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Maxgrow India Ltd (521167)

📊 BSE: 521167 🏢 Gems, Jewellery And Watches 📢 Latest filing: 15 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q3 FY26)

In its latest reported quarter, Q3 FY26, Maxgrow India's revenue was ₹6,106 Cr, and net profit ₹111 Cr (against a loss a year earlier); the operating margin was 1.8%.

Q3 FY26 (₹ Cr)	Value	YoY vs Q3 FY25	QoQ
Revenue	₹6,106	—	+15.1%
Operating profit	₹112	—	+17.9%
Net profit	₹111	from loss	+16.8%
EPS (₹)	27.91	from loss	+18.0%
Operating margin	1.8%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Maxgrow India Appoints 2 Non-Executive Independent Directors Effective Oct 15, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 15 Oct 2026, 06:31 PM

Maxgrow India Limited has appointed Ms. Kim Joan and Mr. Rajendra Eknath Pawar as Additional Directors in the capacity of Non-Executive Independent Directors, effective October 15, 2026. Ms. Kim Joan brings over 10 years of metals and commodities trading experience, while Mr. Rajendra Eknath Pawar brings over 20 years of corporate legal and regulatory compliance expertise. The appointments remain subject to shareholder approval at the ensuing General Meeting. Both appointees have confirmed they are not debarred by SEBI or any regulatory authority.

Appointment of 2 Non-Executive Independent Directors effective October 15, 2026
Ms. Kim Joan appointed, bringing over 10 years of experience in international metals and commodities trading
Mr. Rajendra Eknath Pawar appointed, with over 20 years of experience in corporate law, litigation, and regulatory compliance
Both appointments will hold office up to the ensuing General Meeting for shareholder approval

💡 Track the upcoming General Meeting for shareholder ratification of the independent director appointments.

Maxgrow India Acquires 74% Stake in Hurricane Windfarms for ₹5.83 Cr

🟡 NEUTRAL ⭐ 5/10

M&A 📅 13 Oct 2026, 03:47 PM

Maxgrow India has acquired a 74% controlling equity stake in Hurricane Windfarms Private Limited (HWPL) for a total cash consideration of approximately ₹5.83 crore (1,10,999 shares at ₹525 per share). HWPL is engaged in renewable energy (wind power generation) and reported a turnover of ₹2.69 crore (₹26,912 thousand) for FY26. The acquisition marks a diversification into renewable energy, although HWPL's annual turnover is negligible (<0.02%) relative to Maxgrow's TTM revenue of ₹17,719 crore.

Acquired 1,10,999 equity shares (74% stake) making Hurricane Windfarms a subsidiary
Acquisition price of INR 525 per share, representing total cash outflow of ~₹5.83 crore
Target entity FY26 turnover reported at INR 269.12 lakhs (up from INR 215.33 lakhs in FY25)
Target business operates in the renewable energy sector generating and selling wind power

💡 Monitor how the subsidiary is integrated into consolidated financial statements and whether management outlines further capital deployment into the renewable energy segment.

Maxgrow India Submits FY26 Annual Report; 33rd AGM Scheduled for Sept 28, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 05 Sep 2026, 02:33 PM

Maxgrow India Limited has submitted its Annual Report for FY 2025-26 along with the notice convening its 33rd Annual General Meeting (AGM) on September 28, 2026. Key agenda items include the adoption of FY26 standalone and consolidated financial statements and the appointment of M/s. BNK & Associates as Statutory Auditors for a 5-year term following the resignation of M/s. R.B. Jain & Associates. Additionally, the company seeks shareholder approval to regularize Mr. Krishnan as an Independent Director for a 5-year term ending June 29, 2031.

33rd AGM scheduled to be held on Monday, September 28, 2026, at 5:00 PM IST via video conferencing
Appointment of M/s. BNK & Associates, Chartered Accountants, as Statutory Auditors for 5 consecutive years until the 38th AGM (2031)
Auditor appointment fills casual vacancy caused by the resignation of M/s. R.B. Jain & Associates
Proposal to regularize appointment of Mr. Krishnan as Independent Director for 5 years from June 29, 2026, to June 29, 2031

💡 Track voting outcomes of the AGM resolutions on September 28, 2026, and review the detailed notes to accounts in the FY26 annual report for operational disclosures.

