Max India Limited

BSE: 543223 NSE: MAXIND
Max India Limited - business outsourcing in Mumbai, Maharashtra, India. FY 2026 financials and compliance.
CIN L74999MH2019PLC320039 Incorporated 23 January 2019 ROC Mumbai HQ Mumbai, Maharashtra, India
Active Listed - NSE: MAXIND · BSE: 543223 Public Limited Company business outsourcing
Data last updated
Revenue · FY 2026
₹190.56 Cr
▲ 30.98% YoY
EBITDA · FY 2026
-₹83.06 Cr
▲ 16.82% YoY
Net profit · FY 2026
-₹121.85 Cr
▲ 13.21% YoY
Authorised capital
₹60.05 Cr
Registered with MCA
Paid-up capital
₹52.45 Cr
Issued & subscribed
Open charges
None
Satisfied ₹245 Cr
Company age
7 yrs
Est. 2019
Last financials
Mar 2025
Balance sheet date

About Max India Limited

Data last updated: 21 December 2025

Max India Limited is a public limited company based in Mumbai, Maharashtra, India, recognised as a startup by DPIIT. It specialises in business and IT consulting, a part of the broader business process outsourcing sector. Incorporated on 23 January 2019, the company has been in operation for over 7 years.

Registered with ROC Mumbai under CIN L74999MH2019PLC320039. Listed on BSE: 543223 and NSE: MAXIND.

Capital: an authorised share capital of ₹60.05 Cr and a paid-up capital of ₹52.45 Cr. Formerly known as Advaita Allied Health Services Limited. It is led by directors including Mohit Talwar and Ajit Singh.

Last AGM: 03 September 2025. Financial statements filed for year ended 31 March 2025. Office: 167 Floor 1 Plot – 167A Ready Money Mansion Dr. Annie Besant Road Worli, Mumbai, Maharashtra, India – 400018.

As per the financials filed for FY 2025, the company reported a revenue of ₹164.17 Cr, a decline of 16% compared to the previous year.

Its group structure includes 5 subsidiaries.

As per MCA filings, the company has satisfied charges of ₹245 Cr on record.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website maxindia.com.

Company Details of Max India Limited
CIN L74999MH2019PLC320039
Registration Number 320039
Incorporation Date 23 January 2019
ROC Mumbai
Listing Status Listed (BSE: 543223, NSE: MAXIND)
Company Status Active
Date of Last AGM 03 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
DPIIT Recognition Recognised Startup
Key People
Rajit Mehta Managing Director Sandeep Pathak Cfo Mohit Talwar Director
Contact Details
  • Email
    *****@*****.com
  • Telephone
    +91-****-******
  • Website
    maxindia.com
  • Social Media
  • Registered Address
    167 Floor 1 Plot – 167A Ready Money Mansion Dr. Annie Besant Road Worli, Mumbai, Maharashtra, India – 400018
  • Industry
    Business Outsourcing, Business & IT Consulting
Company report
Max India Limited - full intelligence report
  • Historical Financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Litigation, compliance and MCA filings
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Financials, compliance, directors, charges, ownership and filings for Max India Limited in one report.

10-year financials Directors & ownership Charges & compliance

CIN History of Max India Limited

Max India Limited has one previous CIN (Corporate Identification Number): U74999MH2019PLC320039. The current CIN is L74999MH2019PLC320039, which is the unique identifier assigned by the Registrar of Companies.

CIN Status
L74999MH2019PLC320039 Current
U74999MH2019PLC320039 Previous

Business Activity of Max India Limited

Max India Limited is engaged in multiple principal business activities such as financial and insurance service, real estate, and professional, scientific and technical. The company has 4 registered principal business activity segments, demonstrating its operational diversity and market reach.

Main Activity Group Code Description of Main Activity Business Activity Code Description of Business Activity Turnover Percentage
K Financial and insurance Service K2 Activities by Trusts, funds and other financial holding companies *********
K Financial and insurance Service K8 Other financial activities *********
L Real Estate L1 Real estate activities with own or leased property *********
M Professional, Scientific and Technical M3 Management consultancy activities *********

Auditor Details of Max India Limited

Max India Limited is audited by Ravi Rajan & Co. LLP (ICAI peer reviewed, certificate valid till 2028-05-31) for the financial year 2026, as reported in its NSE exchange filings. The statutory auditor is responsible for expressing an independent opinion on whether the financial statements present a true and fair view in accordance with applicable accounting standards.

Name Financial year Audit opinion
Ravi Rajan & Co. LLP (ICAI peer reviewed, certificate valid till 2028-05-31) FY 2026 Declaration of unmodified opinion

Board of Directors of Max India Limited

Max India Limited is currently managed by 11 directors, with 15 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.

Current Directors
Name Designation Appointment Date Tenure Status
Mohit Talwar
Also directs: Axis Max Life Insurance Limited
Director 15 Jan 2021 5 Years 5 Months Current
Ajit Singh
Also directs: Antara Senior Living Limited
Director 25 May 2022 4 Years 1 Months Current
Sandeep Pathak Cfo 01 Jun 2020 6 Years 1 Months Current
Pradeep Pant
Also directs: Axis Max Life Insurance Limited
Director 01 Jun 2020 6 Years 1 Months Current
Rohit Kapoor
Also directs: Oxyzo Financial Services Limited
Director 25 May 2022 4 Years 1 Months Current
Sharmila Tagore
Also directs: Srk Travel And Tours Private Limited
Director 01 Jun 2020 6 Years 1 Months Current
Showing 6 of 11 current directors. View all directors

Financials of Max India Limited FY 2026 filings available

Max India Limited reported revenue of ₹190.56 Cr (up 30.98% YoY) for FY 2026. Profit growth despite declining revenue indicates effective cost management and margin discipline.

