Fundamental Analysis of Max Financial Services Ltd

About the Company - Max Financial Services Ltd

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 Activities of holding companies. Company’s Total Operating Revenue is Rs. 199.70 Cr. and Equity Capital is Rs. 69.02 Cr. for the Year ended 31/03/2022.

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
Mr. Aman Mehta	Independent Director
Mr. Jai Arya	Independent Director
Ms. Gauri Padmanabhan	Independent Director
Mr. Charles Richard Vernon Stagg	Independent Director
Mr. D K Mittal	Independent Director

Basic Stock Data of Max Financial Services Ltd

Last Updated: July 6, 2024, 11:51 am

Market Cap	34,377 Cr.
Current Price	996
High / Low	1,093/754
Stock P/E	101
Book Value	112
Dividend Yield	0.00 %
ROCE	9.77 %
ROE	9.21 %
Face Value	2.00
PEG Ratio	4.54

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)	1,53,181 Cr.	1,529	1,572/1,251	80.9	149	0.18 %	14.9 %	13.6 %	10.0
Industry Average	153,181.00 Cr	1,529.00		80.90	149.00	0.18%	14.90%	13.60%	10.00

Max Financial Services Ltd Quarterly Results

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Sales	8,990	9,760	5,942	9,325	6,954	8,960	3,272	9,316	8,896	9,929	9,168	10,165	12,356
Expenses	8,709	9,692	5,857	9,270	6,843	8,799	3,185	9,238	8,573	9,865	9,043	10,021	12,146
Operating Profit	280	68	85	55	111	161	87	78	322	64	125	144	209
OPM %	3%	1%	1%	1%	2%	2%	3%	1%	4%	1%	1%	1%	2%
Other Income	1	1	1	2	1	3	4	6	3	5	3	25	4
Interest	0	0	0	6	9	9	9	9	9	9	9	9	14
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	280	67	84	50	101	153	80	74	315	58	118	158	198
Tax %	19%	-4%	58%	4%	10%	6%	15%	17%	14%	10%	14%	-8%	14%
Net Profit	227	70	36	48	91	144	68	62	269	52	101	170	171
EPS in Rs	5.10	1.81	0.61	1.15	2.17	3.41	1.63	1.49	6.52	1.33	2.54	4.29	4.30

Last Updated: June 10, 2024, 4:31 am

Max Financial Services Ltd Quarterly Chart

Max Financial Services Ltd Profit & Loss

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Sales	8,531	10,554	11,619	14,907	11,710	15,247	16,338	19,510	18,240	31,275	31,182	31,415	38,158
Expenses	7,770	9,402	11,167	14,188	11,179	14,476	15,807	19,003	17,788	30,689	30,769	30,862	37,503
Operating Profit	760	1,152	452	718	531	771	531	507	452	585	413	554	655
OPM %	9%	11%	4%	5%	5%	5%	3%	3%	2%	2%	1%	2%	2%
Other Income	-331	61	54	30	2	2	1	3	2	13	6	16	36
Interest	86	84	93	82	8	9	0	27	0	0	25	37	37
Depreciation	102	137	138	154	60	63	2	2	11	5	5	5	4
Profit before tax	242	991	274	512	465	702	530	481	442	593	389	527	649
Tax %	2%	14%	24%	29%	15%	15%	17%	13%	38%	6%	18%	14%
Net Profit	238	850	209	365	393	593	442	416	273	560	318	452	593
EPS in Rs	5.86	29.53	5.24	10.49	9.47	14.79	10.67	9.75	5.38	12.33	7.34	10.97	14.68
Dividend Payout %	0%	41%	69%	48%	38%	0%	0%	0%	0%	0%	0%	0%

Max Financial Services Ltd Profit & Loss Yearly Chart

Max Financial Services Ltd Growth

Compounded Sales Growth
10 Years:	15%
5 Years:	19%
3 Years:	14%
TTM:	48%

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

Stock Price CAGR
10 Years:	14%
5 Years:	19%
3 Years:	-2%
1 Year:	23%

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

Last Updated: July 2, 2024, 12:39 pm

Max Financial Services Ltd Balance Sheet

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	53	53	53	53	53	53	54	54	54	69	69	69	69
Reserves	2,460	2,850	2,931	3,249	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,683
Preference Capital	125	125	65	0	0	0	0	0	0	0	0	0
Borrowings	549	676	702	543	0	0	0	0	3	3	522	523	503
Other Liabilities	17,713	21,145	25,431	31,658	36,181	44,405	54,022	65,097	72,377	94,710	113,291	127,783	138,581
Total Liabilities	20,775	24,724	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	142,837
Fixed Assets	1,370	1,597	1,592	1,200	349	740	556	556	641	639	616	614	613
CWIP	75	92	55	39	37	3	0	0	0	0	0	0	0
Investments	17,536	21,091	25,134	32,015	36,102	44,059	52,683	63,245	68,566	91,766	109,794	123,355	5,036
Other Assets	1,794	1,943	2,336	2,249	1,660	1,938	2,602	3,356	5,320	5,652	7,337	7,854	137,188
Total Assets	20,775	24,724	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	142,837

