Max Financial Services Ltd: Share Price Analysis, Intrinsic Value & Fundamentals (2025)

Share Price and Basic Stock Data

Last Updated: March 12, 2025, 12:38 pm

Market Cap	36,384 Cr.
Current Price	1,055
High / Low	1,311/864
Stock P/E	144
Book Value	150
Dividend Yield	0.00 %
ROCE	9.77 %
ROE	9.21 %
Face Value	2.00
PEG Ratio	-14.43

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Max Financial Services Ltd

Competitors of Max Financial Services Ltd

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
SBI Life Insurance Company Ltd (SBILIFE)	1,41,328 Cr.	1,410	1,936/1,307	58.6	166	0.19 %	13.2 %	12.0 %	10.0
Max Financial Services Ltd	36,384 Cr.	1,055	1,311/864	144	150	0.00 %	9.77 %	9.21 %	2.00
ICICI Prudential Life Insurance Company Ltd	78,653 Cr.	545	797/515	80.8	80.5	0.11 %	8.75 %	8.07 %	10.0
HDFC Life Insurance Company Ltd	1,36,214 Cr.	633	761/511	78.0	73.4	0.32 %	6.61 %	11.4 %	10.0
Industry Average	98,144.75 Cr	910.75		90.35	117.48	0.16%	9.58%	10.17%	8.00

All Competitor Stocks of Max Financial Services Ltd

Quarterly Result

Metric	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Sales	6,954	8,960	3,272	9,316	8,896	9,929	9,168	10,165	12,356	14,888	11,799	13,372	8,923
Expenses	6,843	8,799	3,185	9,238	8,573	9,865	9,043	10,021	12,146	14,946	11,610	13,201	8,836
Operating Profit	111	161	87	78	322	64	125	144	209	-59	189	172	88
OPM %	2%	2%	3%	1%	4%	1%	1%	1%	2%	-0%	2%	1%	1%
Other Income	1	3	4	6	3	5	3	25	4	11	3	4	4
Interest	9	9	9	9	9	9	9	9	14	11	9	13	10
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	101	153	80	74	315	58	118	158	198	-59	182	162	81
Tax %	10%	6%	15%	17%	14%	10%	14%	-8%	14%	-16%	14%	14%	14%
Net Profit	91	144	68	62	269	52	101	170	171	-50	156	139	70
EPS in Rs	2.17	3.41	1.63	1.49	6.52	1.33	2.54	4.29	4.30	-1.28	3.69	3.26	1.62

Last Updated: February 28, 2025, 6:28 pm

Below is a detailed analysis of the quarterly data for Max Financial Services Ltd based on the most recent figures (Dec 2024) and their trends compared to the previous period:

For Sales, as of Dec 2024, the value is ₹8,923.00 Cr.. The value appears to be declining and may need further review. It has decreased from 13,372.00 Cr. (Sep 2024) to ₹8,923.00 Cr., marking a decrease of 4,449.00 Cr..
For Expenses, as of Dec 2024, the value is ₹8,836.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 13,201.00 Cr. (Sep 2024) to ₹8,836.00 Cr., marking a decrease of 4,365.00 Cr..
For Operating Profit, as of Dec 2024, the value is ₹88.00 Cr.. The value appears to be declining and may need further review. It has decreased from 172.00 Cr. (Sep 2024) to ₹88.00 Cr., marking a decrease of 84.00 Cr..
For OPM %, as of Dec 2024, the value is 1.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 1.00%.
For Other Income, as of Dec 2024, the value is ₹4.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 4.00 Cr..
For Interest, as of Dec 2024, the value is ₹10.00 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 13.00 Cr. (Sep 2024) to ₹10.00 Cr., marking a decrease of 3.00 Cr..
For Depreciation, as of Dec 2024, the value is ₹1.00 Cr.. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 1.00 Cr..
For Profit before tax, as of Dec 2024, the value is ₹81.00 Cr.. The value appears to be declining and may need further review. It has decreased from 162.00 Cr. (Sep 2024) to ₹81.00 Cr., marking a decrease of 81.00 Cr..
For Tax %, as of Dec 2024, the value is 14.00%. The value remains steady. There is no change compared to the previous period (Sep 2024) which recorded 14.00%.
For Net Profit, as of Dec 2024, the value is ₹70.00 Cr.. The value appears to be declining and may need further review. It has decreased from 139.00 Cr. (Sep 2024) to ₹70.00 Cr., marking a decrease of 69.00 Cr..
For EPS in Rs, as of Dec 2024, the value is 1.62. The value appears to be declining and may need further review. It has decreased from ₹3.26 (Sep 2024) to 1.62, marking a decrease of ₹1.64.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: March 6, 2025, 3:31 pm

