Max Heights Infrastructure Limited

Real Estate — Real Estate Services · BSE

₹9.90+₹0.18 (+1.85%)

DalalBaazaar Score

62 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Low

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

In simple words: The business is earning a fairly low return on the money invested in it, but sales are shrinking. Whether sales start growing again is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:00 pm

Understanding the Business

Company site ↗

The 60-second version of Max Heights Infrastructure Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Max Heights Infrastructure Limited, together with its subsidiaries, engages in real estate development and financing activities in India. The company operates through three segments: Financing of Vehicles and Other Finance; Real Estate Business; and Dealing in Stock and Shares.

IndustryReal Estate Services

SectorReal Estate

Employees4

Annual revenue₹8 Cr

How does it make money?

Turns over ₹8 Cr a year. Of every ₹100 of sales, about ₹12 reaches shareholders as profit, with ₹19 left at the operating level before interest, tax and depreciation. Each of its 4 employees supports ₹2.07 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹2.07 Cr

Who are its competitors?

The closest listed comparisons in its industry are DLF LIMITED, GODREJ PROPERTIES LTD, OBEROI REALTY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 4.1% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE10.3%

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +15% while net margin moved -195% 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+15%

Margin effect-195%

DalalBaazaar Score

62/ 100

Good

Weighted across six categories. Every point is explained below.

• Beta of 0.82 — moves roughly with the market
✗ 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

61/ 100

Average

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

Valuation

83/ 100

Cheap

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

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

11.0x

2Y Median

71.3x

28 monthly readings · mean 83.3x · range 15.7x–235.0x

Sector Median

30.2x

median of 3 sector peers

🟢Current valuation is approximately 85% below its 2y median of 71.3x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 64% below the peer median of 30.2x.

vs. its own history

Cheap

71.3x median over 28 months · -85%

vs. sector peers

Cheap

30.2x median of 3 peers · -64%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

10.7x

PEG

—

What's Good / What's Bad

🟢 What's Going Well4

Debt is being paid down
Total debt is down 96% over 3 years.
Cash flow has turned positive
Free cash flow moved from negative to positive over 3 years.
Return on equity is rising
ROE has improved from -3.1% to 2.9%.
Very low debt
Debt/Equity of 0.11x leaves the balance sheet with plenty of headroom.

🔴 What Needs Attention0

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

Red Flags

1 item require attention · 1 high

🔴Significant margin compressionFinancial
EBITDA margin has fallen 12.3 points, from 30.9% to 18.7%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Deleveraging frees up earnings
Debt is down 96% over 3 years. Every rupee of interest not paid drops to the bottom line, so profit can grow even if revenue does not.
Priced below its own history
The stock trades 85% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 64% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Self-funding with balance-sheet headroom
Positive free cash flow of ₹4 Cr alongside low debt means growth, buybacks or dividends need no outside money — and a downturn can be absorbed rather than refinanced.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 30.9% to 18.7%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Growth barely outpaces inflation
Revenue compounding at 4.8% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.
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

1EBITDA margin holds above 17%✓ 18.7%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Debt / EBITDA stays below 2x✗ 2.4x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
3Revenue growth stays above 4% a year✓ 4.8% CAGR
Latest reported year was -92.4%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Free cash flow remains positive✓ ₹4 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 4.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 11 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 2 neutral · 3 weak

Market Cap

₹15 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

11.0x

Cheap

Cheap against the generic band

P/B Ratio

0.46x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹0.9

Profitable

Profitable on a per-share basis

ROE

2.9%

Weak

Weak capital efficiency

ROCE

4.1%

Weak

Low return on total capital employed

Debt/Equity

0.11x

Low

Conservative leverage

Revenue Growth (YoY)

-92.4%

Shrinking

Sales are contracting

Profit Growth (YoY)

345.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

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

Free Cash Flow

₹4 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

Operating Margin

-21.3%

Weak

Thin margins leave little room for error

Net Margin

18.2%

Good

Strong bottom-line conversion

Current Ratio

145.04

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.82

Market-like

Moves roughly in line with the market

52W Range Position

14%

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

10.4 / 10.7

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

40.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹7 Cr	₹22 Cr	₹5 Cr	₹8 Cr	+4.8%
EBITDA	₹2 Cr	₹1 Cr	₹0 Cr	₹2 Cr	-11.4%
EBITDA Margin	30.9%	4.5%	0.3%	18.7%	—
PAT (Net Profit)	-₹1 Cr	₹0 Cr	-₹0 Cr	₹1 Cr	—
EPS	₹-0.57	₹0.2	—	₹0.63	—
ROE	-3.1%	0.9%	-1.2%	2.9%	—
ROCE	2.5%	2.4%	-0.5%	4.1%	—
Total Debt	₹85 Cr	₹1 Cr	₹7 Cr	₹4 Cr	-65.0%
Free Cash Flow	-₹1 Cr	₹8 Cr	-₹7 Cr	₹4 Cr	—

🟢 Revenue has grown at 4.8% a year over 3 years.

🔴 EBITDA has shrunk at 11.4% a year over 3 years.

🔴 EBITDA Margin has fallen from 30.9% to 18.7% over 3 years (-12.3 pts).

🟢 PAT (Net Profit) has turned positive, from -₹1 Cr to ₹1 Cr.

🟢 EPS has turned positive, from ₹-0.57 to ₹0.63.

🟢 ROE has risen from -3.1% to 2.9% over 3 years (+6.0 pts).

🟢 ROCE has risen from 2.5% to 4.1% over 3 years (+1.6 pts).

🟢 Total Debt has shrunk at 65.0% a year over 3 years.

🟢 Free Cash Flow has turned positive, from -₹1 Cr to ₹4 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹37 Cr

Total Liabilities

₹4 Cr

Cash & Equivalents

₹3 Cr

Operating Cash Flow

₹4 Cr

Capex

—

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

72.0%

Corporate Actions

Ex-Dividend Date

07 Jan 2016

Peer Comparison

Company	P/E	ROE
DLF LIMITED	36.6x	10.3%
GODREJ PROPERTIES LTD	30.2x	8.4%
OBEROI REALTY LIMITED	23.5x	14.7%

Recent News

1 mixed5 general

Max Heights Infrastructure passes all resolutions at 45th AGM

scanx.trade, 25 Sept

Max Heights Infrastructure Limited (MAXHEIGHTS.BO)

Yahoo! Finance Canada, 07 Oct

DIGGI MULTITRADE Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 15 Oct

Pitampura Leasing raises stake in Max Heights Infrastructure to 4.46%

scanx.trade, 26 Aug

MPDL Ltd. Share Price Surges 9.58% Today

Univest, 28 JulPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

RUNWAL ENTERPRISES LTD. Stock/Share price , NSE/BSE Forecast News and Live Quotes

Equitymaster, 05 Oct

Watch Items

Revenue growth is negative (-92.4%) on the latest reported period — check if this is one-off or a trend.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

StrongFinancial Health · Profitability · Valuation

MiddlingBusiness Quality

WeakGrowth · Risk

Points for each in the Score ↑

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 1 high-severity red flag sits above this conclusion and should be read first.

2 of 5 tripwires tripped — Debt / EBITDA stays below 2x; ROCE stays above 8% · see Key things to watch ↑