Revenue · FY 2026
₹190.56 Cr ▲ 30.98%
Profit · FY 2026
-₹121.85 Cr ▲ 13.21%
EBITDA · FY 2026
-₹83.06 Cr ▲ 16.82%
Revenue₹ Cr · Consolidated0100200300FY 2021: ₹87 Cr87FY 2021FY 2022: ₹230 Cr · +164.3% YoY230+164.3%FY 2022FY 2023: ₹201 Cr · -12.6% YoY201-12.6%FY 2023FY 2024: ₹176 Cr · -12.6% YoY176-12.6%FY 2024FY 2025: ₹145 Cr · -17.2% YoY145-17.2%FY 2025FY 2026: ₹191 Cr · +31% YoY191+31%FY 2026
Net Profit₹ Cr · Consolidated-150-100-50050FY 2021: ₹44 Cr (loss)-43.6FY 2021FY 2022: ₹18 Cr (loss) · +58.7% YoY-18FY 2022FY 2023: ₹10 Cr (loss) · +42.4% YoY-10.4FY 2023FY 2024: ₹56 Cr (loss) · -442.1% YoY-56.4FY 2024FY 2025: ₹140 Cr (loss) · -149% YoY-140FY 2025FY 2026: ₹122 Cr (loss) · +13.2% YoY-122FY 2026
Quarterly Revenue₹ Cr · vs same quarter last year0255075Q1'25: ₹26 Cr · -34.9% YoY26.5-34.9%Q1'25Q2'25: ₹43 Cr · -13.1% YoY42.8-13.1%Q2'25Q3'25: ₹35 Cr · -14.6% YoY34.7-14.6%Q3'25Q4'25: ₹42 Cr · -7.8% YoY41.5-7.8%Q4'25Q1'26: ₹37 Cr · +38.6% YoY36.7+38.6%Q1'26Q2'26: ₹45 Cr · +5.6% YoY45.2+5.6%Q2'26Q3'26: ₹43 Cr · +24.1% YoY43.1+24.1%Q3'26Q4'26: ₹66 Cr · +58.1% YoY65.6+58.1%Q4'26
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021
Revenue from Operations ₹190.56 Cr ₹145.49 Cr ₹175.63 Cr ₹201.03 Cr ₹229.88 Cr ₹86.99 Cr
Other Income ₹22.8 Cr ₹18.68 Cr ₹19.11 Cr ₹12.42 Cr ₹7.56 Cr ₹6.81 Cr
Total Income ₹213.36 Cr ₹164.17 Cr ₹194.74 Cr ₹213.45 Cr ₹237.44 Cr ₹93.8 Cr
Cost of Materials Consumed ₹51.32 Cr ₹43.28 Cr ₹13.16 Cr ₹4.48 Cr ₹4.48 Cr ₹85 Lakh
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹1.41 Cr -₹10.56 Cr ₹44.96 Cr ₹79.24 Cr ₹119.24 Cr ₹8.42 Cr
Employee Benefit Expense ₹94.76 Cr ₹96.57 Cr ₹78.2 Cr ₹54.32 Cr ₹57.79 Cr ₹65.89 Cr
Finance Costs ₹13.79 Cr ₹8.06 Cr ₹4.59 Cr ₹6.23 Cr ₹10.28 Cr ₹7.77 Cr
Depreciation & Amortisation ₹25.1 Cr ₹18.82 Cr ₹10.15 Cr ₹8.45 Cr ₹8.99 Cr ₹19.89 Cr
Other Expenses ₹148.93 Cr ₹134.73 Cr ₹93.81 Cr ₹62.49 Cr ₹49.61 Cr ₹33.26 Cr
Total Expenses ₹335.31 Cr ₹290.9 Cr ₹244.87 Cr ₹215.21 Cr ₹250.39 Cr ₹136.08 Cr
Profit Before Exceptional Items & Tax -₹121.95 Cr -₹126.73 Cr -₹50.13 Cr -₹1.76 Cr -₹12.95 Cr -₹42.28 Cr
Exceptional Items ₹4.78 Cr -₹12.6 Cr ₹2 Lakh ₹0 -₹5.13 Cr -₹7.28 Cr
Profit Before Tax -₹117.17 Cr -₹139.33 Cr -₹50.11 Cr -₹1.76 Cr -₹18.08 Cr -₹49.56 Cr
Total Tax Expense ₹88 Lakh ₹1.81 Cr ₹7.35 Cr ₹7.38 Cr -₹1.89 Cr -₹6.47 Cr
Net Profit -₹121.85 Cr -₹140.39 Cr -₹56.38 Cr -₹10.4 Cr -₹18.04 Cr -₹43.64 Cr
  attributable to Owners -₹121.85 Cr -₹139.18 Cr -₹56.38 Cr -₹10.4 Cr -₹18.04 Cr -₹43.64 Cr
  attributable to NCI ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Other Comprehensive Income ₹67 Lakh ₹1.21 Cr -₹17 Lakh ₹30 Lakh ₹59 Lakh ₹32 Lakh
Total Comprehensive Income -₹121.18 Cr -₹139.18 Cr -₹56.55 Cr -₹10.1 Cr -₹17.45 Cr -₹43.32 Cr
EBITDA (computed) -₹83.06 Cr -₹99.85 Cr -₹35.39 Cr ₹12.92 Cr ₹6.32 Cr -₹14.62 Cr