Metric	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Sales	10,554	11,619	14,907	11,710	15,247	16,338	19,510	18,240	31,275	31,182	31,415	46,580	48,982
Expenses	9,402	11,167	14,188	11,179	14,476	15,807	19,003	17,788	30,689	30,769	30,862	46,157	48,593
Operating Profit	1,152	452	718	531	771	531	507	452	585	413	554	424	389
OPM %	11%	4%	5%	5%	5%	3%	3%	2%	2%	1%	2%	1%	1%
Other Income	61	54	30	2	2	1	3	2	13	6	16	38	22
Interest	84	93	82	8	9	0	27	0	0	25	37	44	43
Depreciation	137	138	154	60	63	2	2	11	5	5	5	3	3
Profit before tax	991	274	512	465	702	530	481	442	593	389	527	415	365
Tax %	14%	24%	29%	15%	15%	17%	13%	38%	6%	18%	14%	5%
Net Profit	850	209	365	393	593	442	416	273	560	318	452	393	315
EPS in Rs	29.53	5.24	10.49	9.47	14.79	10.67	9.75	5.38	12.33	7.34	10.97	9.85	7.29
Dividend Payout %	41%	69%	48%	38%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2013-2014	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024
YoY Net Profit Growth (%)	-75.41%	74.64%	7.67%	50.89%	-25.46%	-5.88%	-34.38%	105.13%	-43.21%	42.14%	-13.05%
Change in YoY Net Profit Growth (%)	0.00%	150.05%	-66.97%	43.22%	-76.35%	19.58%	-28.49%	139.50%	-148.34%	85.35%	-55.19%

Max Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2013-2014 to 2023-2024.

Growth

Compounded Sales Growth
10 Years:	15%
5 Years:	19%
3 Years:	14%
TTM:	18%

Compounded Profit Growth
10 Years:	9%
5 Years:	5%
3 Years:	-7%
TTM:	-41%

Stock Price CAGR
10 Years:	10%
5 Years:	20%
3 Years:	11%
1 Year:	9%

Return on Equity
10 Years:	11%
5 Years:	10%
3 Years:	9%
Last Year:	9%

Last Updated: Unknown

Balance Sheet

Last Updated: November 14, 2024, 8:33 pm

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	53	53	53	53	53	54	54	54	69	69	69	69	69
Reserves	2,850	2,931	3,249	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,797	5,100
Borrowings	801	767	543	0	0	0	0	3	3	522	523	523	504
Other Liabilities	21,020	25,366	31,658	36,181	44,405	54,022	65,097	72,377	94,710	113,291	127,783	158,383	177,119
Total Liabilities	24,724	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	162,771	182,791
Fixed Assets	1,597	1,592	1,200	349	740	556	556	641	639	616	614	612	611
CWIP	92	55	39	37	3	0	0	0	0	0	0	0	0
Investments	21,091	25,134	32,015	36,102	44,059	52,683	63,245	68,566	91,766	109,794	123,355	153,010	7,613
Other Assets	1,943	2,336	2,249	1,660	1,938	2,602	3,356	5,320	5,652	7,337	7,854	9,148	174,568
Total Assets	24,724	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	162,771	182,791

Below is a detailed analysis of the balance sheet data for Max Financial Services Ltd based on the most recent figures (Sep 2024) and their trends compared to the previous period:

