Max India financials and balance sheet

NSE: MAXINDBSE: 543223FinanceSmall Cap

₹149.15₹0.94 (0.63%)BSE ₹146.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹150.09.

52-week range of traded prices to 23 Oct 2026

₹120.00Low, 30 Mar 2026₹220.00High, 23 Oct 2025

Market cap: ₹840 Cr1,580th largest listed
P/E: Lossover the last 12 months
P/B: Shares changed
Dividend yield: Nonein the last 12 months
ROE: −34.5%
ROCE: −33.8%
Debt to equity: 0.00
Volume, NSE: 54,63550.5% delivered

6 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Max India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

Peak revenue ₹230 Cr, year to Mar 2022A loss in 6 of the 6 years shown

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue191
Materials and goods−53
Employee costs−95
Other expenses−149
Operating profit−106
Depreciation−25
Other income+23
One-off items+4.8
Finance costs−14
Profit before tax−117
Tax−0.9
Joint ventures−3.8
Net profit−122

What the company owns

Plant, investments and other assets₹522 Cr
Cash and bank₹77 Cr
Receivables₹37 Cr
Current investments₹17 Cr
Inventory₹16 Cr

What pays for it: net worth and liabilities

Net worth₹408 Cr
Other liabilities₹225 Cr
Owed to suppliers₹34 Cr
Borrowings₹2 Cr

Max India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Max India segment results by quarter

Revenue by segment

₹193 CrTotal

Assisted Care₹108 Cr56.2% of total
Senior Living₹73 Cr38.1% of total
Business Investments₹11 Cr5.6% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Assisted Care
Revenue, ₹ crore
16
16
25
62
108
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−19
−29
−61
−109
−112
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Senior Living
Revenue, ₹ crore
36
182
158
124
67
73
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−40
12
21
5
−13
−1
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Business Investments
Revenue, ₹ crore
33
33
31
19
11
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
5
1
−8
−11
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Investment in joint ventures
Revenue, ₹ crore
0
0
0
0
0
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
0
0
0
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Non- Current Asset Held for Sale
Revenue, ₹ crore
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
1
1
1
1
1
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
0
0
−1
−1
−1
0
Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	125	236	207	181	149	193
Company revenue, as in its results	87	230	201	176	145	191
Revenue	–	16	16	25	62	108
Revenue growth	–	–	−1.3%	55.1%	149.1%	73.5%
Profit	–	−19	−29	−61	−109	−112
Margin	–	−114.6%	−176.7%	−243.2%	−175.0%	−103.4%
Return on capital	–	−353.2%	−2,721.9%	−147.7%	−127.3%	−103.1%
Assets	–	28	30	93	207	227
Liabilities	–	23	29	52	121	118
Capital employed	–	5	1	41	86	109
Revenue	36	182	158	124	67	73
Revenue growth	–	409.6%	−13.4%	−21.7%	−46.0%	10.1%
Profit	−40	12	21	5	−13	−1
Profit growth	–	–	69.7%	−75.9%	–	–
Margin	−110.7%	6.7%	13.0%	4.0%	−18.9%	−1.2%
Return on capital	−36.8%	9.4%	16.1%	2.6%	−8.4%	−0.4%
Assets	418	315	299	310	281	361
Liabilities	310	186	172	122	132	133
Capital employed	107	129	128	187	150	227
Revenue	–	33	33	31	19	11
Revenue growth	–	–	−0.2%	−4.0%	−38.7%	−43.1%
Profit	–	3	5	1	−8	−11
Profit growth	–	–	60.7%	−88.9%	–	–
Margin	–	8.6%	13.8%	1.6%	−43.2%	−105.5%
Return on capital	–	0.6%	1.2%	0.2%	−74.2%	−20.7%
Assets	–	474	392	256	32	65
Liabilities	–	7	9	17	21	10
Capital employed	–	466	383	239	11	55
	0	0	0	0	0	0
Profit	0	0	0	0	0	0
Return on capital	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Assets	21	20	19	12	12	9
Liabilities	0	0	0	0	0	0
Capital employed	21	20	19	12	12	9
	–	–	–	–	–	0
Profit	–	–	–	–	–	0
Assets	–	–	–	–	–	0
Liabilities	–	–	–	–	–	0
Capital employed	–	–	–	–	–	0
Revenue	1	1	1	1	1	0
Profit	0	0	−1	−1	−1	0
Margin	−13.3%	−34.4%	−86.0%	−76.4%	−68.5%	–
Return on capital	−4.3%	−14.3%	−29.4%	−24.7%	−35.9%	−22.0%
Assets	2	3	3	3	2	2
Liabilities	0	0	0	0	0	0
Capital employed	2	2	3	3	2	2
	–	–	–	–	0	–
Profit	–	–	–	–	0	–
Return on capital	–	–	–	–	0.0%	–
Assets	–	–	–	–	95	–
Liabilities	–	–	–	–	0	–
Capital employed	–	–	–	–	95	–
Revenue	55	4	–	–	–	–
Revenue growth	–	−93.0%	–	–	–	–
Profit	1	−2	–	–	–	–
Margin	1.9%	−41.9%	–	–	–	–
Return on capital	21.2%	−81.8%	–	–	–	–
Assets	29	2	–	–	–	–
Liabilities	24	0	–	–	–	–
Capital employed	5	2	–	–	–	–
Revenue	34	–	–	–	–	–
Profit	2	–	–	–	–	–
Margin	5.1%	–	–	–	–	–
Return on capital	0.3%	–	–	–	–	–
Assets	515	–	–	–	–	–
Liabilities	9	–	–	–	–	–
Capital employed	506	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Max India quarterly results