Max Financial Services Ltd Reserves and Borrowings Chart

Max Financial Services Ltd Cash Flow

Month	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Cash from Operating Activity	2,854	1,887	2,160	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922
Cash from Investing Activity	-3,258	-1,796	-1,908	-2,311	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-9,228
Cash from Financing Activity	533	-220	-213	-388	-187	-215	-116	-174	-383	-92	388	-233
Net Cash Flow	129	-129	39	-119	74	20	466	-137	78	-51	48	462

Max Financial Services Ltd 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	-1,400	-27
ROCE %	26%	8%	13%	13%	25%	19%	19%	16%	18%	10%	12%

Max Financial Services Ltd Financial Efficiency Indicators Chart

Max Financial Services Ltd Share Holding Pattern

Month	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoters	17.26%	16.99%	14.72%	14.72%	14.72%	14.72%	14.72%	14.72%	11.45%	10.14%	10.14%	6.52%
FIIs	19.70%	23.08%	26.33%	27.72%	26.08%	23.26%	23.76%	45.76%	44.80%	47.70%	48.46%	51.54%
DIIs	50.85%	51.39%	50.72%	49.37%	51.17%	54.02%	53.28%	31.71%	36.00%	34.06%	34.34%	35.09%
Public	12.18%	8.54%	8.23%	8.19%	8.03%	8.00%	8.24%	7.81%	7.74%	8.09%	7.05%	6.85%
No. of Shareholders	64,384	63,253	64,363	70,706	66,724	69,014	68,088	69,805	70,914	81,463	67,708	63,966

Max Financial Services Ltd Shareholding Pattern Chart

No. of Max Financial Services Ltd Shareholders

Max Financial Services Ltd 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	2,742,954	2024-07-05	542.23%
Nippon India Multi Cap Fund	5,150,000	2.31	524.89	2,742,954	2024-07-05	87.75%
Nippon India Growth Fund	4,978,243	2.37	507.38	2,742,954	2024-07-05	81.49%
Mirae Asset Large & Midcap Fund	4,091,699	1.38	417.03	2,742,954	2024-07-05	49.17%
Mirae Asset Large Cap Fund	3,740,072	1.05	381.19	2,742,954	2024-07-05	36.35%
Kotak Emerging Equity Fund - Regular Plan	3,592,291	1	366.13	2,742,954	2024-07-05	30.96%
Canara Robeco Emerging Equities	3,340,702	1.81	340.48	2,742,954	2024-07-05	21.79%
Kotak Flexicap Fund - Regular Plan	3,100,000	0.76	315.95	2,742,954	2024-07-05	13.02%
Mirae Asset Focused Fund	2,742,954	3.08	279.56	2,742,954	2024-07-05	0%
Mirae Asset Midcap Fund	2,611,508	2.08	266.16	2,742,954	2024-07-05	-4.79%

Max Financial Services Ltd ROCE Trend

Max Financial Services Ltd EPS Trend

Max Financial Services Ltd 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.)	127.15	115.49	129.95	104.47	104.59
Book Value[Incl.RevalReserv]/Share (Rs.)	127.15	115.49	129.95	104.47	104.59
Revenue From Operations / Share (Rs.)	1355.34	914.19	903.50	906.25	676.78
PBDIT / Share (Rs.)	13.43	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.)	11.42	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 (%)	8.72	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)	0.00	0.14	0.00	0.00	0.00
Total Debt / Equity (X)	0.00	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.)	34021.10	21745.73	25968.97	29409.01	10610.12
EV / Net Operating Revenue (X)	0.73	0.69	0.83	0.94	0.58
EV / EBITDA (X)	73.69	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

Max Financial Services Ltd Profitability Ratios (%)

Max Financial Services Ltd Liquidity Ratios

Max Financial Services Ltd Liquidity Ratios (%)

Max Financial Services Ltd Interest Coverage Ratios (%)

Max Financial Services Ltd Valuation Ratios

Fair Value

Fair Value: 1,062.67

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.

Undervalued: 6.69% compared to the current price 996

Intrinsic Value: 1,298.94

Calculation basis:

Fair 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 fair value of the stock by analyzing its fundamental indicators along with EPS growth.

Undervalued: 30.42% compared to the current price ₹996

Last 5 Year EPS CAGR: 22.23%

*Investments are subject to market risks

Strength and Weakness of Max Financial Services Ltd Stock

Strength	Weakness
The stock has a low average Working Capital Days of -39.00, 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 (2,755.38 cr) compared to borrowings (24.23 cr), indicating strong financial stability. The company has shown consistent growth in sales (19.46 cr) and profit (522.85 cr) over the years.	The stock has a low average ROCE of 14.92%, which may not be favorable.

FAQ

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

The latest fair value of Max Financial Services Ltd is ₹1062.67.

What is the Market Cap of Max Financial Services Ltd?

The Market Cap of Max Financial Services Ltd is 34,377 Cr..

What is the current Stock Price of Max Financial Services Ltd as on 07 July 2024?

The current stock price of Max Financial Services Ltd as on 07 July 2024 is 996.

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

In FY 2024, the High / Low of Max Financial Services Ltd stocks is 1,093/754.

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

The Stock P/E of Max Financial Services Ltd is 101.

What is the Book Value of Max Financial Services Ltd?

The Book Value of Max Financial Services Ltd is 112.

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.