For Equity Capital, as of Sep 2024, the value is ₹69.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹69.00 Cr..
For Reserves, as of Sep 2024, the value is ₹5,100.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹3,797.00 Cr. (Mar 2024) to ₹5,100.00 Cr., marking an increase of 1,303.00 Cr..
For Borrowings, as of Sep 2024, the value is ₹504.00 Cr.. The value appears to be improving (decreasing). Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has decreased from ₹523.00 Cr. (Mar 2024) to ₹504.00 Cr., marking a decrease of 19.00 Cr..
For Other Liabilities, as of Sep 2024, the value is ₹177,119.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹158,383.00 Cr. (Mar 2024) to ₹177,119.00 Cr., marking an increase of 18,736.00 Cr..
For Total Liabilities, as of Sep 2024, the value is ₹182,791.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from ₹162,771.00 Cr. (Mar 2024) to ₹182,791.00 Cr., marking an increase of 20,020.00 Cr..
For Fixed Assets, as of Sep 2024, the value is ₹611.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹612.00 Cr. (Mar 2024) to ₹611.00 Cr., marking a decrease of 1.00 Cr..
For CWIP, as of Sep 2024, the value is ₹0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2024) which recorded ₹0.00 Cr..
For Investments, as of Sep 2024, the value is ₹7,613.00 Cr.. The value appears to be declining and may need further review. It has decreased from ₹153,010.00 Cr. (Mar 2024) to ₹7,613.00 Cr., marking a decrease of 145,397.00 Cr..
For Other Assets, as of Sep 2024, the value is ₹174,568.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹9,148.00 Cr. (Mar 2024) to ₹174,568.00 Cr., marking an increase of 165,420.00 Cr..
For Total Assets, as of Sep 2024, the value is ₹182,791.00 Cr.. The value appears strong and on an upward trend. It has increased from ₹162,771.00 Cr. (Mar 2024) to ₹182,791.00 Cr., marking an increase of 20,020.00 Cr..

Notably, the Reserves (₹5,100.00 Cr.) exceed the Borrowings (504.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Cash from Operating Activity +	1,887	2,160	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,107
Cash from Investing Activity +	-1,796	-1,908	-2,311	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-11,555	-5,004
Cash from Financing Activity +	-220	-213	-388	-187	-215	-116	-174	-383	-92	388	-233	-117
Net Cash Flow	-129	39	-119	74	20	466	-137	78	-51	48	-1,866	986

Free Cash Flow

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Free Cash Flow	-800.00	-315.00	175.00	531.00	771.00	531.00	507.00	449.00	582.00	-109.00	31.00	-99.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	22	21	17	16	13	0	0	0	0	0	0	0
Inventory Days	28	73	84
Days Payable	366	374	424
Cash Conversion Cycle	-315	-281	-324	16	13	0	0	0	0	0	0	0
Working Capital Days	-77	-93	-71	-101	-93	-1,158	-1,149	-1,338	-1,042	-1,241	-1,402	-1,173
ROCE %	26%	8%	13%	13%	25%	19%	19%	16%	18%	10%	12%	10%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Promoters	14.72%	14.72%	14.72%	14.72%	14.72%	11.45%	10.14%	10.14%	6.52%	6.52%	6.52%	6.52%
FIIs	27.72%	26.08%	23.26%	23.76%	45.76%	44.80%	47.70%	48.46%	51.54%	50.89%	47.70%	46.60%
DIIs	49.37%	51.17%	54.02%	53.28%	31.71%	36.00%	34.06%	34.34%	35.09%	36.89%	39.92%	40.74%
Public	8.19%	8.03%	8.00%	8.24%	7.81%	7.74%	8.09%	7.05%	6.85%	5.69%	5.84%	6.14%
No. of Shareholders	70,706	66,724	69,014	68,088	69,805	70,914	81,463	67,708	63,966	59,682	65,260	67,021

Shareholding Pattern Chart

No. of Shareholders

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid-Cap Opportunities Fund - Regular Plan	17,616,121	3.44	1795.44	5,150,000	2025-03-11	242.06%
Nippon India Multi Cap Fund	5,150,000	2.31	524.89	5,150,000	2025-03-11	0%
Nippon India Growth Fund	4,978,243	2.37	507.38	5,150,000	2025-03-11	-3.34%
Mirae Asset Large & Midcap Fund	4,091,699	1.38	417.03	5,150,000	2025-03-11	-20.55%
Mirae Asset Large Cap Fund	3,740,072	1.05	381.19	5,150,000	2025-03-11	-27.38%
Kotak Emerging Equity Fund - Regular Plan	3,592,291	1	366.13	5,150,000	2025-03-11	-30.25%
Canara Robeco Emerging Equities	3,340,702	1.81	340.48	5,150,000	2025-03-11	-35.13%
Kotak Flexicap Fund - Regular Plan	3,100,000	0.76	315.95	5,150,000	2025-03-11	-39.81%
Mirae Asset Focused Fund	2,742,954	3.08	279.56	5,150,000	2025-03-11	-46.74%
Mirae Asset Midcap Fund	2,611,508	2.08	266.16	5,150,000	2025-03-11	-49.29%

