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рдореИрдХреНрд╕ рдлрд╛рдЗрдиреЗрдВрд╢рд┐рдпрд▓ рд╕рд░реНрд╡рд┐рд╕реЗрдЬ рдореЗрдВ рд╢реБрдХреНрд░рд╡рд╛рд░, 21 рдирд╡рдВрдмрд░ рдХреЛ рдПрдХ рдмрдбрд╝рд╛ рдмреНрд▓реЙрдХ рдбреАрд▓ рд╣реБрдЖ, рдЬрд┐рд╕рдореЗрдВ 16 рд▓рд╛рдЦ рд╢реЗрдпрд░ (рдХрдВрдкрдиреА рдХреА рдЗрдХреНрд╡рд┐рдЯреА рдХрд╛ 0.46%) тВ╣268 рдХрд░реЛрдбрд╝ рдореЗрдВ рдЯреНрд░реЗрдб рд╣реБрдПред рдпрд╣ рд╕реМрджрд╛ тВ╣1,681 рдкреНрд░рддрд┐ рд╢реЗрдпрд░ рдкрд░ рд╣реБрдЖ, рдФрд░ рдореИрдХреНрд╕ рд╡реЗрдВрдЪрд░реНрд╕ рдЗрдиреНрд╡реЗрд╕реНрдЯрдореЗрдВрдЯ рд╣реЛрд▓реНрдбрд┐рдВрдЧреНрд╕ рджреНрд╡рд╛рд░рд╛ рд╣рд┐рд╕реНрд╕реЗрджрд╛рд░реА рдмреЗрдЪрдиреЗ рдХреА рд░рд┐рдкреЛрд░реНрдЯ рд╣реИред рдпрд╣ рдбреАрд▓ рдХрдВрдкрдиреА рдХреЗ рд╕рд┐рддрдВрдмрд░ рддрд┐рдорд╛рд╣реА рдореЗрдВ рдиреЗрдЯ рдкреНрд░реЙрдлрд┐рдЯ рдореЗрдВ 96% рдХреА рдмрдбрд╝реА рдЧрд┐рд░рд╛рд╡рдЯ рдХреА рд░рд┐рдкреЛрд░реНрдЯ рдХреЗ рдмрд╛рдж рдЖрдИ рд╣реИ, рдЬреЛ рдореБрдЦреНрдп рд░реВрдк рд╕реЗ рдЗрд╕рдХреЗ рд▓рд╛рдЗрдл рдЗрдВрд╢реНрдпреЛрд░реЗрдВрд╕ рдЖрд░реНрдо, рдПрдХреНрд╕рд┐рд╕ рдореИрдХреНрд╕ рд▓рд╛рдЗрдл рдХреА рдХрдо рдХрдорд╛рдИ рдХреЗ рдХрд╛рд░рдг рд╣реБрдИред рдбреАрд▓ рдХреЗ рдмрд╛рдж рд╢реЗрдпрд░ рдореЗрдВ рдереЛрдбрд╝реА рдЧрд┐рд░рд╛рд╡рдЯ рдЖрдИ, рд╣рд╛рд▓рд╛рдВрдХрд┐ рд╕рд╛рд▓-рджрд░-рддрд╛рд░реАрдЦ (YTD) рдореЗрдВ рдХрд╛рдлреА рдЕрдЪреНрдЫрд╛ рд▓рд╛рдн рд╣реБрдЖ рд╣реИред
Max Financial Services Limited incorporated on 24 February, 1988 is part of IndiaтАЩs leading business conglomerate тАУ 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, IndiaтАЩs largest non-bank life insurer and 4th largest private life insurance company.[2]
BusinessIt 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]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Life Insurance | 902.40 | 11.17 | 570767.79 | 1.33 | 10095.92 | 30.66 | 241524.29 | 4.50 | 53.13 | 913081.59 | 5.85 | 51102.85 | 10098.48 | 4.02 | 0.87 | 0.00 |
| 2. | SBI Life Insuran | 2022.50 | 82.63 | 202727.12 | 0.13 | 494.59 | -6.58 | 23115.32 | -42.64 | 16.88 | 104044.75 | 1.28 | 2453.29 | 494.59 | 11.08 | 0.56 | 0.00 |
| 3. | HDFC Life Insur. | 764.00 | 86.94 | 164599.47 | 0.27 | 448.29 | 3.01 | 20650.68 | -27.53 | 6.58 | 91604.78 | 1.72 | 1893.31 | 448.29 | 9.71 | 0.51 | 0.14 |
