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 ₹ 40,535 Cr.
  • Current Price ₹ 1,174
  • High / Low ₹ 1,311 / 854
  • Stock P/E 118
  • Book Value ₹ 150
  • Dividend Yield 0.00 %
  • ROCE 9.77 %
  • ROE 9.21 %
  • Face Value ₹ 2.00
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Pros

  • Company is expected to give good quarter

Cons

  • Stock is trading at 7.84 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Promoter holding is low: 6.52%
  • Tax rate seems low
  • Company has a low return on equity of 8.79% over last 3 years.
  • Promoters have pledged 72.6% of their holding.
  • 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

Consolidated Figures in Rs. Crores / View Standalone

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
9,325 6,954 8,960 3,272 9,316 8,896 9,929 9,168 10,165 12,356 14,888 11,799 13,372
9,270 6,843 8,799 3,185 9,238 8,573 9,865 9,043 10,021 12,146 14,946 11,610 13,201
Operating Profit 55 111 161 87 78 322 64 125 144 209 -59 189 172
OPM % 1% 2% 2% 3% 1% 4% 1% 1% 1% 2% -0% 2% 1%
2 1 3 4 6 3 5 3 25 4 11 3 4
Interest 6 9 9 9 9 9 9 9 9 14 11 9 13
Depreciation 1 1 1 1 1 1 1 1 1 1 1 1 1
Profit before tax 50 101 153 80 74 315 58 118 158 198 -59 182 162
Tax % 4% 10% 6% 15% 17% 14% 10% 14% -8% 14% -16% 14% 14%
48 91 144 68 62 269 52 101 170 171 -50 156 139
EPS in Rs 1.15 2.17 3.41 1.63 1.49 6.52 1.33 2.54 4.29 4.30 -1.28 3.69 3.26
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

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
10,554 11,619 14,907 11,710 15,247 16,338 19,510 18,240 31,275 31,182 31,415 46,580 52,415
9,402 11,167 14,188 11,179 14,476 15,807 19,003 17,788 30,689 30,769 30,862 46,157 51,904
Operating Profit 1,152 452 718 531 771 531 507 452 585 413 554 424 511
OPM % 11% 4% 5% 5% 5% 3% 3% 2% 2% 1% 2% 1% 1%
61 54 30 2 2 1 3 2 13 6 16 38 21
Interest 84 93 82 8 9 0 27 0 0 25 37 44 47
Depreciation 137 138 154 60 63 2 2 11 5 5 5 3 3
Profit before tax 991 274 512 465 702 530 481 442 593 389 527 415 482
Tax % 14% 24% 29% 15% 15% 17% 13% 38% 6% 18% 14% 5%
850 209 365 393 593 442 416 273 560 318 452 393 416
EPS in Rs 29.53 5.24 10.49 9.47 14.79 10.67 9.75 5.38 12.33 7.34 10.97 9.85 9.97
Dividend Payout % 41% 69% 48% 38% 0% 0% 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: 15%
5 Years: 19%
3 Years: 14%
TTM: 37%
Compounded Profit Growth
10 Years: 9%
5 Years: 5%
3 Years: -7%
TTM: -32%
Stock Price CAGR
10 Years: 13%
5 Years: 18%
3 Years: 8%
1 Year: 21%
Return on Equity
10 Years: 11%
5 Years: 10%
3 Years: 9%
Last Year: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 2,850 2,931 3,249 1,912 2,281 1,766 2,005 2,093 3,274 3,866 3,450 3,797 5,100
801 767 543 0 0 0 0 3 3 522 523 523 504
21,020 25,366 31,658 36,181 44,405 54,022 65,097 72,377 94,710 113,291 127,783 158,383 177,119
Total Liabilities 24,724 29,117 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 182,791
1,597 1,592 1,200 349 740 556 556 641 639 616 614 612 611
CWIP 92 55 39 37 3 0 0 0 0 0 0 0 0
Investments 21,091 25,134 32,015 36,102 44,059 52,683 63,245 68,566 91,766 109,794 123,355 153,010 7,613
1,943 2,336 2,249 1,660 1,938 2,602 3,356 5,320 5,652 7,337 7,854 9,148 174,568
Total Assets 24,724 29,117 35,503 38,147 46,739 55,842 67,156 74,526 98,057 117,747 131,824 162,771 182,791

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
1,887 2,160 2,579 3,802 6,526 7,534 8,826 5,452 6,892 8,496 9,922 6,107
-1,796 -1,908 -2,311 -3,541 -6,290 -6,951 -8,789 -4,991 -6,852 -8,835 -11,555 -5,004
-220 -213 -388 -187 -215 -116 -174 -383 -92 388 -233 -117
Net Cash Flow -129 39 -119 74 20 466 -137 78 -51 48 -1,866 986

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 22 21 17 16 13 0 0 0 0 0 0 0
Inventory Days 28 73 84
Days Payable 366 374 424
Cash Conversion Cycle -315 -281 -324 16 13 0 0 0 0 0 0 0
Working Capital Days -77 -93 -71 -101 -93 -1,158 -1,149 -1,338 -1,042 -1,241 -1,402 -1,173
ROCE % 26% 8% 13% 13% 25% 19% 19% 16% 18% 10% 12% 10%

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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