Max Financial Services Ltd

Max Financial Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Max Financial Services Ltd

₹ 1,702 -1.52%
28 Nov - close price
maxfinancialservices.com BSE: 500271 NSE: MFSL
About

Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.[1] It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company. [2]

Key Points

Business
It is a holding company of Max Life Insurance, and also earns income on investments. Max Life offers different insurance products like traditional savings-cum-protection plans, unit-linked plans, pure protection plans,[1] guaranteed lifetime income plan (Deferred Annuity), assured wealth plan, and smart term plan.[2]
Max life has 9.9% market share (as of FY22) among private insurance companies players.[3]

Website BSE NSE
  • Market Cap ₹ 58,742 Cr.
  • Current Price ₹ 1,702
  • High / Low ₹ 1,765 / 950
  • Stock P/E
  • Book Value ₹ 195
  • Dividend Yield 0.00 %
  • ROCE -0.13 %
  • ROE -0.14 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 8.72 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -49.7% over past five years.
  • Promoter holding is low: 1.71%
  • Company has a low return on equity of -0.03% over last 3 years.
  • Company has high debtors of 260 days.
  • Company's cost of borrowing seems high
  • Promoter holding has decreased over last 3 years: -13.0%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Financial Services Financial Services Insurance Life Insurance

Part of BSE 500 BSE 200 BSE Dollex 200 Nifty 500 BSE MidCap

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
17.64 16.98 10.46 5.08 6.32 5.52 4.51 3.72 3.69 4.32 3.74 2.99 2.87
9.45 8.97 8.23 6.67 8.73 7.82 8.36 5.75 5.93 5.89 6.14 5.26 6.03
Operating Profit 8.19 8.01 2.23 -1.59 -2.41 -2.30 -3.85 -2.03 -2.24 -1.57 -2.40 -2.27 -3.16
OPM % 46.43% 47.17% 21.32% -31.30% -38.13% -41.67% -85.37% -54.57% -60.70% -36.34% -64.17% -75.92% -110.10%
0.21 0.01 0.13 0.04 0.00 0.00 0.25 0.05 0.07 0.39 0.10 0.05 0.00
Interest 0.02 0.04 0.03 0.03 0.02 0.02 0.04 0.03 0.02 0.02 0.02 0.01 0.01
Depreciation 0.79 0.75 0.73 0.59 0.37 0.32 0.31 0.31 0.31 0.29 0.32 0.29 0.23
Profit before tax 7.59 7.23 1.60 -2.17 -2.80 -2.64 -3.95 -2.32 -2.50 -1.49 -2.64 -2.52 -3.40
Tax % 36.89% 26.14% -24.38% 9.22% -2.86% -6.44% -6.84% 12.07% -1.60% 5.37% -1.89% 0.00% 0.00%
4.79 5.34 1.99 -2.37 -2.72 -2.47 -3.68 -2.60 -2.46 -1.57 -2.59 -2.52 -3.40
EPS in Rs 0.14 0.15 0.06 -0.07 -0.08 -0.07 -0.11 -0.08 -0.07 -0.05 -0.08 -0.07 -0.10
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
990 582 201 256 264 317 495 307 200 58 21 16 14
775 111 84 100 118 239 89 174 51 36 32 24 23
Operating Profit 215 470 117 155 145 78 406 133 149 22 -10 -8 -9
OPM % 22% 81% 58% 61% 55% 25% 82% 43% 74% 38% -47% -49% -68%
10 3 0 1 0 0 0 1 2 0 0 0 1
Interest 22 0 0 0 0 27 0 0 0 0 0 0 0
Depreciation 24 4 2 2 2 2 10 4 3 3 2 1 1
Profit before tax 180 469 115 154 144 49 396 129 147 19 -12 -9 -10
Tax % -3% 17% 0% 0% 0% 0% 31% 23% 30% 28% -3% 3%
185 391 115 154 144 49 273 99 103 14 -11 -9 -10
EPS in Rs 6.96 14.67 4.31 5.76 5.36 1.83 10.11 2.88 2.97 0.40 -0.33 -0.27 -0.30
Dividend Payout % 52% 34% 83% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: -30%
5 Years: -50%
3 Years: -57%
TTM: -20%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 10%
Stock Price CAGR
10 Years: 14%
5 Years: 21%
3 Years: 34%
1 Year: 50%
Return on Equity
10 Years: 2%
5 Years: 1%
3 Years: 0%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Sep 2025
Equity Capital 53 53 53 53 54 54 54 69 69 69 69 69 69
Reserves 3,133 3,400 1,617 1,775 1,866 1,946 2,226 6,576 6,681 6,694 6,683 6,674 6,668
181 0 0 0 0 0 3 3 2 2 2 1 0
157 56 69 29 151 196 243 28 26 15 16 16 14
Total Liabilities 3,524 3,510 1,739 1,857 2,071 2,196 2,526 6,677 6,777 6,780 6,770 6,759 6,751
300 13 9 33 31 30 26 25 4 4 3 2 2
CWIP 25 0 0 0 0 0 0 0 0 0 0 0 0
Investments 2,744 3,319 1,705 1,796 1,964 2,131 2,468 6,616 6,723 6,695 6,699 6,689 6,700
455 178 26 29 75 34 32 35 50 81 68 68 50
Total Assets 3,524 3,510 1,739 1,857 2,071 2,196 2,526 6,677 6,777 6,780 6,770 6,759 6,751

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
-53 117 -57 160 126 141 393 -1 86 -34 -10 -7
158 40 121 -105 -161 -166 -395 2 -85 36 11 8
-102 -157 -75 -48 28 24 1 -2 -1 -2 -1 -1
Net Cash Flow 3 1 -11 7 -7 0 -0 -0 0 0 -0 0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Debtor Days 57 0 17 11 9 25 14 23 27 109 209 260
Inventory Days 46
Days Payable 51
Cash Conversion Cycle 52 0 17 11 9 25 14 23 27 109 209 260
Working Capital Days 18 -13 -96 -20 -113 -190 -157 -3 -6 44 43 -23
ROCE % 6% 14% 4% 9% 8% 4% 19% 3% 2% 0% -0% -0%

Shareholding Pattern

Numbers in percentages

6 Recently
Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
11.45% 10.14% 10.14% 6.52% 6.52% 6.52% 6.52% 3.34% 3.34% 1.74% 1.74% 1.71%
44.80% 47.70% 48.46% 51.54% 50.89% 47.70% 46.60% 46.23% 47.50% 44.75% 44.71% 44.78%
36.00% 34.06% 34.34% 35.09% 36.89% 39.92% 40.74% 43.99% 42.69% 47.29% 47.29% 47.26%
7.74% 8.09% 7.05% 6.85% 5.69% 5.84% 6.14% 6.42% 6.47% 6.21% 6.25% 6.24%
No. of Shareholders 70,91481,46367,70863,96659,68265,26067,02165,80468,53168,06280,46776,239

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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