Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,631 2.10%
14 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 ₹ 56,279 Cr.
  • Current Price ₹ 1,631
  • High / Low ₹ 1,892 / 1,323
  • Stock P/E 677
  • Book Value ₹ 153
  • Dividend Yield 0.00 %
  • ROCE 2.95 %
  • ROE 1.57 %
  • Face Value ₹ 2.00
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Pros

Cons

  • Stock is trading at 10.7 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.80% over past five years.
  • Promoter holding is low: 1.25%
  • Tax rate seems low
  • Company has a low return on equity of 5.59% over last 3 years.
  • Promoters have pledged 42.1% of their holding.
  • Promoter holding has decreased over last 3 years: -8.90%

* 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

Consolidated Figures in Rs. Crores / View Standalone

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
9,929 9,168 10,165 12,356 14,888 11,799 13,372 8,923 12,376 12,822 9,792 14,259 10,802
9,865 9,043 10,021 12,146 14,945 11,608 13,199 8,834 12,356 12,703 9,771 14,181 10,808
Operating Profit 64 125 144 209 -57 190 173 89 20 119 21 78 -6
OPM % 1% 1% 1% 2% -0% 2% 1% 1% 0% 1% 0% 1% -0%
5 3 25 4 10 1 2 3 18 3 7 9 5
Interest 9 9 9 14 11 9 13 10 15 20 21 36 35
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1 0
Profit before tax 58 118 158 198 -59 182 162 81 22 101 6 50 -36
Tax % 10% 14% -8% 14% -15% 14% 14% 14% -73% 14% 6% 11% -13%
52 101 170 171 -50 156 139 70 38 86 6 45 -32
EPS in Rs 1.33 2.54 4.29 4.30 -1.28 3.69 3.26 1.62 0.91 2.02 0.12 1.06 -0.76
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
14,907 11,710 15,247 16,338 19,510 18,240 31,275 31,182 31,415 46,576 46,469 47,674
14,188 11,179 14,476 15,807 19,003 17,788 30,689 30,769 30,862 46,150 45,994 47,462
Operating Profit 718 531 771 531 507 452 585 413 554 426 476 212
OPM % 5% 5% 5% 3% 3% 2% 2% 1% 2% 1% 1% 0%
30 2 2 1 3 2 13 6 16 36 21 23
Interest 82 8 9 0 27 0 0 25 37 44 47 112
Depreciation 154 60 63 2 2 11 5 5 5 3 3 2
Profit before tax 512 465 702 530 481 442 593 389 527 415 447 121
Tax % 29% 15% 15% 17% 13% 38% 6% 18% 14% 5% 10% 13%
365 393 593 442 416 273 560 318 452 393 403 106
EPS in Rs 10.49 9.47 14.79 10.67 9.75 5.38 12.33 7.34 10.97 9.85 9.48 2.43
Dividend Payout % 48% 38% -0% -0% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: 15%
5 Years: 9%
3 Years: 15%
TTM: 3%
Compounded Profit Growth
10 Years: -11%
5 Years: -28%
3 Years: -40%
TTM: -75%
Stock Price CAGR
10 Years: 16%
5 Years: 13%
3 Years: 34%
1 Year: 22%
Return on Equity
10 Years: 9%
5 Years: 7%
3 Years: 6%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 53 53 54 54 54 69 69 69 69 69 69
Reserves 3,249 1,912 2,281 1,766 2,005 2,093 3,274 3,866 3,450 3,797 5,206 5,213
543 -0 -0 -0 -0 3 3 522 523 523 1,026 1,859
31,658 36,181 44,405 54,022 65,097 72,377 94,710 113,291 127,783 158,383 183,698 191,795
Total Liabilities 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 189,999 198,936
1,200 349 740 556 556 641 639 616 614 612 610 607
CWIP 39 37 3 0 -0 -0 -0 -0 -0 -0 -0 -0
Investments 32,015 36,102 44,059 52,683 63,245 68,566 91,766 109,794 123,355 152,959 179,841 9,716
2,249 1,660 1,938 2,602 3,356 5,320 5,652 7,337 7,854 9,201 9,548 188,613
Total Assets 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 189,999 198,936

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
2,579 3,802 6,526 7,534 8,826 5,452 6,892 8,496 9,922 6,104 8,352 11,473
-2,311 -3,541 -6,290 -6,951 -8,789 -4,991 -6,852 -8,835 -11,555 -5,001 -9,703 -11,125
-388 -187 -215 -116 -174 -383 -92 388 -233 -117 1,961 567
Net Cash Flow -119 74 20 466 -137 78 -51 48 -1,866 986 610 915
Free Cash Flow 2,258 3,714 6,447 7,485 8,728 5,329 6,810 8,369 9,750 5,883 8,136 11,235
CFO/OP 375% 730% 860% 1,435% 1,754% 1,219% 1,202% 2,076% 1,809% 1,436% 1,757% 5,441%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 17 16 13 0 0 0 0 -0 -0 -0 -0 -0
Inventory Days 84
Days Payable 424
Cash Conversion Cycle -324 16 13 0 0 0 0 -0 -0 -0 -0 -0
Working Capital Days -74 -101 -93 -1,158 -1,149 -1,338 -1,042 -1,241 -1,402 -1,172 -1,368 36
ROCE % 13% 13% 25% 19% 19% 16% 18% 10% 12% 10% 8% 3%

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 ・Standalone data

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

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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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