Basic EPS ₹-23.85 ₹-32.50 ₹-13.08 ₹-2.18 ₹-3.35 ₹-8.11
Diluted EPS ₹-23.85 ₹-32.50 ₹-13.08 ₹-2.17 ₹-3.35 ₹-8.11
Metrics FY 2026 FY 2025 FY 2024 FY 2023
Total Assets ₹669.25 Cr ₹632.85 Cr ₹684.34 Cr ₹753.4 Cr
Non-current Assets ₹288.69 Cr ₹277.23 Cr ₹341.09 Cr ₹291.49 Cr
Current Assets ₹380.56 Cr ₹260.54 Cr ₹343.25 Cr ₹461.91 Cr
Property, Plant & Equipment ₹96.73 Cr ₹55.94 Cr ₹71.79 Cr ₹70.96 Cr
Inventories ₹15.52 Cr ₹16.64 Cr ₹6.13 Cr ₹51.01 Cr
Trade Receivables ₹37.1 Cr ₹22.2 Cr ₹4.94 Cr ₹2.86 Cr
Cash & Equivalents ₹26.58 Cr ₹22.7 Cr ₹116.03 Cr ₹88.73 Cr
Equity (Net Worth) ₹408.3 Cr ₹358.69 Cr ₹492.34 Cr ₹542.1 Cr
Equity Share Capital ₹52.52 Cr ₹43.59 Cr ₹43.17 Cr ₹43.03 Cr
Borrowings (Non-current) ₹1.09 Cr ₹94 Lakh ₹82 Lakh ₹22.34 Cr
Borrowings (Current) ₹66 Lakh ₹49 Lakh ₹37 Lakh ₹8 Lakh
Total Debt (computed) ₹1.75 Cr ₹1.43 Cr ₹1.19 Cr ₹22.42 Cr
Current Liabilities ₹161.71 Cr ₹165.25 Cr ₹138.84 Cr ₹161.48 Cr
Total Liabilities ₹260.95 Cr ₹274.16 Cr ₹192 Cr ₹211.3 Cr
The balance sheet became part of the exchange results-filing format in FY2023 - earlier years were not filed and are hidden.
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
Operating Cash Flow -₹94.72 Cr -₹127.6 Cr -₹102.34 Cr ₹69.41 Cr ₹66.5 Cr
Investing Cash Flow -₹49.72 Cr ₹46.82 Cr ₹158.64 Cr ₹124.08 Cr ₹32.25 Cr
Financing Cash Flow ₹148.32 Cr -₹12.55 Cr -₹29 Cr -₹118.54 Cr -₹93.94 Cr
Capital Expenditure ₹51.33 Cr ₹35.88 Cr ₹28.75 Cr ₹3.66 Cr ₹3.02 Cr
Free Cash Flow (computed) -₹146.05 Cr -₹163.48 Cr -₹131.09 Cr ₹65.75 Cr ₹63.48 Cr
Dividends Paid ₹0 ₹0 ₹0 ₹0 ₹0
Net Change in Cash ₹3.88 Cr -₹93.33 Cr ₹27.3 Cr ₹74.95 Cr ₹4.81 Cr
The cash-flow statement became part of the exchange results-filing format in FY2022 - earlier years were not filed and are hidden.
Metrics Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24
Revenue from Operations ₹65.63 Cr ₹43.1 Cr ₹45.16 Cr ₹36.67 Cr ₹41.52 Cr ₹34.74 Cr ₹42.77 Cr ₹26.46 Cr ₹45.04 Cr ₹40.69 Cr ₹49.23 Cr ₹40.67 Cr
Other Income ₹6.41 Cr ₹6.71 Cr ₹5.01 Cr ₹4.67 Cr ₹3.95 Cr ₹4.35 Cr ₹4.72 Cr ₹5.66 Cr ₹4.62 Cr ₹3.84 Cr ₹5.82 Cr ₹4.83 Cr
Total Income ₹72.04 Cr ₹49.81 Cr ₹50.17 Cr ₹41.34 Cr ₹45.47 Cr ₹39.09 Cr ₹47.49 Cr ₹32.12 Cr ₹49.66 Cr ₹44.53 Cr ₹55.05 Cr ₹45.5 Cr
Cost of Materials Consumed ₹11.24 Cr ₹10.65 Cr ₹13.62 Cr ₹15.81 Cr ₹17.55 Cr ₹13.11 Cr ₹8.44 Cr ₹4.18 Cr ₹5.28 Cr ₹3.48 Cr ₹2.92 Cr ₹1.48 Cr
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹5.49 Cr ₹2.18 Cr ₹80 Lakh -₹7.06 Cr -₹3.74 Cr -₹3.35 Cr -₹3.11 Cr -₹36 Lakh ₹8.12 Cr ₹8.17 Cr ₹16.55 Cr ₹12.12 Cr
Employee Benefit Expense ₹19.3 Cr ₹25.27 Cr ₹25.14 Cr ₹25.05 Cr ₹26.39 Cr ₹24 Cr ₹22.74 Cr ₹23.44 Cr ₹22.23 Cr ₹19.53 Cr ₹17.94 Cr ₹18.5 Cr
Finance Costs ₹2.76 Cr ₹3.45 Cr ₹4.06 Cr ₹3.52 Cr ₹2.83 Cr ₹2.04 Cr ₹1.7 Cr ₹1.49 Cr ₹1.26 Cr ₹1.36 Cr ₹97 Lakh ₹1 Cr
