Max Financial Services Ltd
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]
- 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
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
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
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% |
Documents
Announcements
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Early Retirement Of Mr. Prashant Tripathy From The Office Of Managing Director & Chief Executive Officer ('MD & CEO') Of Axis Max Life Insurance Limited ('Axis Max Life' Or 'The Company'), The Material Subsidiary Of The Company
17h - Axis Max Life MD & CEO Prashant Tripathy to retire early on Sept 30, 2025; succession process initiated.
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Disclosure Under Listing Regulations - Grant Of Options
2d - Granted 3,18,292 ESOPs to Axis Max Life employees, vesting over 4 years, exercise price Rs.1263.17.
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Compliances-Reg.24(A)-Annual Secretarial Compliance
23 May - SEBI alleges Rs. 3,911.95 Cr fraudulent transactions benefiting Axis Bank; company contests SCN.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 19 May
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
19 May - Schedule of analyst and investor meetings; no unpublished price-sensitive info disclosed.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2012
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Financial Year 2011
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Concalls
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May 2025Transcript PPT REC
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Nov 2017Transcript PPT
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Aug 2017TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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]