| 4. | ICICI Pru Life | 610.90 | 67.62 | 88379.11 | 0.14 | 295.83 | 17.87 | 11935.93 | -52.56 | 11.94 | 57561.03 | 1.48 | 1307.01 | 295.83 | 6.95 | 0.39 | 0.20 |
| 5. | Max Financial | 1661.50 | тАУ | 57244.43 | 0.00 | -3.40 | -38.21 | 2.87 | -22.22 | -0.13 | 13.92 | -67.53 | -10.08 | -3.40 | 8.51 | -0.14 | 0.00 |
| 6. | Canara HSBC | 122.61 | 96.57 | 11655.52 | 0.00 | 40.81 | 10.69 | 2347.94 | -29.35 | 8.73 | 10709.57 | 1.22 | 116.75 | 40.81 | тАУ | 0.29 | 0.00 |
| тАУ | Median: 6 Co. | 833.2 | 82.63 | 126489.29 | 0.14 | 372.06 | 6.85 | 16293.31 | -28.44 | 10.34 | 74582.9 | 1.38 | 1600.16 | 372.06 | 8.51 | 0.45 | 0.0 |
Standalone figures in тВ╣ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 17.64 | 16.98 | 10.46 | 5.08 | 6.32 | 5.52 | 4.51 | 3.72 | 3.69 | 4.32 | 3.74 | 2.99 | 2.87 |
Expenses | 9.45 | 8.97 | 8.23 | 6.67 | 8.73 | 7.82 | 8.36 | 5.75 | 5.93 | 5.89 | 6.14 | 5.26 | 6.03 |
Operating Profit | 8.19 | 8.01 | 2.23 | -1.59 | -2.41 | -2.30 | -3.85 | -2.03 | -2.24 | -1.57 | -2.40 | -2.27 | -3.16 |
Other Income | 0.21 | 0.01 | 0.13 | 0.04 | 0.00 | 0.00 | 0.25 | 0.05 | 0.07 | 0.39 | 0.10 | 0.05 | 0.00 |
Profit before tax | 7.59 | 7.23 | 1.60 | -2.17 | -2.80 | -2.64 | -3.95 | -2.32 | -2.50 | -1.49 | -2.64 | -2.52 | -3.40 |
Tax % | 36.89% | 26.14% | -24.38% | 9.22% | -2.86% | -6.44% | -6.84% | 12.07% | -1.60% | 5.37% | -1.89% | 0.00% | 0.00% |
Net Profit | 4.79 | 5.34 | 1.99 | -2.37 | -2.72 | -2.47 | -3.68 | -2.60 | -2.46 | -1.57 | -2.59 | -2.52 | -3.40 |
EPS in Rs | 0.14 | 0.15 | 0.06 | -0.07 | -0.08 | -0.07 | -0.11 | -0.08 | -0.07 | -0.05 | -0.08 | -0.07 | -0.10 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 990 | 582 | 201 | 256 | 264 | 317 | 495 | 307 | 200 | 58 | 21 | 16 | 14 |
Expenses | 775 | 111 | 84 | 100 | 118 | 239 | 89 | 174 | 51 | 36 | 32 | 24 | 23 |
Operating Profit | 215 | 470 | 117 | 155 | 145 | 78 | 406 | 133 | 149 | 22 | -10 | -8 | -9 |
Other Income | 10 | 3 | 0 | 1 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 1 |
Interest | 22 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 24 | 4 | 2 | 2 | 2 | 2 | 10 | 4 | 3 | 3 | 2 | 1 | 1 |
Profit before tax | 180 | 469 | 115 | 154 | 144 | 49 | 396 | 129 | 147 | 19 | -12 | -9 | -10 |
Net Profit | 185 | 391 | 115 | 154 | 144 | 49 | 273 | 99 | 103 | 14 | -11 | -9 | -10 |
EPS in Rs | 6.96 | 14.67 | 4.31 | 5.76 | 5.36 | 1.83 | 10.11 | 2.88 | 2.97 | 0.40 | -0.33 | -0.27 | -0.30 |
