Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,523 -0.10%
10 Jun - 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 ₹ 52,566 Cr.
  • Current Price ₹ 1,523
  • High / Low ₹ 1,548 / 940
  • Stock P/E 159
  • Book Value ₹ 153
  • Dividend Yield 0.00 %
  • ROCE 8.07 %
  • ROE 7.22 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Stock is trading at 9.96 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased over last quarter: -1.60%
  • Promoter holding is low: 1.74%
  • Tax rate seems low
  • Company has a low return on equity of 8.75% over last 3 years.
  • Promoters have pledged 28.7% of their holding.

* 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 Nifty 500 BSE MidCap Nifty Midcap 100

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
8,960 3,272 9,316 8,896 9,929 9,168 10,165 12,356 14,888 11,799 13,372 8,923 12,376
8,799 3,185 9,238 8,573 9,865 9,043 10,021 12,146 14,945 11,610 13,201 8,834 12,356
Operating Profit 161 87 78 322 64 125 144 209 -57 189 172 89 20
OPM % 2% 3% 1% 4% 1% 1% 1% 2% -0% 2% 1% 1% 0%
3 4 6 3 5 3 25 4 10 3 4 3 18
Interest 9 9 9 9 9 9 9 14 11 9 13 10 15
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 153 80 74 315 58 118 158 198 -59 182 162 81 22
Tax % 6% 15% 17% 14% 10% 14% -8% 14% -15% 14% 14% 14% -73%
144 68 62 269 52 101 170 171 -50 156 139 70 38
EPS in Rs 3.41 1.63 1.49 6.52 1.33 2.54 4.29 4.30 -1.28 3.69 3.26 1.62 0.91
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
11,619 14,907 11,710 15,247 16,338 19,510 18,240 31,275 31,182 31,415 46,580 46,469
11,167 14,188 11,179 14,476 15,807 19,003 17,788 30,689 30,769 30,862 46,157 45,997
Operating Profit 452 718 531 771 531 507 452 585 413 554 424 472
OPM % 4% 5% 5% 5% 3% 3% 2% 2% 1% 2% 1% 1%
54 30 2 2 1 3 2 13 6 16 38 25
Interest 93 82 8 9 0 27 0 0 25 37 44 47
Depreciation 138 154 60 63 2 2 11 5 5 5 3 3
Profit before tax 274 512 465 702 530 481 442 593 389 527 415 447
Tax % 24% 29% 15% 15% 17% 13% 38% 6% 18% 14% 5% 10%
209 365 393 593 442 416 273 560 318 452 393 403
EPS in Rs 5.24 10.49 9.47 14.79 10.67 9.75 5.38 12.33 7.34 10.97 9.85 9.48
Dividend Payout % 69% 48% 38% 0% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 12%
5 Years: 21%
3 Years: 14%
TTM: 0%
Compounded Profit Growth
10 Years: 2%
5 Years: 18%
3 Years: 9%
TTM: -3%
Stock Price CAGR
10 Years: 14%
5 Years: 26%
3 Years: 22%
1 Year: 60%
Return on Equity
10 Years: 10%
5 Years: 9%
3 Years: 9%
Last Year: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 53 53 53 54 54 54 69 69 69 69 69
Reserves 2,931 3,249 1,912 2,281 1,766 2,005 2,093 3,274 3,866 3,450 3,797 5,206
767 543 0 0 0 0 3 3 522 523 523 1,026
25,366 31,658 36,181 44,405 54,022 65,097 72,377 94,710 113,291 127,783 158,383 183,698
Total Liabilities 29,117 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 189,999
1,592 1,200 349 740 556 556 641 639 616 614 612 610
CWIP 55 39 37 3 0 0 0 0 0 0 0 0
Investments 25,134 32,015 36,102 44,059 52,683 63,245 68,566 91,766 109,794 123,355 153,010 9,135
2,336 2,249 1,660 1,938 2,602 3,356 5,320 5,652 7,337 7,854 9,148 180,253
Total Assets 29,117 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 189,999

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
2,160 2,579 3,802 6,526 7,534 8,826 5,452 6,892 8,496 9,922 6,107 8,352
-1,908 -2,311 -3,541 -6,290 -6,951 -8,789 -4,991 -6,852 -8,835 -11,555 -5,004 -9,703
-213 -388 -187 -215 -116 -174 -383 -92 388 -233 -117 1,961
Net Cash Flow 39 -119 74 20 466 -137 78 -51 48 -1,866 986 610

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 21 17 16 13 0 0 0 0 0 0 0 0
Inventory Days 73 84
Days Payable 374 424
Cash Conversion Cycle -281 -324 16 13 0 0 0 0 0 0 0 0
Working Capital Days -93 -71 -101 -93 -1,158 -1,149 -1,338 -1,042 -1,241 -1,402 -1,173 -32
ROCE % 8% 13% 13% 25% 19% 19% 16% 18% 10% 12% 10% 8%

Shareholding Pattern

Numbers in percentages

18 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.

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Documents

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