Under what conditions might profit maximization not lead to stock price maximization?"

Not necessarily

sales maximization technique is generally used in scale industries where base of the expenses is largelly fixed and where variable costs are limited.

on the other hand profit maximization technique are used by variety of industries.

total output is higher in sales maximization as compared to profit maximization

discount rate

Shareholder wealth maximization is considered to be a more appropriate goal for the firm than profit maximization