Dividend Payout % | 52% | 34% | 83% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | тАУ |
Standalone figures in тВ╣ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 53 | 53 | 53 | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
Reserves | 3,133 | 3,400 | 1,617 | 1,775 | 1,866 | 1,946 | 2,226 | 6,576 | 6,681 | 6,694 | 6,683 | 6,674 | 6,668 |
Borrowings | 181 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 2 | 2 | 2 | 1 | 0 |
Other Liabilities | 157 | 56 | 69 | 29 | 151 | 196 | 243 | 28 | 26 | 15 | 16 | 16 | 14 |
Total Liabilities | 3,524 | 3,510 | 1,739 | 1,857 | 2,071 | 2,196 | 2,526 | 6,677 | 6,777 | 6,780 | 6,770 | 6,759 | 6,751 |
Fixed Assets | 300 | 13 | 9 | 33 | 31 | 30 | 26 | 25 | 4 | 4 | 3 | 2 | 2 |
Gross Block | 468.30 | 29.25 | 19.77 | 45.86 | 33.07 | 33.98 | 38.54 | 39.79 | 13.39 | 10.58 | 7.66 | 7.71 | тАУ |
Accumulated Depreciation | 168.28 | 16.13 | 11.04 | 13.21 | 1.88 | 3.53 | 13.04 | 14.67 | 9.08 | 6.73 | 4.75 | 5.30 | тАУ |
CWIP | 25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 2,744 | 3,319 | 1,705 | 1,796 | 1,964 | 2,131 | 2,468 | 6,616 | 6,723 | 6,695 | 6,699 | 6,689 | 6,700 |
Other Assets | 455 | 178 | 26 | 29 | 75 | 34 | 32 | 35 | 50 | 81 | 68 | 68 | 50 |
Total Assets | 3,524 | 3,510 | 1,739 | 1,857 | 2,071 | 2,196 | 2,526 | 6,677 | 6,777 | 6,780 | 6,770 | 6,759 | 6,751 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -53 | 117 | -57 | 160 | 126 | 141 | 393 | -1 | 86 | -34 | -10 | -7 |
Cash from Investing Activity | 158 | 40 | 121 | -105 | -161 | -166 | -395 | 2 | -85 | 36 | 11 | 8 |
Cash from Financing Activity | -102 | -157 | -75 | -48 | 28 | 24 | 1 | -2 | -1 | -2 | -1 | -1 |
Net Cash Flow | 3 | 1 | -11 | 7 | -7 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
Standalone Figures in тВ╣ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 57 | 0 | 17 | 11 | 9 | 25 | 14 | 23 | 27 | 109 | 209 | 260 |
Inventory Days | 46 | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ |
Days Payable | 51 | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ | тАУ |
Cash Conversion Cycle | 52 | 0 | 17 | 11 | 9 | 25 | 14 | 23 | 27 | 109 | 209 | 260 |
Working Capital Days | 18 | -13 | -96 | -20 | -113 | -190 | -157 | -3 | -6 | 44 | 43 | -23 |
ROCE % | 6% | 14% | 4% | 9% | 8% | 4% | 19% | 3% | 2% | 0% | -0% | -0% |
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