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Max Heights Infrastructure Q2 FY27 results: net loss of ₹0.03 crore vs ₹1.41 crore profit, revenue down 93.7%
Max Heights Infrastructure Limited reported standalone revenue of ₹0.26 crore in Q2 FY27, down 93.7% from ₹4.13 crore in the year-ago quarter. The company reported a net loss of ₹0.03 crore, compared with a net profit of ₹1.41 crore in Q2 FY26, while EBITDA rose to ₹0.09 crore from a loss of ₹0.01 crore in Q1 FY27.
Key points
- Standalone revenue was ₹0.26 crore in Q2 FY27, down 93.7% from ₹4.13 crore in Q2 FY26 and up 36.8% from ₹0.19 crore in Q1 FY27.
- EBITDA was ₹0.09 crore in Q2 FY27, compared with ₹1.50 crore in Q2 FY26 and a loss of ₹0.01 crore in Q1 FY27; EBITDA margin was 33.6%.
- The company reported a net loss of ₹0.03 crore in Q2 FY27, against a net profit of ₹1.41 crore in Q2 FY26; basic EPS was ₹0.00, compared with ₹0.90 in the year-ago quarter.
- H1 FY27 revenue was ₹0.44 crore, down 93.5% from ₹6.77 crore in H1 FY26, while the company reported a net loss of ₹0.07 crore against a net profit of ₹1.25 crore.
- Total assets were ₹45.64 crore as on 30 September 2026, up from ₹37.48 crore as on 31 March 2026, while borrowings rose to ₹10.62 crore from ₹3.65 crore and cash increased to ₹7.17 crore from ₹2.59 crore.
How did Max Heights Infrastructure perform in Q2 FY27?
Max Heights Infrastructure reported standalone revenue of ₹0.26 crore in Q2 FY27, down ₹3.87 crore or 93.7% from ₹4.13 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹0.07 crore, or 36.8%, from ₹0.19 crore. Total income was ₹0.29 crore, against ₹4.13 crore a year earlier and ₹0.20 crore in the previous quarter.
EBITDA was ₹0.09 crore in Q2 FY27, down ₹1.41 crore or 94.0% from ₹1.50 crore in Q2 FY26, but higher by ₹0.10 crore from a loss of ₹0.01 crore in Q1 FY27. EBITDA margin was 33.6%, compared with 36.3% a year earlier and -4.3% in the previous quarter. The company reported a net loss of ₹0.03 crore, against a net profit of ₹1.41 crore in Q2 FY26 and a net loss of ₹0.04 crore in Q1 FY27; basic EPS was ₹0.00.
The results were standalone. The board approved the unaudited results for the quarter and half year ended on 30 September 2026, and the statutory auditors completed a limited review without an unmodified opinion qualification.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 0.26 | 0.19 | 4.13 | −93.7% | +36.8% |
| Other income | 0.04 | 0.02 | 0 | +100.0% | |
| Total expenses | 0.33 | 0.24 | 2.72 | −87.9% | +37.5% |
| EBITDA | 0.09 | −0.01 | 1.50 | −94.0% | turned to profit |
| EBITDA margin | 33.6% | -4.3% | 36.3% | −2.7 pp | +37.9 pp |
| Profit before tax | −0.03 | −0.04 | 1.41 | turned to loss | |
| Tax | 0 | 0 | 0 | ||
| Net profit | −0.03 | −0.04 | 1.41 | turned to loss | |
| EPS (₹) | 0.00 | 0.00 | 0.90 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Max Heights Infrastructure's costs and profit?
Total expenses fell ₹2.39 crore, or 87.9%, to ₹0.33 crore in Q2 FY27 from ₹2.72 crore in Q2 FY26. Employee cost was ₹0.11 crore, down ₹0.01 crore or 8.3%; depreciation was unchanged at ₹0.05 crore; and cost of materials consumed was unchanged. Finance costs rose ₹0.07 crore, or 175.0%, to ₹0.11 crore, while other expenses increased ₹0.01 crore, or 20.0%, to ₹0.06 crore.
Other income increased by ₹0.04 crore to ₹0.04 crore from ₹0.36 lakh in Q2 FY26. There was no exceptional item, and tax was unchanged. Profit before tax moved from ₹1.41 crore in Q2 FY26 to a loss of ₹0.03 crore, a difference of ₹1.44 crore; the net loss was also ₹0.03 crore.
Against Q1 FY27, finance costs were higher by ₹0.11 crore, other expenses were lower by ₹0.02 crore and other income was higher by ₹0.02 crore. Total expenses increased ₹0.09 crore, or 37.5%, to ₹0.33 crore, while the net loss narrowed by ₹0.01 crore to ₹0.03 crore.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 0.11 | 0.12 | −0.01 | −8.3% |
| Finance costs | 0.11 | 0.04 | +0.07 | +175.0% |
| Depreciation | 0.05 | 0.05 | 0 | +0.0% |
| Other expenses | 0.06 | 0.05 | +0.01 | +20.0% |
| Total expenses | 0.33 | 2.72 | −2.39 | −87.9% |
| Other income | 0.04 | 0 | +0.04 | |
| Tax | 0 | 0 | 0 |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹0.44 crore, down ₹6.33 crore or 93.5% from ₹6.77 crore in H1 FY26. Total income was ₹0.49 crore, down ₹6.30 crore or 92.8% from ₹6.79 crore.