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 24	Mar 23	Mar 22	Mar 21	Mar 20
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	9.85	10.97	7.34	14.51	5.38
Diluted EPS (Rs.)	9.85	10.97	7.34	14.51	5.38
Cash EPS (Rs.)	11.52	13.29	9.37	16.37	10.55
Book Value[Excl.RevalReserv]/Share (Rs.)	127.16	115.49	129.95	104.47	104.59
Book Value[Incl.RevalReserv]/Share (Rs.)	127.16	115.49	129.95	104.47	104.59
Revenue From Operations / Share (Rs.)	1355.44	914.19	903.50	906.25	676.78
PBDIT / Share (Rs.)	13.44	16.57	12.12	17.34	16.85
PBIT / Share (Rs.)	13.34	16.43	11.98	17.19	16.43
PBT / Share (Rs.)	12.07	15.34	11.26	17.18	16.42
Net Profit / Share (Rs.)	11.43	13.15	9.23	16.22	10.12
NP After MI And SOA / Share (Rs.)	9.90	11.01	7.34	12.33	5.38
PBDIT Margin (%)	0.99	1.81	1.34	1.91	2.48
PBIT Margin (%)	0.98	1.79	1.32	1.89	2.42
PBT Margin (%)	0.89	1.67	1.24	1.89	2.42
Net Profit Margin (%)	0.84	1.43	1.02	1.78	1.49
NP After MI And SOA Margin (%)	0.73	1.20	0.81	1.36	0.79
Return on Networth / Equity (%)	8.79	10.75	6.43	12.72	6.75
Return on Capital Employeed (%)	7.93	10.59	7.75	0.60	0.59
Return On Assets (%)	0.20	0.28	0.21	0.43	0.19
Long Term Debt / Equity (X)	0.13	0.14	0.00	0.00	0.00
Total Debt / Equity (X)	0.13	0.14	0.00	0.00	0.00
Asset Turnover Ratio (%)	0.31	0.00	0.00	0.01	0.01
Current Ratio (X)	1.02	1.02	1.03	2109.36	189.47
Quick Ratio (X)	1.02	1.02	1.03	2109.36	189.47
Interest Coverage Ratio (X)	10.58	15.20	16.91	2239.83	1607.00
Interest Coverage Ratio (Post Tax) (X)	10.00	13.06	13.87	2095.87	966.51
Enterprise Value (Cr.)	34539.35	21745.73	25968.97	29409.01	10610.12
EV / Net Operating Revenue (X)	0.74	0.69	0.83	0.94	0.58
EV / EBITDA (X)	74.81	38.20	62.07	49.14	23.36
MarketCap / Net Operating Revenue (X)	0.73	0.69	0.83	0.94	0.56
Price / BV (X)	8.90	6.20	6.61	8.87	4.84
Price / Net Operating Revenue (X)	0.73	0.69	0.83	0.94	0.56
EarningsYield	0.01	0.01	0.01	0.01	0.01

