Maks Energy Solutions India Limited

Sector n/a · NSE

₹62.90₹0.00 (0.00%)

DalalBaazaar Score

63 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by micro-cap size, which brings thin liquidity.

In simple words: Profitability data is thin for this company. Nothing on this snapshot stands out as an immediate concern — the usual checks on business quality and management still apply.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:08 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

The 60-second version of Maks Energy Solutions India Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

How does it make money?

Turns over ₹66 Cr a year. Of every ₹100 of sales, about ₹0 reaches shareholders as profit, with ₹4 left at the operating level before interest, tax and depreciation.

EBITDA margin3.7%

Net margin0.4%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 2 years revenue moved +159% while net margin moved -103% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+159%

Margin effect-103%

DalalBaazaar Score

63/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Profits have swung sharply from year to year — earnings are hard to forecast

Quality vs. Valuation

Company Quality

71/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

35/ 100

Expensive

What you are being asked to pay, ignoring how good the business is.

A good business, but the price already reflects that. The quality is real; the question is whether you are overpaying for it today.

vs. its own history

Not enough price and earnings history

vs. sector peers

Not enough peers with a usable P/E

vs. generic bands

No P/E available

P/E (Trailing)

—

P/B

—

EV/EBITDA

23.9x

PEG

—

Dividend Yield

None

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from -28.3% to 3.7% over 2 years.
Debt is being paid down
Total debt is down 18% over 2 years.
Return on equity is rising
ROE has improved from -31.1% to 1.7%.
Return on capital is rising
ROCE has improved from -9.9% to 11.9%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

1 item require attention · 1 high

🔴Thin interest coverageFinancial
Operating profit covers interest only 1.3x — little room if earnings dip.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -28.3% to 3.7%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Deleveraging frees up earnings
Debt is down 18% over 2 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 6.4x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 46% a year✓ 61.1% CAGR
Set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 2%✓ 3.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 6.4x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Interest cover stays above 3x✗ 1.3x
How much operating profit can fall before interest stops being comfortably covered.
5Free cash flow remains positive✓ ₹0 Cr
Profit that never becomes cash eventually stops being profit.

Investment Checklist

0 / 1 checks passed

✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

1 good · 10 neutral · 0 weak

Market Cap

₹44 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

Not available

No data

Source didn't return this field

P/B Ratio

Not available

No data

Source didn't return this field

EPS (TTM)

₹0.8

Profitable

Profitable on a per-share basis

ROE

Not available

No data

Source didn't return this field

ROCE

Not available

No data

Source didn't return this field

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

Not available

No data

Source didn't return this field

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

Not available

No data

Source didn't return this field

More Metrics

CMP

₹62.9

Technical Snapshot

SMA 20 / SMA 50

14.6 / 14.9

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

0.0

Oversold zone

Financial Trend (3-Year)

Metric	FY22	FY23	FY24	2Y CAGR
Revenue	₹26 Cr	₹44 Cr	₹66 Cr	+61.1%
EBITDA	-₹7 Cr	₹2 Cr	₹2 Cr	—
EBITDA Margin	-28.3%	4.8%	3.7%	—
PAT (Net Profit)	-₹4 Cr	₹0 Cr	₹0 Cr	—
EPS	₹-5.22	₹0.6	₹0.41	—
ROE	-31.1%	2.2%	1.7%	—
ROCE	-9.9%	12.5%	11.9%	—
Total Debt	₹19 Cr	₹13 Cr	₹15 Cr	-9.4%
Free Cash Flow	₹4 Cr	₹3 Cr	₹0 Cr	-74.0%

🟢 Revenue has grown at 61.1% a year over 2 years.

🟢 EBITDA has turned positive, from -₹7 Cr to ₹2 Cr.

🟢 EBITDA Margin has risen from -28.3% to 3.7% over 2 years (+32.0 pts).

🟢 PAT (Net Profit) has turned positive, from -₹4 Cr to ₹0 Cr.

🟢 EPS has turned positive, from ₹-5.22 to ₹0.41.

🟢 ROE has risen from -31.1% to 1.7% over 2 years (+32.9 pts).

🟢 ROCE has risen from -9.9% to 11.9% over 2 years (+21.8 pts).

🟢 Total Debt has shrunk at 9.4% a year over 2 years.

🔴 Free Cash Flow has shrunk at 74.0% a year over 2 years.

Balance Sheet & Cash Flow — FY2025

Total Assets

—

Total Liabilities

—

Total Debt

—

Cash & Equivalents

—

Operating Cash Flow

—

Capex

—

Recent News

6 general

Listing Ceremony of Maks Energy Solutions India Limited

NSE India, 04 Mar

ADVANCE TECHNOFORGE LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 09 Oct

AURIGROW Stock Price and Chart — NSE:AURIGROW

TradingView, 10 Dec

Maks Energy Solutions India (NSEI:MAKS) - Stock Analysis

Simply Wall Street, 29 Sept

Top 15 Low-Price Stocks In India To Buy In October 2026

Samco, 17 Oct

Capital Goods Electrical Equipment Stocks & Sector Performance | IIFL Capital

India Infoline, 25 Nov

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
8 metrics couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

🟡Business QualityAdequate11.7/20

🟡Financial HealthAdequate10.3/20

🟢GrowthStrong18.4/20

🟢ProfitabilityStrong12.3/15

🟡ValuationFair7.5/15

🔴RiskHigh2.3/10

Good business, demanding price

The quality is real and the price already reflects it. Buying here is a bet that the business keeps compounding for long enough to grow into the multiple — which good businesses often do, but it removes the margin for error that a lower price would have given you. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 46% a year61.1% CAGR
✓EBITDA margin holds above 2%3.7%
✗Debt / EBITDA falls below 3x6.4x
✗Interest cover stays above 3x1.3x
✓Free cash flow remains positive₹0 Cr