Profit before tax moved from ₹1.25 crore in H1 FY26 to a loss of ₹0.07 crore in H1 FY27, a difference of ₹1.32 crore. The company reported a net loss of ₹0.07 crore in the first half, compared with a net profit of ₹1.25 crore, and basic EPS was ₹0.00 against ₹0.80.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 0.44 | 6.77 | −93.5% |
| Profit before tax | −0.07 | 1.25 | turned to loss |
| Net profit | −0.07 | 1.25 | turned to loss |
| EPS (₹) | 0.00 | 0.80 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹45.64 crore as on 30 September 2026, compared with ₹37.48 crore as on 31 March 2026. Total equity was ₹33.51 crore against ₹33.59 crore, inventories were unchanged at ₹18.4 crore, and there were no trade receivables or trade payables. Borrowings rose to ₹10.62 crore from ₹3.65 crore, while cash increased to ₹7.17 crore from ₹2.59 crore.
H1 FY27 operating cash flow was negative ₹2.78 crore, compared with ₹4.91 crore in H1 FY26. Investing cash flow was ₹0.49 crore against ₹0.85 crore, and financing cash flow was ₹6.87 crore against negative ₹3.58 crore. Capital expenditure was ₹0.00 crore, compared with negative ₹0.03 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 45.64 | 37.48 |
| Total equity | 33.51 | 33.59 |
| Borrowings | 10.62 | 3.65 |
| Cash and equivalents | 7.17 | 2.59 |
| Inventories | 18.40 | 18.40 |
| Trade receivables | 0 | 0 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −2.78 | 4.91 |
| Cash from investing | 0.49 | 0.85 |
| Cash from financing | 6.87 | −3.58 |
| Capital expenditure | 0 | −0.03 |
Source: Company's results filing (XBRL).
How has Max Heights Infrastructure done over the last 8 quarters?
Revenue over the reported quarters peaked at ₹4.13 crore in Q2 FY26 and reached a low of ₹0.14 crore in Q3 FY26. It was ₹0.26 crore in Q2 FY27, above ₹0.19 crore in Q1 FY27 but below the levels recorded in Q2 and Q4 FY26.
Profit reached a high of ₹1.41 crore in Q2 FY26 and a low of negative ₹0.36 crore in Q4 FY26. Q2 FY27 recorded a net loss of ₹0.03 crore, compared with a net loss of ₹0.04 crore in Q1 FY27. EBITDA margin peaked at 36.3% in Q2 FY26, fell to -3.5% in Q3 FY26 and stood at 33.6% in Q2 FY27.
Which businesses drove the quarter?
Real Estate reported revenue of ₹0.00 crore in Q2 FY27, against ₹4.00 crore in Q2 FY26, while EBIT was ₹0.00 crore compared with ₹1.54 crore. Finance reported revenue of ₹0.29 crore, up 117.7% from ₹0.13 crore, and EBIT of ₹0.29 crore compared with ₹0.13 crore; its EBIT margin was 100.0%.
The Shares segment reported revenue of ₹0.00 crore and EBIT of ₹0.00 crore in both Q2 FY27 and Q2 FY26. The company operates the Real Estate, Financing and Shares segments within India.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Real Estate | 0 | 0 | ||
| Finance | 0.29 | +117.7% | 0.29 | 100.0% |
| Shares | 0 | 0 |
Source: Company's results filing (XBRL segment data).
How did other Residential, Commercial Projects companies do?
A total of 22 Residential, Commercial Projects companies filed for this quarter, with a median revenue growth of 32.0%. All 22 peers grew faster than Max Heights Infrastructure, while none grew slower. Among 24 peers for which profit was compared, 11 reported higher profit.
| Max Heights Infrastructure revenue growth (YoY) | −93.7% |
|---|---|
| Median of 22 other Residential, Commercial Projects companies | +32.0% |
| Companies with slower revenue growth than Max Heights Infrastructure | 0 of 22 |
| Companies with faster revenue growth than Max Heights Infrastructure | 22 of 22 |
| Companies whose net profit rose | 11 of 24 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Max Heights Infrastructure's revenue in Q2 FY27?
Revenue from operations was ₹0.26 crore, down 93.7% from ₹4.13 crore in Q2 FY26 (standalone).
Did Max Heights Infrastructure make a profit in Q2 FY27?
No. It reported a net loss of ₹0.03 crore, against a net profit of ₹1.41 crore in Q2 FY26.
What was Max Heights Infrastructure's EPS in Q2 FY27?
Basic earnings per share were ₹0.00, against ₹0.90 in Q2 FY26.
When did Max Heights Infrastructure announce its Q2 FY27 results?
On 5 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Un-Audited Financial Results (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of Board Meeting Dated 05Th November, 2026 (BSE, 5 November 2026) · PDF
- Results For The Quarter And Half Year Ended On 30Th September, 2026 (BSE, 5 November 2026) · PDF
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