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Max India (MAXIND)₹149.38+0.30%Holding Company
In the Jun 2026 quarter (consolidated), Max India reported sales of ₹59.82 Cr, up 62.2% from Jun 2025, and net profit of −₹36.13 Cr. For the year to Mar 2026, sales were ₹210 Cr and net profit −₹122 Cr.
Company filings, consolidated accounts; latest reported quarter Jun 2026
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 48.87 | 40.91 | 44.87 | 25.93 | 42.87 | 34.92 | 41.91 | 36.88 | 44.87 | 42.91 | 65.82 | 59.82 |
| Expenses | 54.03 | 58.03 | 66.07 | 54.04 | 63.99 | 63.98 | 81.98 | 65.01 | 76.03 | 79.02 | 81.09 | 94.10 |
| Operating Profit | −5.02 | −17.06 | −21.07 | −28.08 | −21.05 | −30.09 | −41.13 | −28.06 | −31.11 | −36.12 | −15.04 | −34.12 |
| OPM % | −9.0% | −42.9% | −45.9% | −105.9% | −49.0% | −84.9% | −97.9% | −75.9% | −68.9% | −83.0% | −23.0% | −58.0% |
| Other Income | 5.99 | 4.99 | 4.99 | 5.99 | 4.99 | −7.99 | 3.99 | 12.98 | 4.99 | 3.99 | 5.99 | 8.99 |
| Interest | 1.01 | 1.01 | 1.01 | 1.01 | 2.01 | 2.01 | 3.01 | 3.99 | 4.01 | 3.01 | 3.01 | 3.01 |
| Depreciation | 1.99 | 2.01 | 3.01 | 3.99 | 4.99 | 4.99 | 4.99 | 5.99 | 6.01 | 6.01 | 7.01 | 7.01 |
| Profit before tax | −2.01 | −17.01 | −20.02 | −27.03 | −22.02 | −44.01 | −45.01 | −25.02 | −36.03 | −41.04 | −19.01 | −36.01 |
| Tax % | 160.0% | 8.0% | 6.0% | 0.0% | 3.0% | 0.0% | 2.0% | 4.0% | −5.0% | 3.0% | 2.0% | 2.0% |
| Exceptional items | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | −12.46 | −0.35 | 7.60 | −0.04 | −2.78 | −0.20 | −0.04 |
| Net Profit | −5.02 | −18.07 | −22.08 | −27.12 | −23.10 | −45.16 | −46.20 | −26.08 | −34.14 | −43.19 | −19.07 | −36.13 |
| EPS (Rs) | −0.92 | −3.49 | −4.22 | −5.27 | −4.43 | −8.70 | −8.92 | −4.92 | −6.54 | −8.19 | −3.68 | −6.94 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| Sales | 213 | 128 | 232 | 212 | 190 | 163 | 210 | 213 |
| Expenses | 266 | 150 | 233 | 202 | 229 | 264 | 299 | 330 |
| Operating Profit | −53.12 | −22.07 | 1.01 | 10.03 | −38.12 | −101 | −88.23 | −116 |
| OPM % | −24.9% | −16.9% | 0.3% | 4.8% | −19.9% | −61.9% | −42.0% | −54.5% |
| Other Income | 325 | −6.99 | −0.99 | 0.99 | 3.99 | −10.99 | 5.99 | 23.96 |
| Interest | 27.01 | 23.99 | 10.01 | 6.01 | 5.01 | 8.01 | 14.01 | 13.04 |
| Depreciation | 7.99 | 10.01 | 6.99 | 8.01 | 10.01 | 18.99 | 25.01 | 26.04 |
| Profit before tax | 237 | −64.01 | −18.01 | −3.01 | −49.05 | −139 | −121 | −132 |
| Tax % | 2.0% | −17.0% | −11.1% | 245.0% | 15.0% | 1.0% | 1.0% | — |
| Exceptional items | 595 | −8.03 | −5.02 | 1.01 | −1.01 | −13.05 | 4.02 | −3.06 |
| Net Profit | 233 | −53.19 | −16.04 | −10.03 | −56.22 | −141 | −122 | −133 |
