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MAHA RASHTRA APEX CORPORATION (MAHAPEXLTD)

Finance · Finance/Rental/Leasing · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.36 / 100
Profitability 5Growth 3Balance sheet 100
Compare withBAJAJ FINANCESHRIRAM FINANCECHOLAMANDALAM INVESTMENT AND F

Share price

Closing priceAdjusted for splits and bonus issues.

₹47.5 latest close · +4.0% over the last 90 sessions

₹50₹60Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹50₹60Jul 3Sep 4Nov 9

₹47.5 month-end · +0.4% over 12 months

₹45₹50₹55Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹45₹50₹55Nov '25May '26Nov '26

₹47.5 month-end · −36.8% over 3 years

₹40₹60₹80₹100Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹40₹60₹80₹100Nov '23May '25Nov '26

₹47.5 month-end · −12.6% since Feb '19

₹25₹50₹75₹100Feb '19Sep '20Mar '22Oct '23Apr '25Nov '26 ₹25₹50₹75₹100Feb '19Jan '23Nov '26

52-week range ₹37.25 to ₹75.48 · 1-year volatility 60.2%

How rough has the ride been?

Maximum drawdown-64.3%not yet recovered
1-year volatility60.2%annualised

Drawdown from peak

0%−20%−40%−60%2020202120222023202420252026−62.4% 0%−20%−40%−60%2020202220242026−62.4%
Largest drawdowns

-64.3% (2024-08 peak to 2025-12 low, not yet recovered)

-62.4% (2019-03 peak to 2020-09 low, recovered 2022-12)

-38.0% (2022-12 peak to 2023-03 low, recovered 2023-06)

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROCE9th▼ 17 pts vs a year ago
  • Op. margin2ndflat vs a year ago
  • Revenue growth93rd▲ 92 pts vs a year ago
  • EPS growth2nd
  • Debt/equity ↓90thflat vs a year ago
  • Cash cycle ↓82nd▼ 8 pts vs a year ago
  • P/E ↓92nd
  • 12M momentum69th▲ 65 pts vs a year ago

Rank history

ROCE
Op. margin
Revenue growth
EPS growth
Debt/equity ↓
Cash cycle ↓
P/E ↓
12M momentum
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

Trailing earnings per share are negative, so a P/E-based figure does not exist. See the loss-makers list on the Expectations Gap page for a revenue-based version.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹47.50
ROCE
-2.0%
Market Cap
₹134 cr
Revenue (TTM)
₹2 cr
P/S
62.3x
P/B
0.3x
ROE
-5.9%
Operating Margin
-766.7%
Debt / Equity
0.0x
Promoter Holding
71.6%
12M Momentum
0.4%

52-week range

₹37.25₹75.48
27% of the way from its 52-week low to its high

Price risk

1Y volatility
60.2%
Beta vs sector
1-year daily
0.69

Balance sheet & cash

Debt service
no meaningful debt
Cash from profit, 3Y
operating cash flow ÷ net profit
0.08x
low
Share count, 1Y
unchanged

Are profits backed by cash?

2 of 3checks within range1 beyond a threshold
Other income reliance—Not enough data

Not enough reported data to compute this.

Tax rate—Not enough data

Not enough reported data to compute this.

Cash conversion—Not enough data

Not enough reported data to compute this.

Free cash flow0 of 5 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 5: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history-4 daysWithin range

Debtor days are below the median of the previous three fiscal years by 4 days (1 vs 5). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress0% of fixed assetsWithin range

Capital work-in-progress is 0% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, promoters added 9.0 pts.
  • The number of shareholders rose from 10,340 to 15,657 (+51%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters62.5%71.6%+9.0 pts
FIIs———
DIIs0.0%0.0%0.0 pts
Public and others37.5%28.4%-9.0 pts

