Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,018 -1.26%
25 Apr - 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 ₹ 35,124 Cr.
  • Current Price ₹ 1,018
  • High / Low ₹ 1,093 / 613
  • Stock P/E
  • Book Value ₹ 196
  • Dividend Yield 0.00 %
  • ROCE 0.29 %
  • ROE 0.21 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.

Cons

  • Stock is trading at 5.20 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -26.2% over past five years.
  • Promoter holding is low: 6.52%
  • Company has a low return on equity of 1.20% over last 3 years.
  • Promoters have pledged 69.2% of their holding.
  • Debtor days have increased from 53.1 to 109 days.
  • Promoter holding has decreased over last 3 years: -10.5%

* 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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
19.31 243.11 157.49 14.29 13.26 14.66 12.73 17.64 16.98 10.46 5.08 6.32 5.52
11.04 138.95 19.27 8.86 9.33 13.90 9.12 9.45 8.97 8.23 6.67 8.73 7.82
Operating Profit 8.27 104.16 138.22 5.43 3.93 0.76 3.61 8.19 8.01 2.23 -1.59 -2.41 -2.30
OPM % 42.83% 42.84% 87.76% 38.00% 29.64% 5.18% 28.36% 46.43% 47.17% 21.32% -31.30% -38.13% -41.67%
0.41 0.34 0.76 0.56 0.37 0.67 0.07 0.21 0.01 0.13 0.04 0.00 0.00
Interest 0.06 0.06 0.05 0.03 0.03 0.03 0.02 0.02 0.04 0.03 0.03 0.02 0.02
Depreciation 0.98 1.08 0.99 0.83 0.83 0.83 0.83 0.79 0.75 0.73 0.59 0.37 0.32
Profit before tax 7.64 103.36 137.94 5.13 3.44 0.57 2.83 7.59 7.23 1.60 -2.17 -2.80 -2.64
Tax % 0.00% 26.86% 29.30% 31.19% 28.20% 257.89% 37.81% 36.89% 26.14% -24.38% -9.22% 2.86% 6.44%
7.64 75.60 97.52 3.53 2.47 -0.90 1.76 4.79 5.34 1.99 -2.37 -2.72 -2.47
EPS in Rs 0.22 2.19 2.83 0.10 0.07 -0.03 0.05 0.14 0.15 0.06 -0.07 -0.08 -0.07
Raw PDF
Upcoming result date: 7 May 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
742.08 1,507.87 989.96 581.83 200.76 255.74 263.78 317.30 494.94 306.99 200.27 57.85 27.38
708.18 828.67 775.10 111.47 83.79 100.32 118.29 239.21 88.60 174.22 51.35 35.78 31.45
Operating Profit 33.90 679.20 214.86 470.36 116.97 155.42 145.49 78.09 406.34 132.77 148.92 22.07 -4.07
OPM % 4.57% 45.04% 21.70% 80.84% 58.26% 60.77% 55.16% 24.61% 82.10% 43.25% 74.36% 38.15% -14.86%
6.70 11.59 10.47 2.67 0.46 0.53 0.37 0.30 0.08 0.71 1.78 0.39 0.17
Interest 31.05 17.43 21.78 0.00 0.00 0.00 0.00 27.25 0.20 0.22 0.14 0.11 0.10
Depreciation 22.75 23.87 23.62 4.38 2.22 1.96 1.92 1.75 9.89 3.80 3.48 3.10 2.01
Profit before tax -13.20 649.49 179.93 468.65 115.21 153.99 143.94 49.39 396.33 129.46 147.08 19.25 -6.01
Tax % -16.97% 13.55% -2.91% 16.58% 0.00% 0.00% 0.00% 0.00% 31.23% 23.36% 30.23% 27.90%
-15.44 561.48 185.16 390.94 115.21 154.00 143.94 49.39 272.55 99.23 102.62 13.87 -5.57
EPS in Rs -0.58 21.15 6.96 14.67 4.31 5.76 5.36 1.83 10.11 2.88 2.97 0.40 -0.16
Dividend Payout % 0.00% 57.69% 51.77% 34.08% 83.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -28%
5 Years: -26%
3 Years: -51%
TTM: -56%
Compounded Profit Growth
10 Years: -31%
5 Years: -37%
3 Years: -63%
TTM: -151%
Stock Price CAGR
10 Years: 19%
5 Years: 19%
3 Years: 5%
1 Year: 64%
Return on Equity
10 Years: 4%
5 Years: 2%
3 Years: 1%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 52.91 53.10 53.25 53.30 53.40 53.45 53.68 53.88 53.90 69.02 69.02 69.02 69.02
Reserves 2,818.74 3,032.83 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 6,689.19
118.61 156.34 180.67 0.00 0.00 0.00 0.00 0.00 2.73 3.46 1.54 1.97 1.35
82.83 149.07 156.69 55.95 69.35 28.61 151.35 195.56 242.51 27.62 25.89 15.04 15.39
Total Liabilities 3,073.09 3,391.34 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 6,774.95
324.91 312.55 300.02 13.12 8.73 32.65 31.19 30.45 25.50 25.12 4.31 3.85 2.89
CWIP 0.13 12.01 24.55 0.02 0.00 0.00 0.24 0.00 0.00 0.00 0.00 0.00 0.00
Investments 2,307.65 2,732.56 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 6,730.86
440.40 334.22 454.75 177.91 25.77 28.53 75.15 33.82 31.66 35.06 49.54 81.42 41.20
Total Assets 3,073.09 3,391.34 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 6,774.95

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-43.40 -212.39 -52.87 117.19 -57.47 159.68 126.19 141.34 393.30 -0.74 85.91 -34.07
12.85 357.16 157.86 40.21 121.19 -105.06 -160.69 -165.51 -394.56 2.40 -84.67 35.85
71.10 -275.23 -101.89 -156.58 -74.66 -48.01 27.63 24.19 1.12 -1.72 -1.08 -1.76
Net Cash Flow 40.55 -130.46 3.10 0.81 -10.93 6.61 -6.87 0.01 -0.14 -0.06 0.16 0.02

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 58.79 33.46 56.74 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03
Inventory Days 36.74 31.75 46.11
Days Payable 36.90 35.44 50.79
Cash Conversion Cycle 58.63 29.77 52.07 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03
Working Capital Days 77.66 38.16 59.05 -13.26 -95.96 -20.32 -113.37 -189.72 -156.93 -3.44 -6.42 44.42
ROCE % 0.62% 21.41% 6.12% 13.75% 4.50% 8.80% 7.68% 3.92% 18.52% 2.91% 2.20% 0.29%

Shareholding Pattern

Numbers in percentages

2 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
14.72% 14.72% 14.72% 14.72% 14.72% 14.72% 11.45% 10.14% 10.14% 6.52% 6.52% 6.52%
26.33% 27.72% 26.08% 23.26% 23.76% 45.76% 44.80% 47.70% 48.46% 51.54% 50.89% 47.70%
50.72% 49.37% 51.17% 54.02% 53.28% 31.71% 36.00% 34.06% 34.34% 35.09% 36.89% 39.92%
8.23% 8.19% 8.03% 8.00% 8.24% 7.81% 7.74% 8.09% 7.05% 6.85% 5.69% 5.84%
No. of Shareholders 64,36370,70666,72469,01468,08869,80570,91481,46367,70863,96659,68265,260

* 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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