Maxposure Limited

Sector n/a · NSE

₹92.65+₹0.10 (+0.11%)

DalalBaazaar Score

59 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

The 60-second version of Maxposure 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 ₹88 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹15 left at the operating level before interest, tax and depreciation.

What is its competitive advantage?Some evidence

ROCE of 16.1% is above what capital typically costs, which suggests some pricing power, though not yet the sustained, wide gap that marks a durable advantage.

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +177% while net margin moved -22% 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+177%

Margin effect-22%

DalalBaazaar Score

59/ 100

Moderate

Weighted across six categories. Every point is explained below.

✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

66/ 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

EV/EBITDA

15.3x

PEG

—

What's Good / What's Bad

🟢 What's Going Well2

Very low debt
Debt/Equity of 0.13x leaves the balance sheet with plenty of headroom.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Return on capital is falling
ROCE has declined from 20.4% to 16.1% — often a sign of competition or overexpansion.

Red Flags

3 items require attention · 3 high

🔴Debt has risen sharplyFinancial
Total debt is up 216% over 3 years, from ₹3 Cr to ₹11 Cr.
🔴Free cash flow negative for 4 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🔴Significant margin compressionFinancial
EBITDA margin has fallen 11.4 points, from 26.8% to 15.4%.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 26.8% to 15.4%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
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.
Several serious flags at once
3 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

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

1Revenue growth stays above 30% a year✓ 40.4% CAGR
Latest reported year was 39.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 13%✓ 15.4%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹4 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.8x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 13%✓ 16.1%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 9 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
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹211 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)

Not available

No data

Source didn't return this field

ROE

12.0%

Moderate

Moderate capital efficiency

ROCE

16.1%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.13x

Low

Conservative leverage

Revenue Growth (YoY)

39.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

11.5%

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 burning

Spending more cash than the operations bring in

More Metrics

Gross Margin

39.1%

Proxy

Operating margin unavailable — showing gross margin instead

Net Margin

10.8%

Good

Strong bottom-line conversion

Current Ratio

2.09

Comfortable

Healthy short-term liquidity

Technical Snapshot

SMA 20 / SMA 50

36.1 / 33.4

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

20.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹32 Cr	₹47 Cr	₹63 Cr	₹88 Cr	+40.4%
EBITDA	₹9 Cr	₹11 Cr	₹12 Cr	₹14 Cr	+16.7%
EBITDA Margin	26.8%	24.3%	19.0%	15.4%	—
PAT (Net Profit)	₹4 Cr	₹8 Cr	₹9 Cr	₹9 Cr	+29.0%
EPS	₹1.94	₹3.56	₹3.74	—	—
ROE	14.2%	14.3%	11.3%	12.0%	—
ROCE	20.4%	20.3%	15.0%	16.1%	—
Total Debt	₹3 Cr	₹1 Cr	₹8 Cr	₹11 Cr	+46.7%
Free Cash Flow	-₹1 Cr	-₹2 Cr	-₹23 Cr	-₹4 Cr	—

🟢 Revenue has grown at 40.4% a year over 3 years.

🟢 EBITDA has grown at 16.7% a year over 3 years.

🔴 EBITDA Margin has fallen from 26.8% to 15.4% over 3 years (-11.4 pts).

🟢 PAT (Net Profit) has grown at 29.0% a year over 3 years.

🔴 ROE has fallen from 14.2% to 12.0% over 3 years (-2.2 pts).

🔴 ROCE has fallen from 20.4% to 16.1% over 3 years (-4.3 pts).

🔴 Total Debt has grown at 46.7% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹104 Cr

Total Liabilities

₹28 Cr

Cash & Equivalents

₹14 Cr

Operating Cash Flow

-₹3 Cr

Capex

-₹1 Cr

Recent News

6 general

Maxposure Ltd. Upper Circuit Today: Price, Data and Peers

Univest, 16 Sept

Bumper listing! Maxposure share price debuts with over 339% premium at ₹145

Livemint, 23 Jan

MAXPOSURE Stock Price and Chart — NSE:MAXPOSURE

TradingView, 08 Feb

MAXPOSURE LIMITED Share Price

Upstox, 21 Mar

Bumper Debut| Maxposure lists at 340% premium over IPO price on NSE SME

Moneycontrol.com, 23 Jan

Maxposure Ltd Financials – Balance Sheet, Profit & Loss, Cash Flow

Value Research, 31 Aug

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.
Sector/industry classification unavailable — verify manually for peer comparison.
3 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

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality · Valuation

WeakRisk

Points for each in the Score ↑

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. 3 high-severity red flags sit above this conclusion and should be read first.

1 of 5 tripwires tripped — Free cash flow remains positive · see Key things to watch ↑