WEBSITE BSE:534338 NSE: MAXHEIGHTS Inc. Year: 1981 Industry: Construction - Real Estate My Bucket: Add Stock
Last updated: 10:33
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1. Business Overview
Max Heights Infrastructure Ltd. operates in the Construction - Real Estate sector in India. The company's core business involves real estate development, which typically includes the acquisition of land, planning, design, construction, and marketing of residential, commercial, or retail properties. The company generates revenue primarily through the sale of developed properties, and potentially through rental income from commercial assets or fees from construction contracts.
2. Key Segments / Revenue Mix
Specific details on Max Heights Infrastructure Ltd.'s revenue mix and key business segments are not readily available. However, based on its sector, potential segments could include:
Residential Projects (apartments, villas, townships)
Commercial Projects (office spaces, IT parks)
Retail Projects (shopping malls, high-street retail)
Land Development (plotting, infrastructure development)
Without specific data, it is difficult to ascertain the contribution of each.
3. Industry & Positioning
The Indian Construction - Real Estate industry is large, fragmented, and highly competitive, characterized by cyclical demand, capital intensity, and significant regulatory oversight (e.g., RERA). It is influenced by economic growth, interest rates, and government policies. Max Heights Infrastructure Ltd. likely operates as a regional or mid-tier developer within this competitive landscape. Its positioning relative to larger national players would depend on its project scale, geographical focus, brand recognition, and execution track record, which are not explicitly detailed.
4. Competitive Advantage (Moat)
Without specific information, Max Heights Infrastructure Ltd. is likely to have a limited durable competitive advantage. In the real estate sector, moats are often derived from:
Strategic Land Bank: Owning desirable land parcels acquired at favorable costs.
Brand Reputation: A strong, trusted brand built over years, leading to customer preference.
Execution Capability: Efficient project management, timely delivery, and quality construction.
Local Market Expertise: Deep understanding and network within specific micro-markets.
For most regional developers, competitive advantages are often more operational and project-specific rather than enduring systemic moats.
5. Growth Drivers
Key factors that could drive Max Heights Infrastructure Ltd.'s growth over the next 3-5 years include:
Urbanization and Demographic Trends: Continued migration to urban centers and a growing middle class in India fuel demand for housing and commercial spaces.
Government Initiatives: Policy support for housing (e.g., affordable housing schemes), infrastructure development, and ease of doing business can stimulate demand.
Favorable Interest Rate Environment: Lower interest rates can make property more affordable, boosting sales.
New Project Launches: Successful development and sale of new residential, commercial, or mixed-use projects.
Expansion into Emerging Micro-Markets: Identifying and capitalizing on growth opportunities in underserved or developing areas.
6. Risks
Cyclicality of Real Estate: The industry is highly sensitive to economic cycles, interest rate fluctuations, and market sentiment, leading to volatile demand.
Regulatory Risks: Changes in land acquisition policies, environmental regulations, taxation, and RERA compliance can impact project timelines and costs.
Funding and Capital Intensity: Real estate projects require significant capital, making access to funding, high debt levels, and rising financing costs major risks.
Project Execution and Delays: Risks associated with land approvals, construction delays, cost overruns, and supply chain disruptions.
Competition: Intense competition from established national and local developers can put pressure on pricing and margins.
Land Acquisition Challenges: Difficulty in acquiring suitable land parcels at reasonable prices.
7. Management & Ownership
Specific details regarding the promoters, their background, and the professional experience of the current management team are not available in the provided information. In India, many companies in this sector are promoter-led, with the founding family or individuals holding a significant stake and often occupying key management positions. The ownership structure would typically include promoter holdings, institutional investors, and public shareholding.
8. Outlook
Max Heights Infrastructure Ltd. operates in a sector with significant long-term potential driven by India's demographic dividend, urbanization, and economic growth. A favorable macro-economic environment, coupled with successful execution of well-located projects, could support its growth trajectory. However, the company faces inherent risks associated with the cyclical nature of real estate, high capital requirements, intense competition, and regulatory complexities. Its ability to manage debt, acquire land strategically, execute projects efficiently, and adapt to evolving market conditions will be crucial for sustained performance. The lack of detailed information on its financial health, project pipeline, and operational efficiencies makes a definitive assessment challenging, but the sector itself presents both substantial opportunities and significant challenges.
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Market Cap ₹20 Cr.
