Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Oct - Max Estates earns Dual 5-Star GRESB 2026 rating, ranks No. 1 in Development category.
Source: Bse
Max Estates Limited (MAXESTATES)
Small CapReal Estate stocks · Small cap · NSE
Max Estates Limited operates in Real Estate Development, within the Real Estate sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result14 Aug, 09:03 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 +2.9% / mo · MACD − · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 59
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
MAXESTATESD candles · FIT view+30.4%Latest close ₹512.35 on 2026-10-19
Bar
-3.2%
RSI
37
MACD hist
-8.07
52W pos
60%
2026-10-19O ₹529.05H ₹529.05L ₹511.10C ₹512.35Vol 53,867 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MAXESTATESNifty RealtyNifty 500
- MAXESTATES
- +27.4%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- +32.9 pp
Chart stats
19 Oct 2026- From 52W high
- -21.5%
- 52W range position
- 60%
- ATR (14)
- 4.2%
- Volume vs 20D
- 0.35x
- Avg traded value
- ₹8.8 Cr
- 20D price channel
- ₹511.1 - ₹652.8
₹652.8
₹305.5 - ₹652.8
₹21.5
Latest completed session
20-session average
34.2% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Verify management risk first
Do not let cheap valuation override weak Trust or governance evidence.
U-Score
Legacy · OVERVALUED14
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +0.8% · PAT -30.1% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-4173.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence39
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -30% YoY · margin compression · Rev +1% YoY · +5% QoQ
Filed 14 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹51.9 Cr | +0.8% | +5.0% |
| EBITDA | ₹8.1 Cr | -41.6% | +353.8% |
| Operating margin | 15.6% | -1139 bps | +2211 bps |
| PAT | ₹8.4 Cr | -30.1% | NDF |
| PAT margin | 16.1% | -711 bps | +2434 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 1465.00
- P/B
- 3.55
- EV/EBITDA
- 220.20
- Market Cap
- 8598.00Cr
Profitability
- ROE
- -1.27%
- ROCE
- 1.40%
- ROA
- 0.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 23.72%
- EPS 5Y
- 24.47%
- Revenue 3Y
- 23.00%
- EPS 3Y
- -1.00%
Balance Sheet
- Debt/Equity
- 1.00
- Interest Coverage
- 0.28×
- Altman Z
- 0.86
- Book Value
- 148.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -616.00 Cr
- EPS TTM
- 0.36
Shareholding
- Promoter Hold
- 45.23%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 51.9+5.0% vs prev
Net Profit
₹ CrLatest: 8.3+304.7% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 37. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~2.8% over last month) — short-term momentum positive.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 22% off 52W high · 68% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
80
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.7%
3M return
+27.4%
6M return
+31.7%
1Y return
+9.3%
RS 1D
0
RS 20D
-4
Sector rank
#18
Industry rank
#71
Stage evidence
- Price is 14.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.4%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
24 Aug 2026
S2 age
39 trading sessions
Sector
lagging
Industry
lagging
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 114.85-1.51%
RS vs Nifty 500115
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth13/25
Quality0/20
Balance Sheet0/15
Cash Flow0/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
14
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
14/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 13/25 to the score.
- Valuation contributes 0/30 to the score.
- Quality contributes 0/20 to the score.
Main drags
- Altman Z is 0.9, in distress territory.
- Fair-value margin of safety is negative at -4173.8%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
1465.0
PB
3.5
EV/EBITDA
220.2
ROE
-1.3%
ROCE
1.4%
FCF Yield
—
Debt/Equity
1.0
MoS
-4173.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
14
Previous: 14
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-4173.8%
Previous: -4173.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
14
14
14
14
14
14
14
14
14
14
14
14
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹34.62
-1379.8% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹11.99
-4173.8% MoS
PEG
59.87
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
MAHLIFE
Small
Mahindra Lifespace Developers Limited
Real Estate
match 164
44
24.1
9.9%
+34%
WATCHLIST
SIGNATURE
Small
Signatureglobal (India) Limited
Real Estate
match 164
42
—
-30.3%
+71%
WATCHLIST
ABREL
Small
Aditya Birla Real Estate Limited
Real Estate
match 163
13
—
-2.6%
—
OVERVALUED
RUSTOMJEE
Small
Keystone Realtors Limited
Real Estate
match 163
16
39.6
2.8%
-1722%
OVERVALUED
KALPATARU
Small
Kalpataru Limited
Real Estate
match 163
32
45.7
2.7%
-37%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Issuer presentation review pending
Max Estates Limited operates in Real Estate Development, within the Real Estate sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers. The structured result feed currently covers the quarter ended 30 Jun 2026. Investor presentations and earnings-call PDFs will be added as issuer-backed evidence before management claims appear here.
Trust Score
39Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 2nd percentile within Real Estate. Main check: balance sheet trust is weak at 21/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
54 docs text-extracted · 22 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
1st percentile
overall median 67 · Real Estate: 2nd pctile, median 61 · Small: 1st pctile, median 66
Evidence depth
Financial-only
54 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Do not rely on management narrative unless hard turnaround evidence is visible.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
28
weak · profit to cash conversion
Balance sheet
21
weak · leverage and solvency
Discipline
28
weak · capital discipline
Results
43
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-616 Cr.
- ▸Altman Z is 0.88.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 0 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Max Estates Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep - Please find attached the schedule of Institutional Investor Meetings.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 23 Sep - Max Estates signs binding MoU for Ghaziabad JDA; 9.76-acre project may unlock INR 2,500-3,000 crore GDV.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 11 Sep - Please refer the enclosed Intimation for allotment of 14,931 equity shares pursuant to the exercise of stock options.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Newspaper Advertisements regarding completion of dispatch of the Notice convening the Extra-Ordinary General Meeting of the Company.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Preferential Issue 29 Aug - Board approved acquisition of nine land-owning firms and ₹420.23 crore preferential share issue for 84.7-acre Delhi platform.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Issue of Securities 29 Aug - Board approved acquisition of 84.7-acre Delhi land platform via ₹420.23 crore share-swap, subject to approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 17 Aug - Please refer the enclosed intimation with respect to the grant of stock options.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Jul - The intimation related to allotment of 16,140 equity shares pursuant to the exercise of stock options.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 26 Jun - Please find attached the Newspapers advertisement regarding the dispatch of Notice of Postal Ballot.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 24 Jun - The intimation related to allotment of 9,644 equity shares pursuant to the exercise of stock options.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.