Depreciation & Amortisation ₹7.3 Cr ₹6.09 Cr ₹5.94 Cr ₹5.77 Cr ₹5.25 Cr ₹5.03 Cr ₹4.61 Cr ₹3.93 Cr ₹2.98 Cr ₹2.43 Cr ₹2.34 Cr ₹2.4 Cr
Other Expenses ₹42.82 Cr ₹39.53 Cr ₹35.86 Cr ₹30.72 Cr ₹41.12 Cr ₹30.62 Cr ₹35.85 Cr ₹27.14 Cr ₹29.56 Cr ₹26.85 Cr ₹16.34 Cr ₹21.06 Cr
Total Expenses ₹88.91 Cr ₹87.17 Cr ₹85.42 Cr ₹73.81 Cr ₹89.4 Cr ₹71.45 Cr ₹70.23 Cr ₹59.82 Cr ₹69.43 Cr ₹61.82 Cr ₹57.06 Cr ₹56.56 Cr
Profit Before Exceptional Items & Tax -₹16.87 Cr -₹37.36 Cr -₹35.25 Cr -₹32.47 Cr -₹43.93 Cr -₹32.36 Cr -₹22.74 Cr -₹27.7 Cr -₹19.77 Cr -₹17.29 Cr -₹2.01 Cr -₹11.06 Cr
Exceptional Items -₹20 Lakh -₹2.87 Cr -₹3 Lakh ₹7.88 Cr ₹0 -₹12.6 Cr ₹0 ₹0 ₹2 Lakh ₹0 ₹0 ₹0
Profit Before Tax -₹17.07 Cr -₹40.23 Cr -₹35.28 Cr -₹24.59 Cr -₹43.93 Cr -₹44.96 Cr -₹22.74 Cr -₹27.7 Cr -₹19.75 Cr -₹17.29 Cr -₹2.01 Cr -₹11.06 Cr
Total Tax Expense ₹43 Lakh ₹1.43 Cr -₹1.96 Cr ₹98 Lakh ₹79 Lakh ₹19 Lakh ₹73 Lakh ₹10 Lakh ₹1.26 Cr ₹1.29 Cr ₹2.89 Cr ₹1.91 Cr
Net Profit -₹19.29 Cr -₹42.85 Cr -₹34.07 Cr -₹25.64 Cr -₹46.09 Cr -₹44.6 Cr -₹22.73 Cr -₹26.97 Cr -₹21.57 Cr -₹17.9 Cr -₹4.7 Cr -₹12.21 Cr
  attributable to Owners -₹19.29 Cr -₹42.85 Cr -₹34.07 Cr -₹25.64 Cr -₹45.61 Cr -₹44.6 Cr -₹22.73 Cr -₹26.97 Cr -₹21.57 Cr -₹17.9 Cr -₹4.7 Cr -₹12.41 Cr
  attributable to NCI ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Other Comprehensive Income ₹1.18 Cr ₹12 Lakh -₹73 Lakh ₹10 Lakh ₹48 Lakh ₹8 Lakh ₹1.13 Cr -₹48 Lakh ₹17 Lakh -₹5 Lakh -₹36 Lakh ₹7 Lakh
Total Comprehensive Income -₹18.11 Cr -₹42.73 Cr -₹34.8 Cr -₹25.54 Cr -₹45.61 Cr -₹44.52 Cr -₹21.6 Cr -₹27.45 Cr -₹21.4 Cr -₹17.95 Cr -₹5.06 Cr -₹12.14 Cr
EBITDA (computed) -₹6.81 Cr -₹27.82 Cr -₹25.25 Cr -₹23.18 Cr -₹35.85 Cr -₹25.29 Cr -₹16.43 Cr -₹22.28 Cr -₹15.53 Cr -₹13.5 Cr ₹1.3 Cr -₹7.66 Cr
Basic EPS ₹-3.67 ₹-8.17 ₹-6.52 ₹-5.44 ₹-10.67 ₹-10.33 ₹-5.27 ₹-6.25 ₹-5.00 ₹-4.15 ₹-1.09 ₹-2.84
Diluted EPS ₹-3.67 ₹-8.17 ₹-6.52 ₹-5.44 ₹-10.67 ₹-10.33 ₹-5.27 ₹-6.25 ₹-5.00 ₹-4.15 ₹-1.09 ₹-2.84
Latest 12 quarters shown of 23 on record.
Segment · Q4 FY26 (latest quarter) Revenue Result (PBIT) Assets Liabilities
Senior Living ₹31.99 Cr ₹13.32 Cr ₹360.57 Cr ₹133.15 Cr
Assisted Care ₹32.47 Cr -₹28.14 Cr ₹226.72 Cr ₹117.99 Cr
Business Investments ₹1.76 Cr -₹4.31 Cr ₹65.22 Cr ₹9.8 Cr
Others ₹0 ₹6 Lakh ₹1.51 Cr ₹1 Lakh
Investment in joint ventures ₹0 ₹0 ₹8.94 Cr ₹0
Non- Current Asset Held for Sale ₹0 ₹0 ₹0 ₹0
Segment · FY 2026 (annual) Revenue Result (PBIT) Assets Liabilities
Senior Living ₹73.45 Cr -₹86 Lakh - -
Assisted Care ₹108.41 Cr -₹112.06 Cr - -
Business Investments ₹10.88 Cr -₹11.48 Cr - -
Others ₹0 -₹33 Lakh - -
Investment in joint ventures ₹0 ₹0 - -
Non- Current Asset Held for Sale ₹0 ₹0 - -
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022 FY 2021
Revenue from Operations ₹10.88 Cr ₹19.13 Cr ₹31.23 Cr ₹32.54 Cr ₹32.61 Cr ₹33.66 Cr
