Max Financial

₹1121.7 3.6 | 0.3%

WEBSITE BSE:500271 NSE : MFSL 06 Sep, 16:03

Market Cap ₹38712 Cr.

Stock P/E 101.5

P/B 5.7

Current Price ₹1121.7

Book Value ₹ 195.6

Face Value 2

52W High ₹1153.1

Dividend Yield 0%

52W Low ₹ 855.1

Edit Ratio

Max Financial Research see more...

Overview Inc. Year: 1988Industry: Finance - Others

Max Financial Services Ltd is an India-based business enterprise, which operates as a holding company for Max life insurance company. The Company is engaged in offering life coverage services thru it's subsidiary Max life insurance company. It's investor base includes marquee global monetary establishments consisting of KKR, Baron, Ward ferry, New York Life, Vanguard, Blackrock, Jupiter, Norges, Neuberger Burman, Eastspring and Dimension.

Max Financial Share Price

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Price

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Quarterly Price

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Peer Comparison

Max Financial Quarterly Results

#(Fig in Cr.)	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018
Operating Revenue	7	94	26	131	12
Other Income	0	0	0	0	0
Total Income	7	94	27	131	12
Total Expenditure	27	26	34	32	26
Operating Profit	-20	68	-8	100	-14
Interest Expense	0	0	0	0	0
Depreciation	0	0	0	0	0
Profit Before Tax	-20	67	-8	99	-15
Provision for Tax	0	0	0	0	0
Profit After Tax	-20	67	-8	99	-15
Adjustments	20	-67	8	-99	15
Profit After Adjustments	0	0	0	0	0
Adjusted Earnings Per Share	-0.8	2.5	-0.3	3.7	-0.5

Max Financial Profit & Loss

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Operating Revenue	996	582	201	255	263	317	495	306	200	58	21	263
Other Income	13	3	1	1	1	1	0	1	2	0	0	0
Total Income	1008	585	201	256	264	318	495	308	202	58	22	264
Total Expenditure	783	112	84	100	118	239	89	174	51	36	32	118
Operating Profit	225	473	117	156	146	78	406	133	151	22	-10	146
Interest Expense	22	0	0	0	0	27	0	0	0	0	0	0
Depreciation	24	4	2	2	2	2	10	4	3	3	2	0
Profit Before Tax	180	469	115	154	144	49	396	129	147	19	-12	143
Provision for Tax	-5	78	0	0	0	0	124	30	44	5	-0	0
Profit After Tax	185	391	115	154	144	49	273	99	103	14	-11	143
Adjustments	0	0	0	0	0	0	0	0	0	0	0	-143
Profit After Adjustments	185	391	115	154	144	49	273	99	103	14	-11	0
Adjusted Earnings Per Share	7	14.7	4.3	5.8	5.4	1.8	10.1	2.9	3	0.4	-0.3	5.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-64%	-59%	-42%	-32%
Operating Profit CAGR	-145%	NAN%	NAN%	NAN%
PAT CAGR	-179%	NAN%	NAN%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	20%	2%	23%	12%
ROE Average	-0%	1%	3%	5%
ROCE Average	-0%	1%	5%	6%

Max Financial Balance Sheet

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Shareholder's Funds	3186	3454	1670	1828	1920	2000	2280	6645	6750	6763	6752
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	45	0	0	0	0	0	0	0	0	0	0
Current Liability	275	51	67	25	148	192	108	15	11	5	6
Other Liabilities & Provisions	17	234	231	232	232	232	137	7	16	444	444
Total Liabilities	3524	3738	1968	2085	2299	2424	2526	6668	6777	7213	7202
Loans	0	0	0	0	0	0	0	0	0	0	0
Investments	2598	2799	1435	1793	1921	2080	2203	6400	5862	6688	6688
Fixed Assets	300	13	9	7	31	30	26	25	4	4	3
Other Loans	120	313	237	236	237	235	9	5	3	437	439
Other Non Current Assets	25	0	0	0	0	0	0	0	0	0	0
Current Assets	482	613	287	49	110	78	288	238	908	84	72
Total Assets	3524	3738	1968	2085	2299	2424	2526	6668	6777	7213	7202

