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INVESTMENT INSIGHTS

Check Before You Invest : Max Financial Services Ltd

BSE: 500271 NSE: MFSL ISIN: INE180A01020
  |   Sector:  BFSI   |   Industry:  Finance - Others

Snapshot

Q.1 Which industry/sub-sector does Max Financial Services Ltd belong to?
Max Financial Services Ltd belongs to the BFSI sector, operating specifically within the Finance - Others segment.
Q.2 Is Max Financial Services Ltd a good quality company?
Max Financial Services Ltd is a good quality company, based on a consistently good 10-year financial track record.
Q.3 Is Max Financial Services Ltd undervalued or overvalued?
Max Financial Services Ltd appears Overvalued, as its key valuation ratios are above with their past averages.
Q.4 Is Max Financial Services Ltd a good buy now?
Max Financial Services Ltd is not a good buy now, based on weak price trend analysis suggesting prices may fall. However, you need to check its quality and valuation before making a decision

Performance Analysis

Q.1 Revenue growth of Max Financial Services Ltd?
Max Financial Services Ltd revenue growth is -0.2% for FY-2025, which is below its 5-year CAGR of 20.6%, indicating slower growth.
Q.2 Return on capital employed (ROCE) of Max Financial Services Ltd?
Max Financial Services Ltd Return on capital employed is 10.3% for FY-2025, which is below its 5-year historical median of 12.1%. The current ROCE is below its estimated weighted average cost of capital (WACC) of 11.25%, indicating value preservation.
Q.3 Return on Asset of Max Financial Services Ltd?
Max Financial Services Ltd Return on Asset is 0.2%, which is below its 5-year historical median of 0.3%, indicating deteriorated asset utilization efficiency.
Q.4 Return on Equity (ROE) of Max Financial Services Ltd?
Max Financial Services Ltd Return on equity is 8.9% for FY-2025, which is below its 5-year historical median of 10.7%, indicating the business is making worse use of its shareholders capital.
Q.5 Cash conversion cycle of Max Financial Services Ltd?
Max Financial Services Ltd Cash conversion cycle is -6 days, above its 5-year historical median of -7 days, indicating deteriorated working capital management. However, you need to compare this with its peers in the industry.
Current Level 5-year
Historic Median
Asset Turnover 0.26 0.29
ROE 8.9 10.7
ROCE 10.3 12.1
Cash Conversion Cycle -6 days -7 days
Q.6 Gross Profit margin of Max Financial Services Ltd?
Max Financial Services Ltd Gross profit margin which is the profit after deduction of direct costs, is 1.5% for FY-2025, which is below its 5-year median of 1.8%, indicating decreasing margins.
Q.7 Operating Profit Margin of Max Financial Services Ltd?
Max Financial Services Ltd Operating Profit Margin which is the profit after deduction of all operating costs, is 1.77% for FY-2025, which is below its 5-year median of 2.71% indicating decreasing margins.
Q.8 Net Profit Margin of Max Financial Services Ltd?
Max Financial Services Ltd Net Profit Margin is 0.88% for FY-2025, is below with its 5-year median of 1.02%, indicating decreasing margins.
Current Level 5-year
Historic Median
Gross Profit Margin 1.5 1.8
Operating Profit Margin 1.77 2.71
Net Profit Margin 0.88 1.02
Q.9 Debt to Equity ratio of Max Financial Services Ltd?
Max Financial Services Ltd Debt-to-Equity ratio is 0.20, which is above with the industry average of 0.14, indicating higher debt levels in the industry.
Q.10 Debt to cash flow from operations of Max Financial Services Ltd?
Max Financial Services Ltd Debt to cash flow from operations is 0.12, which is at a healthy level.

Ownership & governance

Q.1 Promoter shareholding and pledge status of Max Financial Services Ltd?
Promoters hold 1.25% of the Max Financial Services Ltd, with 42.07% of their stake pledged, indicating high pledge risk.

Peer comparison (industry-wise, mcap)

Q.1 Revenue growth of Max Financial Services Ltd vs industry peers?
Max Financial Services Ltd revenue CAGR is 20.60%, compared to the industry median CAGR of 20.60%, indicating slower growth and losing its market share.
Profit Metrics
Current Level 5-year
Industry Median
Revenue Growth -0.2 20.6
Gross Profit Growth 9.4 2.6
Operating Profit Growth 11.6 4.2
Net Profit Growth 3.3 8.3
Operating Efficiency
Current Level 5-year
Industry Median
Asset Turnover 0.26 0.29
ROE 8.9 10.7
ROCE 10.3 12.1
Cash Conversion Cycle (days) -5.8 -7

Valuation & price assessment

Q.1 Stock return of Max Financial Services Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 15.6% based on the current price.
Q.2 What return has the stock given over the last decade?
9Y 5Y 3Y 1Y
Share Price
CAGR		 15.6% 12.1% 34.7% 21.8%
Q.3 Valuation ratios of Max Financial Services Ltd vs historical?
The current P/E is higher that its historical median.
Q.4 How do the current valuation ratios compare with 5-year historical median and industry numbers?
Valuation Ratios Current 5-year
Historic Median		 5-year
Industry Median
Price to Earnings 386.51 107.41 40.60
Price to Book 10.24 8.90 4.06
Price to Sales 80.87 81.32 9.29
EV to EBITDA 195.93 71.93 25.96

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