Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,484 -1.17%
29 May 12:37 p.m.
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 ₹ 51,224 Cr.
  • Current Price ₹ 1,484
  • High / Low ₹ 1,564 / 864
  • Stock P/E
  • Book Value ₹ 195
  • Dividend Yield 0.00 %
  • ROCE -0.13 %
  • ROE -0.14 %
  • Face Value ₹ 2.00
Edit ratios

Pros

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

Cons

  • Stock is trading at 8.01 times its book value
  • Company has low interest coverage ratio.
  • Promoter holding has decreased over last quarter: -1.60%
  • The company has delivered a poor sales growth of -50.0% over past five years.
  • Promoter holding is low: 1.74%
  • Company has a low return on equity of -0.03% over last 3 years.
  • Promoters have pledged 28.7% of their holding.
  • Company has high debtors of 267 days.

* 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

Sector: Finance Industry: Finance & Investments

Part of BSE 500 BSE 200 Nifty 500 BSE MidCap Nifty Midcap 100

Edit Columns
Loading peers table ...

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025
14.66 12.73 17.64 16.98 10.46 5.08 6.32 5.52 4.51 3.72 3.69 4.32 3.74
13.90 9.12 9.45 8.97 8.23 6.67 8.73 7.82 8.36 5.75 5.93 5.89 6.14
Operating Profit 0.76 3.61 8.19 8.01 2.23 -1.59 -2.41 -2.30 -3.85 -2.03 -2.24 -1.57 -2.40
OPM % 5.18% 28.36% 46.43% 47.17% 21.32% -31.30% -38.13% -41.67% -85.37% -54.57% -60.70% -36.34% -64.17%
0.67 0.07 0.21 0.01 0.13 0.04 0.00 0.00 0.25 0.05 0.07 0.39 0.10
Interest 0.03 0.02 0.02 0.04 0.03 0.03 0.02 0.02 0.04 0.03 0.02 0.02 0.02
Depreciation 0.83 0.83 0.79 0.75 0.73 0.59 0.37 0.32 0.31 0.31 0.31 0.29 0.32
Profit before tax 0.57 2.83 7.59 7.23 1.60 -2.17 -2.80 -2.64 -3.95 -2.32 -2.50 -1.49 -2.64
Tax % 257.89% 37.81% 36.89% 26.14% -24.38% 9.22% -2.86% -6.44% -6.84% 12.07% -1.60% 5.37% -1.89%
-0.90 1.76 4.79 5.34 1.99 -2.37 -2.72 -2.47 -3.68 -2.60 -2.46 -1.57 -2.59
EPS in Rs -0.03 0.05 0.14 0.15 0.06 -0.07 -0.08 -0.07 -0.11 -0.08 -0.07 -0.05 -0.08
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
989.96 581.83 200.76 255.74 263.78 317.30 494.94 306.99 200.27 57.85 21.45 15.47
775.10 111.47 83.79 100.32 118.29 239.21 88.60 174.22 51.35 35.78 31.54 23.71
Operating Profit 214.86 470.36 116.97 155.42 145.49 78.09 406.34 132.77 148.92 22.07 -10.09 -8.24
OPM % 21.70% 80.84% 58.26% 60.77% 55.16% 24.61% 82.10% 43.25% 74.36% 38.15% -47.04% -53.26%
10.47 2.67 0.46 0.53 0.37 0.30 0.08 0.71 1.78 0.39 0.23 0.61
Interest 21.78 0.00 0.00 0.00 0.00 27.25 0.20 0.22 0.14 0.11 0.11 0.09
Depreciation 23.62 4.38 2.22 1.96 1.92 1.75 9.89 3.80 3.48 3.10 1.59 1.23
Profit before tax 179.93 468.65 115.21 153.99 143.94 49.39 396.33 129.46 147.08 19.25 -11.56 -8.95
Tax % -2.91% 16.58% 0.00% 0.00% 0.00% 0.00% 31.23% 23.36% 30.23% 27.90% -2.77% 3.02%
185.16 390.94 115.21 154.00 143.94 49.39 272.55 99.23 102.62 13.87 -11.23 -9.22
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
Dividend Payout % 51.77% 34.08% 83.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -30%
5 Years: -50%
3 Years: -57%
TTM: -28%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: 18%
Stock Price CAGR
10 Years: 14%
5 Years: 26%
3 Years: 25%
1 Year: 55%
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
Equity Capital 53.25 53.30 53.40 53.45 53.68 53.88 53.90 69.02 69.02 69.02 69.02 69.02
Reserves 3,133.09 3,400.34 1,616.53 1,774.84 1,865.87 1,946.15 2,226.42 6,576.45 6,680.57 6,694.38 6,683.05 6,673.77
180.67 0.00 0.00 0.00 0.00 0.00 2.73 3.46 1.54 1.97 1.87 0.87
156.69 55.95 69.35 28.61 151.35 195.56 242.51 27.62 25.89 15.04 15.66 15.70
Total Liabilities 3,523.70 3,509.59 1,739.28 1,856.90 2,070.90 2,195.59 2,525.56 6,676.55 6,777.02 6,780.41 6,769.60 6,759.36
300.02 13.12 8.73 32.65 31.19 30.45 25.50 25.12 4.31 3.85 2.91 2.41
CWIP 24.55 0.02 0.00 0.00 0.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 2,744.38 3,318.54 1,704.78 1,795.72 1,964.32 2,131.32 2,468.40 6,616.37 6,723.17 6,695.14 6,698.53 6,689.05
454.75 177.91 25.77 28.53 75.15 33.82 31.66 35.06 49.54 81.42 68.16 67.90
Total Assets 3,523.70 3,509.59 1,739.28 1,856.90 2,070.90 2,195.59 2,525.56 6,676.55 6,777.02 6,780.41 6,769.60 6,759.36

