Max Financial Services Ltd

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

Max Financial Services Ltd

₹ 1,174 -1.35%
21 Nov - 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

Business
It is a holding company of Max Life Insurance, and also earns income on investments. Max Life offers different insurance products like traditional savings-cum-protection plans, unit-linked plans, pure protection plans,[1] guaranteed lifetime income plan (Deferred Annuity), assured wealth plan, and smart term plan.[2]
Max life has 9.9% market share (as of FY22) among private insurance companies players.[3]

Website BSE NSE
  • Market Cap ₹ 40,499 Cr.
  • Current Price ₹ 1,174
  • High / Low ₹ 1,311 / 854
  • Stock P/E
  • Book Value ₹ 196
  • Dividend Yield 0.00 %
  • ROCE -0.17 %
  • ROE -0.17 %
  • Face Value ₹ 2.00
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Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Stock is trading at 6.00 times its book value
  • Company has low interest coverage ratio.
  • The company has delivered a poor sales growth of -41.7% over past five years.
  • Promoter holding is low: 6.52%
  • Company has a low return on equity of 0.52% over last 3 years.
  • Promoters have pledged 72.6% of their holding.
  • Company has high debtors of 209 days.
  • Promoter holding has decreased over last 3 years: -8.20%

* 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

Sector: Finance Industry: Finance & Investments

Part of BSE Diversified Financials Revenue Growth Index (I Nifty LargeMidcap 250 Nifty 200 BSE Allcap BSE 150 MidCap Index

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024
14.29 13.26 14.66 12.73 17.64 16.98 10.46 5.08 6.32 5.52 4.51 3.72 3.69
8.86 9.33 13.90 9.12 9.45 8.97 8.23 6.67 8.73 7.82 8.36 5.75 5.93
Operating Profit 5.43 3.93 0.76 3.61 8.19 8.01 2.23 -1.59 -2.41 -2.30 -3.85 -2.03 -2.24
OPM % 38.00% 29.64% 5.18% 28.36% 46.43% 47.17% 21.32% -31.30% -38.13% -41.67% -85.37% -54.57% -60.70%
0.56 0.37 0.67 0.07 0.21 0.01 0.13 0.04 -0.00 -0.00 0.25 0.05 0.07
Interest 0.03 0.03 0.03 0.02 0.02 0.04 0.03 0.03 0.02 0.02 0.04 0.03 0.02
Depreciation 0.83 0.83 0.83 0.83 0.79 0.75 0.73 0.59 0.37 0.32 0.31 0.31 0.31
Profit before tax 5.13 3.44 0.57 2.83 7.59 7.23 1.60 -2.17 -2.80 -2.64 -3.95 -2.32 -2.50
Tax % 31.19% 28.20% 257.89% 37.81% 36.89% 26.14% -24.38% 9.22% -2.86% -6.44% -6.84% 12.07% -1.60%
3.53 2.47 -0.90 1.76 4.79 5.34 1.99 -2.37 -2.72 -2.47 -3.68 -2.60 -2.46
EPS in Rs 0.10 0.07 -0.03 0.05 0.14 0.15 0.06 -0.07 -0.08 -0.07 -0.11 -0.08 -0.07
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
1,508 990 582 201 256 264 317 495 307 200 58 21 17
829 775 111 84 100 118 239 89 174 51 36 32 28
Operating Profit 679 215 470 117 155 145 78 406 133 149 22 -10 -10
OPM % 45% 22% 81% 58% 61% 55% 25% 82% 43% 74% 38% -47% -60%
12 10 3 0 1 0 0 0 1 2 0 0 0
Interest 17 22 -0 -0 -0 -0 27 0 0 0 0 0 0
Depreciation 24 24 4 2 2 2 2 10 4 3 3 2 1
Profit before tax 649 180 469 115 154 144 49 396 129 147 19 -12 -11
Tax % 14% -3% 17% -0% -0% -0% -0% 31% 23% 30% 28% -3%
561 185 391 115 154 144 49 273 99 103 14 -11 -11
EPS in Rs 21.15 6.96 14.67 4.31 5.76 5.36 1.83 10.11 2.88 2.97 0.40 -0.33 -0.33
Dividend Payout % 58% 52% 34% 83% -0% -0% -0% -0% -0% -0% -0% -0%
Compounded Sales Growth
10 Years: -32%
5 Years: -42%
3 Years: -59%
TTM: -55%
Compounded Profit Growth
10 Years: %
5 Years: %
3 Years: %
TTM: -600%
Stock Price CAGR
10 Years: 14%
5 Years: 18%
3 Years: 7%
1 Year: 21%
Return on Equity
10 Years: 3%
5 Years: 2%
3 Years: 1%
Last Year: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 53 53 53 53 53 54 54 54 69 69 69 69 69
Reserves 3,033 3,133 3,400 1,617 1,775 1,866 1,946 2,226 6,576 6,681 6,694 6,683 6,678
156 181 -0 -0 -0 -0 -0 3 3 2 2 2 1
149 157 56 69 29 151 196 243 28 26 15 16 15
Total Liabilities 3,391 3,524 3,510 1,739 1,857 2,071 2,196 2,526 6,677 6,777 6,780 6,770 6,763
313 300 13 9 33 31 30 26 25 4 4 3 2
CWIP 12 25 0 -0 -0 0 -0 -0 -0 -0 -0 -0 -0
Investments 2,733 2,744 3,319 1,705 1,796 1,964 2,131 2,468 6,616 6,723 6,695 6,699 6,693
334 455 178 26 29 75 34 32 35 50 81 68 68
Total Assets 3,391 3,524 3,510 1,739 1,857 2,071 2,196 2,526 6,677 6,777 6,780 6,770 6,763

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
-212 -53 117 -57 160 126 141 393 -1 86 -34 -8
357 158 40 121 -105 -161 -166 -395 2 -85 36 9
-275 -102 -157 -75 -48 28 24 1 -2 -1 -2 -1
Net Cash Flow -130 3 1 -11 7 -7 0 -0 -0 0 0 -0

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 33 57 -0 17 11 9 25 14 23 27 109 209
Inventory Days 32 46
Days Payable 35 51
Cash Conversion Cycle 30 52 -0 17 11 9 25 14 23 27 109 209
Working Capital Days 38 59 -13 -96 -20 -113 -190 -157 -3 -6 44 46
ROCE % 21% 6% 14% 4% 9% 8% 4% 19% 3% 2% 0% -0%

Shareholding Pattern

Numbers in percentages

4 Recently
Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024
14.72% 14.72% 14.72% 14.72% 11.45% 10.14% 10.14% 6.52% 6.52% 6.52% 6.52% 3.34%
26.08% 23.26% 23.76% 45.76% 44.80% 47.70% 48.46% 51.54% 50.89% 47.70% 46.60% 46.23%
51.17% 54.02% 53.28% 31.71% 36.00% 34.06% 34.34% 35.09% 36.89% 39.92% 40.74% 43.99%
8.03% 8.00% 8.24% 7.81% 7.74% 8.09% 7.05% 6.85% 5.69% 5.84% 6.14% 6.42%
No. of Shareholders 66,72469,01468,08869,80570,91481,46367,70863,96659,68265,26067,02165,804

* 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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