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Consolidated Standalone

Max Financial

₹1076.1 36.1 | 3.5%

Market Cap ₹37136 Cr.

Stock P/E 94.6

P/B 7.1

Current Price ₹1076.1

Book Value ₹ 151.8

Face Value 2

52W High ₹1311.2

Dividend Yield 0%

52W Low ₹ 864.3

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.

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Max Financial Share Price

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Peer Comparison

Max Financial Quarterly Results

#(Fig in Cr.) Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Operating Revenue 9316 8896 9929 9168 10165 12356 14888 11799 13372 8923
Other Income 7 3 5 3 25 4 11 3 4 4
Total Income 9323 8898 9934 9171 10189 12359 14899 11802 13376 8927
Total Expenditure 9238 8573 9865 9043 10021 12146 14946 11610 13201 8836
Operating Profit 84 325 69 128 168 213 -48 192 175 92
Interest Expense 9 9 9 9 9 14 11 9 13 10
Depreciation 1 1 1 1 1 1 1 1 1 1
Profit Before Tax 74 315 58 118 158 198 -59 182 162 81
Provision for Tax 12 45 6 17 -12 27 -9 26 23 11
Profit After Tax 62 269 52 101 170 171 -50 156 139 70
Adjustments -10 -44 -7 -13 -22 -23 6 -29 -27 -14
Profit After Adjustments 51 225 46 88 148 149 -44 127 113 56
Adjusted Earnings Per Share 1.5 6.5 1.3 2.6 4.3 4.3 -1.3 3.7 3.3 1.6

Max Financial Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Operating Revenue 11626 14815 11696 15228 16321 19486 18209 31246 31156 31384 46573 48982
Other Income 57 61 16 21 18 27 32 222 34 48 56 22
Total Income 11683 14877 11712 15249 16339 19513 18242 31468 31190 31432 46629 49004
Total Expenditure 11178 14128 11179 14476 15735 18917 17599 30672 30554 30670 45909 48593
Operating Profit 506 748 533 773 604 597 642 796 636 762 721 411
Interest Expense 93 82 8 9 11 39 39 41 67 57 93 43
Depreciation 138 154 60 63 63 76 161 162 180 178 213 4
Profit Before Tax 274 512 465 702 530 481 442 593 389 527 415 366
Provision for Tax 65 148 72 108 88 64 170 33 70 75 22 51
Profit After Tax 209 365 393 593 442 416 273 560 318 452 393 315
Adjustments -70 -85 -140 -198 -155 -154 -128 -134 -65 -73 -52 -64
Profit After Adjustments 139 280 253 395 286 263 145 425 253 378 340 252
Adjusted Earnings Per Share 5.2 10.5 9.5 14.8 10.7 9.7 5.4 12.3 7.3 11 9.9 7.3

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 48% 14% 19% 15%
Operating Profit CAGR -5% -3% 4% 4%
PAT CAGR -13% -11% -1% 7%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 13% 11% 25% 9%
ROE Average 11% 11% 13% 15%
ROCE Average 12% 13% 17% 19%

Max Financial Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 3050 3302 1966 2335 1819 2059 2147 3343 3935 3518 3866
Minority's Interest 821 617 703 749 783 774 672 262 550 450 504
Borrowings 435 403 0 0 0 0 0 0 521 521 521
Current Liability 4600 4574 4418 5196 53005 63986 71277 94132 112485 127039 157511
Other Liabilities & Provisions 20212 26613 31289 38688 235 565 420 319 257 726 804
Total Liabilities 29117 35509 38375 46968 55842 67384 74516 98057 117747 132254 163205
Loans 0 0 0 0 0 0 0 0 0 0 0
Investments 23111 29164 33695 39425 22 213 420 718 0 0 0
Fixed Assets 1592 1200 349 691 695 722 1046 989 965 1108 1164
Other Loans 486 343 341 440 457 769 574 664 805 1316 1464
Other Non Current Assets 89 81 65 44 199 593 1475 76 91 149 215
Current Assets 3840 4720 3926 6368 54469 65087 70911 95522 115094 128903 159600
Total Assets 29117 35509 38375 46968 55842 67384 74516 98057 117747 132254 163205