Number of shareholders

15,657shareholders+51% since Sep '23
10k12k14k16k Sep '23Dec '23Mar '24Jun '25Mar '26Jun '26
Sep '23: 10,340
Dec '23: 10,727
Mar '24: 10,834
Jun '25: 15,561
Mar '26: 15,805
Jun '26: 15,657
 10k12k14k16k Sep '23Mar '24Mar '26Jun '26
Sep '23: 10,340
Dec '23: 10,727
Mar '24: 10,834
Jun '25: 15,561
Mar '26: 15,805
Jun '26: 15,657

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−11.8%typical 12-month return vs the marketBelow the base rate
  • We found 32 past situations where a non-financial company looked like MAHA RASHTRA APEX CORPORATION today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
  • Over the following 12 months the middle half of them returned −24% to +4% vs the market, against −3% for all non-financial companies in the same months.
  • The analogs' median sat below that base rate (gap −9.0%, 80% range −17.3% to −4.3%), but the matches cluster in only 6 distinct 12-month windows.

Where the 32 outcomes landed

−100%−50%0%+50%+100%
VLEGOV · Jun 2025: −76.1% vs market
LCCINFOTEC · Jun 2022: −59.4% vs market
MASKINVEST · Oct 2022: −56.3% vs market
SUVIDHAA · Jul 2025: −48.8% vs market
EMAMIREAL · Sep 2025: −38.4% vs market
UNIENTER · Oct 2025: −37.1% vs market
KREBSBIO · Sep 2021: −35.4% vs market
SCILAL · Oct 2025: −27.2% vs market
SIL · Apr 2021: −23.1% vs market
HEMIPROP · Oct 2025: −20.5% vs market
AGRITECH · Jun 2020: −19.8% vs market
IITL · Jan 2020: −19.8% vs market
MOTOGENFIN · Apr 2023: −19.0% vs market
EUROTEXIND · Jul 2025: −15.2% vs market
ANTGRAPHIC · Jun 2024: −15.1% vs market
XELPMOC · Mar 2021: −13.1% vs market
GFLLIMITED · Sep 2025: −10.6% vs market
3PLAND · Apr 2020: −10.3% vs market
LPDC · Jun 2024: −8.2% vs market
LLOYDS · May 2024: −7.9% vs market
ZOTA · Feb 2022: −2.5% vs market
SHAH · May 2023: −1.2% vs market
DNAMEDIA · Apr 2022: +1.4% vs market
NOIDATOLL · Jun 2020: +3.3% vs market
TREEHOUSE · Jun 2023: +6.3% vs market
REGENCERAM · Jul 2024: +9.2% vs market
AURUM · Jun 2022: +33.6% vs market
63MOONS · Feb 2024: +51.9% vs market
PVP · May 2023: +54.0% vs market
KERNEX · Jul 2024: +97.2% vs market
WONDERLA · Oct 2022: +125.6% vs market
HEXATRADEX · Jan 2021: +141.8% vs market
Similar setups −11.8%All companies −2.8%← worse than the marketbetter than the market →

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 2 beyond the range shown, drawn at the edge

Similar setups' median
−11.8%
All companies' median
−2.8%
Beat the market
31% vs 47%

32 past situations · 32 companies · 22 months · 2020–2025

The closest matches

CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
LPDC
Finance		 Jun 2024 —-24% +51%−16% −8%
MOTOGENFIN
Finance		 Apr 2023 —-2% 0%−29% −19%
TREEHOUSE
Consumer Services		 Jun 2023 —-15% +40%−29% +6%
AGRITECH
Process Industries		 Jun 2020 —-1% −38%−48% −20%
REGENCERAM
Producer Manufacturing		 Jul 2024 —-199% +94%−17% +9%
Show the other 3 matches
CompanyWhenP/EROCE12M mom.DrawdownNext 12 months
AURUM
Technology Services		 Jun 2022 —-11% +17%−49% +34%
EMAMIREAL
Finance		 Sep 2025 —-2% −4%−30% −38%
IITL
Finance		 Jan 2020 —-12% −3%−18% −20%
How reliable is this?

Matched on P/S, ROCE, operating margin, debt/equity, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: ROCE, drawdown from 12-month high and 12-month momentum. Not used (unavailable for this company): P/E and interest cover. This company is loss-making, so it was only compared with loss-making companies. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to MAHA RASHTRA APEX CORPORATION. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What changed?

