Max Financial

₹975.3 12.5 | 1.3%

WEBSITE BSE:500271 NSE : MFSL 10 May, 16:01

Market Cap ₹33657 Cr.

Stock P/E 98.5

P/B 8.7

Current Price ₹975.3

Book Value ₹ 112

Face Value 2

52W High ₹1092.6

Dividend Yield 0%

52W Low ₹ 635.3

Edit Ratio

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.

Max Financial Share Price

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Peer Comparison

Max Financial Quarterly Results

#(Fig in Cr.)	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Operating Revenue	6954	8960	3272	9316	8896	9929	9168	10165	12356	14888
Other Income	1	3	4	7	3	5	3	25	4	11
Total Income	6955	8962	3276	9323	8898	9934	9171	10189	12359	14899
Total Expenditure	6843	8799	3185	9238	8573	9865	9043	10021	12146	14946
Operating Profit	112	163	91	84	325	69	128	168	213	-48
Interest Expense	9	9	9	9	9	9	9	9	14	11
Depreciation	1	1	1	1	1	1	1	1	1	1
Profit Before Tax	101	153	80	74	315	58	118	158	198	-59
Provision for Tax	10	9	12	12	45	6	17	-12	27	-9
Profit After Tax	91	144	68	62	269	52	101	170	171	-50
Adjustments	-16	-26	-12	-10	-44	-7	-13	-22	-23	6
Profit After Adjustments	75	118	56	51	225	46	88	148	149	-44
Adjusted Earnings Per Share	2.2	3.4	1.6	1.5	6.5	1.3	2.6	4.3	4.3	-1.3

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	46577
Other Income	62	57	61	16	21	18	27	32	222	34	48	43
Total Income	10624	11683	14877	11712	15249	16339	19513	18242	31468	31190	31432	46618
Total Expenditure	9411	11178	14128	11179	14476	15735	18917	17599	30672	30554	30670	46156
Operating Profit	1213	506	748	533	773	604	597	642	796	636	762	461
Interest Expense	84	93	82	8	9	11	39	39	41	67	57	43
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	415
Provision for Tax	142	65	148	72	108	88	64	170	33	70	75	23
Profit After Tax	850	209	365	393	593	442	416	273	560	318	452	392
Adjustments	-65	-70	-85	-140	-198	-155	-154	-128	-134	-65	-73	-52
Profit After Adjustments	784	139	280	253	395	286	263	145	425	253	378	341
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	9.9

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	47%	2%	19%	16%
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

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	5.08	5.08	5.08	5.08	3.95	3.5	3.5	2.25	2.25	2.25
FII	9	8.03	8.2	15.8	15.46	16.46	16.73	17.79	17.56	16.47
DII	17.66	18.64	18.39	10.94	12.43	11.76	11.85	12.11	12.73	13.78
Public	2.77	2.76	2.84	2.69	2.67	2.79	2.43	2.36	1.97	2.02
Others	0	0	0	0	0	0	0	0	0	0
Total	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51

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 8.7 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.