Stock P/E -49
P/B 0.6
Current Price ₹12.6
Book Value ₹ 21.7
Face Value 10
52W High ₹20.3
Dividend Yield 0%
52W Low ₹ 10.3
Price goes above X
Price falls below X
PE goes above X
PE falls below X
₹ | |
| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Sales | 7 | 0 | 3 | 0 | 1 | 3 | 4 | 0 |
| Other Income | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Income | 8 | 0 | 3 | 0 | 1 | 3 | 4 | 0 |
| Total Expenditure | 7 | 0 | 3 | 0 | 1 | 3 | 3 | 0 |
| Operating Profit | 1 | 0 | -0 | 0 | -0 | -0 | 2 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 0 | -0 | -0 | -0 | -0 | 1 | 0 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 0 | -0 | -0 | -0 | -0 | 1 | 0 |
| Adjustments | -0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 0 | -0 | -0 | -0 | -0 | 1 | 0 |
| Adjusted Earnings Per Share | 0.3 | 0 | -0.1 | -0 | -0.2 | -0.1 | 0.9 | 0.1 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 5 | 5 | 4 | 3 | 6 | 4 | 2 | 5 | 6 | 22 | 5 | 8 |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | 2 | 1 | 0 | 1 | 0 | 0 |
| Total Income | 5 | 5 | 4 | 3 | 6 | 4 | 4 | 6 | 6 | 23 | 5 | 8 |
| Total Expenditure | 4 | 4 | 3 | 2 | 5 | 3 | 1 | 4 | 5 | 22 | 5 | 7 |
| Operating Profit | 1 | 1 | 1 | 1 | 1 | 1 | 3 | 2 | 1 | 1 | 0 | 2 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit Before Tax | 1 | 1 | 1 | 1 | 1 | 0 | 2 | 2 | 0 | 0 | -0 | 1 |
| Provision for Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Tax | 0 | 1 | 0 | 0 | 1 | 0 | 2 | 2 | 0 | 0 | -0 | 1 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 0 | 1 | 0 | 0 | 1 | 0 | 2 | 2 | 0 | 0 | -0 | 1 |
| Adjusted Earnings Per Share | 0.3 | 0.4 | 0.3 | 0.3 | 0.4 | 0.2 | 1.3 | 1 | 0.1 | 0.2 | -0.3 | 0.7 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | -77% | 0% | 5% | 0% |
| Operating Profit CAGR | -100% | -100% | -100% | -100% |
| PAT CAGR | 0% | -100% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -21% | -47% | 2% | -14% |
| ROE Average | -1% | 0% | 2% | 2% |
| ROCE Average | -1% | 1% | 3% | 3% |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 26 | 27 | 27 | 28 | 28 | 29 | 31 | 32 | 33 | 33 | 33 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 2 | 3 | 1 | 0 | 5 | 7 | 12 | 8 | 9 | 1 | 7 |
| Other Non-Current Liabilities | -0 | -0 | -0 | 0 | 0 | 0 | 0 | -0 | -0 | -0 | -0 |
| Total Current Liabilities | 1 | 1 | 3 | 2 | 3 | 3 | 1 | 2 | 2 | 2 | 0 |
| Total Liabilities | 29 | 30 | 31 | 30 | 36 | 39 | 43 | 42 | 44 | 35 | 40 |
| Fixed Assets | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 2 | 1 | 1 |
| Other Non-Current Assets | 3 | 5 | 5 | 5 | 5 | 5 | 3 | 1 | 1 | 1 | 1 |
| Total Current Assets | 26 | 24 | 25 | 24 | 30 | 33 | 39 | 41 | 42 | 33 | 37 |
| Total Assets | 29 | 30 | 31 | 30 | 36 | 39 | 43 | 42 | 44 | 35 | 40 |
| #(Fig in Cr.) | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 0 | 1 | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 1 |
| Cash Flow from Operating Activities | -1 | 2 | -1 | -0 | -3 | -5 | -5 | -1 | 2 | 8 | -7 |
| Cash Flow from Investing Activities | 0 | -2 | 0 | 1 | 0 | 1 | 5 | 3 | -1 | 0 | 1 |
| Cash Flow from Financing Activities | 0 | 1 | 0 | -1 | 4 | 3 | 1 | -3 | 0 | -8 | 5 |
| Net Cash Inflow / Outflow | -0 | 1 | -0 | -1 | 1 | -1 | 1 | -1 | 1 | -0 | -1 |
| Closing Cash & Cash Equivalent | 0 | 1 | 1 | 0 | 1 | 0 | 1 | 0 | 1 | 1 | 0 |
| # | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 0.31 | 0.36 | 0.3 | 0.28 | 0.42 | 0.23 | 1.32 | 1.01 | 0.13 | 0.2 | -0.26 |