Maxgrow India Appoints New Statutory Auditor and Schedules 33rd AGM for September 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 07:08 PM

Maxgrow India Ltd announced key board approvals following its meeting on August 27, 2026. The Board approved the appointment of M/s. BNK & Associates as Statutory Auditors to fill the casual vacancy created by the resignation of M/s. R B Jain & Associates, alongside recommending a 5-year term until 2031 subject to shareholder approval. Additionally, Mr. Amarjit Kumar Shrivastav was re-designated from Independent Director to Non-Executive Non-Independent Director. The company's 33rd Annual General Meeting is scheduled for September 28, 2026, with a voting cut-off date of September 18, 2026.

Appointed M/s. BNK & Associates as Statutory Auditors effective August 27, 2026, to fill casual vacancy from predecessor resignation
Recommended a 5-year term for BNK & Associates from the ensuing AGM until the 2031 AGM
Re-designated Mr. Amarjit Kumar Shrivastav (DIN: 10773544) to Non-Executive Non-Independent Director
Convened the 33rd AGM on September 28, 2026, with e-voting starting September 24 and ending September 27, 2026
Set the cut-off date for e-voting entitlement as Friday, September 18, 2026

💡 Track shareholder voting outcomes at the upcoming AGM on September 28, 2026, and check subsequent annual report filings for notes regarding the auditor change.

Maxgrow India Appoints BNK & Associates as Statutory Auditor; Sets AGM on Sept 28, 2026

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 27 Aug 2026, 07:01 PM

Maxgrow India Limited has appointed M/s. BNK & Associates, Chartered Accountants, as its Statutory Auditor effective August 27, 2026, to fill the casual vacancy caused by the resignation of M/s. R B Jain & Associates. The Board has also proposed a 5-year appointment for BNK & Associates from the conclusion of the upcoming AGM until 2031, subject to shareholder approval. Additionally, the company scheduled its 33rd Annual General Meeting for September 28, 2026, with e-voting cut-off set for September 18, 2026. Director Amarjit Kumar Shrivastav was re-designated from Independent to Non-Independent Non-Executive Director.

Appointed M/s. BNK & Associates (FRN: 133082W) as Statutory Auditor effective August 27, 2026 to fill casual vacancy
Proposed 5-year tenure for the new statutory auditor until the AGM in 2031, subject to shareholder approval
Convening 33rd Annual General Meeting on September 28, 2026 via video conferencing
E-voting window set from September 24 to September 27, 2026, with cut-off date on September 18, 2026
Re-designation of Mr. Amarjit Kumar Shrivastav from Non-Executive Independent to Non-Independent Director

💡 Track voting outcomes at the upcoming 33rd Annual General Meeting on September 28, 2026 regarding auditor approval and director regularisation.

Maxgrow India Appoints BNK & Associates as Auditor Following Resignation; AGM on Sep 28

🔵 WATCH ⭐ 4/10

MANAGEMENT 📅 27 Aug 2026, 06:58 PM

Maxgrow India announced the appointment of M/s. BNK & Associates, Chartered Accountants, as Statutory Auditors effective August 27, 2026, to fill the casual vacancy caused by the resignation of M/s. R B Jain & Associates. The board has also recommended BNK & Associates for a five-year term ending at the 2031 AGM, subject to shareholder approval. Additionally, the company scheduled its 33rd Annual General Meeting for September 28, 2026, with the cut-off date for electronic voting set for September 18, 2026.

BNK & Associates appointed as Statutory Auditors effective August 27, 2026, filling a casual vacancy from R B Jain & Associates' resignation
Board approved a 5-year auditor term from the 2026 AGM until the conclusion of the 2031 AGM
33rd Annual General Meeting to be convened on September 28, 2026 via VC/OAVM
E-voting scheduled from September 24 to September 27, 2026, with record cut-off date on September 18, 2026

💡 Review the forthcoming AGM notice and annual report disclosures regarding the reasons for the predecessor auditor's resignation and monitor shareholder voting on September 28, 2026.

