Max Financial

₹691.3 -12.2 | 1.7%

WEBSITE BSE:500271 NSE : MFSL 09 Jun, 13:23

Market Cap ₹23795 Cr.

Stock P/E 63.0

P/B 6.8

Current Price ₹691.3

Book Value ₹ 102

Face Value 2

52W High ₹884.7

Dividend Yield 0%

52W Low ₹ 599.3

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

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

Quarterly Monthly

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Peer Comparison

Max Financial Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Operating Revenue	8990	9760	5942	9325	6954	8960	3272	9316	8896	9929
Other Income	1	1	1	2	1	3	4	7	3	5
Total Income	8990	9760	5943	9327	6955	8962	3276	9323	8898	9934
Total Expenditure	8709	9692	5857	9270	6843	8799	3185	9238	8573	9865
Operating Profit	281	69	86	57	112	163	91	84	325	69
Interest Expense	0	0	0	6	9	9	9	9	9	9
Depreciation	1	1	1	1	1	1	1	1	1	1
Profit Before Tax	280	67	84	50	101	153	80	74	315	58
Provision for Tax	52	-3	49	2	10	9	12	12	45	6
Profit After Tax	227	70	36	48	91	144	68	62	269	52
Adjustments	-51	-8	-15	-8	-16	-26	-12	-10	-44	-7
Profit After Adjustments	176	62	21	40	75	118	56	51	225	46
Adjusted Earnings Per Share	5.1	1.8	0.6	1.1	2.2	3.4	1.6	1.5	6.5	1.3

Max Financial Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Operating Revenue	8537	10562	11626	14815	11696	15228	16321	19486	18209	31246	31156	31413
Other Income	41	62	57	61	16	21	18	27	32	222	34	19
Total Income	8578	10624	11683	14877	11712	15249	16339	19513	18242	31468	31190	31431
Total Expenditure	8148	9411	11178	14128	11179	14476	15735	18917	17599	30672	30554	30861
Operating Profit	430	1213	506	748	533	773	604	597	642	796	636	569
Interest Expense	86	84	93	82	8	9	11	39	39	41	67	36
Depreciation	102	137	138	154	60	63	63	76	161	162	180	4
Profit Before Tax	242	991	274	512	465	702	530	481	442	593	389	527
Provision for Tax	4	142	65	148	72	108	88	64	170	33	70	75
Profit After Tax	238	850	209	365	393	593	442	416	273	560	318	451
Adjustments	-83	-65	-70	-85	-140	-198	-155	-154	-128	-134	-65	-73
Profit After Adjustments	155	784	139	280	253	395	286	263	145	425	253	378
Adjusted Earnings Per Share	5.8	29.4	5.2	10.5	9.5	14.8	10.7	9.7	5.4	12.3	7.3	10.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	-0%	17%	15%	14%
Operating Profit CAGR	-20%	2%	-4%	4%
PAT CAGR	-43%	-9%	-12%	3%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-17%	14%	7%	13%
ROE Average	9%	14%	17%	17%
ROCE Average	12%	19%	22%	20%

Max Financial Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	2638	3028	3050	3302	1966	2335	1819	2059	2147	3343	3935
Minority's Interest	710	735	821	617	703	749	783	774	672	262	550
Borrowings	398	378	435	403	0	0	0	0	0	0	521
Current Liability	2678	3609	4600	4574	4418	5196	53005	63986	71277	94132	112485
Other Liabilities & Provisions	14352	16974	20212	26613	31289	38688	235	565	420	319	257
Total Liabilities	20775	24724	29117	35509	38375	46968	55842	67384	74516	98057	117747
Loans	0	0	0	0	0	0	0	0	0	0	0
Investments	15184	18881	23111	29164	33695	39425	22	213	420	718	705
Fixed Assets	1368	1597	1592	1200	349	691	695	722	1046	989	965
Other Loans	341	414	486	343	341	440	457	769	574	664	805
Other Non Current Assets	76	94	89	81	65	44	199	593	1475	76	91
Current Assets	3806	3738	3840	4720	3926	6368	54469	65087	70911	95522	115094
Total Assets	20775	24724	29117	35509	38375	46968	55842	67384	74516	98057	117747

