India's Max Estates gains as Axis Capital initiates with 'buy'

Max Estates

10/07/2025 05:16

** Shares of real estate developer Max Estates MAXS.NS rise 3.7% to 507 rupees, their highest intraday gain since May 26

** Axis Capital initiates coverage with a 'buy' rating; sets target price at 810 rupees, implying about 65% upside from last close

** Brokerage expects rental income to expand 8.5x over FY25–32E to 9.3 billion rupees ($108.66 million) from 1.1 bln rupees

** Axis expects co to deliver 19% CAGR in pre-sales over FY25-28E in line with medium-term target due to existing pipelines and potential deals

** Adds, strong balance sheet with 7.8 billion rupees net cash and consistent business development are key positives

** Stock down 10% YTD

($1 = 85.5880 Indian rupees)

 (Reporting by Rudra Pratap Singh in Bengaluru)

 ((rudrapratap.singh@thomsonreuters.com))