Engineering · Founded 2004 · www.maxalert.in · BSE 534563 · · ISIN INE253N01010
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Business
Max Alert Systems Ltd. is an Indian engineering company that specializes in providing integrated technology solutions, primarily acting as a system integrator. Its core business revolves around designing, implementing, and maintaining solutions for security, surveillance, IT infrastructure, and broadcasting & communication. The company's clientele predominantly includes government organizations, defense establishments, and public sector undertakings (PSUs) in India. They generate revenue through project execution, sales of integrated products and solutions (which often incorporate third-party hardware and software), and associated maintenance and support services. Key offerings include CCTV systems, access control, fire detection systems, public address systems, data centers, network solutions, broadcasting solutions, and homeland security technologies.
Revenue Mix
The company operates broadly within the 'Engineering' sector, focusing on integrated project-based solutions. While specific detailed segment-wise revenue breakdowns (e.g., a precise split between security projects vs. IT infrastructure projects) are generally not publicly disclosed for a company of this size, its operations can be categorized into:
Security & Surveillance Solutions: CCTV, access control, fire alarm, homeland security systems.
IT Infrastructure & Data Solutions: Data centers, network management, cyber security.
Broadcasting & Communication Solutions: FM radio, TV broadcasting infrastructure.
Specialized Engineering Services: Project consulting, system design, implementation, and maintenance.
Industry
Max Alert Systems operates in the dynamic and competitive Indian market for security, IT infrastructure, and broadcasting solutions. This industry includes a mix of large multinational technology providers, major domestic system integrators, and smaller specialized local firms. Max Alert positions itself as a niche player, particularly strong in executing complex, integrated projects for government, defense, and PSU clients. Its competitive standing is based on its track record, technical expertise, and ability to meet the stringent requirements of public sector tenders.
MOAT
Domain Expertise & Project Execution: A proven track record and experience in delivering large-scale, intricate projects for sensitive government and public sector clients.
Client Relationships & Trust: Established relationships with key government and PSU entities built over years of project delivery.
Certifications & Compliance: Adherence to necessary industry standards and government certifications, which are often prerequisites for tender participation.
System Integration Capability: Proficiency in integrating diverse technologies and hardware from various vendors into seamless, end-to-end solutions.
Growth Drivers
Government Spending & Initiatives: Continued investment in "Smart Cities," "Digital India," defense modernization, and homeland security projects by the Indian government.
Demand for Security & Surveillance: Rising concerns over public safety, national security, and critical infrastructure protection driving demand for advanced surveillance and security systems.
Technological Upgrades: Ongoing advancements in AI/ML, IoT, drone technology, and communication networks requiring continuous upgrades and new implementations across sectors.
Broadcasting Infrastructure Modernization: Expansion and digitization efforts within the Indian broadcasting sector.
"Make in India" Push: Potential for increased preference for domestic companies in government procurement.
Risks
Project-based Revenue Volatility: Revenue generation is highly dependent on securing new orders and timely project completion, which can lead to fluctuations in financial performance.
Intense Competition: Operating in a fragmented market with competition from larger, well-established players and numerous smaller, specialized firms.
Dependency on Government Spending: A slowdown or reprioritization of government and PSU capital expenditure could adversely impact order inflow.
Technological Obsolescence: The need to continuously invest in R&D and employee training to keep pace with rapidly evolving technologies.
Supply Chain Disruptions & Component Pricing: Reliance on third-party components and potential exposure to supply chain issues or price volatility.
Regulatory and Policy Changes: Changes in government procurement policies, security mandates, or tender processes could affect business opportunities.
Management & Ownership
The company is promoted by Mr. Narendra Kumar Gupta, who serves as the Managing Director. The ownership structure typically features a significant promoter holding, common for SME-listed companies in India. The promoter's experience and vision are generally crucial for strategic direction and business development within such organizations.
Outlook
Max Alert Systems Ltd. is positioned in sectors benefiting from India's long-term growth drivers, including increased government spending on infrastructure, digital transformation, and national security. Its established relationships and project execution capabilities with government and PSU clients provide a stable base. However, the company operates in a competitive and project-centric environment, necessitating continuous innovation, efficient project management, and strategic adaptation to technological shifts. Sustained growth will depend on its ability to consistently win and successfully execute new, large-scale projects amidst intense competition and evolving market demands.