Other Income ₹83 Lakh ₹1.66 Cr ₹1.03 Cr ₹50 Lakh ₹1.25 Cr ₹5.54 Cr
Total Income ₹11.71 Cr ₹20.79 Cr ₹32.26 Cr ₹33.04 Cr ₹33.86 Cr ₹39.2 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹9.48 Cr ₹12.23 Cr ₹12.6 Cr ₹10.02 Cr ₹9.79 Cr ₹9.49 Cr
Finance Costs ₹1.16 Cr ₹80 Lakh ₹59 Lakh ₹24 Lakh ₹16 Lakh ₹16 Lakh
Depreciation & Amortisation ₹1.28 Cr ₹2.78 Cr ₹2.68 Cr ₹2.24 Cr ₹2.17 Cr ₹2.68 Cr
Other Expenses ₹10.54 Cr ₹9.49 Cr ₹14.63 Cr ₹13.73 Cr ₹14.11 Cr ₹16.46 Cr
Total Expenses ₹22.46 Cr ₹25.3 Cr ₹30.5 Cr ₹26.23 Cr ₹26.23 Cr ₹28.79 Cr
Profit Before Exceptional Items & Tax -₹10.75 Cr -₹4.51 Cr ₹1.76 Cr ₹6.81 Cr ₹7.63 Cr ₹10.41 Cr
Exceptional Items ₹7.32 Cr ₹5 Lakh -₹12 Lakh ₹4.5 Cr ₹0 -₹13.03 Cr
Profit Before Tax -₹3.43 Cr -₹4.46 Cr ₹1.64 Cr ₹11.31 Cr ₹7.63 Cr -₹2.62 Cr
Total Tax Expense -₹1.84 Cr -₹31 Lakh ₹41 Lakh -₹85 Lakh ₹1.33 Cr -₹11.27 Cr
Net Profit -₹1.59 Cr -₹4.15 Cr ₹1.23 Cr ₹12.16 Cr ₹6.3 Cr ₹8.65 Cr
Other Comprehensive Income -₹17 Lakh ₹12 Lakh -₹8 Lakh -₹8 Lakh ₹21 Lakh ₹19 Lakh
Total Comprehensive Income -₹1.76 Cr -₹4.03 Cr ₹1.15 Cr ₹12.08 Cr ₹6.51 Cr ₹8.84 Cr
EBITDA (computed) -₹8.31 Cr -₹93 Lakh ₹5.03 Cr ₹9.29 Cr ₹9.96 Cr ₹13.25 Cr
Basic EPS ₹-0.31 ₹-0.96 ₹0.29 ₹2.56 ₹1.17 ₹1.61
Diluted EPS ₹-0.31 ₹-0.96 ₹0.28 ₹2.55 ₹1.17 ₹1.61
Metrics FY 2026 FY 2025 FY 2024 FY 2023
Total Assets ₹1,042.69 Cr ₹885.94 Cr ₹881.12 Cr ₹868.36 Cr
Non-current Assets ₹961.17 Cr ₹767.2 Cr ₹689.04 Cr ₹576.54 Cr
Current Assets ₹81.52 Cr ₹23.66 Cr ₹192.08 Cr ₹291.82 Cr
Property, Plant & Equipment ₹1.87 Cr ₹2.55 Cr ₹30.02 Cr ₹30.28 Cr
Inventories ₹0 ₹0 ₹0 ₹0
Trade Receivables ₹3 Lakh ₹88 Lakh ₹17 Lakh ₹61 Lakh
Cash & Equivalents ₹3.76 Cr ₹21 Lakh ₹20 Lakh ₹32 Lakh
Equity (Net Worth) ₹1,032.89 Cr ₹864.8 Cr ₹863.99 Cr ₹857.81 Cr
Equity Share Capital ₹52.52 Cr ₹43.59 Cr ₹43.17 Cr ₹43.03 Cr
Borrowings (Non-current) ₹0 ₹0 ₹0 ₹0
Borrowings (Current) ₹0 ₹0 ₹0 ₹0
Total Debt (computed) ₹0 ₹0 ₹0 ₹0
Current Liabilities ₹3.28 Cr ₹10.42 Cr ₹5.74 Cr ₹7.3 Cr
Total Liabilities ₹9.8 Cr ₹21.14 Cr ₹17.13 Cr ₹10.55 Cr
The balance sheet became part of the exchange results-filing format in FY2023 - earlier years were not filed and are hidden.
Metrics FY 2026 FY 2025 FY 2024 FY 2023 FY 2022
Operating Cash Flow -₹24.21 Cr -₹9.32 Cr -₹17 Cr -₹17.38 Cr -₹7.96 Cr
Investing Cash Flow -₹138.36 Cr ₹7.71 Cr ₹16.71 Cr ₹109.16 Cr ₹18.4 Cr
Financing Cash Flow ₹166.12 Cr ₹1.62 Cr ₹17 Lakh -₹91.82 Cr -₹45 Lakh
Capital Expenditure ₹35 Lakh ₹1.28 Cr ₹1.14 Cr ₹1.3 Cr ₹6 Lakh
Free Cash Flow (computed) -₹24.56 Cr -₹10.6 Cr -₹18.14 Cr -₹18.68 Cr -₹8.02 Cr
Dividends Paid ₹0 ₹0 ₹0 ₹0 ₹0
Net Change in Cash ₹3.55 Cr ₹1 Lakh -₹12 Lakh -₹4 Lakh ₹9.99 Cr
The cash-flow statement became part of the exchange results-filing format in FY2022 - earlier years were not filed and are hidden.
Metrics Q4 FY26 Q3 FY26 Q2 FY26 Q1 FY26 Q4 FY25 Q3 FY25 Q2 FY25 Q1 FY25 Q4 FY24 Q3 FY24 Q2 FY24 Q1 FY24
