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เจฎเฉเจเจธ เจตเฉเจเจเจฐเจเจผ เจเจจเจตเฉเจธเจเจฎเฉเจเจ เจนเฉเจฒเจกเจฟเฉฐเจเจเจผ เจฎเฉเจเจธ เจซเจพเจเจจเฉเจเจธเจผเฉเจ เจฒ เจธเจฐเจตเจฟเจธเจฟเจเจผ เจตเจฟเฉฑเจ 0.46% เจนเจฟเฉฑเจธเฉเจฆเจพเจฐเฉ โน270 เจเจฐเฉเฉ เจคเฉฑเจ เจตเฉเจเจฃ เจฆเฉ เจฏเฉเจเจจเจพ เจฌเจฃเจพ เจฐเจนเฉ เจนเฉ, เจเจฟเจธเจฆเจพ เจซเจฒเฉเจฐ เจชเฉเจฐเจพเจเจธ โน1,675.7 เจชเฉเจฐเจคเฉ เจธเจผเฉเจ เจฐ เจนเฉเฅค เจเจน เจเจฆเจฎ เจ เจเจฟเจนเฉ เจธเจฎเฉเจ เจเจเจ เจนเฉ เจเจฆเฉเจ เจฎเฉเจเจธ เจซเจพเจเจจเฉเจเจธเจผเฉเจ เจฒ เจธเจฐเจตเจฟเจธเจฟเจเจผ เจจเฉ Q2 FY26 เจฒเจ เจเจชเจฃเฉ เจธเจผเฉเฉฑเจง เจฎเฉเจจเจพเจซเฉ เจตเจฟเฉฑเจ 96% เจธเจพเจฒเจพเจจเจพ (YoY) เจเจฟเจฐเจพเจตเจ เจฆเจฐเจ เจเฉเจคเฉ, เจเฉ โน4.1 เจเจฐเฉเฉ เจฐเจนเฉ, เจฎเฉเฉฑเจ เจคเฉเจฐ 'เจคเฉ เจเจธเจฆเฉ เจเฉเจตเจจ เจฌเฉเจฎเจพ เจกเจฟเจตเฉเจเจผเจจ (Axis Max Life) เจคเฉเจ เจเฉฑเจ เจเจฎเจพเจ เจเจพเจฐเจจ, เจญเจพเจตเฉเจ เจเจฟ เจจเฉเฉฑเจ เจเฉฐเจเจฐเฉเจธเจ เจเจจเจเจฎ 13.9% เจตเจงเจฟเจเฅค
Max Financial Services Limited incorporated on 24 February, 1988 is part of Indiaโs leading business conglomerate โ 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, Indiaโs 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 | โ | 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 | โ | 0.29 | 0.00 |
| โ | 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 โน 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 โน 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% | โ |
Standalone figures in โน 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 | โ |
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 | โ |
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 โน 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 โน 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 | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
Days Payable | 51 | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ | โ |
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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