Max Financial Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	341	469	340	379	260	333	360	825	689	767	716
Cash Flow from Operating Activities	2854	1887	2160	2579	3802	4266	4853	5559	5452	6892	8496
Cash Flow from Investing Activities	-3258	-1796	-1908	-2311	-3503	-4030	-4271	-5522	-4991	-6852	-8835
Cash Flow from Financing Activities	533	-220	-213	-388	-187	-215	-116	-174	-383	-92	388
Net Cash Inflow / Outflow	129	-129	39	-119	112	20	466	-137	78	-51	48
Closing Cash & Cash Equivalent	469	340	379	260	333	354	825	689	767	716	764

Max Financial Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	5.76	29.44	5.19	10.46	9.47	14.79	10.67	9.75	5.38	12.33	7.34
CEPS(Rs)	12.85	37.15	13.05	19.46	16.99	24.54	18.82	18.29	16.11	20.91	14.45
DPS(Rs)	0	12.2	3.6	5	3.6	0	0	0	0	0	0
Book NAV/Share(Rs)	93.76	108.77	111.69	123.34	73.28	87.05	67.14	76.34	79.49	96.85	114.01
Net Profit Margin	2.79	8.04	1.8	2.46	3.36	3.9	2.71	2.14	1.5	1.79	1.02
Operating Margin	3.84	10.19	3.16	4.01	4.04	4.67	3.32	2.67	2.64	2.03	1.46
PBT Margin	2.83	9.39	2.36	3.46	3.98	4.61	3.25	2.47	2.43	1.9	1.25
ROA(%)	1.26	3.73	0.78	1.13	1.06	1.39	0.86	0.68	0.38	0.65	0.3
ROE(%)	12.54	31.65	7.15	11.66	15	27.7	21.4	21.59	13	20.41	8.75
ROCE(%)	3.81	31.22	9.86	15.66	16.27	33.04	26.05	26.83	22.89	23.09	11.69
Price/Earnings(x)	29.25	7.61	40.07	41.21	36.4	38.98	42.51	44.61	71.64	69.71	102.69
Price/Book(x)	1.8	2.06	1.86	3.5	4.7	6.62	6.76	5.7	4.85	8.87	6.61
Dividend Yield(%)	0	5.45	1.73	1.16	1.04	0	0	0	0	0	0
EV/Net Sales(x)	0.54	0.6	0.51	0.79	0.76	0.99	0.69	0.57	0.53	0.93	0.83
EV/Core EBITDA(x)	10.73	5.26	11.68	15.65	16.63	19.47	18.77	18.47	14.97	36.37	40.48
Interest Earned Growth(%)	8.71	23.72	10.08	27.43	-21.38	30.2	7.18	19.39	-6.55	47.29	-0.29
Net Profit Growth	988.98	257.12	-75.34	74.2	7.75	50.89	-25.53	-5.74	-34.48	105.15	-43.12
EPS Growth(%)	3545.29	410.78	-82.37	101.62	-9.52	56.26	-27.86	-8.66	-44.8	129.13	-40.44
Interest Coverage(x) %	3.81	12.74	3.94	7.24	61.73	79.54	49.06	13.18	12.41	15.46	6.8

Max Financial Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	17.26	16.99	14.72	14.72	14.72	14.72	14.72	14.72	11.45	10.15
FII	19.7	23.08	26.33	27.72	26.08	23.26	23.76	45.77	44.81	47.71
DII	50.86	51.39	50.72	49.37	51.18	54.02	53.28	31.71	36	34.06
Public	12.18	8.54	8.23	8.19	8.03	8	8.24	7.8	7.74	8.08
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	5.96	5.86	5.08	5.08	5.08	5.08	5.08	5.08	3.95	3.5
FII	6.8	7.96	9.09	9.57	9	8.03	8.2	15.8	15.46	16.46
DII	17.55	17.73	17.5	17.04	17.66	18.64	18.39	10.94	12.43	11.76
Public	4.2	2.95	2.84	2.83	2.77	2.76	2.84	2.69	2.67	2.79
Others	0	0	0	0	0	0	0	0	0	0
Total	34.5	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: 10.15%.
Company has a low return on equity of 14% over the last 3 years.
Stock is trading at 6.8 times its book value.
The company has delivered a poor profit growth of -11% over past five years.

* 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.