Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Sep
Source: Bse
Max India Limited (MAXIND)
Small CapPharma stocks · Small cap · NSE
Max India Limited operates in Insurance & Hospitals, within the Pharma sector. Use the latest filing and company disclosures below to verify its revenue mix and current business drivers.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals06 Oct 2026 · screener
Latest result16 Aug, 01:12 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
67BullishSMA20 +5.5% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 47
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
MAXINDD candles · FIT view+0.5%Latest close ₹155.55 on 2026-10-19
Bar
-1.2%
RSI
50
MACD hist
-0.11
52W pos
35%
2026-10-19O ₹157.40H ₹158.14L ₹152.41C ₹155.55Vol 19,642 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
MAXINDNifty PharmaNifty 500
- MAXIND
- -5.1%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +0.5 pp
Chart stats
19 Oct 2026- From 52W high
- -30.9%
- 52W range position
- 34%
- ATR (14)
- 5.2%
- Volume vs 20D
- 0.20x
- Avg traded value
- ₹1.4 Cr
- 20D price channel
- ₹142.2 - ₹169
₹225
₹120 - ₹225
₹8.1
Latest completed session
20-session average
58.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED24
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average45
Revenue +62.2% · PAT NDF YoY
Technical
Bullish67
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence58
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
Average · 45/100Rev +62% YoY · margin expansion
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹60 Cr | +62.2% | -9.1% |
| EBITDA | ₹-34 Cr | -21.4% | -126.7% |
| Operating margin | -58.0% | +1800 bps | -3500 bps |
| PAT | ₹-36 Cr | NDF | NDF |
| PAT margin | -60.0% | +1027 bps | -3121 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 1.93
- EV/EBITDA
- —
- Market Cap
- 847.00Cr
Profitability
- ROE
- -32.80%
- ROCE
- -23.00%
- ROA
- -19.73%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 16.00%
- Revenue 3Y
- 3.86%
- EPS 3Y
- 4.00%
Balance Sheet
- Debt/Equity
- 0.23
- Interest Coverage
- -8.92×
- Altman Z
- 2.67
- Book Value
- 77.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- -95.00 Cr
- EPS TTM
- -25.27
Shareholding
- Promoter Hold
- 48.33%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 29%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 211+29.4% vs prev
Net Profit
₹ CrLatest: -122+12.9% vs prev
Return on Equity
%Latest: -29.8+23.5% vs prev
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 trend down. RSI 50. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 rising (~5.2% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 30% off 52W high · 30% 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.
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 24 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth8/25
Quality0/20
Balance Sheet8/15
Cash Flow3/10
Piotroski
3/9 (+1)
Penalties
0
Raw sum
24
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
24/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 8/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 3/10; verify the latest quarterly trend.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
—
PB
1.9
EV/EBITDA
—
ROE
-32.8%
ROCE
-23.0%
FCF Yield
—
Debt/Equity
0.2
MoS
—
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: 21 Oct 2026
v4.3-runtime-valuation
Final score
24
Previous: 24
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
24
24
24
24
24
24
24
24
24
24
24
24
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
—
Growth-justified P/E
45.0
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Pharma — 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
MEDIASSIST
Small
Medi Assist Healthcare Services Limited
Healthcare Services
match 122
50
22.5
13.4%
+47%
FAIR VALUE
CANHLIFE
Large
Canara HSBC Life Insurance Company Limited
Insurance
match 60
20
95.7
8.1%
-545%
OVERVALUED
HEALTHX
Small
Health X Platform Limited
Healthcare Services
match 14
36
—
0.4%
—
WATCHLIST
ZIMLAB
Small
Zim Laboratories Limited
Healthcare Services
match 13
17
200.0
1.6%
-6584%
OVERVALUED
KILITCH
Small
Kilitch Drugs (India) Limited
Healthcare Services
match 13
50
27.5
10.6%
+43%
FAIR VALUE
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 India Limited operates in Insurance & Hospitals, within the Pharma 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
58Limited 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 22nd percentile of the scored universe and 15th percentile within Pharma. Main check: financial discipline is weak at 40/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
115 docs text-extracted · 33 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
22nd percentile
overall median 67 · Pharma: 15th pctile, median 70 · Small: 25th pctile, median 66
Evidence depth
Financial-only
115 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
Needs extra due diligence; demand valuation comfort and recent improvement.
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
70
acceptable · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
57
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-95 Cr.
- ▸Promoter holding fell 1.6%.
- ▸ROCE is low at -23%.
- ▸ROE is low at -32.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Max India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
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Announcement
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Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026 from bse
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.