Max Financial Services Ltd

Max Financial Services is primarily engaged in making business investments in its subsidiary and providing management advisory services to the group companies.

  • Market Cap: 16,019 Cr.
  • Current Price: 594.25
  • 52 weeks High / Low 641.90 / 276.35
  • Book Value: 79.63
  • Stock P/E: 40.03
  • Dividend Yield: 0.00 %
  • ROCE: 21.04 %
  • ROE: 12.98 %
  • Sales Growth (3Yrs): 6.16 %
  • Listed on BSE and NSE
  • Company Website
  • Face Value: 2.00
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Pros:
Company is virtually debt free.
Cons:
Stock is trading at 7.46 times its book value
Though the company is reporting repeated profits, it is not paying out dividend
The company has delivered a poor growth of 4.12% over past five years.
Promoter holding is low: 28.31%
Promoters have pledged 91.52% of their holding.

Peer comparison Sector: Finance // Industry: Finance & Investments

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Quarterly Results Consolidated Figures in Rs. Crores / View Standalone

Jun 2010 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
1,817 3,556 4,315 4,502 7,136 3,949 4,686 5,366 4,264 5,505
1,804 3,480 4,163 4,426 6,935 3,885 4,614 5,186 4,127 5,365
Operating Profit 13 77 153 76 201 64 72 179 137 139
OPM % 1% 2% 4% 2% 3% 2% 2% 3% 3% 3%
Other Income 21 1 1 1 0 0 0 0 2 13
Interest 29 27 0 0 0 0 0 0 0 0
Depreciation 31 0 0 0 0 1 1 2 8 1
Profit before tax -26 50 153 76 201 63 71 177 131 151
Tax % -23% 34% 19% 23% 1% 14% 9% 17% 95% -20%
Net Profit -25 10 83 39 131 34 42 105 -36 131
EPS in Rs -1.08 0.36 3.08 1.46 4.88 1.26 1.56 3.91 -1.34 4.85
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 19,498 18,240 19,820
5,096 7,632 7,541 7,772 9,403 11,168 14,188 11,179 14,476 15,807 18,991 17,788 19,293
Operating Profit -593 -2,059 310 759 1,151 451 718 531 771 531 507 452 528
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 14
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 32 242 991 274 512 465 702 530 481 442 530
Tax % 7% -4% 31% 2% 14% 24% 29% 15% 15% 17% 13% 38%
Net Profit -218 -72 9 155 784 139 280 253 395 286 263 145 242
EPS in Rs 0.00 0.00 0.12 5.78 26.60 3.49 8.96 7.57 14.79 10.67 9.75 5.38 8.98
Dividend Payout % 0% 0% 0% 0% 41% 69% 48% 38% 0% 0% 0% 0%
* Sales is net of excise duty and discounts
Compounded Sales Growth
10 Years:12.59%
5 Years:4.12%
3 Years:6.16%
TTM:-0.41%
Compounded Profit Growth
10 Years:9.01%
5 Years:-5.68%
3 Years:-22.79%
TTM:-8.63%
Stock Price CAGR
10 Years:15.01%
5 Years:6.13%
3 Years:0.36%
1 Year:37.93%
Return on Equity
10 Years:17.55%
5 Years:19.42%
3 Years:18.49%
Last Year:12.98%

Balance Sheet Consolidated Figures in Rs. Crores / View Standalone

Corp 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
294 296 296 178 178 119 53 53 53 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
Borrowings 5,350 961 1,033 549 676 702 543 0 0 0 0 3
1,293 10,903 14,585 17,713 21,145 25,431 31,658 36,181 44,405 54,022 65,152 72,377
Total Liabilities 7,959 13,250 16,953 20,775 24,724 29,117 35,503 38,147 46,739 55,842 67,211 74,526
881 889 941 1,370 1,597 1,592 1,200 349 740 556 556 641
CWIP 49 76 158 75 92 55 39 37 3 0 0 0
Investments 5,638 10,933 13,999 17,536 21,091 25,134 32,015 36,102 44,059 52,683 63,458 3,372
1,390 1,352 1,854 1,794 1,943 2,336 2,249 1,660 1,938 2,602 3,197 70,513
Total Assets 7,959 13,250 16,953 20,775 24,724 29,117 35,503 38,147 46,739 55,842 67,211 74,526

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
-1,279 -3,432 -2,571 -3,258 -1,796 -1,908 -2,311 -3,541 -6,290 -6,951 -8,789
-49 857 -6 533 -220 -213 -388 -187 -215 -116 -174
Net Cash Flow 196 24 88 129 -129 39 -119 74 20 466 -137

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 in percentages

Sep 2017 Dec 2017 Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020
30.29 30.29 30.29 30.29 30.29 28.37 28.33 28.32 28.32 28.31 28.31 28.31
26.07 24.62 29.49 29.45 28.52 30.09 29.85 29.55 29.57 27.74 30.61 30.49
30.03 30.93 28.44 30.31 31.20 31.53 31.89 32.15 30.70 31.47 28.98 28.73
13.61 14.15 11.78 9.95 9.99 10.01 9.94 9.98 11.41 12.48 12.10 12.48