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 ₹ 35,124 Cr.
- Current Price ₹ 1,018
- High / Low ₹ 1,093 / 613
- Stock P/E 81.7
- Book Value ₹ 109
- Dividend Yield 0.00 %
- ROCE 11.9 %
- ROE 10.2 %
- Face Value ₹ 2.00
Pros
- Company is expected to give good quarter
Cons
- Stock is trading at 9.36 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding is low: 6.52%
- Tax rate seems low
- Company has a low return on equity of 10.5% over last 3 years.
- Promoters have pledged 69.2% of their holding.
- 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
8,531 | 10,554 | 11,619 | 14,907 | 11,710 | 15,247 | 16,338 | 19,510 | 18,240 | 31,275 | 31,182 | 31,415 | 41,618 | |
7,770 | 9,402 | 11,167 | 14,188 | 11,179 | 14,476 | 15,807 | 19,003 | 17,788 | 30,689 | 30,769 | 30,862 | 41,076 | |
Operating Profit | 760 | 1,152 | 452 | 718 | 531 | 771 | 531 | 507 | 452 | 585 | 413 | 554 | 542 |
OPM % | 9% | 11% | 4% | 5% | 5% | 5% | 3% | 3% | 2% | 2% | 1% | 2% | 1% |
-331 | 61 | 54 | 30 | 2 | 2 | 1 | 3 | 2 | 13 | 6 | 16 | 36 | |
Interest | 86 | 84 | 93 | 82 | 8 | 9 | 0 | 27 | 0 | 0 | 25 | 37 | 42 |
Depreciation | 102 | 137 | 138 | 154 | 60 | 63 | 2 | 2 | 11 | 5 | 5 | 5 | 4 |
Profit before tax | 242 | 991 | 274 | 512 | 465 | 702 | 530 | 481 | 442 | 593 | 389 | 527 | 533 |
Tax % | 2% | 14% | 24% | 29% | 15% | 15% | 17% | 13% | 38% | 6% | 18% | 14% | |
238 | 850 | 209 | 365 | 393 | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 495 | |
EPS in Rs | 5.86 | 29.53 | 5.24 | 10.49 | 9.47 | 14.79 | 10.67 | 9.75 | 5.38 | 12.33 | 7.34 | 10.97 | 12.46 |
Dividend Payout % | 0% | 41% | 69% | 48% | 38% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 14% |
3 Years: | 20% |
TTM: | 37% |
Compounded Profit Growth | |
---|---|
10 Years: | -7% |
5 Years: | 6% |
3 Years: | 38% |
TTM: | -5% |
Stock Price CAGR | |
---|---|
10 Years: | 19% |
5 Years: | 19% |
3 Years: | 5% |
1 Year: | 64% |
Return on Equity | |
---|---|
10 Years: | 10% |
5 Years: | 10% |
3 Years: | 10% |
Last Year: | 10% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 53 | 53 | 53 | 53 | 53 | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 |
Reserves | 2,460 | 2,850 | 2,931 | 3,249 | 1,912 | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,683 |
Preference Capital | 125 | 125 | 65 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
549 | 676 | 702 | 543 | 0 | 0 | 0 | 0 | 3 | 3 | 522 | 523 | 503 | |
17,713 | 21,145 | 25,431 | 31,658 | 36,181 | 44,405 | 54,022 | 65,097 | 72,377 | 94,710 | 113,291 | 127,783 | 138,581 | |
Total Liabilities | 20,775 | 24,724 | 29,117 | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 142,837 |
1,370 | 1,597 | 1,592 | 1,200 | 349 | 740 | 556 | 556 | 641 | 639 | 616 | 614 | 613 | |
CWIP | 75 | 92 | 55 | 39 | 37 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 17,536 | 21,091 | 25,134 | 32,015 | 36,102 | 44,059 | 52,683 | 63,245 | 68,566 | 91,766 | 109,794 | 123,355 | 5,036 |
1,794 | 1,943 | 2,336 | 2,249 | 1,660 | 1,938 | 2,602 | 3,356 | 5,320 | 5,652 | 7,337 | 7,854 | 137,188 | |
Total Assets | 20,775 | 24,724 | 29,117 | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 142,837 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2,854 | 1,887 | 2,160 | 2,579 | 3,802 | 6,526 | 7,534 | 8,826 | 5,452 | 6,892 | 8,496 | 9,922 | |
-3,258 | -1,796 | -1,908 | -2,311 | -3,541 | -6,290 | -6,951 | -8,789 | -4,991 | -6,852 | -8,835 | -9,228 | |
533 | -220 | -213 | -388 | -187 | -215 | -116 | -174 | -383 | -92 | 388 | -233 | |
Net Cash Flow | 129 | -129 | 39 | -119 | 74 | 20 | 466 | -137 | 78 | -51 | 48 | 462 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 21 | 22 | 21 | 17 | 16 | 13 | 0 | 0 | 0 | 0 | 0 | 0 |
Inventory Days | 33 | 28 | 73 | 84 | ||||||||
Days Payable | 410 | 366 | 374 | 424 | ||||||||
Cash Conversion Cycle | -355 | -315 | -281 | -324 | 16 | 13 | 0 | 0 | 0 | 0 | 0 | 0 |
Working Capital Days | -71 | -77 | -93 | -71 | -101 | -93 | -1,158 | -1,149 | -1,338 | -1,042 | -1,241 | -1,400 |
ROCE % | 20% | 26% | 8% | 13% | 13% | 25% | 19% | 19% | 16% | 18% | 10% | 12% |
Documents
Announcements
- Disclosures under Reg. 29(2) of SEBI (SAST) Regulations, 2011 1d
- Intimation For Allotment Of Equity Shares By Max Life Insurance, The Material Subsidiary Of The Company To Axis Bank Limited 17 Apr
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 13 Apr
- Intimation For Issuance Of Shares By Max Life Insurance, The Material Subsidiary Of The Company To Axis Bank Limited 12 Apr
- Compliance Certificate Under Regulation 40(9) Of SEBI (Listing Obligation And Disclosure Requirements) Regulations, 2015 For The Financial Year Ended March 31, 2024 8 Apr
Annual reports
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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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Financial Year 2011
from nse
Concalls
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Feb 2024Transcript PPT
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Nov 2017Transcript PPT
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Aug 2017TranscriptNotesPPT
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May 2017TranscriptPPT
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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]