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue from operations	87	230	201	176	145	191
	108	231	201	230	264	296
Materials and goods bought	9	124	84	58	33	53
Employee costs	66	58	54	78	97	95
Other expenses	33	50	62	94	135	149
Operating profit before depreciation	−21	−1	1	−55	−119	−106
Operating margin	−24.6%	−0.5%	0.2%	−31.0%	−81.5%	−55.6%
Materials, % of revenue	10.7%	53.8%	41.6%	33.1%	22.5%	27.7%
Employee costs, % of revenue	75.7%	25.1%	27.0%	44.5%	66.4%	49.7%
Other expenses, % of revenue	38.2%	21.6%	31.1%	53.4%	92.6%	78.2%
Depreciation and amortisation	20	9	8	10	19	25
Operating profit after depreciation	−41	−10	−8	−65	−137	−131
Other income	7	8	12	19	19	23
Finance costs	8	10	6	5	8	14
Profit before one-off items and tax	−42	−13	−2	−50	−127	−122
One-off items	−7	−5	0	0	−13	5
Profit before tax	−50	−18	−2	−50	−139	−117
	−6	−2	7	7	2	1
Current tax	−8	2	5	7	2	3
Deferred tax	2	−4	2	0	0	−3
Share of profit of joint ventures and associates	−1	−2	−1	1	1	−4
	−44	−18	−10	−56	−140	−122
Belonging to the company's shareholders	−44	−18	−10	−56	−139	−122
Other comprehensive income	0	1	0	0	1	1
Total comprehensive income	−43	−17	−10	−57	−139	−121
Net margin	−50.2%	−7.8%	−5.2%	−32.1%	−96.5%	−63.9%
Net margin without joint ventures and associates	−49.5%	−7.0%	−4.5%	−32.7%	−97.0%	−61.9%

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	653	637	542	492	359	408
Share capital	54	54	43	43	44	53
Reserves	599	583	499	449	315	356
	90	40	22	1	1	2
Repayable after a year	87	39	22	1	1	1
Repayable within a year	3	1	0	0	0	1
	226	153	161	139	165	162
Trade payables	24	10	13	24	31	34
Other financial liabilities	77	68	97	107	117	115
Other liabilities	117	73	48	7	14	8
Provisions	4	1	0	1	2	4
Tax owed	0	0	2	0	0	0
	119	64	50	53	109	99
Other financial liabilities	20	18	19	42	98	87
Provisions	8	7	8	10	9	11
Deferred tax	4	0	1	1	1	0
	998	854	753	684	633	669
Held for sale or for a demerger	1	–	–	–	95	–
	210	305	291	341	277	289
Plant in use, after depreciation	89	85	71	72	56	97
Plant being built	0	0	0	10	21	2
Intangible assets	0	0	20	53	114	98
Goodwill	0	0	0	0	0	0
Property held to earn rent	67	69	68	68	–	–
Investments	21	20	19	12	20	17
Loans given	17	59	43	23	26	32
Other financial assets	1	1	9	97	36	36
Deferred tax	1	1	0	0	–	2
Other assets	12	69	62	7	5	5
	788	549	462	343	261	381
Inventories	249	130	51	6	17	16
Trade receivables	7	6	3	5	22	37
Cash and cash equivalents	24	29	89	116	23	27
Other bank balances	0	0	4	93	87	50
Current investments	312	158	65	52	34	17
Loans given	1	0	0	0	0	176
Other financial assets	119	214	232	39	44	16
Tax paid in advance	6	3	9	7	0	1
Other assets	69	10	9	25	34	40
Net debt	−246	−146	−135	−260	−142	−93

Borrowings are counted again inside the liabilities due within a year and after a year.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
	73	67	69	−102	−128	−95
	56	62	71	−92	−117	−91
	108	81	111	13	2	16
Receivables	7	2	3	−3	−18	−15
Inventories	−23	119	79	45	−11	1
Payables	−3	−20	4	13	7	3
Other working capital	127	−20	25	−42	22	27
Tax paid	17	4	−1	−10	5	−4
Interest paid	0	0	0	0	−16	0
Capital spending	12	3	4	29	36	51
Free cash flow	61	63	66	−131	−163	−146
	13	32	124	159	47	−50
Plant and property sold	0	0	1	0	0	1
Companies bought	0	0	0	0	−7	0
Interest received	7	17	20	26	16	12
	−73	−94	−119	−29	−13	148
Borrowings raised	0	0	0	0	0	0
Borrowings repaid	−48	−82	−18	−21	0	0
Interest paid	−22	−7	−4	−1	0	−2
Lease payments	−4	−5	−5	−8	−15	−17
Dividends paid	0	0	0	0	0	0
Shares bought back	0	0	91	0	0	0
Shares issued	0	0	0	0	3	123
Net change in cash	12	5	75	27	−93	4

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only.

