	C 2012 Mar 31	C 2013 Mar 31	C 2014 Mar 31	2015 Mar 31	2016 Mar 31	2017 Mar 31	R 2018 Mar 31	C 2019 Mar 31	2020 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	R 2024 Mar 31	2025 Mar 31	2026 Mar 31	TTM Jun 30
	C 2012 Mar 31	C 2013 Mar 31	C 2014 Mar 31	2015 Mar 31	2016 Mar 31	2017 Mar 31	R 2018 Mar 31	C 2019 Mar 31	2020 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	R 2024 Mar 31	2025 Mar 31	2026 Mar 31	TTM Jun 30
Period length: Source:	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M IR
Net Premiums Earned	-	-	-	-	-	-	12,298	14,353	15,927	18,695	21,940	24,815	28,934	32,549	38,007	39,126
Net Investment Income	913	2,401	11,647	14,834	11,703	15,239	2,853	3,452	4,097	4,651	5,415	6,443	7,707	8,987	10,014	10,279
Total Revenue	8,188	10,592	11,648	14,836	11,703	15,239	16,338	19,526	18,262	31,218	31,210	31,387	39,271	47,858	47,850	49,822
Insurance Claims/Reserves - Total	-	-	3,068	3,659	3,146	3,777	13,079	15,809	14,020	26,496	25,937	25,321	39,278	37,861	37,421	41,801
Underwriting Expenses	2,659	3,051	5,067	7,352	5,735	9,083	894	991	1,025	1,227	1,403	1,614	2,398	3,145	4,085	4,264
Total Operating Expenses	7,878	9,541	11,312	14,246	11,239	14,537	15,797	18,988	17,651	30,737	30,734	30,847	46,111	45,945	47,408	49,516
Operating Profit	310	1,051	336	591	465	701	541	538	610	482	476	540	-6,840	1,912	441	306
Operating Margin	3.8	9.9	2.9	4.0	4.0	4.6	3.3	2.8	3.3	1.5	1.5	1.7	-17.4	4.0	0.9	0.6
Profit before Taxes	242	991	274	512	465	702	530	481	442	593	389	527	416	450	120	156
Income Taxes	4	142	65	148	72	108	88	64	170	33	70	75	23	43	15	20
Profit after Tax	155	784	139	280	253	395	286	263	145	425	253	378	340	327	84	110
PAT Margin	1.9	7.4	1.2	1.9	2.2	2.6	1.8	1.3	0.8	1.4	0.8	1.2	0.9	0.7	0.2	0.2
EPS - Basic - ex Extraordinary Items	5.95	29.48	5.21	10.50	9.47	14.80	10.69	9.78	5.38	14.51	7.34	10.97	9.93	9.63	2.41	3.16
EPS - Diluted - ex Extraordinary Items	5.85	29.29	5.18	10.43	9.38	14.67	10.66	9.77	5.38	14.51	7.34	10.97	9.93	9.63	2.41	3.16
EBIT	310	1,051	336	591	465	701	541	538	610	482	476	540	-6,840	1,912	441	306
EBITDA	412	1,188	474	744	525	764	604	614	763	642	655	718	-6,627	2,148	775	626
EBITDA Margin	5.0	11.2	4.1	5.0	4.5	5.0	3.7	3.1	4.2	2.1	2.1	2.3	-16.9	4.5	1.6	1.3

Balance Sheet

Abridged

Understanding Balance Sheet

Max Financial Services Ltd. balance sheet covering assets, liabilities, equity and borrowings across annual and quarterly periods.