After reviewing the key financial ratios for Max Financial Services Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 24, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 24, the value is 9.85. This value is within the healthy range. It has decreased from 10.97 (Mar 23) to 9.85, marking a decrease of 1.12.
For Diluted EPS (Rs.), as of Mar 24, the value is 9.85. This value is within the healthy range. It has decreased from 10.97 (Mar 23) to 9.85, marking a decrease of 1.12.
For Cash EPS (Rs.), as of Mar 24, the value is 11.52. This value is within the healthy range. It has decreased from 13.29 (Mar 23) to 11.52, marking a decrease of 1.77.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 127.16. It has increased from 115.49 (Mar 23) to 127.16, marking an increase of 11.67.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 24, the value is 127.16. It has increased from 115.49 (Mar 23) to 127.16, marking an increase of 11.67.
For Revenue From Operations / Share (Rs.), as of Mar 24, the value is 1,355.44. It has increased from 914.19 (Mar 23) to 1,355.44, marking an increase of 441.25.
For PBDIT / Share (Rs.), as of Mar 24, the value is 13.44. This value is within the healthy range. It has decreased from 16.57 (Mar 23) to 13.44, marking a decrease of 3.13.
For PBIT / Share (Rs.), as of Mar 24, the value is 13.34. This value is within the healthy range. It has decreased from 16.43 (Mar 23) to 13.34, marking a decrease of 3.09.
For PBT / Share (Rs.), as of Mar 24, the value is 12.07. This value is within the healthy range. It has decreased from 15.34 (Mar 23) to 12.07, marking a decrease of 3.27.
For Net Profit / Share (Rs.), as of Mar 24, the value is 11.43. This value is within the healthy range. It has decreased from 13.15 (Mar 23) to 11.43, marking a decrease of 1.72.
For NP After MI And SOA / Share (Rs.), as of Mar 24, the value is 9.90. This value is within the healthy range. It has decreased from 11.01 (Mar 23) to 9.90, marking a decrease of 1.11.
For PBDIT Margin (%), as of Mar 24, the value is 0.99. This value is below the healthy minimum of 10. It has decreased from 1.81 (Mar 23) to 0.99, marking a decrease of 0.82.
For PBIT Margin (%), as of Mar 24, the value is 0.98. This value is below the healthy minimum of 10. It has decreased from 1.79 (Mar 23) to 0.98, marking a decrease of 0.81.
For PBT Margin (%), as of Mar 24, the value is 0.89. This value is below the healthy minimum of 10. It has decreased from 1.67 (Mar 23) to 0.89, marking a decrease of 0.78.
For Net Profit Margin (%), as of Mar 24, the value is 0.84. This value is below the healthy minimum of 5. It has decreased from 1.43 (Mar 23) to 0.84, marking a decrease of 0.59.
For NP After MI And SOA Margin (%), as of Mar 24, the value is 0.73. This value is below the healthy minimum of 8. It has decreased from 1.20 (Mar 23) to 0.73, marking a decrease of 0.47.
For Return on Networth / Equity (%), as of Mar 24, the value is 8.79. This value is below the healthy minimum of 15. It has decreased from 10.75 (Mar 23) to 8.79, marking a decrease of 1.96.
For Return on Capital Employeed (%), as of Mar 24, the value is 7.93. This value is below the healthy minimum of 10. It has decreased from 10.59 (Mar 23) to 7.93, marking a decrease of 2.66.
For Return On Assets (%), as of Mar 24, the value is 0.20. This value is below the healthy minimum of 5. It has decreased from 0.28 (Mar 23) to 0.20, marking a decrease of 0.08.
For Long Term Debt / Equity (X), as of Mar 24, the value is 0.13. This value is below the healthy minimum of 0.2. It has decreased from 0.14 (Mar 23) to 0.13, marking a decrease of 0.01.
For Total Debt / Equity (X), as of Mar 24, the value is 0.13. This value is within the healthy range. It has decreased from 0.14 (Mar 23) to 0.13, marking a decrease of 0.01.
For Asset Turnover Ratio (%), as of Mar 24, the value is 0.31. It has increased from 0.00 (Mar 23) to 0.31, marking an increase of 0.31.
For Current Ratio (X), as of Mar 24, the value is 1.02. This value is below the healthy minimum of 1.5. There is no change compared to the previous period (Mar 23) which recorded 1.02.
For Quick Ratio (X), as of Mar 24, the value is 1.02. This value is within the healthy range. There is no change compared to the previous period (Mar 23) which recorded 1.02.
For Interest Coverage Ratio (X), as of Mar 24, the value is 10.58. This value is within the healthy range. It has decreased from 15.20 (Mar 23) to 10.58, marking a decrease of 4.62.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 24, the value is 10.00. This value is within the healthy range. It has decreased from 13.06 (Mar 23) to 10.00, marking a decrease of 3.06.
For Enterprise Value (Cr.), as of Mar 24, the value is 34,539.35. It has increased from 21,745.73 (Mar 23) to 34,539.35, marking an increase of 12,793.62.
For EV / Net Operating Revenue (X), as of Mar 24, the value is 0.74. This value is below the healthy minimum of 1. It has increased from 0.69 (Mar 23) to 0.74, marking an increase of 0.05.
For EV / EBITDA (X), as of Mar 24, the value is 74.81. This value exceeds the healthy maximum of 15. It has increased from 38.20 (Mar 23) to 74.81, marking an increase of 36.61.
For MarketCap / Net Operating Revenue (X), as of Mar 24, the value is 0.73. This value is below the healthy minimum of 1. It has increased from 0.69 (Mar 23) to 0.73, marking an increase of 0.04.
For Price / BV (X), as of Mar 24, the value is 8.90. This value exceeds the healthy maximum of 3. It has increased from 6.20 (Mar 23) to 8.90, marking an increase of 2.70.
For Price / Net Operating Revenue (X), as of Mar 24, the value is 0.73. This value is below the healthy minimum of 1. It has increased from 0.69 (Mar 23) to 0.73, marking an increase of 0.04.
For EarningsYield, as of Mar 24, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 23) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Max Financial Services Ltd as of March 12, 2025 is: ₹1,623.32