21 events since Jun '20

  1. SepPromoterPromoter holding rose 9.0 pts to 71.6%.
  2. JunResultsEPS (TTM) turned negative.
  3. JunPeer rankSlipped to the bottom quartile of Finance on ROCE (from the 3rd quartile).
  4. MarPeer rankMoved into the top quartile of Finance on operating margin (from the bottom quartile).
  5. DecPriceFell 64% from the Aug 2024 peak to the Dec 2025 low.
  6. JunResultsEPS (TTM) turned positive.
  7. JunPeer rankMoved into the 3rd quartile of Finance on ROCE (from the bottom quartile).
  8. SepPeer rankSlipped to the bottom quartile of Finance on operating margin (from the top quartile).
Show 13 earlier events
  1. JunPriceRegained the 2023-07 peak, 3 months after the low.
  2. MarPriceFell 36% from the Jul 2023 peak to the Mar 2024 low.
  3. JunResultsEPS (TTM) turned negative.
  4. JunPriceRegained the 2022-12 peak, 3 months after the low.
  5. AprValuationP/E crossed above the 90th percentile of its own history to date (110.2x).
  6. MarPriceFell 38% from the Dec 2022 peak to the Mar 2023 low.
  7. DecPriceRegained the 2019-03 peak, 27 months after the low.
  8. JunResultsYear-on-year EPS growth turned negative.
  9. JunValuationP/E crossed above the 90th percentile of its own history to date (88.0x).
  10. JunPeer rankSlipped to the bottom quartile of Finance on ROCE (from the top quartile).
  11. SepPriceFell 62% from the Mar 2019 peak to the Sep 2020 low.
  12. JunResultsYear-on-year EPS growth turned positive.
  13. JunPeer rankMoved into the top quartile of Finance on ROCE (from the 3rd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history94 months · 2019-02 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-11—₹2 cr-5.9%-2.0%0.0x
2026-10—₹2 cr-5.9%-2.0%0.0x
2026-09—₹2 cr-5.9%-2.0%0.0x
2026-08—₹2 cr-1.5%-2.0%0.0x
2026-07—₹2 cr-1.5%-2.0%0.0x
2026-06—₹2 cr-1.5%-2.0%0.0x
2026-056.7x₹2 cr4.4%3.0%0.0x
2026-047.3x₹2 cr4.4%3.0%0.0x
2026-036.9x₹2 cr4.4%3.0%0.0x
2026-0215.8x₹0 cr1.9%3.0%0.0x
2026-0116.0x₹0 cr1.9%3.0%0.0x
2025-1218.4x₹0 cr1.9%3.0%0.0x
2025-114.2x₹1 cr6.8%3.0%0.0x
2025-104.6x₹1 cr6.8%3.0%0.0x
2025-094.8x₹1 cr6.8%3.0%0.0x
2025-0819.5x₹1 cr1.7%3.0%0.0x
2025-0720.3x₹1 cr1.7%3.0%0.0x
2025-0621.8x₹1 cr1.7%3.0%0.0x
2025-05—₹8 cr90.6%-15.0%0.0x
2025-04—₹8 cr90.6%-15.0%0.0x
2025-03—₹8 cr90.6%-15.0%0.0x
2025-02—₹9 cr72.0%-15.0%0.0x
