Key Metrics of Max Estates Limited
About Max Estates Limited
Company details
- Registered office
- Max House 1, Dr. Jha Margokhla Phase 3, Opposite Okhla Railway Station, South Delhi, New Delhi, In-dl, 110020
- Listed
- NSE: MAXESTATES · ₹515.60
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 13 Aug 2026 | ICRA | Assigned | — | — | Stable | — | View |
| 04 Sep 2025 | CARE | Other | — | — | — | — | View |
| 04 Oct 2024 | CARE | Upgraded (from A-) | A | A2 | Stable | ₹51.0 Cr | View |
| 05 Apr 2024 | CARE | Reaffirmed | A- | A2 | Stable | ₹149 Cr | View |
| 03 May 2023 | CARE | Assigned | A- | A2 | Stable | ₹158 Cr | View |
Credit strengths (ICRA, Aug 2026)
+ Estimated improvement in operating performance of residential segment; sustained strong performance of commercial segment
The company reported healthy pre-sales in FY2026 of Rs. 5,305 crore, along with significant improvement in collections by 66% to Rs. 1,578 crore for FY2026, driven by strong sales velocity from its recent launches.
+ Strong cash flow adequacy ratio
The Group’s cash flow adequacy ratio remains strong at around 105%, driven by healthy committed receivables of around Rs. 9,455 crore as of March 2026 and years to sell is less than 14 months for the inventory as of March 2026, driven by healthy sales velocity for all its ongoing projects.
+ Experienced sponsor group lends financial flexibility
Max Estates Limited belongs to the Max Group, founded in 1982 by Mr.
Credit challenges
− Exposure to execution and market risks
The Group is exposed to execution and market risks, given its significant expansion plans in the ongoing and upcoming projects in its residential and commercial real estate segments to maintain its growth momentum and strengthen its market presence.
− Exposed to geographical concentration risks
The Group is susceptible to geographical concentration risk with all ongoing projects located in Delhi NCR, thereby exposing it to fluctuations in a single market’s performance.
− Cyclicality inherent to real estate business
The company remains exposed to the inherent cyclicality in the real estate industry, such as declining property prices, a slowdown in economy and reduction in housing demand.
Could lead to an upgrade
The rating may be upgraded if there is a significant increase in sales and collections , along with healthy leasing for its upcoming commercial projects, leading to healthy CFO resulting in an improvement in the leverage levels on a sustained basis.
Could lead to a downgrade
Pressure on the rating could arise in case of delays in project completion, sustained weakness in the company’s collections and CFO or any large debt-funded investments resulting in deterioration of leverage or
Agency-reported financials (ICRA, 13 Aug 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Operating income | ₹161 Cr | ₹200 Cr |
| PAT | ₹26.40 Cr | ₹15.70 Cr |
| OPBDIT/OI | 27.7% | 11.9% |
| PAT/OI | 16.5% | 7.9% |
| Total outside liabilities/Tangible net worth (times) | 1.70× | 2.90× |
| Total debt/OPBDIT (times) | 37.30× | 101.60× |
| Interest coverage (times) | 0.70× | 0.40× |
| Revenue growth (YoY) | — | 24.3% |
| EBITDA (margin × income) | ₹44.46 Cr | ₹23.74 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹1,658 Cr | ₹2,412 Cr |
| Implied interest cost (EBITDA ÷ coverage) | ₹63.51 Cr | ₹59.35 Cr |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| crore) Long-term bank facilities | Working capital & bank lines | — | ₹1.00 Cr | — | A (Stable) | Upgraded | CARE |
| Long-term Short-term bank | Working capital & bank lines | — | ₹50.0 Cr | — | A / A2 (Stable) | Upgraded | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| Bank Overdraft | — | Withdrawn |
| Term Loan | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 34% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 38% chance the next rating action is stable or better
- Interest coverage 0.4×
Rated limits by facility
Timeline
From the report
Liquidity position: Adequate The Group’s liquidity remains adequate, marked by free cash and bank balances of Rs. 587 crore as of March 2026.
From the report
Further, the company has debt repayment obligations of Rs. 162 crore in FY2027, which is expected to be comfortably met through its cash flow from operations.
From the report
MEL has given corporate guarantee to the extent of 100% debt availed by some of these entities including Max Square Limited and Acreage Builders Private Limited where the shareholding of MEL is 51% .
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.