Max Financial Services Income Statement

Financials in millions INR. Fiscal year is April - March.

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022	Mar '21 Mar 31, 2021
Premiums & Annuity Revenue	362,264	325,486	289,343	248,154	219,398	186,954
Total Interest & Dividend Income	98,768	90,682	77,825	65,142	54,832	46,865
Gain (Loss) on Sale of Investments	23,461	47,213	123,104	391.59	34,789	92,656
Non-Insurance Activities Revenue	1.2	5	50	43.38	46.38	56.26
Other Revenue	8,359	1,570	-24,197	505.22	2,795	-13,389
Total Revenue	492,853	464,955	466,125	314,237	311,860	313,142
Revenue Growth (YoY)	-6.01%	-0.25%	48.34%	0.76%	-0.41%	71.96%
Policy Benefits	393,709	378,538	393,072	248,575	260,969	261,697
Policy Acquisition & Underwriting Costs	38,802	31,450	23,985	16,141	14,030	12,272
Depreciation & Amortization	2,967	2,375	2,128	1,778	1,802	1,617
Selling, General & Administrative	24,108	16,985	15,635	14,078	12,960	11,391
Provision for Bad Debts	36.4	36.4	2	88.75	18.13	40.15
Other Operating Expenses	3,397	3,629	2,483	7,186	648.3	2,979
Total Operating Expenses	489,576	459,449	461,043	308,466	307,172	306,814
Operating Income	3,277	5,507	5,083	5,771	4,688	6,328
Interest Expense	-1,483	-1,022	-931.29	-572.36	-439.36	-216.21
Currency Exchange Gain (Loss)	-	-	-	-	-	-0.79
Other Non Operating Income (Expenses)	4.2	4.1	0.1	-	-225.15	-187.99
EBT Excluding Unusual Items	1,798	4,489	4,151	5,198	4,024	5,923
Gain (Loss) on Sale of Assets	11.59	11.59	9.32	69.98	-4.98	-2.11
Asset Writedown	8.3	-	-	-	-	-
Other Unusual Items	0.96	0.96	0.28	3.7	-132.39	7.83
Pretax Income	1,819	4,501	4,161	5,272	3,887	5,929
Income Tax Expense	40.59	433.59	225.62	753.13	702.54	331.42
Earnings From Continuing Ops.	1,779	4,068	3,935	4,519	3,184	5,598
Earnings From Discontinued Ops.	-24.98	-33.58	-9.41	-	-	-
Net Income to Company	1,754	4,034	3,926	4,519	3,184	5,598
Minority Interest in Earnings	-337.29	-761.69	-524.98	-734.08	-650.35	-1,344
Net Income	1,416	3,272	3,401	3,785	2,534	4,254
Net Income to Common	1,416	3,272	3,401	3,785	2,534	4,254
Net Income Growth	-58.87%	-3.79%	-10.14%	49.38%	-40.44%	193.39%
Shares Outstanding (Basic)	342	343	344	345	345	293
Shares Outstanding (Diluted)	342	343	344	345	345	293
Shares Change (YoY)	-0.86%	-0.04%	-0.45%	-0.01%	17.69%	8.79%
EPS (Basic)	4.14	9.53	9.90	10.97	7.34	14.51
EPS (Diluted)	4.14	9.53	9.90	10.97	7.34	14.51
EPS Growth	-58.51%	-3.75%	-9.74%	49.41%	-49.41%	169.70%
Free Cash Flow	-	81,337	58,815	97,484	83,679	68,093
Free Cash Flow Per Share	-	236.84	171.19	282.47	242.45	232.19
Operating Margin	0.66%	1.18%	1.09%	1.84%	1.50%	2.02%
Profit Margin	0.29%	0.70%	0.73%	1.20%	0.81%	1.36%
Free Cash Flow Margin	-	17.49%	12.62%	31.02%	26.83%	21.75%
EBITDA	3,911	6,112	5,650	6,285	5,103	6,677
EBITDA Margin	0.79%	1.31%	1.21%	2.00%	1.64%	2.13%
D&A For EBITDA	633.44	605.28	567.72	514.21	414.76	348.74
EBIT	3,277	5,507	5,083	5,771	4,688	6,328
EBIT Margin	0.66%	1.18%	1.09%	1.84%	1.50%	2.02%
Effective Tax Rate	2.23%	9.63%	5.42%	14.29%	18.08%	5.59%
Revenue as Reported	464,972	464,972	466,135	314,311	311,876	312,880

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.