Maxgrow India Submits Newspaper Publication Copies for Q1 (Quarter Ended June 30, 2026) Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 18 Aug 2026, 02:29 PM

Maxgrow India Limited has submitted newspaper publication copies of its unaudited financial results for the quarter ended June 30, 2026. The results were published on August 18, 2026, in 'Financial Express' (English) and 'Mumbai Lakshadeep' (Marathi). This submission is a routine regulatory compliance filing confirming newspaper publication under SEBI LODR regulations.

Confirmed publication of unaudited financial results for the quarter ended June 30, 2026
Results published in Financial Express (English) and Mumbai Lakshadeep (Marathi) on August 18, 2026
Procedural compliance submission to BSE under scrip code 521167

💡 Track the detailed quarterly financial submission on stock exchanges to evaluate any operational restart or revenue generation given trailing zero-revenue quarters.

Maxgrow India Submits Omitted Q1 Consolidated Results; Discloses Vacant CS Post

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 17 Aug 2026, 07:35 PM

Maxgrow India Limited has submitted its consolidated financial results for the quarter ended June 30, 2026, which were inadvertently omitted from its August 14, 2026 board meeting outcome filing. The company clarified that the oversight occurred because it currently does not have a designated Company Secretary and Compliance Officer. Both standalone and consolidated financial results along with the limited review report have now been submitted to the exchange. Maxgrow currently reports Rs 0 Cr in TTM revenue with a market capitalization of Rs 386 Cr.

Consolidated financial results for the quarter ended June 30, 2026 submitted post initial omission
Board meeting to approve the results was held on August 14, 2026
Company disclosed it currently operates without a Company Secretary and Compliance Officer
Full consolidated and standalone results filed with limited review report on August 17, 2026

💡 Track the full quarterly results for operational details and monitor exchange filings for the appointment of a mandatory Company Secretary and Compliance Officer.

Maxgrow India Statutory Auditor M/s R.B. Jain & Associates Resigns Effective August 14, 2026

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 15 Aug 2026, 03:09 PM

Maxgrow India announced the resignation of its statutory auditor, M/s R. B. Jain & Associates, Chartered Accountants, effective August 14, 2026. The resignation coincided with the Board's approval of the standalone and consolidated unaudited financial results for the quarter ended June 30, 2026. The company currently has zero operational revenue and a TTM net loss of Rs 5 Cr. Investors should note auditor turnover in companies navigating operational restructuring.

Statutory auditor M/s R. B. Jain & Associates (FRN: 103951W) resigned effective August 14, 2026.
Board meeting approving Q1 results and noting the resignation was conducted on August 14, 2026 (6:00 p.m. to 8:00 p.m.).
Unaudited standalone and consolidated results for the quarter ended June 30, 2026, were approved alongside the limited review report.
Company continues to report Rs 0 Cr in revenue across recent quarters with a TTM net loss of Rs -5 Cr.

💡 Track subsequent exchange filings for the appointment of a new statutory auditor and any disclosures regarding reasons or concerns raised in the full resignation annexure.

Maxgrow India Approves Q1 Results; Statutory Auditor R. B. Jain & Associates Resigns

🔴 NEGATIVE ⭐ 7/10

MANAGEMENT 📅 14 Aug 2026, 10:03 PM

Maxgrow India's Board approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026. Concurrently, M/s R. B. Jain & Associates resigned as the company's Statutory Auditor with effect from August 14, 2026. The resignation of the statutory auditor coinciding with quarterly financial result adoption represents a material corporate governance monitorable for a company currently reporting zero operating revenues.

Approved standalone and consolidated financial results for the quarter ended June 30, 2026.
Statutory Auditor M/s R. B. Jain & Associates (FRN: 103951W) resigned effective August 14, 2026.
Board meeting was conducted on August 14, 2026, between 6:00 p.m. and 8:00 p.m.

💡 Review the specific disclosures in the auditor resignation letter and track the appointment of the incoming statutory audit firm.

Maxgrow India Approves Q1 Results; Statutory Auditor R. B. Jain & Associates Resigns

🔵 WATCH ⭐ 7/10

BOARD_MEETING 📅 14 Aug 2026, 09:47 PM

Maxgrow India Limited approved its standalone and consolidated unaudited financial results for the quarter ended June 30, 2026, during its board meeting held on August 14, 2026. Simultaneously, the company announced that its statutory auditor, M/s R. B. Jain & Associates (FRN: 103951W), has resigned with immediate effect from August 14, 2026. The company continues to operate with nil revenue (Rs 0 Cr TTM) and a TTM net loss of Rs -5 Cr against a market capitalization of Rs 368 Cr.