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of March 12, 2025, Max Financial Services Ltd is Undervalued by 53.87% compared to the current share price 1,055.00

Intrinsic Value of Max Financial Services Ltd as of March 12, 2025 is: 1,461.36

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of March 12, 2025, Max Financial Services Ltd is Undervalued by 38.52% compared to the current share price 1,055.00

Last 5 Year EPS CAGR: -9.98%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a high average ROCE of 15.75%, which is a positive sign. The stock has a low average Working Capital Days of -36.83, which is a positive sign. The stock has a low average Cash Conversion Cycle of -74.25, which is a positive sign. The company has higher reserves (2,967.23 cr) compared to borrowings (322.23 cr), indicating strong financial stability. The company has shown consistent growth in sales (23.15 cr) and profit (514.31 cr) over the years.

Strength

Weakness

The stock has a high average ROCE of 15.75%, which is a positive sign.
The stock has a low average Working Capital Days of -36.83, which is a positive sign.
The stock has a low average Cash Conversion Cycle of -74.25, which is a positive sign.
The company has higher reserves (2,967.23 cr) compared to borrowings (322.23 cr), indicating strong financial stability.
The company has shown consistent growth in sales (23.15 cr) and profit (514.31 cr) over the years.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Max Financial Services Ltd:
1. Net Profit Margin: 0.84%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 7.93% (Industry Average ROCE: 9.58%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 8.79% (Industry Average ROE: 10.17%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 10
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.02
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 144 (Industry average Stock P/E: 90.35)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.13
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Max Financial Services Ltd. is a Public Limited Listed company incorporated on 24/02/1988 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L24223PB1988PLC008031 and registration number is 008031. Currently Company is involved in the business activities of Management consultancy activities. Company's Total Operating Revenue is Rs. 21.43 Cr. and Equity Capital is Rs. 69.02 Cr. for the Year ended 31/03/2024.

INDUSTRY	ADDRESS	CONTACT
Finance - Life Insurance	Bhai Mohan Singh Nagar, Nawanshahr Dist Punjab 144533	investorhelpline@maxindia.com http://www.maxfinancialservices.com

Management
Name	Position Held
Mr. Analjit Singh	Founder & Chairman
Mr. Mitsuru Yasuda	Non Executive Director
Mr. Sahil Vachani	Non Executive Director
Mr. Hideaki Nomura	Non Executive Director
Mr. K Narasimha Murthy	Independent Director
Ms. Gauri Padmanabhan	Independent Director
Mr. Aman Mehta	Independent Director
Mr. Jai Arya	Independent Director
Mr. Richard Stagg	Independent Director
Mr. D K Mittal	Independent Director

FAQ

What is the latest intrinsic value of Max Financial Services Ltd?

The latest intrinsic value of Max Financial Services Ltd as on 12 March 2025 is 1623.32, which is 53.87% higher than the current market price of 1,055.00, indicating the stock is undervalued by 53.87%. The intrinsic value of Max Financial Services Ltd is calculated using PE ratio method. The stock has a market capitalization of ₹36,384 Cr. and recorded a high/low of ₹1,311/864 during the current fiscal year 2024-2025. As of Sep 2024, the company has reserves of ₹5,100 Cr and total liabilities of ₹182,791 Cr.

What is the Market Cap of Max Financial Services Ltd?

The Market Cap of Max Financial Services Ltd is 36,384 Cr..

What is the current Stock Price of Max Financial Services Ltd as on 12 March 2025?

The current stock price of Max Financial Services Ltd as on 12 March 2025 is ₹1,055.

What is the High / Low of Max Financial Services Ltd stocks in FY 2024-2025?

In FY 2024-2025, the High / Low of Max Financial Services Ltd stocks is ₹1,311/864.

What is the Stock P/E of Max Financial Services Ltd?

The Stock P/E of Max Financial Services Ltd is 144.

What is the Book Value of Max Financial Services Ltd?

The Book Value of Max Financial Services Ltd is 150.

What is the Dividend Yield of Max Financial Services Ltd?

The Dividend Yield of Max Financial Services Ltd is 0.00 %.

What is the ROCE of Max Financial Services Ltd?

The ROCE of Max Financial Services Ltd is 9.77 %.

What is the ROE of Max Financial Services Ltd?

The ROE of Max Financial Services Ltd is 9.21 %.

What is the Face Value of Max Financial Services Ltd?

The Face Value of Max Financial Services Ltd is 2.00.