Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Max India Ltd
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 56 | 41 | 49 | 41 | 45 | 26 | 43 | 35 | 42 | 37 | 45 | 43 | 66 |
| Expenses + | 55 | 53 | 54 | 58 | 66 | 54 | 64 | 64 | 82 | 65 | 76 | 79 | 81 |
| Operating Profit | 1 | -12 | -5 | -17 | -21 | -28 | -21 | -30 | -41 | -28 | -31 | -36 | -15 |
| OPM % | 2% | -31% | -9% | -43% | -46% | -106% | -49% | -85% | -98% | -76% | -69% | -83% | -23% |
| Other Income + | 4 | 6 | 6 | 5 | 5 | 6 | 5 | -8 | 4 | 13 | 5 | 4 | 6 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 | 3 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 7 |
| Profit before tax | 1 | -10 | -2 | -17 | -20 | -27 | -22 | -44 | -45 | -25 | -36 | -41 | -19 |
| Tax % | 388% | 19% | 160% | 8% | 6% | 0% | 3% | 0% | 2% | 4% | -5% | 3% | 2% |
| Net Profit + | -4 | -12 | -5 | -18 | -22 | -27 | -23 | -45 | -46 | -26 | -34 | -43 | -19 |
| EPS in Rs | -0.82 | -2.38 | -0.91 | -3.48 | -4.20 | -5.25 | -4.42 | -8.68 | -8.88 | -4.91 | -6.52 | -8.17 | -3.67 |
Financials of Max India Ltd
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 213 | 128 | 233 | 212 | 191 | 163 | 191 |
| Expenses + | 266 | 150 | 233 | 202 | 229 | 264 | 300 |
| Operating Profit | -53 | -22 | 1 | 10 | -38 | -101 | -110 |
| OPM % | -25% | -17% | 0% | 5% | -20% | -62% | -58% |
| Other Income + | 325 | -7 | -1 | 1 | 4 | -10 | 28 |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 14 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 25 |
| Profit before tax | 237 | -64 | -18 | -3 | -49 | -139 | -121 |
| Tax % | 2% | -17% | -11% | 245% | 15% | 1% | 1% |
| Net Profit + | 232 | -53 | -16 | -10 | -56 | -140 | -122 |
| EPS in Rs | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -23.20 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Max India Ltd
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 52 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 | 415 |
| Borrowings + | 182 | 145 | 61 | 45 | 44 | 102 | 204 |
| Other Liabilities + | 136 | 198 | 156 | 166 | 148 | 172 | 167 |
| Total Liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
| Fixed Assets + | 144 | 156 | 159 | 159 | 193 | 170 | 166 |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 | 32 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 | 59 |
| Other Assets + | 465 | 506 | 522 | 511 | 418 | 389 | 581 |
| Total Assets | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
Financials of Max India Ltd
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | -19 | 73 | 66 | 69 | -102 | -128 | |
| Cash from Investing Activity + | -526 | 13 | 18 | 124 | 159 | 47 | |
| Cash from Financing Activity + | 557 | -73 | -94 | -119 | -29 | -13 | |
| Net Cash Flow | 12 | 12 | -10 | 75 | 27 | -93 | |
| Free Cash Flow | -209 | 61 | 64 | 66 | -131 | -163 | |
| CFO/OP | -15% | -326% | 7,765% | 690% | 241% | 126% |
Financials of Max India Ltd
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 24 | 21 | 9 | 5 | 9 | 50 | |
| Inventory Days | 1,682 | 6,515 | 384 | 223 | 38 | 186 | |
| Days Payable | 149 | 631 | 28 | 48 | 148 | 346 | |
| Cash Conversion Cycle | 1,557 | 5,906 | 365 | 180 | -100 | -111 | |
| Working Capital Days | 493 | 581 | 342 | 249 | -99 | -93 | |
| ROCE % | -4% | -0% | 1% | -8% | -24% |