| EPS (Rs) | 29,798.71 | −8.33 | −2.53 | −2.04 | −11.01 | −27.16 | −23.28 | −25.35 |
| Dividend payout % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54.06 | 54.01 | 54.04 | 43.01 | 43.01 | 44.04 | 53.06 |
| Reserves | 654 | 601 | 590 | 501 | 450 | 316 | 357 |
| Borrowings | 182 | 145 | 60.92 | 44.93 | 43.96 | 102 | 95.86 |
| Other Liabilities | 135 | 198 | 156 | 166 | 148 | 172 | 165 |
| Total Liabilities | 1,025 | 997 | 860 | 754 | 685 | 634 | 670 |
| Fixed Assets | 144 | 156 | 159 | 159 | 193 | 170 | 195 |
| CWIP | 1.01 | 0.00 | 0.00 | 0.00 | 10.01 | 21.01 | 2.01 |
| Investments | 414 | 334 | 178 | 83.07 | 62.97 | 52.97 | 33.99 |
| Other Assets | 465 | 507 | 523 | 512 | 419 | 390 | 439 |
| Inventories | 225 | 248 | 130 | 50.81 | 5.98 | 16.94 | 15.95 |
| Trade receivables | 13.99 | 6.99 | 5.99 | 2.99 | 4.99 | 21.99 | 36.96 |
| Cash & equivalents | 12.04 | 24.05 | 23.06 | 93.26 | 210 | 110 | 77.20 |
| Total Assets | 1,025 | 997 | 860 | 754 | 685 | 634 | 670 |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from operating activity | −19.01 | 73.07 | 66.03 | 68.98 | −102 | −128 | −95.03 |
| Cash from investing activity | −528 | 13.04 | 18.06 | 124 | 160 | 47.12 | −50.14 |
| Cash from financing activity | 557 | −73.04 | −94.03 | −119 | −29.03 | −13.01 | 148 |
| Net cash flow | 12.03 | 12.02 | −10.02 | 75.21 | 27.07 | −93.25 | 4.01 |
| Capex | 191 | 12.01 | 3.01 | 4.01 | 19.02 | 25.01 | 51.04 |
| Free cash flow | −209 | 61.14 | 64.11 | 66.09 | −131 | −163 | −127 |
| CFO / OP % | −15.0% | −326.1% | 7,765.0% | 689.9% | 240.9% | 125.9% | 102.9% |
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor days | 24 | 21 | 9 | 5 | 9 | 50 | 64 |
| Inventory days | 1,682 | 6,515 | 384 | 223 | 38 | 186 | 107 |
| Days payable | 149 | 631 | 28 | 48 | 148 | 346 | 236 |
| Cash conversion cycle | 1,558 | 5,907 | 366 | 181 | −99 | −110 | −64 |
| Working capital days | 492 | 580 | 341 | 248 | −100 | −94 | 230 |
| ROCE % | — | −4.0% | 0.0% | 1.0% | −8.0% | −24.0% | −23.0% |
For the Jun 2026 quarter, Max India reported sales of ₹59.82 Cr, up 62.2% year on year and net profit of −₹36.13 Cr. The operating margin was −58.0%.
Max India's sales for the year to Mar 2026 were ₹210 Cr; over the last twelve months they were ₹213 Cr.
Net profit for the year to Mar 2026 was −₹122 Cr, and −₹133 Cr over the last twelve months. Earnings per share over the same trailing period were ₹−25.35.
Max India reported borrowings of ₹95.86 Cr at Mar 2026, against cash and equivalents of ₹77.20 Cr.
Cash from operations was −₹95.03 Cr in the year to Mar 2026; after capital spending, free cash flow was −₹127 Cr.