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
-52.87 117.19 -57.47 159.68 126.19 141.34 393.30 -0.74 85.91 -34.07 -7.65 -6.76
157.86 40.21 121.19 -105.06 -160.69 -165.51 -394.56 2.40 -84.67 35.85 8.58 7.93
-101.89 -156.58 -74.66 -48.01 27.63 24.19 1.12 -1.72 -1.08 -1.76 -1.14 -1.09
Net Cash Flow 3.10 0.81 -10.93 6.61 -6.87 0.01 -0.14 -0.06 0.16 0.02 -0.22 0.08

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 56.74 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03 208.79 267.08
Inventory Days 46.11
Days Payable 50.79
Cash Conversion Cycle 52.07 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03 208.79 267.08
Working Capital Days 59.05 -13.26 -95.96 -20.32 -113.37 -189.72 -156.93 -3.44 -6.42 44.42 45.77 -22.65
ROCE % 6.12% 13.75% 4.50% 8.80% 7.68% 3.92% 18.52% 2.91% 2.20% 0.29% -0.17% -0.13%

Shareholding Pattern

Numbers in percentages

16 Recently
Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025
14.72% 14.72% 11.45% 10.14% 10.14% 6.52% 6.52% 6.52% 6.52% 3.34% 3.34% 1.74%
23.76% 45.76% 44.80% 47.70% 48.46% 51.54% 50.89% 47.70% 46.60% 46.23% 47.50% 44.75%
53.28% 31.71% 36.00% 34.06% 34.34% 35.09% 36.89% 39.92% 40.74% 43.99% 42.69% 47.29%
8.24% 7.81% 7.74% 8.09% 7.05% 6.85% 5.69% 5.84% 6.14% 6.42% 6.47% 6.21%
No. of Shareholders 68,08869,80570,91481,46367,70863,96659,68265,26067,02165,80468,53168,062

* 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.

Click on the line-items to see the names of individual entities.

Documents

Announcements

Annual reports

Concalls