Consolidated, ₹ per share, years to March.

₹ per share	Mar 2021Filed 22 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Earnings per share	−₹8.11	−₹3.35	−₹2.18	−₹13.08	−₹32.50	−₹23.85
Diluted earnings per share	−₹8.11	−₹3.35	−₹2.17	−₹13.08	−₹32.50	−₹23.85
Book value per share	₹121.44	₹118.44	₹125.98	₹114.05	₹82.29	₹77.74
Shareholder yield	0.0%	0.0%	26.1%	0.0%	−0.4%	−19.0%
Market cap at the year end (₹ crore)	345	396	350	872	796	644

Ratios

Consolidated, years to March.Max India PE ratio and valuation

Ratio	Mar 2021Filed 22 Jun	Mar 2022Filed 3 Jun	Mar 2023Filed 25 May	Mar 2024Filed 14 Jun	Mar 2025Filed 13 Jun	Mar 2026Filed 28 May
Revenue growth	–	164.3%	−12.6%	−12.6%	−17.2%	31.0%
	−6.7%	−2.8%	−1.8%	−10.9%	–	–
	–	3.9 pts	1.0 pts	−9.1 pts	–	–
From the net margin	–	5.6 pts	1.0 pts	−9.2 pts	–	–
From asset turnover	–	−1.9 pts	0.0 pts	0.3 pts	–	–
From borrowing	–	0.2 pts	0.1 pts	−0.2 pts	–	–
Return on capital employed	−5.6%	−1.5%	−1.4%	−13.1%	–	−31.9%
Debt to equity	0.14	0.06	0.04	0.00	–	0.00
Receivable days	31	9	5	10	–	71
Inventory days	9,819	385	222	38	–	107
Payable days	950	28	58	148	–	237
Cash conversion cycle, days	8,899	366	170	−99	–	−59
Working capital days	961	335	259	−116	–	240
Asset turnover	0.09	0.25	0.25	0.24	–	–
Assets per rupee of net worth	1.53	1.44	1.36	1.39	–	–
Sales per rupee of plant	0.97	2.70	2.83	2.45	2.60	1.97
Capital spending to depreciation	0.59	0.34	0.43	2.83	1.91	2.05
Plant being built, % of plant in use	0.0%	0.0%	0.0%	13.5%	37.0%	2.4%

Interest cover is left blank for the years to Mar 2021, Mar 2022, Mar 2023, Mar 2024, Mar 2025 and Mar 2026: operating profit after depreciation is a loss, and a loss covers no interest bill. Return on equity, asset turnover and assets per rupee of net worth are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Change in return on equity, from the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2025 and Mar 2026: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving. Debt to equity, receivable days, inventory days, payable days, cash conversion cycle, days, return on capital employed and working capital days are left blank for the year to Mar 2025: a tenth or more of the assets on the balance sheet it is worked from are held for sale or for a demerger, so it would mix the business being kept with the part that is leaving.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: −18.7%

Measure	5 years	3 years
Revenue growth, yearly rate	17.0%	−1.8%
Return on capital employed, average	−12.0%	−22.5%
Operating margin, average	−33.7%	−56.0%
Net margin, average	−41.1%	−64.2%
Cash conversion cycle, days, average	94	−79
Debt to equity, average	0.03	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−189	−325	−95
Cash from investing	312	156	−50
Cash from financing	−106	107	148
Capital spending	123	116	51
Dividends paid	0	0	0
Shares bought back	91	0	0
Shares issued for cash	125	125	123
Borrowings raised	1	1	0
Borrowings repaid	121	21	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	7	2	2	4
Altman Z-scorePublished threshold 1.1	7.36	8.29	7.51	6.34	2.59	4.48
Beneish M-scorePublished threshold −1.78	–	−0.78	−3.60	−1.37	1.11	−2.17
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	−12.61	−25.37	−15.67	−9.05	3.47
Receivables growth less revenue growthOur threshold 0 percentage points	–	−187.31	−37.36	85.36	366.55	36.14
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	−1,282.35	−28.54	−57.40	215.15	−67.89
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	14.13	11.82	−101.87	4.85	−11.19
Assets under construction, years of additionsOur threshold 2 years of additions	–	0.00	–	0.88	6.97	0.03

A threshold marked as ours has no published figure; it is the line we read the check against.