| CEPS(Rs) | 0.38 | 0.45 | 0.42 | 0.4 | 0.54 | 0.32 | 1.4 | 1.08 | 0.23 | 0.35 | -0.13 |
| DPS(Rs) | 0.2 | 0.05 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Book NAV/Share(Rs) | 16.88 | 17.19 | 17.49 | 17.77 | 18.19 | 18.46 | 19.8 | 20.81 | 20.95 | 21.15 | 20.89 |
| Core EBITDA Margin(%) | 22.93 | 18.63 | 20.94 | 28.22 | 21.74 | 22.75 | 26.9 | 24.2 | 20 | 1.58 | -0.55 |
| EBIT Margin(%) | 20.53 | 15.97 | 19.17 | 22.41 | 18.69 | 18.95 | 142.15 | 40.33 | 17.57 | 3.65 | -4.05 |
| Pre Tax Margin(%) | 14 | 15.78 | 16.66 | 17.64 | 15.02 | 13.26 | 123.81 | 33.58 | 3.94 | 1.92 | -8.66 |
| PAT Margin (%) | 10.35 | 10.88 | 11.62 | 13.9 | 11.11 | 10.23 | 104.26 | 29.02 | 3.46 | 1.39 | -8.73 |
| Cash Profit Margin (%) | 12.99 | 13.64 | 16.09 | 19.71 | 14.17 | 14.04 | 110.87 | 30.97 | 5.92 | 2.44 | -4.36 |
| ROA(%) | 1.66 | 1.91 | 1.55 | 1.44 | 2 | 0.96 | 5.02 | 3.68 | 0.48 | 0.77 | -1.06 |
| ROE(%) | 2.25 | 2.13 | 1.75 | 1.58 | 2.34 | 1.26 | 6.9 | 4.97 | 0.64 | 0.94 | -1.22 |
| ROCE(%) | 3.43 | 2.88 | 2.61 | 2.35 | 3.44 | 1.82 | 6.93 | 5.24 | 2.55 | 2.12 | -0.5 |
| Receivable days | 9.63 | 7.94 | 10.42 | 18.92 | 11.5 | 19.35 | 38.3 | 13.94 | 7.22 | 0.53 | 2.54 |
| Inventory Days | 1525.24 | 1187.66 | 1453.13 | 1903.79 | 1145.3 | 2446.21 | 5623.04 | 2478.81 | 2290.88 | 456.75 | 1674.95 |
| Payable days | 0 | 7.93 | 9.08 | 0 | 1.89 | 9.55 | 31.47 | 11.36 | 9.28 | 0 | 0 |
| PER(x) | 179.78 | 151.89 | 165.02 | 326.16 | 43.56 | 43.6 | 8.41 | 16.85 | 674.1 | 303.04 | 0 |
| Price/Book(x) | 3.26 | 3.2 | 2.86 | 5.12 | 1.01 | 0.54 | 0.56 | 0.82 | 4.31 | 2.83 | 0.81 |
| Dividend Yield(%) | 0.36 | 0.09 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EV/Net Sales(x) | 18.95 | 16.76 | 19.6 | 45.84 | 5.7 | 7.2 | 14.14 | 6.42 | 24.75 | 4.23 | 7.29 |
| EV/Core EBITDA(x) | 81.76 | 89.51 | 82.89 | 162.48 | 26.21 | 31.61 | 9.51 | 15.19 | 123.56 | 89.93 | 2319.15 |
| Net Sales Growth(%) | 30.24 | 12.48 | -21.63 | -23.05 | 88.37 | -40.42 | -43.81 | 174.69 | 11.3 | 267.66 | -79.38 |
| EBIT Growth(%) | 2.05 | -12.53 | -5.89 | -10.06 | 57.14 | -39.6 | 321.5 | -22.06 | -51.52 | -23.66 | -122.91 |
| PAT Growth(%) | 20.24 | 18.28 | -16.33 | -7.93 | 50.59 | -45.13 | 472.48 | -23.54 | -86.72 | 47.35 | -229.76 |
| EPS Growth(%) | 8.89 | 18.26 | -16.32 | -7.92 | 50.57 | -45.13 | 472.41 | -23.54 | -86.72 | 47.31 | -229.74 |
| Debt/Equity(x) | 0.06 | 0.1 | 0.11 | 0.06 | 0.22 | 0.34 | 0.37 | 0.26 | 0.29 | 0.04 | 0.21 |
| Current Ratio(x) | 25.87 | 31.24 | 10.04 | 15.59 | 10.45 | 11.16 | 62.11 | 27.11 | 16.85 | 21.59 | 91.84 |
| Quick Ratio(x) | 7.79 | 10.83 | 3.45 | 5.17 | 3.18 | 2.29 | 7.28 | 1.21 | 1.96 | 9.26 | 35 |
| Interest Cover(x) | 3.15 | 84.19 | 7.65 | 4.7 | 5.08 | 3.33 | 7.75 | 5.97 | 1.29 | 2.11 | -0.88 |
| Total Debt/Mcap(x) | 0.02 | 0.03 | 0.04 | 0.01 | 0.22 | 0.62 | 0.67 | 0.32 | 0.07 | 0.01 | 0.26 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 52.78 | 52.78 | 52.78 | 52.78 | 52.78 | 52.78 | 52.78 | 52.78 | 52.78 | 54.15 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 47.22 | 47.22 | 47.22 | 47.22 | 47.22 | 47.22 | 47.22 | 47.22 | 47.22 | 45.85 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.82 | 0.85 |
| FII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.74 | 0.72 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 | 1.56 |
* The pros and cons are machine generated.
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