Revenue from Operations ₹1.76 Cr ₹3.13 Cr ₹3.14 Cr ₹2.85 Cr ₹3.3 Cr ₹4.59 Cr ₹5.41 Cr ₹5.83 Cr ₹7.72 Cr ₹7.58 Cr ₹7.68 Cr ₹8.25 Cr
Other Income ₹10 Lakh ₹1 Lakh ₹4 Lakh ₹68 Lakh ₹15 Lakh ₹7 Lakh ₹9 Lakh ₹1.35 Cr ₹2 Lakh ₹17 Lakh ₹5 Lakh ₹79 Lakh
Total Income ₹1.86 Cr ₹3.14 Cr ₹3.18 Cr ₹3.53 Cr ₹3.45 Cr ₹4.66 Cr ₹5.5 Cr ₹7.18 Cr ₹7.74 Cr ₹7.75 Cr ₹7.73 Cr ₹9.04 Cr
Cost of Materials Consumed ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Purchases of Stock-in-Trade ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Changes in Inventories ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0 ₹0
Employee Benefit Expense ₹1.72 Cr ₹2.54 Cr ₹2.49 Cr ₹2.73 Cr ₹3.14 Cr ₹2.86 Cr ₹3.07 Cr ₹3.16 Cr ₹4.13 Cr ₹2.66 Cr ₹2.56 Cr ₹3.25 Cr
Finance Costs ₹8 Lakh ₹13 Lakh ₹13 Lakh ₹83 Lakh ₹20 Lakh ₹20 Lakh ₹20 Lakh ₹20 Lakh ₹21 Lakh ₹26 Lakh ₹5 Lakh ₹7 Lakh
Depreciation & Amortisation ₹26 Lakh ₹28 Lakh ₹35 Lakh ₹38 Lakh ₹38 Lakh ₹80 Lakh ₹82 Lakh ₹78 Lakh ₹72 Lakh ₹75 Lakh ₹60 Lakh ₹61 Lakh
Other Expenses ₹3.73 Cr ₹2.23 Cr ₹3.12 Cr ₹1.46 Cr ₹2.85 Cr ₹2.13 Cr ₹2.13 Cr ₹2.38 Cr ₹3.86 Cr ₹4.05 Cr ₹3.27 Cr ₹3.45 Cr
Total Expenses ₹5.79 Cr ₹5.18 Cr ₹6.09 Cr ₹5.4 Cr ₹6.57 Cr ₹5.99 Cr ₹6.22 Cr ₹6.52 Cr ₹8.92 Cr ₹7.72 Cr ₹6.48 Cr ₹7.38 Cr
Profit Before Exceptional Items & Tax -₹3.93 Cr -₹2.04 Cr -₹2.91 Cr -₹1.87 Cr -₹3.12 Cr -₹1.33 Cr -₹72 Lakh ₹66 Lakh -₹1.18 Cr ₹3 Lakh ₹1.25 Cr ₹1.66 Cr
Exceptional Items -₹3 Lakh -₹50 Lakh -₹3 Lakh ₹7.88 Cr ₹0 ₹0 ₹0 ₹5 Lakh -₹7.4 Cr ₹7.28 Cr ₹0 ₹0
Profit Before Tax -₹3.96 Cr -₹2.54 Cr -₹2.94 Cr ₹6.01 Cr -₹3.12 Cr -₹1.33 Cr -₹72 Lakh ₹71 Lakh -₹8.58 Cr ₹7.31 Cr ₹1.25 Cr ₹1.66 Cr
Total Tax Expense -₹28 Lakh ₹66 Lakh -₹2.52 Cr ₹30 Lakh ₹27 Lakh -₹38 Lakh ₹2 Lakh -₹22 Lakh -₹34 Lakh -₹5 Lakh ₹45 Lakh ₹35 Lakh
Net Profit -₹3.68 Cr -₹3.2 Cr -₹42 Lakh ₹5.71 Cr -₹3.39 Cr -₹95 Lakh -₹74 Lakh ₹93 Lakh -₹8.24 Cr ₹7.36 Cr ₹80 Lakh ₹1.31 Cr
Other Comprehensive Income ₹9 Lakh ₹14 Lakh -₹43 Lakh ₹3 Lakh ₹20 Lakh ₹0 -₹8 Lakh ₹0 -₹4 Lakh ₹0 -₹4 Lakh ₹0
Total Comprehensive Income -₹3.59 Cr -₹3.06 Cr -₹85 Lakh ₹5.74 Cr -₹3.19 Cr -₹95 Lakh -₹82 Lakh ₹93 Lakh -₹8.28 Cr ₹7.36 Cr ₹76 Lakh ₹1.31 Cr
EBITDA (computed) -₹3.59 Cr -₹1.63 Cr -₹2.43 Cr -₹66 Lakh -₹2.54 Cr -₹33 Lakh ₹30 Lakh ₹1.64 Cr -₹25 Lakh ₹1.04 Cr ₹1.9 Cr ₹2.34 Cr
Basic EPS ₹-0.70 ₹-0.61 ₹-0.08 ₹1.21 ₹-0.78 ₹-0.22 ₹-0.18 ₹0.22 ₹-1.90 ₹1.70 ₹0.18 ₹0.31
Diluted EPS ₹-0.70 ₹-0.61 ₹-0.08 ₹1.20 ₹-0.78 ₹-0.22 ₹-0.18 ₹0.21 ₹-1.89 ₹1.69 ₹0.18 ₹0.30
Latest 12 quarters shown of 24 on record.
Want more history and ratios?
You're viewing the latest exchange-filed financials for Max India Limited. The full report adds 10+ years of line-item history, 20+ ratios, peer benchmarks and a downloadable PDF.
10+ years of history 20+ ratios & benchmarks Downloadable PDF

