Max India Complete Financial Statements
In FY2025, Max India (MAXIND) reported revenue ₹50 Cr, net profit ₹-34 Cr and EPS ₹-6.52, with a net profit margin of -68.0% and ROE of -9.5%. Full financial statements from FY2019 to FY2025 (7 years) — income statement, balance sheet and cash flow in ₹ Crores. Download as Excel or CSV. For live price, earnings ratios and company overview, see Max India stock price NSE .
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Balance Sheet Ratios
MAXIND Revenue, Net Profit & EBITDA — Year-on-Year Growth
MAXIND YoY (Sept 2024 vs Sept 2025) — revenue +4.2%, net profit -47.8%, EBITDA -62.5%, expenses +18.8%.
MAXIND Income Statement — Revenue, EBITDA & Net Profit
Max India revenue ₹50 Cr, EBITDA ₹-26 Cr, net profit ₹-34 Cr, EPS ₹-6.52 (2025) — net profit margin -68.0%. Explore MAXIND investment value to estimate fundamental worth using multiple valuation models.
| Particulars | Sept 2025 | Mar 2025 | Jun 2025 | Dec 2025 | Sept 2024 | Mar 2024 | Jun 2024 | Dec 2024 | Sept 2023 | Mar 2023 | Jun 2023 | Dec 2023 | Sept 2022 | Mar 2022 | Jun 2022 | Dec 2022 | Sept 2021 | Mar 2021 | Jun 2021 | Dec 2021 | Sept 2020 | Mar 2020 | Jun 2020 | Dec 2020 | Sept 2019 | Jun 2019 | Dec 2019 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 50 | 46 | 49 | 50 | 48 | 50 | 33 | 40 | 55 | 60 | 46 | 45 | 61 | 52 | 46 | 46 | 85 | 36 | 58 | 43 | 31 | 70 | 29 | 34 | 40 | 38 | 451 |
| Expenses | 76 | 83 | 65 | 82 | 64 | 66 | 54 | 77 | 54 | 55 | 53 | 58 | 56 | 54 | 45 | 46 | 80 | 42 | 61 | 44 | 36 | 45 | 41 | 39 | 59 | 129 | 95 |
| EBITDA | -26 | -37 | -15 | -32 | -16 | -16 | -22 | -37 | 2 | 5 | -7 | -13 | 5 | -2 | 1 | 0 | 6 | -7 | -3 | -1 | -6 | 25 | -13 | -4 | -20 | -91 | 356 |
| Operating Profit Margin % | -69.00% | -99.00% | -76.00% | -90.00% | -49.00% | -46.00% | -106.00% | -122.00% | -9.00% | 2.00% | -31.00% | -43.00% | 4.00% | -7.00% | -3.00% | -7.00% | 4.00% | -25.00% | -11.00% | -5.00% | -26.00% | 34.00% | -62.00% | -18.00% | -51.00% | -244.00% | -181.00% |
| Depreciation | 6 | 5 | 6 | 6 | 5 | 3 | 4 | 5 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 3 | 2 | 2 | 2 |
| Interest | 4 | 3 | 4 | 4 | 2 | 1 | 2 | 2 | 1 | 2 | 1 | 1 | 2 | 1 | 2 | 2 | 3 | 5 | 4 | 2 | 8 | 8 | 6 | 6 | 6 | 6 | 6 |
| Profit Before Tax | -36 | -45 | -25 | -41 | -22 | -20 | -27 | -44 | -2 | 2 | -10 | -17 | 2 | -6 | -3 | -4 | 0 | -14 | -10 | -5 | -16 | 15 | -21 | -13 | -27 | -98 | 348 |
| Tax | -2 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 3 | 6 | 2 | 1 | 3 | -4 | 2 | -4 | 1 | -4 | 1 | 1 | 1 | 3 | -8 | 0 | 1 | 1 | 0 |
| Net Profit | -34 | -46 | -26 | -43 | -23 | -22 | -27 | -45 | -5 | -4 | -12 | -18 | -2 | -2 | -5 | 0 | -1 | -10 | -10 | -6 | -17 | 12 | -13 | -13 | -28 | -99 | 347 |
| Earnings Per Share (₹) | -6.52 | -10.67 | -5.44 | -8.17 | -5.27 | -5.00 | -6.25 | -10.03 | -1.09 | -0.88 | -2.84 | -4.15 | -0.34 | -0.29 | -0.86 | -0.06 | -0.11 | -1.76 | -1.90 | -1.05 | -3.21 | 2.21 | -2.49 | -2.41 | -3.78 | -10.04 | 66.91 |
MAXIND Balance Sheet — Assets, Liabilities & Shareholders' Equity
MAXIND total assets ₹633 Cr, total equity ₹359 Cr, total liabilities ₹ Cr (2025) — ROE -9.5%.
| Particulars | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|
| ASSETS | ||||||
| Total Assets | 633 | 684 | 753 | 858 | 998 | 1,024 |
| Current Assets | 261 | 343 | 459 | 549 | 728 | 819 |
| Fixed Assets | 170 | 193 | 159 | 159 | 156 | 145 |
| Capital Work in Progress | 21 | 10 | 0 | 0 | 0 | 1 |
| Investments | 53 | 64 | 84 | 178 | 334 | 414 |
| Other Assets | 389 | 418 | 511 | 522 | 508 | 465 |
| LIABILITIES | ||||||
| Total Liabilities | ||||||
| Current Liabilities | 109 | 53 | 50 | 64 | 119 | 157 |
| Non-Current Liabilities | ||||||
| SHAREHOLDERS' EQUITY | ||||||
| Total Equity | 359 | 492 | 542 | 641 | 653 | 706 |
| Share Capital | 44 | 43 | 43 | 54 | 54 | 54 |
| Reserves & Surplus | 305 | 440 | 496 | 586 | 599 | 652 |
MAXIND Cash Flow Statement — Operating, Investing & Financing
Max India operating cash flow ₹-128 Cr, investing ₹47 Cr, financing ₹-13 Cr, net cash flow ₹-93 Cr (2025).
| Particulars | March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | March 2020 |
|---|---|---|---|---|---|---|
| Operating Activities | -128 | -102 | 69 | 67 | 73 | -19 |
| Investing Activities | 47 | 159 | 124 | 18 | 13 | -526 |
| Financing Activities | -13 | -29 | -119 | -94 | -73 | 557 |
| Net Cash Flow | -93 | 27 | 75 | -10 | 12 | 12 |