| #(Fig in Cr.) |
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| Net Sales |
| Other Income |
| Total Income |
| Total Expenditure |
| Operating Profit |
| Interest |
| Depreciation |
| Exceptional Income / Expenses |
| Profit Before Tax |
| Provision for Tax |
| Profit After Tax |
| Adjustments |
| Profit After Adjustments |
| Adjusted Earnings Per Share |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 28 | 14 | 14 | 19 | 12 | 6 | 5 | 0 | 0 | 15 | 23 | |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 3 | |
| Total Income | 29 | 14 | 14 | 19 | 12 | 6 | 5 | 0 | 0 | 17 | 27 | |
| Total Expenditure | 28 | 13 | 15 | 19 | 11 | 7 | 24 | 0 | 0 | 14 | 21 | |
| Operating Profit | 1 | 1 | -1 | 1 | 1 | -1 | -19 | -0 | -0 | 3 | 6 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Depreciation | 1 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Exceptional Income / Expenses | 0 | 0 | 2 | 0 | -0 | 0 | 0 | 0 | -1 | 0 | 0 | |
| Profit Before Tax | 0 | 0 | 0 | 0 | 0 | -1 | -19 | -0 | -1 | 3 | 6 | |
| Provision for Tax | -0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 | -0 | 0 | 0 | |
| Profit After Tax | 0 | 0 | 0 | 0 | 0 | -1 | -19 | -0 | -1 | 3 | 6 | |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| Profit After Adjustments | 0 | 0 | 0 | 0 | 0 | -1 | -19 | -0 | -1 | 3 | 6 | |
| Adjusted Earnings Per Share | 0.1 | 0.2 | 0.1 | 0 | 0 | -1.5 | -20.6 | -0.4 | -8.9 | 35.3 | 60 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 53% | 0% | 31% | -2% |
| Operating Profit CAGR | 100% | 0% | 0% | 20% |
| PAT CAGR | 100% | 0% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | 66% | 31% | -2% | -2% |
| ROE Average | 100% | 127% | -25% | -12% |
| ROCE Average | 68% | 55% | -33% | -16% |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 14 | 14 | 15 | 15 | 15 | 13 | -6 | -6 | 1 | 5 | 11 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 8 | 8 | 3 | 2 | 2 | 2 | 2 | 2 | 0 | 0 | 0 |
| Other Non-Current Liabilities | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 3 | 4 | 4 | 12 | 15 | 8 | 6 | 6 | 0 | 1 | 1 |
| Total Liabilities | 26 | 26 | 22 | 29 | 31 | 23 | 2 | 1 | 1 | 6 | 12 |
| Fixed Assets | 5 | 4 | 3 | 2 | 2 | 1 | 1 | 0 | 0 | 0 | 2 |
| Other Non-Current Assets | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 21 | 21 | 20 | 27 | 29 | 21 | 1 | 1 | 1 | 6 | 10 |
| Total Assets | 26 | 26 | 22 | 29 | 31 | 23 | 2 | 1 | 1 | 6 | 12 |
| #(Fig in Cr.) | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 2 | 2 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 2 |
| Cash Flow from Operating Activities | -3 | -1 | 3 | 1 | 0 | -0 | 0 | -1 | -6 | -2 | -2 |
| Cash Flow from Investing Activities | 4 | -1 | 1 | 0 | 0 | 0 | 1 | 0 | 7 | 2 | 1 |
| Cash Flow from Financing Activities | -1 | -1 | -4 | -1 | -0 | 0 | -0 | 0 | -0 | 1 | 0 |
| Net Cash Inflow / Outflow | 1 | -2 | 0 | -0 | 0 | -0 | 1 | -1 | -0 | 1 | -1 |
| Closing Cash & Cash Equivalent | 2 | 0 | 1 | 0 | 0 | 0 | 1 | 1 | 0 | 2 | 0 |
| # | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.07 | 0.18 | 0.07 | 0.03 | 0.02 | -1.49 | -20.61 | -0.44 | -8.94 | 35.28 | 59.98 |
| CEPS(Rs) | 1.15 | 0.98 | 0.7 | 0.53 | 0.43 | -1.16 | -20.4 | -0.33 | -7.97 | 36.08 | 62.86 |
