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Max Financial

₹1704.6 6.1 | 0.4%

Last updated: 15:54

Consolidated Standalone

Last updated: 15:54

Max Financial Overview

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 Key Financials

Market Cap ₹58828 Cr.

Stock P/E 144.6

P/B 11.1

Current Price ₹1704.6

Book Value ₹ 153.7

Face Value 2

52W High ₹1764.7

Dividend Yield 0%

52W Low ₹ 972.6

Edit Ratio

Max Financial Share Price

₹ | |

Volume
Price

Max Financial Quarterly Price

Quarterly Monthly
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Max Financial Peer Comparison

Max Financial Quarterly Results

#(Fig in Cr.) Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025
Operating Revenue 9168 10165 12356 14888 11799 13372 8923 12376 12822 9792
Other Income 3 25 4 10 2 3 4 20 3 7
Total Income 9171 10189 12359 14897 11801 13375 8927 12396 12825 9799
Total Expenditure 9043 10021 12146 14945 11608 13199 8836 12356 12703 9771
Operating Profit 128 168 213 -47 192 176 92 40 122 28
Interest Expense 9 9 14 11 9 13 10 15 20 21
Depreciation 1 1 1 1 1 1 1 1 1 1
Profit Before Tax 118 158 198 -59 182 163 81 24 101 6
Provision for Tax 17 -12 27 -9 26 23 11 -16 15 0
Profit After Tax 101 170 171 -50 157 140 70 40 87 6
Adjustments -13 -22 -23 6 -29 -27 -14 -9 -17 -2
Profit After Adjustments 88 148 149 -44 127 113 56 31 70 4
Adjusted Earnings Per Share 2.6 4.3 4.3 -1.3 3.7 3.3 1.6 0.9 2 0.1

Max Financial Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Operating Revenue 14815 11696 15228 16321 19486 18209 31246 31156 31384 46572 46460 43913
Other Income 61 16 21 18 27 32 222 34 48 52 42 34
Total Income 14877 11712 15249 16339 19513 18242 31468 31190 31432 46625 46502 43947
Total Expenditure 14128 11179 14476 15735 18917 17599 30672 30554 30670 45903 45712 43666
Operating Profit 748 533 773 604 597 642 796 636 762 722 790 282
Interest Expense 82 8 9 11 39 39 41 67 57 93 102 66
Depreciation 154 60 63 63 76 161 162 180 178 213 238 4
Profit Before Tax 512 465 702 530 481 442 593 389 527 416 450 212
Provision for Tax 148 72 108 88 64 170 33 70 75 23 43 10
Profit After Tax 365 393 593 442 416 273 560 318 452 394 407 203
Adjustments -85 -140 -198 -155 -154 -128 -134 -65 -73 -53 -80 -42
Profit After Adjustments 280 253 395 286 263 145 425 253 378 340 327 161
Adjusted Earnings Per Share 10.5 9.5 14.8 10.7 9.7 5.4 12.3 7.3 11 9.9 9.5 4.6

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -0% 14% 21% 12%
Operating Profit CAGR 9% 7% 4% 1%
PAT CAGR 3% 9% 8% 1%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 54% 34% 19% 17%
ROE Average 9% 11% 12% 16%
ROCE Average 10% 12% 14% 19%

Max Financial Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 3302 1966 2335 1819 2059 2147 3343 3935 3518 3866 5275
Minority's Interest 617 703 749 783 774 672 262 550 450 504 1129
Borrowings 403 0 0 0 0 0 0 521 521 521 1025
Current Liability 4574 4418 5196 53005 63986 71277 94132 112485 127039 157509 181997
Other Liabilities & Provisions 26613 31289 38688 235 565 420 319 257 726 370 570
Total Liabilities 35509 38375 46968 55842 67384 74516 98057 117747 132254 162771 189999
Loans 0 0 0 1 0 0 0 0 0 0 0
Investments 29164 33695 39425 49592 59752 65193 88420 103773 117925 0 0
Fixed Assets 1200 349 691 695 722 1046 989 965 1108 1164 1364
Other Loans 343 341 440 456 769 574 664 805 1316 1030 1130
Other Non Current Assets 81 65 44 199 593 1475 76 91 149 215 151
Current Assets 4720 3926 6368 4877 5335 5718 7820 11321 10979 159544 186553
Total Assets 35509 38375 46968 55842 67384 74516 98057 117747 132254 162771 189999

