BSE: 534338
Max heights Infrastucture Ltd
Develops and sells residential and commercial real estate projects in India as its primary activity, alongside smaller finance and securities-investment businesses. The real estate segment brought in Rs 7.6957 crore of revenue in FY26, more than double the Rs 3.5507 crore reported in FY25, and accounts for the dominant share of the year's Rs 8.27 crore total revenue. The finance segment contributed Rs 0.634 crore and the shares-investment segment Rs 0.1584 crore. Reported FY26 net profit was Rs 0.98 crore, a turnaround from a Rs 0.40 crore loss in FY25, with an EBITDA margin of 20.83%. The cost base is light: employees account for 5.1% of revenue, other operating expenses 2.9%, and depreciation 2.4%, and the company runs with very low leverage at a debt-to-equity of 0.11. The promoter group stake, held via Pitampura Leasing & Housing Finance Ltd, stood at 4.14% of equity as of mid-2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Real Estate, Finance, Shares. Small-cap, low-leverage real estate developer with ancillary finance and investment activities
Exhibit 1: Financial summary, FY20–FY24 (all audited; no estimate years)
| ₹ crore · consolidated | FY20 | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|---|
| Revenue | 43 | 10 | 5 | 7 | 22 |
| EBITDA (ex other income) | 5 | 2 | 1 | 2 | 0 |
| margin % | 11.8 | 22.5 | 20.4 | 27.9 | 2.1 |
| Owners' profit | 1 | 2 | (3) | 0 | 0 |
| EPS, as reported (₹) | 0.23 | 1.32 | 1.01 | 0.13 | 0.20 |
| ROE % · ROCE % | 5.6 · 6.8 | 0.0 · 0.0 | (11.2) · 2.7 | 0.8 · 2.5 | 1.0 · 1.4 |
| Debt / equity (x) | 2.87 | 2.49 | 2.76 | 3.19 | 2.37 |
| Cash from operations | — | (3) | 0 | 1 | 11 |
| Capex | — | 0 | 0 | (1) | (0) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY23 | Q2 FY23 | Q3 FY23 | Q4 FY23 | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2 | 2 | 1 | 3 | 4 | 10 | 1 | 0 |
| Profit before tax | 0 | (0) | 0 | (2) | (1) | 1 | 0 | 0 |
| Net profit | 0 | (0) | 0 | (0) | (1) | 1 | (0) | 0 |
| EPS (₹) | 0.19 | 0.00 | 0.11 | 0.00 | 0.00 | 0.42 | 0.00 | 0.00 |
Exhibit 3: Segment revenue, FY24
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real Estate | 15 | 99.3 |
| Finance | 0 | 0.7 |
| Total, before eliminations | 15 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| KESAR INDIA LIMITED | 3,089 | 82.0 | 12.40 | 67.0 | 12.0 | 15.2 | — | 26.9 |
| MEGHNA INFRACON INFRA L | 1,460 | 215.4 | 54.28 | 143.3 | 20.8 | 33.9 | — | 15.3 |
| India Homes Limited | 1,015 | — | 27.41 | — | (31.0) | (17.8) | — | — |
| B-RIGHT REALESTATE LIMITED | 954 | 26.6 | — | — | — | 19.2 | — | — |
| SHRADDHA PRIME PROJECTS L | 666 | 11.9 | 4.88 | 11.3 | 39.1 | 20.2 | — | 16.1 |
| YOGI LTD. | 656 | 31.5 | 4.61 | 25.6 | 14.9 | 15.6 | — | 5.1 |
| HAZOOR MULTI PROJECTS LTD | 409 | 5.5 | 0.66 | 3.1 | 6.8 | 5.8 | — | 86.5 |
| RDB INFRASTRUCTURE AND POWER L | 340 | 17.3 | 1.28 | 21.5 | 4.7 | 5.7 | 16.3 | 23.7 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.9 | 17.4 | 37 of 61 | 40% |
| P/B | 0.5 | 1.1 | 18 of 70 | 75% |
| ROCE | 0.8 | 1.9 | 56 of 88 | 37% |
| ROE | 1.0 | 1.6 | 42 of 73 | 43% |
| Debt / Equity | 2.4 | 0.3 | 65 of 73 | 11% |
| Revenue growth | (100.0) | (11.0) | 55 of 64 | 3% |
| Profit growth | 100.0 | (48.8) | 12 of 79 | 86% |
| Market cap | 15 | 30 | 62 of 88 | 30% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Oct 2026 · RTA confirms no physical share certificates for demat in Q2 FY27 | compliance | minimal | — | — |
| 26 Sept 2026 · AGM voting results published in newspapers - all resolutions approved | compliance | minimal | — | — |
| 25 Sept 2026 · Max Heights Infra shareholders approve Konica Arora as Independent Director | management changes | medium | — | — |
| 25 Sept 2026 · Ms. Konica Arora confirmed as Independent Director for 5-year term | management changes | medium | — | — |
| 25 Sept 2026 · 45th AGM voting results: All 3 resolutions passed with over 99.9 percent majority | board shareholder meetings | low | — | — |
| 25 Sept 2026 · 45th AGM held via VC; 3 resolutions moved, results pending | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Scrutinizer's Report filed for 45th AGM held on 25 September 2026 | compliance | minimal | — | — |
| 12 Sept 2026 · Promoter Pitampura Leasing raises stake in Max Heights by 0.064 percent | ownership changes | high | — | — |
| 11 Sept 2026 · Promoter group acquires 58 shares in Max Heights Infra under Reg 29(2) | ownership changes | medium | — | — |
| 10 Sept 2026 · Promoter entity buys 6,188 shares of Max Heights Infra via open market | ownership changes | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.