Approved standalone and consolidated financial results for the quarter ended June 30, 2026
Statutory auditor M/s R. B. Jain & Associates resigned with effect from August 14, 2026
Board meeting commenced at 6:00 p.m. and concluded at 8:00 p.m. on August 14, 2026
Company currently operates with TTM revenue of Rs 0 Cr and high promoter holding of 92.82%

💡 Track the upcoming filings for the detailed reasons behind the statutory auditor's resignation and the appointment of the successor audit firm.

Maxgrow India Ltd Publishes FY26 Results and Revises Board Meeting Outcome

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Aug 2026, 01:24 PM

Maxgrow India Ltd has published its audited financial results for the quarter and year ended March 31, 2026, in English and Marathi newspapers on August 12, 2026. The company also issued a revised outcome for its August 10, 2026, board meeting to include specific details regarding other directorships held by resigning directors. Financially, the company remains in a critical phase with TTM revenue at Rs 0 Cr and a TTM net loss of Rs 5 Cr. Despite zero operational revenue, the stock has experienced a 659.9% price return over the last 12 months.

Audited financial results for FY26 published in 'Financial Express' and 'Mumbai Lakshadeep' on August 12, 2026.
Revised board meeting outcome issued to provide additional disclosures on resigning directors' other listed entity roles.
TTM revenue remains at Rs 0 Cr, reflecting ongoing challenges in commencing new business segments.
Promoter holding is highly concentrated at 92.82% as of March 2026.
Net worth stands at Rs 1,813 Cr, though operational profitability remains negative with a TTM EPS of Rs -1.37.

💡 Investors should focus on the company's ability to overcome regulatory hurdles at the exchange level, which have previously prevented the commencement of new trading segments and led to a 76.45% revenue shrink in prior periods.

Maxgrow India Ltd Publishes Audited FY26 Results; Revenue Remains at Zero

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 12 Aug 2026, 01:07 PM

Maxgrow India Ltd has published its audited financial results for the quarter and year ended March 31, 2026. The company continues to report zero operational revenue (TTM Rs 0 Cr) as it undergoes a transformation from its legacy HR business to new trading segments. This pivot is currently stalled by regulatory hurdles, specifically the non-approval of the company name by the BSE for certain segments, which previously caused a 76.45% drop in income. Despite the lack of business activity, the stock has seen a 659.9% return over the last 12 months.

TTM Revenue stands at Rs 0 Cr, reflecting a total halt in business operations
Net loss for FY25 was significant at Rs 25.36 Cr compared to a loss of Rs 0.12 Cr in FY24
Promoter holding remains exceptionally high and stable at 92.82% as of March 2026
Company reported a 76.45% reduction in total income in previous periods due to regulatory hurdles
Market capitalization stands at Rs 318 Cr despite the lack of current revenue

💡 Investors should monitor for any regulatory updates regarding BSE name approvals, which is the primary bottleneck preventing the company from starting its new trading business lines.

Board Meeting Scheduled for Aug 14 to Approve Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 11 Aug 2026, 05:42 PM

Maxgrow India Ltd has scheduled a board meeting on August 14, 2026, to approve standalone and consolidated financial results for the quarter ended June 30, 2026. The company is currently in a critical transformation phase, having reported zero revenue for the last four consecutive quarters (Mar 2025 to Dec 2025). With a significant net loss of •25.36 Cr in FY25 and a high promoter holding of 92.82%, the upcoming results are vital to see if new business lines have commenced. The stock has seen a 659.9% return over the last 12 months despite the lack of operational revenue.

Board meeting scheduled for August 14, 2026, to approve Q1 FY27 results.
Company reported •0.0 Cr revenue for the entire TTM period ending Dec 2025.
Promoter holding remains exceptionally high at 92.82% as of March 2026.
Net loss for FY25 stood at •25.36 Cr compared to a loss of •0.12 Cr in FY24.
Trading window for designated persons remains closed until 48 hours after the results are published.

💡 Monitor the August 14 results specifically for any 'Other Income' or 'Revenue from Operations' to verify if the pivot to new trading segments has generated cash flow.

