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Real estate arm of the Max Group developing premium commercial and residential projects in Delhi-NCR.
Real estate arm of the Max Group developing premium commercial and residential projects in Delhi-NCR.
Apartment sales arrive in lumps tied to project timing and handover. Rental income from completed offices, leased to corporate tenants, is steadier. Both are concentrated in Delhi NCR, so local property cycles matter more than national ones.
In one line: A premium Delhi-NCR real estate developer.
Moat: none (brand). Max Group brand and capital backing help, but real estate development itself has limited structural moat.
Headquarters: New Delhi, India · Founded: 2016 · Employees: 309
Size Max Estates (MAXESTATES.NS) is an India Real Estate company (Real Estate Development) with a market value of $872M, the 638th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹502.45 on 6 Nov 2026.
Performance Over six months the shares gained 19.9%, against -10.1% for the median peer and 0.0% for the India market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median -12.6%); the operating margin is 27.8% (peer median 1.0%).
Next results Next results expected around 8 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.97B | ₹2.75B | ₹1.60B | ₹929M | ₹1.16B |
| Revenue growth | — | +72% | +73% | -20% | — |
| Gross profit | ₹2.33B | ₹2.08B | ₹954M | ₹493M | ₹797M |
| EBITDA | ₹1.15B | ₹1.06B | ₹461M | ₹183M | ₹409M |
| Net income | ₹77.2M | ₹125M | ₹408M | -₹422M | ₹190M |
| Free cash flow | n/a | -₹7.42B | -₹4.64B | -₹1.02B | -₹10.1B |
| Capital expenditure | n/a | ₹809M | ₹6.77B | ₹3.21B | ₹5.22B |
| Total debt | n/a | ₹23.4B | ₹16.6B | ₹9.62B | ₹8.62B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Max Estates MAXESTATES.NS | $872M | +20% | +5% | 28% | n/a | n/a |
| DLF DLF.NS | $19.7B | +22% | -29% | 13% | n/a | n/a |
| Godrej Properties GODREJPROP.NS | $5.77B | -4% | +17% | 21% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MAXESTATES.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.7% | -3.0% | 8th lowest of 21 |
| 6-month return | +19.9% | -10.1% | 2nd highest of 20 |
| Distance from 52-week high | -23.0% | -23.6% | 11th highest of 21 |
| Revenue growth (TTM) | +5.2% | -12.6% | 6th highest of 21 |
| Operating margin | 27.8% | 1.0% | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Max Estates MAXESTATES.NS | India | $872M | +20% | +5% | 28% | n/a | n/a | n/a |
| Zhuhai Huafa Properties 600325.SS | China | $871M | -39% | -18% | -16% | n/a | n/a | n/a |
| Harworth HWG.L | United Kingdom | $879M | +51% | -35% | -31% | n/a | n/a | n/a |
| Bukit Sembawang Estates B61.SI | Singapore | $880M | -10% | -37% | 44% | n/a | n/a | n/a |
| Miramar Hotel & Investment 0071.HK | Hong Kong | $862M | -10% | -11% | 22% | n/a | n/a | n/a |
| Country Garden 2007.HK | Hong Kong | $853M | -49% | -42% | -51% | n/a | n/a | n/a |
| Dios Fastigheter DIOS.ST | Sweden | $851M | -9% | +1% | 66% | n/a | n/a | n/a |
| Bright Real Estate 600708.SS | China | $849M | -33% | -54% | -82% | n/a | n/a | n/a |
| PEXA PXA.AX | Australia | $896M | -38% | +3% | 13% | n/a | n/a | n/a |
| Rongan Property 000517.SZ | China | $898M | -7% | -76% | -46% | n/a | n/a | n/a |
| Wing Tai W05.SI | Singapore | $846M | -10% | +168% | 6% | n/a | n/a | n/a |
| Morguard MRC.TO | Canada | $844M | -6% | -1% | 49% | n/a | n/a | n/a |
| Shenzhen Tellus 000025.SZ | China | $843M | -16% | -60% | 21% | n/a | n/a | n/a |
| Sky Harbour SKYH | United States | $839M | +4% | +62% | -81% | n/a | n/a | n/a |
| Metro Land 600683.SS | China | $839M | -48% | +1,029% | -10% | n/a | n/a | n/a |
| Jm AB JM.ST | Sweden | $834M | +7% | -14% | 1% | n/a | n/a | n/a |
| Shenzhen New Nanshan Holding (Group) 002314.SZ | China | $833M | -19% | -55% | -36% | n/a | n/a | n/a |
| Sveafastigheter SVEAF-B.ST | Sweden | $916M | n/a | +8% | 51% | n/a | n/a | n/a |
| Shunfa Hengneng 000631.SZ | China | $922M | -9% | +9% | n/a | n/a | n/a | n/a |
| Sun Frontier Fudousan 8934.T | Japan | $816M | -16% | +3% | 22% | n/a | n/a | n/a |
| Logan 3380.HK | Hong Kong | $816M | -9% | -69% | -178% | n/a | n/a | n/a |