Max Financial Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 379 260 333 360 825 689 767 716 11702 9836 3572
Cash Flow from Operating Activities 2579 3802 4266 4853 5559 5452 6892 8496 9922 6104 8352
Cash Flow from Investing Activities -2311 -3503 -4030 -4271 -5522 -4991 -6852 -8835 -11555 -5001 -9703
Cash Flow from Financing Activities -388 -187 -215 -116 -174 -383 -92 388 -233 -117 1961
Net Cash Inflow / Outflow -119 112 20 466 -137 78 -51 48 -1866 986 610
Closing Cash & Cash Equivalent 260 333 354 825 689 767 716 764 9836 10822 4182

Max Financial Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) 10.46 9.47 14.79 10.67 9.75 5.38 12.33 7.34 11.02 9.9 9.53
CEPS(Rs) 19.46 16.99 24.54 18.82 18.29 16.11 20.91 14.45 18.33 17.65 18.76
DPS(Rs) 5 3.6 0 0 0 0 0 0 0 0 0
Book NAV/Share(Rs) 123.34 73.28 87.05 67.14 76.34 79.49 96.85 114.01 102.28 112.32 153.11
Net Profit Margin 2.46 3.36 3.9 2.71 2.14 1.5 1.79 1.02 1.44 0.85 0.88
Operating Margin 4.01 4.04 4.67 3.32 2.67 2.64 2.03 1.46 1.86 1.09 1.19
PBT Margin 3.46 3.98 4.61 3.25 2.47 2.43 1.9 1.25 1.68 0.89 0.97
ROA(%) 1.13 1.06 1.39 0.86 0.68 0.38 0.65 0.3 0.36 0.27 0.23
ROE(%) 11.66 15 27.7 21.4 21.59 13 20.41 8.75 12.13 10.67 8.92
ROCE(%) 15.66 16.27 33.04 26.05 26.83 22.89 23.09 11.69 13.76 12.09 10.34
Price/Earnings(x) 41.21 36.4 38.98 42.51 44.61 71.64 69.71 102.69 57.65 101.21 120.45
Price/Book(x) 3.5 4.7 6.62 6.76 5.7 4.85 8.87 6.61 6.21 8.92 7.5
Dividend Yield(%) 1.16 1.04 0 0 0 0 0 0 0 0 0
EV/Net Sales(x) 0.79 0.76 0.99 0.69 0.57 0.53 0.93 0.83 0.67 0.71 0.84
EV/Core EBITDA(x) 15.65 16.63 19.47 18.77 18.47 14.97 36.37 40.48 27.62 45.97 49.28
Interest Earned Growth(%) 27.43 -21.05 30.2 7.18 19.39 -6.55 71.59 -0.29 0.73 48.39 -0.24
Net Profit Growth 74.2 7.75 50.89 -25.53 -5.74 -34.48 105.15 -43.12 41.92 -12.91 3.36
EPS Growth(%) 101.62 -9.52 56.26 -27.86 -8.66 -44.8 129.13 -40.44 50.04 -10.14 -3.74
Interest Coverage(x) % 7.24 61.73 79.54 49.06 13.18 12.41 15.46 6.8 10.21 5.47 5.4

Max Financial Shareholding Pattern

# Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025
Promoter 6.52 6.52 6.52 6.52 3.34 3.34 1.74 1.74 1.71 1.25
FII 51.54 50.89 47.71 46.6 46.24 47.5 44.75 44.72 44.78 45.14
DII 35.09 36.89 39.92 40.74 44 42.69 47.3 47.29 47.26 47.35
Public 6.84 5.7 5.85 6.14 6.43 6.47 6.21 6.25 6.24 6.27
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Max Financial News

Max Financial Pros & Cons

Pros

  • Company is almost debt free.

Cons

  • Promoter holding is low: 1.25%.
  • Company has a low return on equity of 11% over the last 3 years.
  • Stock is trading at 11.1 times its book value.
  • The company has delivered a poor profit growth of 8% over past five years.

* The pros and cons are machine generated.

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