,412%, a gap worth watching. In FY26 its operations used ₹616 Cr of cash, against ₹16.0 Cr of profit. After ₹508 Cr of spending on assets, free cash was −₹1,124 Cr: it spent more than its operations brought in.

The profit and loss account shows what was earned. The cash-flow statement shows the cash that actually came in. Comparing operating cash flow with profit is one of the best checks that a profit is real.

Cash-flow figures here are yearly, because quarterly cash statements are not published, so this section changes once a year.

Why: the cash figure is clear, but the day counts behind it are not in our data, so we show it without guessing the reason.

What to look at next: the main use of cash is spending on assets. The next section checks what that spending is building.

Max Estates Ltd's customer, stock and supplier day counts come out in the thousands of days on sales this small (₹199 Cr in FY26), so no cash-cycle chart is drawn and this section looks at its spending on assets instead. It spent ₹1,187 Cr on assets over the last 3 years.

Working capital is the cash tied up between paying suppliers and getting paid. Debtor days: how long customers take to pay. Inventory days: how long stock sits. The cash cycle: the whole loop, in days of sales.

Averaged over those years that is 198.8% of FY26 revenue a year.

Spending on assets: ₹1,187 Cr over the last 3 years, against ₹91.0 Cr of depreciation (the yearly wear and tear on existing assets). So it is building well beyond replacing what wears out. Work still in progress is ₹0.0 Cr (FY26): assets paid for that are not earning yet.

In short: the cash is going into new capacity, not getting stuck in the daily cycle. The question is whether the new capacity earns.

Max Estates Ltd's P/E is 1,431.8×, near the high end of its own history: higher than 93% of past readings. Its usual P/E (the middle reading) is 233.2×, over 3 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

P/E is the share price divided by a year's profit per share: how many rupees the market pays for each rupee of yearly profit.

Why the multiple is where it is: over the past year earnings per share moved −69.6% while the price moved +5.5%. The price did better than earnings, which pushed the multiple up within its own range.

Where the price move came from: over 3 years the price moved +24.1% a year; about −33.6% a year came from earnings growth and about +57.7 percentage points from the multiple (the market paying more). The split is approximate (price return minus earnings growth). It shows how much of the move came from the market paying a different multiple.

In short: the multiple is high against its own past, so the earnings trend underneath matters more than the multiple.

The PEG ratio and its quarterly curve, which only the second data source has, are not shown on this page: its two data sources disagree by up to 220% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Max Estates Ltd's business trend cannot be read yet. There are fewer than eight usable quarters of growth figures, so there is not enough history to read the trend. This is based on 8 quarters of 2 measures, with some gaps.

Every business is somewhere on a path of getting better or worse, and this section names where. The last 12 quarters of growth in revenue, profit and earnings per share, plus the return the business earns on its capital, are read as lines. Getting worse: the lines are falling. Turning around: a low point has just formed and the last few quarters are rising from it. Getting better: the rise from the low has lasted. Growing steadily: steady growth with healthy returns. Slowing from a peak: still high, but slowing. When the lines disagree the result is mixed; too little history means no reading. CAGR (compound annual growth rate) is the steady yearly rate that would turn the starting value into the latest one. It is the fairest way to compare growth over different periods. If the 1-year figure is much bigger than the 10-year one, recent growth is running faster than the long-run trend. A dash means there is no figure for that period, or the starting year was a loss, where a growth rate means nothing.

Why it matters: with too little history, we say so rather than guess a direction.

One or more growth lines have an extreme jump caused by comparing with a near-zero or loss-making quarter. Those jumps are capped before reading and drawn at the edge of the chart, so one odd quarter does not decide the result.

The return figures here are yearly, not quarterly. They show level and direction only; they can support the growth lines but never decide the reading alone.

There are fewer than eight usable quarters, so this page does not guess a direction from so little history.

Compound annual growth rate (%)

Compound annual growth rate over each period, %. Revenue, profit and EPS come from yearly figures; the share price row is price growth over the same periods. A dash means no figure for that period, or the starting year was a loss.

Max Estates Ltd earned a ROCE of 1% in FY26. That is up from a low of 0% in FY24. We cannot compare its return on capital used with its cost of capital from the data we have. It comes from a 8.0% net margin and 0.02× asset turnover (sales divided by assets).

Return on capital employed (ROCE) is the profit the whole business earns on all the money in it, from shareholders and lenders together. It is the best single test of whether growth adds value or just size.

Why the return is what it is (FY26): a 8.0% net margin × 0.02× asset turnover × 5.13× leverage (assets divided by equity) ≈ 0.8% on equity. The margin does its share; borrowing is a big part of it.

The quarterly return lines and the return-on-capital-used (ROIC) line, which only the second data source has, are not shown on this page: its two data sources disagree by up to 220% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Max Estates Ltd had ₹2,412 Cr of borrowings against ₹2,419 Cr of equity in FY26, so its debt is 1.00× its equity. Its operating profit is 0 times its interest bill. Over 4 years borrowings went from ₹315 Cr to ₹2,412 Cr. Over the last 3 of those years it spent ₹1,187 Cr on assets.

