Max Estates Income Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Operating Revenue	1,898	1,605	929.44	1,073	692.89
Other Revenue	818.71	891.85	273.26	225.77	41.93
Revenue	2,717	2,497	1,203	1,299	734.82
Revenue Growth (YoY)	29.35%	107.59%	-7.43%	76.80%	-
Cost of Revenue	119.69	126.73	-	241.29	202.52
Gross Profit	2,597	2,370	1,203	1,058	532.3
Selling, General & Admin	1,131	826.06	531.28	326.44	105.26
Other Operating Expenses	287.63	208.11	220.43	188.96	78.51
Operating Expenses	1,751	1,375	1,006	664.49	290.59
Operating Income	846.24	994.87	196.96	393.41	241.72
Interest Expense	-635.27	-596.26	-	-173.18	-156.58
Other Non Operating Income (Expenses)	296.02	-22.41	-429.86	-13.01	-3.65
EBT Excluding Unusual Items	506.99	376.19	-232.9	207.22	81.49
Gain (Loss) on Sale of Assets	-	-	-	-	-0.04
Asset Writedown	-	-	-	13.6	-
Other Unusual Items	-	-	-444.51	-	3.06
Pretax Income	506.99	376.19	-677.4	220.82	84.51
Income Tax Expense	169.34	111.89	-126.16	36.15	35.29
Earnings From Continuing Operations	337.65	264.3	-551.24	184.67	49.22
Minority Interest in Earnings	143.8	143.8	129.61	5.48	0.77
Net Income	481.45	408.1	-421.63	190.15	49.99
Net Income to Common	481.45	408.1	-421.63	190.15	49.99
Net Income Growth	118.64%	-	-	280.38%	-
Shares Outstanding (Basic)	161	155	147	147	78
Shares Outstanding (Diluted)	161	156	147	148	78
Shares Change (YoY)	-19.48%	6.08%	-0.50%	89.70%	-
EPS (Basic)	3.00	2.63	-2.87	1.29	0.64
EPS (Diluted)	2.98	2.62	-2.87	1.29	0.64
EPS Growth	171.54%	-	-	101.03%	-
Free Cash Flow	-	-4,522	-498.13	-9,788	-881.09
Free Cash Flow Per Share	-	-28.99	-3.39	-66.22	-11.31
Gross Margin	95.59%	94.92%	100.00%	81.43%	72.44%
Operating Margin	31.15%	39.85%	16.38%	30.28%	32.90%
Profit Margin	17.72%	16.35%	-35.06%	14.64%	6.80%
Free Cash Flow Margin	-	-181.12%	-41.42%	-753.36%	-119.91%
EBITDA	1,052	1,280	418.8	515.7	348.26
EBITDA Margin	38.73%	51.28%	34.82%	39.69%	47.39%
D&A For EBITDA	205.84	285.34	221.84	122.29	106.54
EBIT	846.24	994.87	196.96	393.41	241.72
EBIT Margin	31.15%	39.85%	16.38%	30.28%	32.90%
Effective Tax Rate	33.40%	29.74%	-	16.37%	41.76%
Revenue as Reported	3,035	2,497	1,203	1,313	739.35
Advertising Expenses	-	383.94	225.9	40.74	44.89

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.