Max Financial Services Ltd

maxfinancialservices.com BSE: 500271 NSE : MFSL
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Max Financial Services is primarily engaged in making business investments in its subsidiary and providing management advisory services to the group companies.

Website BSE NSE
  • Market Cap ₹ 31,593 Cr.
  • Current Price ₹ 915
  • High / Low ₹ 954 / 276
  • Stock P/E 96.6
  • Book Value ₹ 67.0
  • Dividend Yield 0.00 %
  • ROCE 21.0 %
  • ROE 6.90 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • Stock is trading at 13.66 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding has decreased by -5.07% over last quarter
  • The company has delivered a poor sales growth of 4.12% over past five years.
  • Promoter holding is low: 17.26%
  • Company has a low return on equity of 11.34% for last 3 years.
  • Promoters have pledged 87.20% of their holding.

Peer comparison

Sector: Finance Industry: Finance & Investments

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Jun 2011 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
2,017 3,556 4,315 4,502 7,136 3,949 4,686 5,366 4,264 5,505 7,020 8,990
1,870 3,480 4,163 4,426 6,935 3,885 4,614 5,186 4,127 5,365 6,923 8,709
Operating Profit 147 77 153 76 201 64 72 179 137 139 96 280
OPM % 7% 2% 4% 2% 3% 2% 2% 3% 3% 3% 1% 3%
Other Income 4 1 1 1 0 0 0 0 2 13 0 1
Interest 28 27 0 0 0 0 0 0 0 0 0 0
Depreciation 26 0 0 0 0 1 1 2 8 1 1 1
Profit before tax 97 50 153 76 201 63 71 177 131 151 96 280
Tax % 1% 34% 19% 23% 1% 14% 9% 17% 95% -20% 15% 19%
Net Profit 70 10 83 39 131 34 42 105 -36 131 56 176
EPS in Rs 2.73 0.36 3.08 1.46 4.86 1.25 1.56 3.90 -1.34 4.85 2.09 5.10
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
4,503 5,573 7,851 8,531 10,554 11,619 14,907 11,710 15,247 16,338 19,510 18,240 25,778
5,096 7,632 7,541 7,772 9,403 11,168 14,188 11,179 14,476 15,807 19,003 17,788 25,124
Operating Profit -593 -2,059 310 759 1,151 451 718 531 771 531 507 452 654
OPM % -13% -37% 4% 9% 11% 4% 5% 5% 5% 3% 3% 2% 3%
Other Income 410 2,173 38 -329 62 55 30 2 2 1 3 2 15
Interest 51 59 113 86 84 93 82 8 9 0 27 0 0
Depreciation 97 141 203 102 137 138 154 60 63 2 2 11 12
Profit before tax -331 -86 32 242 991 274 512 465 702 530 481 442 657
Tax % 7% -4% 31% 2% 14% 24% 29% 15% 15% 17% 13% 38%
Net Profit -218 -72 9 155 784 139 280 253 395 286 263 145 327
EPS in Rs -9.84 -3.08 0.37 5.86 29.53 5.24 10.49 9.47 14.79 10.67 9.75 5.38 10.70
Dividend Payout % 0% 0% 0% 0% 41% 69% 48% 38% 0% 0% 0% 0%
Compounded Sales Growth
10 Years:13%
5 Years:4%
3 Years:6%
TTM:22%
Compounded Profit Growth
10 Years:8%
5 Years:-12%
3 Years:-28%
TTM:5%
Stock Price CAGR
10 Years:22%
5 Years:24%
3 Years:24%
1 Year:76%
Return on Equity
10 Years:12%
5 Years:12%
3 Years:11%
Last Year:7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions
Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
294 296 296 178 178 119 53 53 53 54 54 54 54
Reserves 1,272 1,338 1,289 2,460 2,850 2,931 3,249 1,912 2,281 1,766 2,005 2,093 2,259
Borrowings 5,350 961 1,033 549 676 702 543 0 0 0 0 3 2
1,293 10,903 14,585 17,713 21,145 25,431 31,658 36,181 44,405 54,022 65,097 72,377 81,500
Total Liabilities 7,959 13,250 16,953 20,775 24,724 29,117 35,503 38,147 46,739 55,842 67,156 74,526 83,815
881 889 941 1,370 1,597 1,592 1,200 349 740 556 556 641 638
CWIP 49 76 158 75 92 55 39 37 3 0 0 0 0
Investments 5,638 10,933 13,999 17,536 21,091 25,134 32,015 36,102 44,059 52,683 63,245 68,566 3,576
1,390 1,352 1,854 1,794 1,943 2,336 2,249 1,660 1,938 2,602 3,356 5,320 79,600
Total Assets 7,959 13,250 16,953 20,775 24,724 29,117 35,503 38,147 46,739 55,842 67,156 74,526 83,815

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
1,524 2,599 2,665 2,854 1,887 2,160 2,579 3,802 6,526 7,534 8,826 9,468
-1,279 -3,432 -2,571 -3,258 -1,796 -1,908 -2,311 -3,541 -6,290 -6,951 -8,789 -9,009
-49 857 -6 533 -220 -213 -388 -187 -215 -116 -174 -380
Net Cash Flow 196 24 88 129 -129 39 -119 74 20 466 -137 78

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2009 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % -5% -14% 5% 24% 31% 10% 16% 16% 33% 26% 26% 21%
Debtor Days 22 21 16 21 22 21 17 16 13 0 0 0
Inventory Turnover 7.40 6.77 11.29 13.71 14.43 8.29 5.04 0.25

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
30.29 30.29 30.29 28.37 28.33 28.32 28.32 28.31 28.31 28.31 22.33 17.26
29.49 29.45 28.52 30.09 29.85 29.55 29.57 27.74 30.61 30.49 32.40 19.70
28.44 30.31 31.20 31.53 31.89 32.15 30.70 31.47 28.98 28.73 30.38 50.85
11.78 9.95 9.99 10.01 9.94 9.98 11.41 12.48 12.10 12.48 14.89 12.18

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