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మాక్స్ వెంచర్స్ ఇన్వెస్ట్మెంట్ హోల్డింగ్స్, మాక్స్ ఫైనాన్షియల్ సర్వీసెస్లో 0.46% వాటాను ₹270 కోట్ల వరకు అమ్మాలని యోచిస్తోంది, దీని ఫ్లోర్ ప్రైస్ ఒక్కో షేరుకు ₹1,675.7గా ఉంది. Q2 FY26కి మాక్స్ ఫైనాన్షియల్ సర్వీసెస్ నికర లాభం 96% వార్షిక క్షీణతను ₹4.1 కోట్లకు నివేదించిన నేపథ్యంలో ఈ చర్య తీసుకుంది, ప్రధానంగా దాని జీవిత బీమా విభాగం (Axis Max Life) నుండి తక్కువ ఆదాయం కారణంగా, నెట్ ఇంట్రెస్ట్ ఇన్కమ్ 13.9% పెరిగినప్పటికీ.
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]
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 | – | 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 | – | 0.29 | 0.00 |
| – | 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 ₹ 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 ₹ 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% | – |
Standalone figures in ₹ 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 | – |
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 | – |
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 ₹ 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 ₹ 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 | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | 51 | – | – | – | – | – | – | – | – | – | – | – |
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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