Shareholding Pattern of Max India Limited

As per the shareholding pattern filed with NSE for the quarter ended Mar 2026, promoters hold 49.82%, foreign institutional investors hold 7.07%, domestic institutional investors hold 1.63%, retail and other public shareholders hold 41.48% of Max India Limited. The company had 37,492 shareholders on record.

Promoters: 49.82%DII (Domestic Institutional): 1.63%FII (Foreign Institutional): 7.07%Retail & Others: 41.48%
Mar 2026
QUARTER
49.82% Promoters
1.63% DII (Domestic Institutional)
7.07% FII (Foreign Institutional)
41.48% Retail & Others
Promoter holding - history
Now 49.82% · Mar 2026High 51.11% · Aug 2022Low 40.89% · Aug 2020
39%42.5%46%49.5%53%Aug 2020Dec 2021Mar 2023Sep 2024Dec 2025Aug 2020: 40.89%Sep 2020: 40.89%Dec 2020: 40.89%Mar 2021: 40.89%Jun 2021: 40.89%Sep 2021: 40.89%Dec 2021: 40.89%Mar 2022: 40.89%Jun 2022: 40.89%Aug 2022: 51.11%Sep 2022: 51.11%Dec 2022: 51.11%Mar 2023: 51.11%Jun 2023: 51.11%Sep 2023: 50.94%Dec 2023: 50.94%Mar 2024: 50.94%Jun 2024: 50.94%Sep 2024: 50.94%Dec 2024: 50.94%Mar 2025: 50.45%May 2025: 50.45%Jun 2025: 50.16%Sep 2025: 50.05%Dec 2025: 49.89%Mar 2026: 49.82%51.11%40.89%49.82%
Shareholding trend - last 6 quarters
Mar 2026Dec 2025Sep 2025Jun 2025May 2025Mar 2025
Promoters49.82%49.89%50.05%50.16%50.45%50.45%
Public50.18%50.11%49.95%49.84%49.55%49.55%
Shareholding history - year on year (as at 31 March)
Mar 2026Mar 2025Mar 2024Mar 2023Mar 2022Mar 2021
Promoters49.82%50.45%50.94%51.11%40.89%40.89%
Public50.18%49.55%49.06%48.89%59.11%59.11%
Promoter change (YoY, %pts)-0.63-0.49-0.17+10.22+0.00-

Board & Governance of Max India Limited

As per the corporate governance filing with NSE for the quarter ended 31-MAR-2026, the board of Max India Limited has 8 directors - 4 independent and 1 executive. The board is chaired by Analjit Singh.

DirectorPositionOn board sinceListed boards
Analjit Singh Non-Executive - Non Independent Director · Chairperson 2020-06-01 3
Tara Singh Vachani Non-Executive - Non Independent Director 2020-06-01 1
Mohit Talwar Non-Executive - Non Independent Director 2020-06-01 1
Sharmila Tagore Non-Executive - Independent Director 2020-06-01 1
Pradeep Pant Non-Executive - Independent Director 2020-06-01 1
Rajit Mehta Executive Director 2021-01-15 2
Niten Malhan Non-Executive - Independent Director 2021-02-01 3
Ajit Singh Non-Executive - Independent Director 2022-05-25 1
Rohit Kapoor Non-Executive - Independent Director 2022-05-25 1
Board Committees
CommitteeMembers
Audit Committee Niten Malhan (Chairperson), Pradeep Pant, Sharmila Tagore, Tara Singh Vachani, Ajit Singh
Nomination and remuneration committee Pradeep Pant (Chairperson), Analjit Singh, Tara Singh Vachani, Sharmila Tagore, Ajit Singh, Niten Malhan
Stakeholders Relationship Committee Tara Singh Vachani (Chairperson), Niten Malhan, Mohit Talwar

Group Structure of Max India Limited

Max India Limited has 5 subsidiary companies. This group structure data is as of FY 2024. The corporate group structure reflects Max India Limited's business expansion strategy and organizational complexity.