Consolidated

Standalone

Annual

Interim

	R 2012 Mar 31	R 2013 Mar 31	C 2014 Mar 31	2015 Mar 31	R 2016 Mar 31	R 2017 Mar 31	R 2018 Mar 31	R 2019 Mar 31	2020 Mar 31	R 2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	R 2025 Mar 31	2026 Mar 31
	R 2012 Mar 31	R 2013 Mar 31	C 2014 Mar 31	2015 Mar 31	R 2016 Mar 31	R 2017 Mar 31	R 2018 Mar 31	R 2019 Mar 31	2020 Mar 31	R 2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	R 2025 Mar 31	2026 Mar 31
Source:	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR	AR
Total Receivables	925	1,200	1,626	1,592	1,203	714	904	1,055	1,281	1,194	1,401	1,558	2,178	2,495	2,756
Property Plant & Equipment - Net	1,189	1,285	1,249	799	98	88	81	101	404	346	297	386	407	511	585
Total Assets	20,775	24,724	29,117	35,503	38,147	47,371	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,90,180	1,98,936
Insurance Reserves - Total	15,138	18,454	22,860	29,288	34,165	-	-	-	-	-	-	-	-	-	-
Long Term Debt	398	378	435	403	-	-	-	-	245	207	699	748	758	1,310	2,171
Total Liabilities	17,428	20,961	25,247	31,584	35,479	45,083	53,240	64,323	71,707	94,461	1,13,264	1,27,855	1,58,404	1,83,776	1,92,516
Total Shareholders' Equity	2,638	3,028	3,050	3,302	1,966	1,537	1,819	2,059	2,147	3,343	3,935	3,518	3,866	5,275	5,282
Minority Interest	710	735	821	617	703	751	783	774	672	262	550	450	504	1,129	1,138
Total Equity	3,348	3,763	3,870	3,919	2,668	2,288	2,602	2,833	2,819	3,605	4,485	3,968	4,370	6,403	6,420
Total Liabilities & Equity	20,775	24,724	29,117	35,503	38,147	47,371	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,90,180	1,98,936

Cash Flow

Abridged

Understanding Cash Flow Statement

Max Financial Services Ltd. cash flow statement covering operating, investing and financing activities across annual and quarterly periods.

Consolidated

Standalone

Annual

Interim

	R 2012 Mar 31	R 2013 Mar 31	R 2014 Mar 31	2015 Mar 31	2016 Mar 31	C 2017 Mar 31	R 2018 Mar 31	2019 Mar 31	2020 Mar 31	C 2021 Mar 31	2022 Mar 31	R 2023 Mar 31	C 2024 Mar 31	C 2025 Mar 31	2026 Mar 31
	R 2012 Mar 31	R 2013 Mar 31	R 2014 Mar 31	2015 Mar 31	2016 Mar 31	C 2017 Mar 31	R 2018 Mar 31	2019 Mar 31	2020 Mar 31	C 2021 Mar 31	2022 Mar 31	R 2023 Mar 31	C 2024 Mar 31	C 2025 Mar 31	2026 Mar 31
Period length: Source:	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR	12M AR
Operating CF bef Changes in Working Cap	3,372	2,690	3,429	3,966	5,719	6,435	7,527	8,733	11,074	10,634	13,965	15,560	14,231	16,936	21,343
Working Capital - Increase/(Decrease)	151	133	-63	112	23	91	7	93	-1,606	943	14	839	-379	451	138
Net CF from Operating Activities	3,524	2,823	3,366	4,078	5,742	6,526	7,534	8,826	9,468	11,577	13,980	16,398	13,852	17,387	21,481
Capital Expenditures - Net	323	251	305	322	88	79	48	98	127	82	127	172	221	216	238
Net CF from Investing Activities	-4,001	-2,800	-3,192	-3,879	-5,443	-6,290	-6,951	-8,789	-9,009	-11,536	-14,319	-18,068	-12,787	-18,775	-21,267
Dividends Paid - Cash - Total	-	266	106	155	75	48	-	-	-	-	-	-	-	-	-
Stock - Issuance/(Retirement) - Net	574	40	79	297	0	0	28	24	3	0	1	-122	2	1,590	-35
Debt - LT & ST - Issuance/(Retirement) - Total	39	127	26	-158	-	-	-	-	-72	-78	-75	-74	-82	408	684
Net Cash Flow from Financing Activities	606	-151	-135	-319	-187	-215	-116	-174	-380	-92	388	-196	-80	1,999	649
Free Cash Flow to Equity	3,239	2,699	3,086	3,598	5,654	6,447	7,485	8,728	9,268	11,417	13,778	16,153	13,550	17,579	21,927
Free Operating CF net dividend	3,192	2,298	2,952	3,597	5,579	6,397	7,484	8,726	9,340	11,494	13,852	16,224	13,630	17,169	21,237
Free Operating CF	3,192	2,564	3,058	3,752	5,653	6,445	7,484	8,726	9,340	11,494	13,852	16,224	13,630	17,169	21,237

Business Segment Analysis

FY End:

Mar 26

Max Financial Services Ltd. business segment breakdown covering revenue, operating income and assets across key divisions for the selected financial year.