2025-01—₹9 cr72.0%-15.0%0.0x
2024-12—₹9 cr72.0%-15.0%0.0x
2024-11—₹9 cr74.3%-15.0%0.0x
2024-10—₹9 cr74.3%-15.0%0.0x
2024-09—₹9 cr74.3%-15.0%0.0x
2024-08—₹9 cr74.3%-15.0%0.0x
2024-07—₹9 cr74.3%-15.0%0.0x
2024-06—₹9 cr74.3%-15.0%0.0x
2024-05—₹9 cr-37.2%-33.0%0.0x
2024-04—₹9 cr-37.2%-33.0%0.0x
2024-03—₹9 cr-37.2%-33.0%0.0x
2024-02—₹9 cr-37.2%-33.0%0.0x
2024-01—₹9 cr-37.2%-33.0%0.0x
2023-12—₹9 cr-37.2%-33.0%0.0x
2023-11—₹9 cr-37.2%-33.0%0.0x
2023-10—₹9 cr-37.2%-33.0%0.0x
2023-09—₹9 cr-37.2%-33.0%0.0x
2023-08—₹9 cr-37.2%-33.0%0.0x
2023-07—₹9 cr-37.2%-33.0%0.0x
2023-06—₹9 cr-37.2%-33.0%0.0x
2023-05118.5x₹8 cr0.9%0.0%0.0x
2023-04110.2x₹8 cr0.9%0.0%0.0x
2023-0397.5x₹8 cr0.9%0.0%0.0x
2023-02125.4x₹8 cr0.9%0.0%0.0x
2023-01125.6x₹8 cr0.9%0.0%0.0x
2022-12146.4x₹8 cr0.9%0.0%0.0x
2022-11136.0x₹8 cr0.9%0.0%0.0x
2022-10102.5x₹8 cr0.9%0.0%0.0x
2022-09108.0x₹8 cr0.9%0.0%0.0x
2022-0888.5x₹8 cr0.9%0.0%0.0x
2022-0790.0x₹8 cr0.9%0.0%0.0x
2022-0688.0x₹8 cr0.9%0.0%0.0x
2022-053.8x₹8 cr22.8%23.0%0.0x
2022-044.1x₹8 cr22.8%23.0%0.0x
2022-034.2x₹8 cr22.8%23.0%0.0x
2022-024.2x₹8 cr22.8%23.0%0.0x
2022-014.7x₹8 cr22.8%23.0%0.0x
2021-124.3x₹8 cr22.8%23.0%0.0x
2021-113.9x₹8 cr22.8%23.0%0.0x
2021-104.1x₹8 cr22.8%23.0%0.0x
2021-094.0x₹8 cr22.8%23.0%0.0x
2021-084.5x₹8 cr22.8%23.0%0.0x
2021-075.3x₹8 cr22.8%23.0%0.0x
2021-064.4x₹8 cr22.8%23.0%0.0x
2021-059.7x₹5 cr12.2%12.0%0.1x
2021-047.4x₹5 cr12.2%12.0%0.1x
2021-037.3x₹5 cr12.2%12.0%0.1x
2021-028.6x₹5 cr12.2%12.0%0.1x
2021-018.6x₹5 cr12.2%12.0%0.1x
2020-1210.3x₹5 cr12.2%12.0%0.1x
2020-119.3x₹5 cr12.2%12.0%0.1x
2020-109.3x₹5 cr12.2%12.0%0.1x
2020-095.9x₹5 cr12.2%12.0%0.1x
2020-086.5x₹5 cr12.2%12.0%0.1x
2020-077.1x₹5 cr12.2%12.0%0.1x
2020-068.9x₹5 cr12.2%12.0%0.1x
2020-059.6x₹9 cr9.9%4.0%0.1x
2020-049.1x₹9 cr9.9%4.0%0.1x
2020-038.6x₹9 cr9.9%4.0%0.1x
2020-0212.9x₹9 cr9.9%4.0%0.1x
2020-0113.8x₹9 cr9.9%4.0%0.1x
2019-1213.8x₹9 cr9.9%4.0%0.1x
2019-1113.4x₹9 cr9.9%4.0%0.1x
2019-1013.3x₹9 cr9.9%4.0%0.1x
2019-0911.7x₹9 cr9.9%4.0%0.1x
2019-0810.8x₹9 cr9.9%4.0%0.1x
2019-0711.8x₹9 cr9.9%4.0%0.1x
2019-0612.4x₹9 cr9.9%4.0%0.1x
2019-052.8x₹10 cr59.3%8.0%0.1x
2019-042.8x₹10 cr59.3%8.0%0.1x
2019-033.4x₹10 cr59.3%8.0%0.1x
2019-022.8x₹10 cr59.3%8.0%0.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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