Stock MFSL MAX FINANCIAL SERVICES LIMITED
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Financials Max Financial Services Limited

Equities

MFSL

INE180A01020

Life & Health Insurance

Delayed NSE India S.E.
Other stock markets
 05:03:21 2024-05-29 am EDT 		5-day change 1st Jan Change
978.4 INR -0.07% Intraday chart for Max Financial Services Limited +0.05% +2.53%
May. 09 Nomura Adjusts Max Financial Services’ Price Target to INR1,150 From INR1,120, Keeps at Buy MT
May. 08 Jefferies Adjusts Max Financial Services’ Price Target to INR1,220 From INR1,200, Keeps at Buy MT

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 117,237 103,653 296,588 260,182 219,148 336,412 - -
Enterprise Value (EV) 1 112,179 99,162 291,504 260,182 213,930 344,366 347,847 343,767
P/E ratio 44.5 x 71.5 x 59.2 x 103 x 57.9 x 102 x 50.9 x 42.6 x
Yield - - - - - 0.18% 0.4% 0.49%
Capitalization / Revenue 0.6 x 0.57 x 0.95 x 0.83 x 0.7 x 0.74 x 0.76 x 0.67 x
EV / Revenue 0.58 x 0.54 x 0.93 x 0.83 x 0.68 x 0.74 x 0.79 x 0.68 x
EV / EBITDA 22,000,685 x 21,921,576 x - - - - - -
EV / FCF - 1,061,730 x - - - - - -
FCF Yield - 0% - - - - - -
Price to Book 5.69 x 4.83 x 8.87 x 6.61 x 6.2 x 6.85 x 6.79 x 5.92 x
Nbr of stocks (in thousands) 269,386 269,509 345,090 345,115 345,115 343,610 - -
Reference price 2 435.2 384.6 859.4 753.9 635.0 979.0 979.0 979.0
Announcement Date 5/28/19 5/26/20 6/8/21 5/10/22 5/12/23 5/7/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 195,012 182,418 312,880 311,876 314,311 466,183 439,862 503,296
EBITDA 5,099 4,524 - - - - - -
EBIT 1 5,081 4,428 5,932 4,134 5,647 4,585 6,822 8,029
Operating Margin 2.61% 2.43% 1.9% 1.33% 1.8% 0.98% 1.55% 1.6%
Earnings before Tax (EBT) 1 4,808 4,425 5,929 3,886 5,272 4,148 7,582 8,799
Net income 1 2,626 1,450 4,254 2,534 3,785 3,401 5,655 6,946
Net margin 1.35% 0.79% 1.36% 0.81% 1.2% 0.73% 1.29% 1.38%
EPS 2 9.770 5.380 14.51 7.340 10.97 9.850 19.25 23.00
Free Cash Flow - 93,397 - - - - - -
FCF margin - 51.2% - - - - - -
FCF Conversion (EBITDA) - 2,064.7% - - - - - -
FCF Conversion (Net income) - 6,441.61% - - - - - -
Dividend per Share 2 - - - - - 1.800 3.912 4.778
Announcement Date 5/28/19 5/26/20 6/8/21 5/10/22 5/12/23 5/7/24 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1
Net sales 51,215 97,603 - - - - - 93,226 - - - - - - - -
EBITDA 1 - - - - - - - 779.7 - - 1,283 - - 3,327 - -
EBIT 1 - - - - - - - - - - 1,273 4,924 - 4,293 - -
Operating Margin - - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 2,795 - - - - - 803.9 738.3 - - 1,180 626 1,656 2,632 - -
Net income 1 1,758 623.4 211.9 396.3 748.6 1,177 563.6 512.9 2,249 458.9 876.8 934.5 - 1,994 2,433 -
Net margin 3.43% 0.64% - - - - - 0.55% - - - - - - - -
EPS 2 6.200 2.130 0.6100 1.150 2.550 3.410 1.630 1.490 6.520 1.330 2.540 1.888 - 3.866 4.341 -
Dividend per Share 2 - - - - - - - - - - - - - - - -
Announcement Date 2/9/21 6/8/21 8/10/21 11/9/21 1/28/22 5/10/22 8/1/22 10/19/22 1/31/23 5/12/23 8/9/23 - - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - 8,098 11,435 7,355
Net Cash position 1 5,057 4,491 5,084 - 5,218 - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - 93,397 - - - - - -
ROE (net income / shareholders' equity) 13.5% 6.9% 15.5% 6.96% 10.2% 15.1% 13% 14%
ROA (Net income/ Total Assets) 0.43% 0.2% 0.49% 0.23% 0.3% 0.36% 0.42% 0.44%
Assets 1 615,260 708,409 863,298 1,079,089 1,247,873 1,403,674 1,346,328 1,578,530
Book Value Per Share 2 76.40 79.60 96.90 114.0 102.0 143.0 144.0 165.0
Cash Flow per Share - 351.0 - - - - - -
Capex 1,004 1,278 - - - - - -
Capex / Sales 0.52% 0.7% - - - - - -
Announcement Date 5/28/19 5/26/20 6/8/21 5/10/22 5/12/23 5/7/24 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Max Financial Services Limited

Trading Rating
Investor Rating
ESG Refinitiv
B-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
979 INR
Average target price
1,212 INR
Spread / Average Target
+23.76%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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