Max India Ltd(Merged)

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Max India Ltd(Merged) trades at ₹63.6, in a downtrend and 9 weeks into that stage. That is +7.4% against its own 200-day average. It sits at 55% of a 52-week range of ₹46 to ₹78. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).

Today the stock is in a downtrend — week 9 of stage 4, confirmed. At ₹63.6 it trades +7.4% versus its 200-day average and sits at 55% of its 52-week range (₹46–₹78).

Against the market, two honest reads. Cumulative: over the last 4.1 years the stock moved −43% while the NIFTY 500 moved +33% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2020-04-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Max India Ltd(Merged) trades at 5.7× P/E, against too little history to rank. Its long-run median P/E is 4.1×, measured across 0.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 5.7× is against too little history to rank, against a long-run median of 4.1× measured over 0.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

At its price on 13 June 2026, Max India Ltd(Merged) was priced for profit growth of about 1.0% a year.

How to hold this number: it is a reading of one day's price, taken on 13 June 2026, not a running figure. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements. Every other number on this page is read off the live quote.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Max India Ltd(Merged) reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 9 quarters across 2 curves, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

The latest quarter’s profit carries a one-off item larger than the operating base, so the profit curve is shown but does not vote in the stage call.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

45.1/100 — rank 1 of 1 in Hospitals & Diagnostics · 56% evidence confidence

Max India Ltd(Merged) scores 45.1 out of 100 against the 1 companies it is compared with in Hospitals & Diagnostics, ranking 1. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 20.8 + 3 + 11.2 + 10.1 = 45.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Max India Ltd(Merged) reported ₹34.0 Cr of revenue in the Dec 19 quarter, −2.9% year on year. Over 3 years it has compounded at −49.5% a year. The last full year, FY19, came in at ₹157 Cr. The last four reported quarters add to ₹151 Cr.

FY19 revenue came in at ₹157 Cr (−35.1% on the year), capping 3 years at −49.5% compound. The latest quarter (Dec 19) printed ₹34.0 Cr, −2.9% year on year.

Pace check: the last four quarters averaged +36.0% growth against the decade's −49.5% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +16.2% over the last 4 quarters against +64.2%/yr over the last 8 — rolling over.

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

Max India Ltd(Merged)'s operating margin is −34.0% in the Dec 19 quarter, +32.0 percentage points against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged −33.0% to 2.0%. The current quarter is running below every full year in that window.

The latest quarter's operating margin is −34.0%, +32.0 pp against the same quarter a year ago. Across 4 fiscal years the operating margin has ranged −33.0%–2.0%.

Why the margin moved: operating margin went +31.4 pp year on year while gross margin went −3.0 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Max India Ltd(Merged) earned ₹367 Cr of net profit in the Dec 19 quarter. That quarter carries a one-off item larger than its own revenue, so the year-on-year figure is an artefact rather than a trading result. The full FY19 year was a loss of ₹131 Cr. That is 1,079.4% of the quarter's revenue.

Dec 19 profit was ₹367 Cr, null year on year. On the full year, FY19 printed ₹−131 Cr (null).

🚨 Read this profit with care: at ₹367 Cr it is larger than the whole quarter's revenue of ₹34.0 Cr — no operating business earns more than it sells, so this is a one-off item (a debt-to-equity conversion, a tax write-back or an asset sale), not money the business earned. The underlying operations are running at −34.0% operating margin; the year-on-year jump and any P/E built on this number are artefacts of the one-off, not a real earnings turn.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Max India Ltd(Merged)'s cash-flow history is too thin to judge how much reported profit converts into cash. In FY19 that was ₹−3.0 Cr of operating cash against ₹−131 Cr of profit. After ₹−43.0 Cr of capital spending, ₹40.0 Cr was left as free cash. Cash resolution here is annual, because quarterly cash statements are not published.

FY19: operating cash of ₹−3.0 Cr against reported profit of ₹−131 Cr, leaving free cash of ₹40.0 Cr after ₹−43.0 Cr of capital spending.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Router verdict: no single sink dominates — the next section checks both the working-capital cycle and the capital spending.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Max India Ltd(Merged)'s cash conversion cycle runs 1,948 days in FY19, up from −351 days in FY16. Capital spending ran ₹−996 Cr over the last 3 years. At FY19 sales of ₹157 Cr each day of that cycle holds about ₹0.4 Cr, so roughly ₹838 Cr sits inside the business at any moment.

FY19: debtors at 61 days, inventory at 2,053 days — roughly 67.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 1,948 days, looser than FY16's −351.

The full loop: cash goes out to suppliers and production on day 0; stock waits 2,053 days to sell; customers pay about 61 days after that; and suppliers themselves are paid at 166 days — netting out to the 1,948-day cycle.

In money terms: at FY19 sales of ₹157 Cr, each day of the cycle holds about ₹0.4 Cr — so the 1,948-day loop keeps roughly ₹838 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹−996 Cr over the last 3 fiscal years against ₹62.0 Cr of depreciation — spending at or below maintenance level. Capital work-in-progress stands at ₹6.0 Cr (FY19) — capacity paid for but not yet earning.

The synthesis: neither the cycle nor the build-out is hoarding the cash — the machine is reasonably clean.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Max India Ltd(Merged) earns a ROCE of −2% in FY19. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is −83.4% net margin on 0.07× asset turns.

FY19 ROCE is −2%.

Why the return is what it is — the wiring (FY19): −83.4% net margin × 0.07× asset turns × 2.00× balance-sheet leverage ≈ −11.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Max India Ltd(Merged) carries ₹194 Cr of borrowings against ₹1,170 Cr of equity in FY19, a debt-to-equity of 0.17. Operating profit covers the interest bill −2×. Over 3 years borrowings went from ₹524 Cr to ₹194 Cr. Capital spending ran ₹−996 Cr across the last 3 of those years.

FY19: borrowings of ₹194 Cr against equity of ₹1,170 Cr — a debt-to-equity of 0.17. Operating profit covers the interest bill −2×. Over 3 years borrowings went from ₹524 Cr to ₹194 Cr while capital spending ran ₹−996 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 16.8 points of Max India Ltd(Merged) over 8 quarters, the biggest move on the register. That takes domestic institutions to 4.6% of the company. Foreign institutions moved +13.1 points over the same window, to 37.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −16.8 points over 8 quarters to 4.6%; Foreign institutions: +13.1 points over 8 quarters to 37.6%; Promoters: −0.1 points over 8 quarters to 40.9%.

Why the register moved: rotation — foreign institutions +13.1 points against domestic institutions −16.8 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Max India Ltd(Merged): the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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