Maxgrow India Ltd Submits Omitted FY26 Consolidated Financial Results

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 11 Aug 2026, 12:50 PM

Maxgrow India Ltd has submitted its consolidated financial results for the year ended March 31, 2026, following an omission in its previous filing dated August 10, 2026. The company attributed the error to an inadvertent oversight and the current absence of a Company Secretary and Compliance Officer. Despite a significant net worth of ₹1,813 Cr, the company reported zero revenue in recent quarters and is undergoing a business transformation. This filing is a procedural correction to ensure compliance with SEBI (LODR) Regulations.

Submission of consolidated financial results for the year ended March 31, 2026
Correction of an omission from the board meeting outcome filed on August 10, 2026
Company currently operates without a Company Secretary and Compliance Officer
TTM Revenue stands at ₹0 Cr as the company pivots from HR to trading segments
Net worth remains high at ₹1,813 Cr despite ongoing operational losses

💡 Investors should monitor the appointment of a qualified Company Secretary to improve compliance and watch for the commencement of revenue-generating activities in the new trading business.

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💰 Financial Performance

Revenue Growth by Segment

Total income declined by 76.45% YoY, falling from INR 9.08 Cr in the previous year to INR 2.14 Cr in FY 2019-20. The company operated exclusively in the Human Resources segment, which contributed 100% of the revenue.

Geographic Revenue Split

100% of operations and revenue are based in India, specifically managed from Mumbai, Maharashtra.

Profitability Margins

The company reported a net loss for the year ended March 31, 2020, a significant downturn from the previous year's performance, driven by a 76.45% reduction in total income.

EBITDA Margin

Not disclosed in available documents; however, the sharp decline in income to INR 2.14 Cr against fixed operational costs indicates a negative operating margin.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company operates in the Human Resources and trading sectors; primary costs are related to employee benefits.

Import Sources

Not applicable; the company is a service and trading-oriented entity based in Maharashtra.

Capacity Expansion

The company is currently in a transformation phase, shifting from its legacy Human Resources business to new trading segments; no specific physical capacity metrics are provided.

Raw Material Costs

Not applicable; however, employee benefit costs are identified as a primary operational risk and cost driver.

📈 Strategic Growth

Growth Strategy

The company is diversifying into new business activities to optimize resource utilization. Management is seeking expert opinions on sector-specific attributes like competition and economic activity to identify 'new age' business opportunities and move away from the shrinking HR segment.

Products & Services

Human Resources services and general trading activities.

Brand Portfolio

Maxgrow India Limited (formerly Frontline Business Solutions Limited).

New Products/Services

The company is evaluating 'new age' business lines and diversification strategies, though specific product launches and their revenue contributions are not yet quantified.

Market Expansion

The company is shifting its registered office to Suchita Business Park, Ghatkopar (East), Mumbai, effective January 02, 2026, to support its reorganized operations.

🌍 External Factors

Industry Trends

The industry is shifting toward rule-based policy frameworks and deregulation; Maxgrow is attempting to pivot from traditional HR to diversified trading to capture these structural shifts.

Competitive Landscape

The company faces intense competition from established industry players in the trading and HR segments, which has hindered its ability to commence business in new targeted dimensions.

Competitive Moat

The company currently lacks a strong moat, as evidenced by its inability to enter targeted segments due to regulatory/exchange-level challenges and a 76.45% drop in revenue.

Macro Economic Sensitivity

The company is highly sensitive to the Indian economy's growth (cited at 7.5%) and structural reforms, which impact the demand for HR services and the viability of new trading lines.

Geopolitical Risks

Broad economic uncertainties and global economic impacts are cited as significant risks during the company's current major transformation.

⚖️ Regulatory & Governance

Industry Regulations

The company must comply with the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. It faced specific regulatory friction with the Bombay Stock Exchange regarding name approval for business segments.

Legal Contingencies

The company has disclosed pending litigations in its financial statements. It also has an outstanding unpaid dividend of INR 80,873 that has been unpaid for more than 7 years and is due for transfer to the Investor Education and Protection Fund (IEPF).

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the successful identification and commencement of new business lines, which management states is a 'non-trivial task' dependent on market circumstances.