| DPS(Rs) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 15.55 | 15.73 | 15.8 | 15.84 | 15.86 | 14.37 | -6.24 | -6.68 | -5.1 | 30.19 | 90.17 |
| Core EBITDA Margin(%) | 3.08 | 6.48 | -6.54 | 2.59 | 4.37 | -18.95 | -400.76 | 0 | 0 | 7.41 | 10.34 |
| EBIT Margin(%) | 0.32 | 1.81 | 0.75 | 0.26 | 0.34 | -24.06 | -401.48 | 0 | 0 | 22.44 | 23.94 |
| Pre Tax Margin(%) | 0.04 | 1.66 | 0.66 | 0.25 | 0.3 | -24.13 | -401.49 | 0 | 0 | 22.44 | 23.94 |
| PAT Margin (%) | 0.21 | 1.2 | 0.5 | 0.16 | 0.16 | -23.95 | -401.49 | 0 | 0 | 22.25 | 23.69 |
| Cash Profit Margin (%) | 3.72 | 6.68 | 4.66 | 2.57 | 3.32 | -18.6 | -397.42 | 0 | 0 | 22.75 | 24.83 |
| ROA(%) | 0.23 | 0.63 | 0.29 | 0.12 | 0.06 | -5.11 | -153.31 | -24 | -70.09 | 88.37 | 60.29 |
| ROE(%) | 0.43 | 1.13 | 0.47 | 0.21 | 0.13 | -9.84 | -507.13 | 0 | 0 | 281.24 | 99.67 |
| ROCE(%) | 0.39 | 1.08 | 0.51 | 0.28 | 0.24 | -8.62 | -332.44 | 0 | 0 | 98.5 | 67.71 |
| Receivable days | 124.44 | 211.15 | 176.21 | 201.33 | 584.43 | 1106.24 | 473.36 | 0 | 0 | 96.72 | 76.54 |
| Inventory Days | 2.83 | 11.39 | 24.66 | 26.73 | 59.51 | 155.81 | 96.72 | 0 | 0 | 0 | 0 |
| Payable days | 50.64 | 138.25 | 68.22 | 148.1 | 477.71 | 771.82 | 377.99 | 0 | 0 | 16.68 | 18.89 |
| PER(x) | 171.95 | 0 | 0 | 146.65 | 269.15 | 0 | 0 | 0 | 0 | 0 | 0 |
| Price/Book(x) | 0.73 | 0 | 0 | 0.3 | 0.34 | 0.31 | -0.65 | -0.45 | -0.79 | 0 | 0 |
| Dividend Yield(%) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 0.58 | 1.24 | 0.86 | 0.32 | 0.56 | 0.99 | 0.94 | 0 | 0 | -0.05 | 0.03 |
| EV/Core EBITDA(x) | 15.24 | 16.95 | -13.63 | 11.98 | 12.33 | -5.3 | -0.24 | -13.7 | 0.14 | -0.21 | 0.1 |
| Net Sales Growth(%) | -24.33 | -52.4 | 2.33 | 37.55 | -37.94 | -51.73 | -17.35 | -100 | 0 | 0 | 59.69 |
| EBIT Growth(%) | 135.05 | 168.87 | -57.6 | -52.65 | -18.64 | -3537.4 | -1279.23 | 97.85 | -106.19 | 488.69 | 70.32 |
| PAT Growth(%) | 113.43 | 165.79 | -57.69 | -56 | -38.79 | -7503.12 | -1285.21 | 97.84 | -101.27 | 494.72 | 69.98 |
| EPS Growth(%) | 113.42 | 165.91 | -57.69 | -56.03 | -38.72 | -7501.49 | -1285.2 | 97.84 | -1912.4 | 494.72 | 69.98 |
| Debt/Equity(x) | 0.59 | 0.54 | 0.24 | 0.14 | 0.14 | 0.15 | -0.33 | -0.31 | 0 | 0 | 0 |
| Current Ratio(x) | 6.21 | 5.63 | 4.52 | 2.16 | 2.02 | 2.81 | 0.24 | 0.14 | 8.29 | 5.94 | 8.49 |
| Quick Ratio(x) | 6.13 | 5.48 | 4.22 | 2.04 | 1.85 | 2.48 | 0.24 | 0.14 | 8.29 | 5.94 | 8.49 |
| Interest Cover(x) | 1.12 | 12.66 | 8.7 | 22.88 | 9.54 | -340.06 | 0 | -4085 | 0 | 0 | 0 |
| Total Debt/Mcap(x) | 0.81 | 0 | 0 | 0.46 | 0.41 | 0.51 | 0.5 | 0.69 | 0 | 0 | 0 |
| # | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +53% | — | +31% | -2% |
| Operating Profit CAGR | +100% | — | — | +20% |
| PAT CAGR | +100% | — | — | — |
| Share Price CAGR | +66% | +31% | -2% | -2% |
| ROE Average | +100% | +127% | -25% | -12% |
| ROCE Average | +68% | +55% | -33% | -16% |
| # | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 | 57.94 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 | 42.06 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 | 0.53 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 | 0.39 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 | 0.92 |
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