Max Financial Cash Flow

#(Fig in Cr.)	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Opening Cash & Cash Equivalents	8	11	12	1	7	0	0	0	0	0	0
Cash Flow from Operating Activities	-53	117	-57	-62	-74	-140	393	-1	86	-34	-8
Cash Flow from Investing Activities	158	40	133	117	40	116	-395	2	-85	36	9
Cash Flow from Financing Activities	-102	-157	-75	-48	28	24	1	-2	-1	-2	-1
Net Cash Inflow / Outflow	3	1	1	7	-7	0	-0	-0	0	0	-0
Closing Cash & Cash Equivalent	11	12	1	7	0	0	0	0	0	0	0

Max Financial Ratios

#	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Earnings Per Share (Rs)	6.96	14.67	4.32	5.76	5.36	1.83	10.11	2.88	2.97	0.4	-0.33
CEPS(Rs)	7.84	14.83	4.4	5.84	5.43	1.9	10.48	2.99	3.07	0.49	-0.28
DPS(Rs)	3.6	5	3.6	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	119.28	129.02	62.2	68.11	70.88	74.15	84.45	192.55	195.58	195.98	195.65
Net Profit Margin	18.59	67.2	57.4	60.41	54.63	15.6	55.07	32.39	51.39	23.99	-52.42
Operating Margin	20.25	80.55	57.4	60.41	54.63	24.2	80.12	42.33	73.72	33.47	-53.43
PBT Margin	18.07	80.55	57.4	60.41	54.63	15.6	80.08	42.26	73.65	33.28	-53.92
ROA(%)	5.36	10.77	4.04	7.6	6.57	2.09	11.01	2.16	1.53	0.2	-0.16
ROE(%)	5.93	11.82	4.52	8.85	7.73	2.53	12.76	2.22	1.53	0.21	-0.17
ROCE(%)	6.1	13.74	4.5	8.8	7.68	3.91	18.53	2.91	2.2	0.29	-0.17
Price/Earnings(x)	29.89	29.39	79.86	100.07	84.59	237.18	38.11	298.86	253.53	1580	0
Price/Book(x)	1.74	3.34	5.54	8.47	6.4	5.86	4.56	4.46	3.85	3.24	5.12
Dividend Yield(%)	1.73	1.16	1.04	0	0	0	0	0	0	0	0
EV/Net Sales(x)	5.73	19.64	45.82	60.42	46.2	36.98	20.98	96.79	130.13	378.01	1611.12
EV/Core EBITDA(x)	25.31	24.16	78.32	98.75	83.45	149.39	25.55	222.16	172.45	973.27	-3500.54
Interest Earned Growth(%)	-34.27	-41.58	-65.5	27.01	3.37	20.16	56.31	-38.1	-34.82	-71.05	-62.94
Net Profit Growth	-67.02	111.13	-70.53	33.67	-6.53	-65.69	451.88	-63.59	3.42	-86.49	-180.99
EPS Growth(%)	-67.11	110.91	-70.58	33.53	-6.92	-65.82	451.64	-71.57	3.42	-86.48	-180.99
Interest Coverage(x) %	9.26	0	0	0	0	2.81	2026.19	603.16	1081.69	177.72	-108.1

Max Financial Shareholding Pattern

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	14.72	14.72	14.72	11.45	10.15	10.15	6.52	6.52	6.52	6.52
FII	23.26	23.76	45.77	44.81	47.71	48.46	51.54	50.89	47.71	46.6
DII	54.02	53.28	31.71	36	34.06	34.34	35.09	36.89	39.92	40.74
Public	8	8.24	7.8	7.74	8.08	7.05	6.84	5.7	5.85	6.14
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoter	5.08	5.08	5.08	3.95	3.5	3.5	2.25	2.25	2.25	2.25
FII	8.03	8.2	15.8	15.46	16.46	16.73	17.79	17.56	16.47	16.08
DII	18.64	18.39	10.94	12.43	11.76	11.85	12.11	12.73	13.78	14.06
Public	2.76	2.84	2.69	2.67	2.79	2.43	2.36	1.97	2.02	2.12
Others	0	0	0	0	0	0	0	0	0	0
Total	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51	34.51

Pros

Company is almost debt free.

Cons

Promoter holding is low: 6.52%.
Company has a low return on equity of 1% over the last 3 years.
Stock is trading at 5.7 times its book value.

* 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.