5
Subsidiary companies
Key Subsidiaries
Company Name CIN Shares Held
Antara Bangalore Senior Living Limited U68100DL1994PLC060700 -
Antara Purukul Senior Living Limited U74120UR1995PLC018283 -
Antara Senior Living Limited U74140DL2011PLC218781 -
Antara Assisted Care Services Limited U74140DL2012PLC244411 -
Max Skill First Limited U85199DL2003PLC119249 -

Showing major subsidiaries. Total: 5.

Charges & Borrowings of Max India Limited

Open charges
₹0
Satisfied charges
₹245 Cr
Breakdown by lending institutions
Others₹245.00 Cr
Latest charge details
DateLenderAmountStatus
29 Mar 2022 Others ₹75 Cr Satisfied
26 Oct 2020 Others ₹170 Cr Satisfied

Total charge records: 2 View all charges

Employees and EPFO Compliance at Max India Limited

Max India Limited has a workforce of 0 employees as of Apr 08, 2025.

Active EPFO establishments
1
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

Employee Count & EPFO Data of Max India Limited

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Monthly employee headcount & PF contributions
EPFO establishment details & ECR filing status
Year-wise workforce analytics & attrition trends
PF exemption, coverage & compliance verification

GST Compliance of Max India Limited

XX%
Compliant
GSTR-1
GSTR-3B
GSTR-9
MH
KA
UP
TN
TS

GSTIN & GST Filing Data of Max India Limited

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GSTIN registrations & state-wise presence
Filing compliance - GSTR-1, GSTR-3B, GSTR-9
HSN/SAC codes with goods & services details
Taxpayer type, jurisdiction & business constitution

Credit Ratings, Litigation & Regulatory Alerts for Max India Limited

Credit rating
AAA
AA+
AA
AA-
! !
2015 2017 2019 2021 2023
Litigation
District Court 35
High Court 45
Supreme Court 0
NCLT / NCLAT 0
Pending
Disposed
Regulatory alerts
GSTIN Cancelled
Andhra Pradesh
GSTIN Cancelled
Telangana (on application)
EPFO Delay
12 months delay - Haryana
Violations via Directors
20 MCA + 19 Bank defaults

Credit Ratings, Legal Cases & Regulatory Alerts of Max India Limited

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Credit rating history across CARE, ICRA, Brickwork & India Ratings
Instrument-wise ratings, outlook & action timeline
Court-wise litigation (District, High Court, Supreme Court, NCLT)
Group company & common directorship litigation
Statutory compliance alerts (GSTIN, EPFO, ROC)
Director & company violations (MCA, SEBI, Banks, BSE/NSE)

MSME Payment Delays by Max India Limited

MSME Payment Delays by Max India Limited

Track payments outstanding to micro and small enterprise vendors, as disclosed in half-yearly MSME-1 returns filed with the MCA.

Amounts outstanding to MSME suppliers
Delay periods & reasons for delayed payments
Half-yearly MSME-1 filing history
Vendor-payment behaviour as a counterparty risk signal

Subsidiaries & Group Companies of Max India Limited

Subsidiaries & Group Companies of Max India Limited

See the full corporate group - holding company, subsidiaries, associates and joint ventures of Max India Limited with ownership details.

Holding & parent company details
Subsidiaries & step-down subsidiaries with % holding
Associates & joint ventures with partner details
Investments in other entities year-on-year

MCA Filings & Documents of Max India Limited

MCA Filings & Documents of Max India Limited

Download official documents filed with the Ministry of Corporate Affairs - from incorporation papers to the latest annual filings.

Incorporation documents, MoA & AoA
Annual returns (MGT-7) & financial statements (AOC-4)
Charge filings (CHG-1, CHG-4) & resolutions
Complete document index with filing dates

Recent Activity on Max India Limited

Activity
03 Sep 2025
Max India Limited last Annual general meeting of members was held on 03 Sep 2025 as per latest MCA records.
Activity
31 Mar 2025
Max India Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai.
Charges
13 Sep 2024
A charge registered on 29 Mar 2022 via Charge ID 100559269 with Others was fully satisfied on 13 Sep 2024.
Directors
25 May 2022
Ajit Singh was appointed as a Director on 25 May 2022 & has been associated with this company since 4 years 1 month.
Directors
25 May 2022
Rohit Kapoor was appointed as a Director on 25 May 2022 & has been associated with this company since 4 years 1 month.
Charges
29 Mar 2022
A charge with Others amounted to Rs. 75.00 Cr with Charge ID 100559269 was registered on 29 Mar 2022.

Recent News on Max India Limited

India – Max Bupa Health Insurance Changes Hands
01 Mar 2019 · Global-benefits-vision

Frequently Asked Questions about Max India Limited

Max India Limited is an active public limited company in the business outsourcing sector based in Mumbai, Maharashtra, India. It was incorporated on 23 January 2019 (7+ years old) and is registered under CIN L74999MH2019PLC320039. Listed on BSE: 543223 and NSE: MAXIND.

Max India Limited reported revenue of ₹164.17 Cr for FY 2025 (down 16.00% YoY).

The current directors of Max India Limited are:

The primary industry of Max India Limited is business outsourcing. The company specifically operates in business and IT consulting. The company is currently active in this sector.

Yes. Max India Limited is listed on both BSE (code: 543223) and NSE (symbol: MAXIND).

Yes, Max India Limited is recognised as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT).

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Financials, directors, compliance, charges and shareholding - sourced from MCA, SEBI and RBI filings.

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