Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,626 0.04%
21 May - 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

Axis Max Life Insurance[1]
Axis Max Life Insurance is a Joint Venture between Max Financial Services Limited (MFSL) and Axis Bank Limited. MFSL is part of India’s leading business conglomerate - the Max Group. Focused on Life Insurance, MFSL actively manages an 81% majority stake in Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited).

Website BSE NSE
  • Market Cap ₹ 56,124 Cr.
  • Current Price ₹ 1,626
  • High / Low ₹ 1,892 / 1,381
  • Stock P/E 9,513
  • Book Value ₹ 196
  • Dividend Yield 0.00 %
  • ROCE 0.12 %
  • ROE 0.09 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company is expected to give good quarter
  • Debtor days have improved from 197 to 123 days.

Cons

  • Stock is trading at 8.31 times its book value
  • The company has delivered a poor sales growth of -39.1% over past five years.
  • Promoter holding is low: 1.25%
  • Company has a low return on equity of -0.07% over last 3 years.
  • Promoters have pledged 42.1% of their holding.
  • Earnings include an other income of Rs.4.89 Cr.
  • Promoter holding has decreased over last 3 years: -8.90%
  • Working capital days have increased from 112 days to 315 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

Financial Services Financial Services Insurance Life Insurance

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

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
10 5 6 6 5 4 4 4 4 3 3 3 17
8 7 9 8 8 6 6 6 6 5 6 6 5
Operating Profit 2 -2 -2 -2 -4 -2 -2 -2 -2 -2 -3 -3 12
OPM % 21% -31% -38% -42% -85% -55% -61% -36% -64% -76% -110% -100% 71%
0 0 0 0 0 0 0 0 0 0 0 5 0
Interest 0 0 0 0 0 0 0 0 0 0 0 0 0
Depreciation 1 1 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 2 -2 -3 -3 -4 -2 -2 -1 -3 -3 -3 2 12
Tax % -24% 9% -3% -6% -7% 12% -2% 5% -2% 0% 0% 0% 15%
2 -2 -3 -2 -4 -3 -2 -2 -3 -3 -3 2 10
EPS in Rs 0.06 -0.07 -0.08 -0.07 -0.11 -0.08 -0.07 -0.05 -0.08 -0.07 -0.10 0.05 0.29
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
581.83 200.76 255.74 263.78 317.30 494.94 306.99 200.27 57.85 21.45 15.90 25.79
111.47 83.79 100.32 118.29 239.21 88.60 174.22 51.35 35.78 31.54 23.72 22.14
Operating Profit 470.36 116.97 155.42 145.49 78.09 406.34 132.77 148.92 22.07 -10.09 -7.82 3.65
OPM % 80.84% 58.26% 60.77% 55.16% 24.61% 82.10% 43.25% 74.36% 38.15% -47.04% -49.18% 14.15%
2.67 0.46 0.53 0.37 0.30 0.08 0.71 1.78 0.39 0.23 0.18 4.89
Interest 0.00 0.00 0.00 0.00 27.25 0.20 0.22 0.14 0.11 0.11 0.09 0.03
Depreciation 4.38 2.22 1.96 1.92 1.75 9.89 3.80 3.48 3.10 1.59 1.23 0.75
Profit before tax 468.65 115.21 153.99 143.94 49.39 396.33 129.46 147.08 19.25 -11.56 -8.96 7.76
Tax % 16.58% 0.00% 0.00% 0.00% 0.00% 31.23% 23.36% 30.23% 27.90% -2.77% 3.01% 23.97%
390.94 115.21 154.00 143.94 49.39 272.55 99.23 102.62 13.87 -11.23 -9.22 5.90
EPS in Rs 14.67 4.31 5.76 5.36 1.83 10.11 2.88 2.97 0.40 -0.33 -0.27 0.17
Dividend Payout % 34.08% 83.43% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Compounded Sales Growth
10 Years: -19%
5 Years: -39%
3 Years: -24%
TTM: 62%
Compounded Profit Growth
10 Years: -26%
5 Years: -43%
3 Years: -25%
TTM: 164%
Stock Price CAGR
10 Years: 16%
5 Years: 12%
3 Years: 34%
1 Year: 16%
Return on Equity
10 Years: 2%
5 Years: 0%
3 Years: 0%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Equity Capital 53.30 53.40 53.45 53.68 53.88 53.90 69.02 69.02 69.02 69.02 69.02 69.02
Reserves 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 6,679.79
0.00 0.00 0.00 0.00 0.00 2.73 3.46 1.54 1.97 1.87 0.87 0.25
55.95 69.35 28.61 151.35 195.56 242.51 27.62 25.89 15.04 15.66 15.70 15.02
Total Liabilities 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 6,764.08
13.12 8.73 32.65 31.19 30.45 25.50 25.12 4.31 3.85 2.91 2.41 1.20
CWIP 0.02 0.00 0.00 0.24 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments 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 6,695.08
177.91 25.77 28.53 75.15 33.82 31.66 35.06 49.54 81.42 68.16 67.90 67.80
Total Assets 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 6,764.08

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
117.19 -57.47 159.68 126.19 141.34 393.30 -0.74 85.91 -34.07 -10.25 -6.75 -12.68
40.21 121.19 -105.06 -160.69 -165.51 -394.56 2.40 -84.67 35.85 11.17 7.93 13.37
-156.58 -74.66 -48.01 27.63 24.19 1.12 -1.72 -1.08 -1.76 -1.14 -1.09 -0.65
Net Cash Flow 0.81 -10.93 6.61 -6.87 0.01 -0.14 -0.06 0.16 0.02 -0.22 0.08 0.04
Free Cash Flow 109.43 -57.63 159.38 125.44 140.39 393.25 -2.01 86.02 -34.21 -9.98 -7.45 -7.66
CFO/OP 35% -47% 102% 87% 181% 97% 118% 79% -103% 83% 86% -321%

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03 208.79 259.86 122.56
Inventory Days
Days Payable
Cash Conversion Cycle 0.00 16.78 10.98 9.26 25.08 14.20 22.80 27.48 109.03 208.79 259.86 122.56
Working Capital Days -13.26 -95.96 -20.32 -113.37 -189.72 -156.93 -3.44 -6.42 44.42 42.54 -22.73 315.47
ROCE % 13.75% 4.50% 8.80% 7.68% 3.92% 18.52% 2.91% 2.20% 0.29% -0.17% -0.13% 0.12%

Insights

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Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Assets Under Management (AUM)
INR Cr

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Individual Adjusted First Year Premium
INR Cr
13th Month Persistency (by Premium)
%
Claims Paid Ratio
%
Private Market Share (Individual Adjusted FYP)
%
Number of Agent Force
Count
Number of Policies Sold
000s

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
10.14% 6.52% 6.52% 6.52% 6.52% 3.34% 3.34% 1.74% 1.74% 1.71% 1.25% 1.25%
48.46% 51.54% 50.89% 47.70% 46.60% 46.23% 47.50% 44.75% 44.71% 44.78% 45.13% 47.88%
34.34% 35.09% 36.89% 39.92% 40.74% 43.99% 42.69% 47.29% 47.29% 47.26% 47.35% 44.74%
7.05% 6.85% 5.69% 5.84% 6.14% 6.42% 6.47% 6.21% 6.25% 6.24% 6.26% 6.11%
No. of Shareholders 67,70863,96659,68265,26067,02165,80468,53168,06280,46776,23975,63677,069

* 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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