Max Financial Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 340 379 260 333 360 825 689 767 716 11702 9836
Cash Flow from Operating Activities 2160 2579 3802 4266 4853 5559 5452 6892 8496 9922 6107
Cash Flow from Investing Activities -1908 -2311 -3503 -4030 -4271 -5522 -4991 -6852 -8835 -11555 -5004
Cash Flow from Financing Activities -213 -388 -187 -215 -116 -174 -383 -92 388 -233 -117
Net Cash Inflow / Outflow 39 -119 112 20 466 -137 78 -51 48 -1866 986
Closing Cash & Cash Equivalent 379 260 333 354 825 689 767 716 764 9836 10822

Max Financial Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 5.19 10.46 9.47 14.79 10.67 9.75 5.38 12.33 7.34 11.02 9.9
CEPS(Rs) 13.05 19.46 16.99 24.54 18.82 18.29 16.11 20.91 14.45 18.33 17.62
DPS(Rs) 3.6 5 3.6 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 111.69 123.34 73.28 87.05 67.14 76.34 79.49 96.85 114.01 102.28 112.32
Net Profit Margin 1.8 2.46 3.36 3.9 2.71 2.14 1.5 1.79 1.02 1.44 0.84
Operating Margin 3.16 4.01 4.04 4.67 3.32 2.67 2.64 2.03 1.46 1.86 1.09
PBT Margin 2.36 3.46 3.98 4.61 3.25 2.47 2.43 1.9 1.25 1.68 0.89
ROA(%) 0.78 1.13 1.06 1.39 0.86 0.68 0.38 0.65 0.3 0.36 0.27
ROE(%) 7.15 11.66 15 27.7 21.4 21.59 13 20.41 8.75 12.13 10.65
ROCE(%) 9.86 15.66 16.27 33.04 26.05 26.83 22.89 23.09 11.69 13.76 12.06
Price/Earnings(x) 40.07 41.21 36.4 38.98 42.51 44.61 71.64 69.71 102.69 57.65 101.21
Price/Book(x) 1.86 3.5 4.7 6.62 6.76 5.7 4.85 8.87 6.61 6.21 8.92
Dividend Yield(%) 1.73 1.16 1.04 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.51 0.79 0.76 0.99 0.69 0.57 0.53 0.93 0.83 0.67 0.71
EV/Core EBITDA(x) 11.68 15.65 16.63 19.47 18.77 18.47 14.97 36.37 40.48 27.62 46.04
Interest Earned Growth(%) 10.08 27.43 -21.38 30.2 7.18 19.39 -6.55 71.59 -0.29 0.73 48.4
Net Profit Growth -75.34 74.2 7.75 50.89 -25.53 -5.74 -34.48 105.15 -43.12 41.92 -13.12
EPS Growth(%) -82.37 101.62 -9.52 56.26 -27.86 -8.66 -44.8 129.13 -40.44 50.04 -10.14
Interest Coverage(x) % 3.94 7.24 61.73 79.54 49.06 13.18 12.41 15.46 6.8 10.21 5.45

Max Financial Shareholding Pattern

# Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
Promoter 14.72 11.45 10.15 10.15 6.52 6.52 6.52 6.52 3.34 3.34
FII 45.77 44.81 47.71 48.46 51.54 50.89 47.71 46.6 46.24 47.5
DII 31.71 36 34.06 34.34 35.09 36.89 39.92 40.74 44 42.69
Public 7.8 7.74 8.08 7.05 6.84 5.7 5.85 6.14 6.43 6.47
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: 3.34%.
  • Company has a low return on equity of 11% over the last 3 years.
  • Stock is trading at 7.1 times its book value.
  • The company has delivered a poor profit growth of -1% over past five years.

* 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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