Debt-to-equity shows how much of the business is paid for with borrowed money. Interest cover shows how many times operating profit pays the interest bill. Low debt and high cover are the safe combination.

Part of the spending on assets is being paid for with borrowed money.

The total-debt and debt-to-equity series, which only the second data source has, are not shown on this page: its two data sources disagree by up to 220% on reported income across 15 comparable periods. When two sources disagree on a figure, we leave it out on purpose. The gap is a choice, not missing data.

Domestic institutions raised their stake in Max Estates Ltd by 3.0 percentage points over 8 quarters, the biggest change among its owners. Domestic institutions now own 8.7% of the company. Foreign institutions moved −1.2 points over the same period, to 26.3%. This uses the four owner groups that companies report every quarter; nothing is guessed between filings.

Who owns the company each quarter: promoters (the founders or controlling owners), foreign institutions, domestic institutions such as mutual funds, and the public. When people close to the business steadily raise their stake, that is worth noticing; a quiet list is also an answer.

Over the last two years: Domestic institutions: +3.0 points over 8 quarters, to 8.7%; Foreign institutions: −1.2 points over 8 quarters, to 26.3%; Promoters: +0.0 points over 8 quarters, to 45.2%.

Why the owners changed: domestic institutions drove it (+3.0 points), with the other side taken by foreign institutions (−1.2 points). They raised their stake step by step.

For Max Estates Ltd, the Z-score is not available, so we say so rather than guess one. It estimates how far the balance sheet is from trouble; it is not a forecast of failure. The debt, cash-flow and return sections show the balance-sheet figures we do have, each with its own date.

The Z-score estimates how far a company is from balance-sheet trouble. Above about 3 is safe; below about 1.8 is the danger zone. It was built for manufacturers, so it is not used for banks and lenders.

34.3 out of 100, rank 8 of 8 in Realty - Regional, with 56% of the evidence available.

Max Estates Ltd scores 34.3 out of 100 against the 8 companies it is compared with in Realty - Regional, ranking 8. Some evidence is missing, so the score is pulled toward the middle on purpose.

The four parts add up to the total exactly: 8.6 + 5.2 + 8.5 + 12 = 34.3. This is the same number shown on the industry page; it is worked out once for the whole group and read here.

What would change it: The score would fall if profit growth turns negative or margins stop improving while the share price lags its sector.

Max Estates ranks 8 of 8 Realty - Regional companies on the 4-Factor Sector Score, with 34.3 out of 100.

Missing figures are not scored as bad. They lower the confidence and pull the final score toward the middle. Relative strength counts only when the company has a reading for this week; with no reading, that factor is left out and its 20 points are shared across the other three in proportion. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step path the industry is placed on (basing, turning, breaking out, leader, fading, asleep), read from how many weeks running it has led NIFTY 500 and whether that lead is growing or shrinking. It describes where the share price stands, not the direction of earnings, and it is not a recommendation; it is left blank for a company whose weekly history is too short or too stale to read.

The figures in this ranking come from the industry comparison: results through the Sep 2026 quarter, and the P/E at that quarter's end. The sections above use the latest weekly price, so a P/E or return there can differ a little from the one here. The stage words in this ranking (such as losing its lead or breaking out) describe the lead over the index, not the price phase in the price section.

Related companies: Realty - Regional, all 8 compared on one page.

Max Estates is the 2nd largest of 8 Realty - Regional companies on Sector Alpha by market value (scores of 30 October 2026). Just above it: Oberoi Realty. Just below it: Raymond Realty, TARC, Marathon Nextgen Realty, Arkade Developers and India Homes.

Realty - Regional companies close in size

1. Oberoi Realty Ltd ₹59,867 crore
2. Max Estates Ltd ₹8,297 crore
3. Raymond Realty Ltd ₹3,394 crore
4. TARC Ltd ₹3,238 crore
5. Marathon Nextgen Realty Ltd ₹2,517 crore
6. Arkade Developers Ltd ₹1,988 crore
7. India Homes Ltd ₹1,031 crore

All 8 Realty - Regional companies, largest first

Companies close in size in other industries

638. Genus Power Infrastructures Ltd ₹8,321 crore · Electronics - Equipment/Components
639. GNG Electronics Ltd ₹8,318 crore · New age - Platform - E-Retail
640. Max Estates Ltd ₹8,297 crore
641. Omnitech Engineering Ltd ₹8,255 crore · Engineering - Light - General
642. Brainbees Solutions Ltd ₹8,236 crore · New age - Platform - E-Retail

Sector Alpha, written by code from the published numbers. Data as of 4 November 2026.

Every chart on this page is drawn by code from the published figures, with no forecasts and no price opinions.

See the plain-text version of this page.