Capex

Life Insurance (100.0%)₹ 416.79 CrBusiness Investment (0.0%)₹ 0.14 Cr

Revenue / Sales

Life Insurance (100.0%)₹ 47,671.46 CrBusiness Investment (0.0%)₹ 2.65 CrBussiness Investment (0.0%)₹ 2.65 Cr

Assets

Life Insurance (96.6%)₹ 1,98,519.88 CrBusiness Investment (3.4%)₹ 6,941.19 Cr

Regional Segment Analysis

FY End:

Mar 26

Max Financial Services Ltd. geographic revenue split showing domestic and international market performance across revenue and income for the selected financial year.

Revenue / Sales

India (100.0%)₹ 47,674.11 Cr

Historical Segment Analysis

Track how Max Financial Services Ltd. segment contributions have evolved over multiple financial years to see which divisions are growing, shrinking or gaining strategic importance.

Capex

Sales

Assets

Operating Income

Business

Regional

Business

	2010 Mar 31	2011 Mar 31	2012 Mar 31	2013 Mar 31	2014 Mar 31	2015 Mar 31	2016 Mar 31	2017 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	2025 Mar 31	2026 Mar 31
	2010 Mar 31	2011 Mar 31	2012 Mar 31	2013 Mar 31	2014 Mar 31	2015 Mar 31	2016 Mar 31	2017 Mar 31	2021 Mar 31	2022 Mar 31	2023 Mar 31	2024 Mar 31	2025 Mar 31	2026 Mar 31
Life Insurance	66	32	25	60	41	54	0	56	410	169	314	273	387	417
Business Investment	0	0	0	0	0	0	0	0	4	0	2	1	1	0
Clinical Research	1	1	1	1	0	1	-	-	-	-	-	-	-	-
Health Insurance	11	13	6	9	21	14	-	-	-	-	-	-	-	-
Healthcare	53	133	301	75	43	35	-	-	-	-	-	-	-	-
Other	0	8	0	1	1	0	0	0	-	-	-	-	-	-
Specialty Plastic Products	17	138	17	9	5	38	-	-	-	-	-	-	-	-
Unallocated	6	4	1	15	93	9	7	0	-	-	-	-	-	-
Senior Living	-	-	0	83	71	-1	-	-	-	-	-	-	-	-

Frequently Asked Questions

What is the revenue of Max Financial Services Ltd.?

The latest trailing twelve month revenue of Max Financial Services Ltd. is ₹ 49,822.00 Cr, reflecting a 1-year growth of 4.91% and a 3-year CAGR of 10.12%. Annual and quarterly revenue trends are available in the Income Statement section.

What is the net profit of Max Financial Services Ltd.?

The latest trailing twelve month net profit (PAT) of Max Financial Services Ltd. is ₹ 109.91 Cr, with a 3-year earnings CAGR of -35.70%. Detailed profit history across annual and quarterly periods is in the Income Statement section.

What is the EBITDA of Max Financial Services Ltd.?

The trailing twelve month EBITDA of Max Financial Services Ltd. is approximately ₹ 305.99 Cr (based on an operating margin of 0.61%). EBITDA reflects core operating profitability before interest, taxes, depreciation and amortisation.

What is the EPS of Max Financial Services Ltd.?

The trailing twelve month Earnings Per Share (EPS) of Max Financial Services Ltd. is 3.16. EPS trends across annual and quarterly periods are visible in the Income Statement section.

What is the debt level of Max Financial Services Ltd.?

The debt-to-equity ratio of Max Financial Services Ltd. stands at 0.35. The interest coverage ratio is 1.72x, reflecting the company's ability to service debt from operating earnings. The full breakdown of total borrowings is in the Balance Sheet section.

What is the book value per share of Max Financial Services Ltd.?

The estimated book value per share of Max Financial Services Ltd. is 154.64 (derived from a P/B ratio of 10.26 and market price of ₹ 1,586.20), reflecting the net asset value attributable to each share. See the Balance Sheet section for a full breakdown.

What is the cash flow from operations of Max Financial Services Ltd.?

The trailing twelve month operating cash flow of Max Financial Services Ltd. is ₹ 21,481.10 Cr. Annual and quarterly cash flow data is available in the Cash Flow section of the Statements tab.

Does Max Financial Services Ltd. report consolidated or standalone financials?

Max Financial Services Ltd. reports consolidated financials. You can toggle between consolidated and standalone views using the switch at the top of each statement section.