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Max Financial

₹1023.1 -11.3 | 1.1%

Market Cap ₹35307 Cr.

Stock P/E 81.7

P/B 9

Current Price ₹1023.1

Book Value ₹ 113.7

Face Value 2

52W High ₹1069.2

Dividend Yield 0%

52W Low ₹ 599.3

Max Financial Research see more...

Overview Inc. Year: 1988Industry: Finance - Others

Max Financial Services Ltd is an India-based business enterprise, which operates as a holding company for Max life insurance company. The Company is engaged in offering life coverage services thru it's subsidiary Max life insurance company. It's investor base includes marquee global monetary establishments consisting of KKR, Baron, Ward ferry, New York Life, Vanguard, Blackrock, Jupiter, Norges, Neuberger Burman, Eastspring and Dimension.

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Max Financial Share Price

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Max Financial Quarterly Results

#(Fig in Cr.) Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Operating Revenue 9325 6954 8960 3272 9316 8896 9929 9168 10165 12356
Other Income 2 1 3 4 7 3 5 3 25 4
Total Income 9327 6955 8962 3276 9323 8898 9934 9171 10189 12359
Total Expenditure 9270 6843 8799 3185 9238 8573 9865 9043 10021 12146
Operating Profit 57 112 163 91 84 325 69 128 168 213
Interest Expense 6 9 9 9 9 9 9 9 9 14
Depreciation 1 1 1 1 1 1 1 1 1 1
Profit Before Tax 50 101 153 80 74 315 58 118 158 198
Provision for Tax 2 10 9 12 12 45 6 17 -12 27
Profit After Tax 48 91 144 68 62 269 52 101 170 171
Adjustments -8 -16 -26 -12 -10 -44 -7 -13 -22 -23
Profit After Adjustments 40 75 118 56 51 225 46 88 148 149
Adjusted Earnings Per Share 1.1 2.2 3.4 1.6 1.5 6.5 1.3 2.6 4.3 4.3

Max Financial Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Operating Revenue 10562 11626 14815 11696 15228 16321 19486 18209 31246 31156 31384 41618
Other Income 62 57 61 16 21 18 27 32 222 34 48 37
Total Income 10624 11683 14877 11712 15249 16339 19513 18242 31468 31190 31432 41653
Total Expenditure 9411 11178 14128 11179 14476 15735 18917 17599 30672 30554 30670 41075
Operating Profit 1213 506 748 533 773 604 597 642 796 636 762 578
Interest Expense 84 93 82 8 9 11 39 39 41 67 57 41
Depreciation 137 138 154 60 63 63 76 161 162 180 178 4
Profit Before Tax 991 274 512 465 702 530 481 442 593 389 527 532
Provision for Tax 142 65 148 72 108 88 64 170 33 70 75 38
Profit After Tax 850 209 365 393 593 442 416 273 560 318 452 494
Adjustments -65 -70 -85 -140 -198 -155 -154 -128 -134 -65 -73 -65
Profit After Adjustments 784 139 280 253 395 286 263 145 425 253 378 431
Adjusted Earnings Per Share 29.4 5.2 10.5 9.5 14.8 10.7 9.7 5.4 12.3 7.3 11 12.5

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 1% 20% 14% 12%
Operating Profit CAGR 20% 6% 5% -5%
PAT CAGR 42% 18% 0% -6%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 60% 5% 19% 17%
ROE Average 12% 14% 15% 17%
ROCE Average 14% 16% 20% 21%

Max Financial Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 3028 3050 3302 1966 2335 1819 2059 2147 3343 3935 3518
Minority's Interest 735 821 617 703 749 783 774 672 262 550 450
Borrowings 378 435 403 0 0 0 0 0 0 521 521
Current Liability 3609 4600 4574 4418 5196 53005 63986 71277 94132 112485 127039
Other Liabilities & Provisions 16974 20212 26613 31289 38688 235 565 420 319 257 292
Total Liabilities 24724 29117 35509 38375 46968 55842 67384 74516 98057 117747 131820
Loans 0 0 0 0 0 0 0 0 0 0 0
Investments 18881 23111 29164 33695 39425 22 213 420 718 0 0
Fixed Assets 1597 1592 1200 349 691 695 722 1046 989 965 1108
Other Loans 414 486 343 341 440 457 769 574 664 805 996
Other Non Current Assets 94 89 81 65 44 199 593 1475 76 91 149
Current Assets 3737 3840 4720 3926 6368 54469 65087 70911 95522 115094 128789
Total Assets 24724 29117 35509 38375 46968 55842 67384 74516 98057 117747 131820

