As of 6 Nov 2026, Maxgrow India trades at 1.3× trailing earnings, below the industry P/E of 13.7×, and the shares are 17% below their 52-week high. Its ROCE of 22% is the second-highest among the 7 largest Staffing & Employment Services peers. It carries very little debt. It is a small-cap company with a market cap of ₹688 Cr, ranked 3rd of 9 Staffing & Employment Services companies by market cap; the shares rose 599% over the past year.
- ₹172.35
- ₹176.00
- ₹172.35
- ₹175.85
- 8.2K
Health check
- ReturnsAhead
+598.9% over a year, better than 7 of 7 peers.
- Price tagCheaper
P/E 1.3 vs industry 13.7.
- Growthn/a
Not enough yearly results to measure.
- ProfitabilityStrong
ROCE 21.7% vs peer median 15.1%.
- Balance sheetSolid
Practically debt-free, Piotroski 7 of 9.
- Red flagsNone found
No warning signs in the headline numbers.
Small cap
Defensive
Key metrics
- Market cap
- ₹688 Cr
- Small cap
- P/E
- 1.3
- Industry 13.7
- Price to book
- 0.54
- Peers 3.06
- Dividend yield
- 0.00%
- ROE
- 25.5%
- Peers 14.3%
- ROCE
- 21.7%
- Peers 15.1%
- Debt to equity
- 0.00
- Debt ₹1.53 Cr
- EPS (TTM)
- ₹136.45
- OPM (TTM)
- 2.2%
- Net margin 2.2%
- Sales growth
- +108.0%
- Latest quarter vs a year ago
- Profit growth
- +190.2%
- Latest quarter vs a year ago
- Price to sales
- 0.03
- EV/EBITDA 1.2
Strengths and risks
Strengths
- Return on equity of 25.5%.
- Return on capital employed of 21.7%.
- Practically debt-free.
- Quarterly profit up 190.2% on a year ago.
- Quarterly sales up 108.0% on a year ago.
About Maxgrow India
Maxgrow India Limited provides human resource services in India. The company was formerly known as Inanna Fashion and Trends Limited. Maxgrow India Limited was incorporated in 1994 and is based in Mumbai, India.
- Headquarters
- Mumbai
- Employees
- 2
- Sector
- Industrials
- ISIN
- INE485D01043
- Website
- maxgrowindia.com
Price range
- Avg volume (3M)
- 21K
- 1-year return
- plus 598.9%
- From 52-week high
- minus 16.9%
Peers · Staffing & Employment Services
| Company | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| QUESSQuess Corp | 320.10 | minus 2.60% | 4,725 | 17.4 | 14.1 | 17.5% | 1.7% | 0.11 | −3.7% | plus 43.0% |
| TEAMLEASETeamlease Services | 1,009.30 | minus 7.39% | 1,542 | 11.4 | 4.3 | 11.1% | 0.6% | 0.11 | 14.2% | minus 35.4% |
| MAXGROWMaxgrow India | 172.35 | minus 1.99% | 688 | 1.3 | 1.5 | 21.7% | 2.2% | 0.00 | – | plus 598.9% |
| INNOVISIONInnovision | 267.69 | minus 0.63% | 637 | 15.9 | 9.0 | 19.5% | −4.0% | 0.43 | 56.5% | minus 28.5% |
| ITCONSItcons E-Solutions | 228.95 | minus 1.42% | 206 | 28.4 | 39.3 | 11.0% | 4.9% | 0.06 | 45.8% | minus 60.1% |
| AARVIAarvi Encon | 136.87 | plus 1.78% | 203 | 10.5 | 9.3 | 15.1% | −4.5% | 0.19 | 14.4% | plus 12.7% |
| HILIKSHiliks Technologies | 75.51 | plus 0.68% | 99 | 47.5 | 39.9 | 4.8% | 6.6% | – | 98.8% | plus 21.0% |
| PANHRPAN HR Solution | 48.20 | 0.00% | 35 | 3.6 | – | 21.8% | 3.3% | – | −2.9% | minus 38.2% |
| Median of 7 peers | – | −0.63% | 206 | 15.9 | 11.7 | 15.1% | 1.7% | 0.11 | 14.4% | −28.5% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 3,550 | 5,305 | 6,106 | 7,465 | 7,385 | |
| 3,481 | 5,210 | 5,994 | 7,289 | 7,185 | |
| 68.9 | 94.8 | 112 | 176 | 199 | |
| 1.9% | 1.8% | 1.8% | 2.4% | 2.7% | |
| 0 | 0 | −0 | −0.1 | 0.1 | |
| 0 | 0 | 0 | 0 | – | |
| 0.2 | 0.3 | 0.3 | 0.3 | 0.1 | |
| 68.7 | 94.5 | 111 | 176 | 199 | |
| 68.7 | 94.5 | 111 | 176 | 199 | |
| 17.20 | 32.78 | 27.91 | – | 49.92 |
Profit & loss
- ROE
- 25.5%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| – | – | 2,758 | 22,426 | |
| – | – | 2,703 | 21,975 | |
| −0.1 | −0.1 | 54.8 | 452 | |
| – | – | 2.0% | 2.0% | |
| 0 | 0 | 0.2 | −0.1 | |
| 0 | – | – | 0.1 | |
| – | – | 0.1 | 1.1 | |
| – | – | −25.3 | – | |
| −0.1 | −0.1 | 29.6 | 450 | |
| −0.1 | −0.1 | 29.6 | 450 | |
| -0.19 | -0.19 | 7.42 | 112.72 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 18.2 | 18.2 | 20 | 20 | |
| 5.1 | 4.9 | 1,444 | 2,052 | |
| 0.1 | 0 | 297 | 1.5 | |
| 4.5 | 4.4 | 393 | 892 | |
| 27.8 | 27.5 | 2,154 | 2,966 | |
| – | – | 5.4 | 4.9 | |
| 12.2 | 12 | 0 | 0.8 | |
| 0.1 | 0 | 7.6 | 9 | |
| 15.5 | 15.5 | 2,141 | 2,951 | |
| 27.8 | 27.5 | 2,154 | 2,966 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| −0 | −0.1 | 41.5 | 211 | |
| 0 | 0 | – | −0 | |
| – | – | −42.7 | −210 | |
| 0 | −0.1 | −1.3 | 0.6 | |
| – | – | – | −0 | |
| −0 | −0.1 | 41.5 | 211 |
Shareholding pattern
This company is listed only on BSE, so there’s no NSE category split. See Major shareholders below for the named holders.
Major shareholders
Filings & events
News
No recent news coverage found.