Max Financial Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 469 340 379 260 333 360 825 689 767 716 764
Cash Flow from Operating Activities 1887 2160 2579 3802 4266 4853 5559 5452 6892 8496 9922
Cash Flow from Investing Activities -1796 -1908 -2311 -3503 -4030 -4271 -5522 -4991 -6852 -8835 -9228
Cash Flow from Financing Activities -220 -213 -388 -187 -215 -116 -174 -383 -92 388 -233
Net Cash Inflow / Outflow -129 39 -119 112 20 466 -137 78 -51 48 462
Closing Cash & Cash Equivalent 340 379 260 333 354 825 689 767 716 764 1226

Max Financial Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 29.44 5.19 10.46 9.47 14.79 10.67 9.75 5.38 12.33 7.34 11.02
CEPS(Rs) 37.15 13.05 19.46 16.99 24.54 18.82 18.29 16.11 20.91 14.45 18.33
DPS(Rs) 12.2 3.6 5 3.6 0 0 0 0 0 0 0
Book NAV/Share(Rs) 108.77 111.69 123.34 73.28 87.05 67.14 76.34 79.49 96.85 114.01 102.28
Net Profit Margin 8.04 1.8 2.46 3.36 3.9 2.71 2.14 1.5 1.79 1.02 1.44
Operating Margin 10.19 3.16 4.01 4.04 4.67 3.32 2.67 2.64 2.03 1.46 1.86
PBT Margin 9.39 2.36 3.46 3.98 4.61 3.25 2.47 2.43 1.9 1.25 1.68
ROA(%) 3.73 0.78 1.13 1.06 1.39 0.86 0.68 0.38 0.65 0.3 0.36
ROE(%) 31.65 7.15 11.66 15 27.7 21.4 21.59 13 20.41 8.75 12.13
ROCE(%) 31.22 9.86 15.66 16.27 33.04 26.05 26.83 22.89 23.09 11.69 13.76
Price/Earnings(x) 7.61 40.07 41.21 36.4 38.98 42.51 44.61 71.64 69.71 102.69 57.65
Price/Book(x) 2.06 1.86 3.5 4.7 6.62 6.76 5.7 4.85 8.87 6.61 6.21
Dividend Yield(%) 5.45 1.73 1.16 1.04 0 0 0 0 0 0 0
EV/Net Sales(x) 0.6 0.51 0.79 0.76 0.99 0.69 0.57 0.53 0.93 0.83 0.67
EV/Core EBITDA(x) 5.26 11.68 15.65 16.63 19.47 18.77 18.47 14.97 36.37 40.48 27.62
Interest Earned Growth(%) 23.72 10.08 27.43 -21.38 30.2 7.18 19.39 -6.55 71.59 -0.29 0.73
Net Profit Growth 257.12 -75.34 74.2 7.75 50.89 -25.53 -5.74 -34.48 105.15 -43.12 41.92
EPS Growth(%) 410.78 -82.37 101.62 -9.52 56.26 -27.86 -8.66 -44.8 129.13 -40.44 50.04
Interest Coverage(x) % 12.74 3.94 7.24 61.73 79.54 49.06 13.18 12.41 15.46 6.8 10.21

Max Financial Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 14.72 14.72 14.72 14.72 11.45 10.15 10.15 6.52 6.52 6.52
FII 26.08 23.26 23.76 45.77 44.81 47.71 48.46 51.54 50.89 47.71
DII 51.18 54.02 53.28 31.71 36 34.06 34.34 35.09 36.89 39.92
Public 8.03 8 8.24 7.8 7.74 8.08 7.05 6.84 5.7 5.85
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 6.52%.
  • Company has a low return on equity of 14% over the last 3 years.
  • Stock is trading at 9 times its book value.

* 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.

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