Max Financial Services Balance Sheet

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
Other Investments	-	91,883	58,768	54,878	60,509	40,631
Total Investments	-	92,706	59,606	55,732	61,378	41,566
Cash & Equivalents	-	10,706	8,573	11,204	5,689	5,072
Reinsurance Recoverable	-	1,250	1,219	1,768	-	-
Other Receivables	-	1,259	1,544	1,064	0.4	26.15
Separate Account Assets	-	1,786,402	1,548,511	1,240,935	1,102,461	927,445
Property, Plant & Equipment	-	24.09	29.06	38.49	43.11	251.21
Goodwill	-	5,253	5,253	5,253	5,253	5,253
Other Current Assets	-	2,278	2,896	2,118	2,648	954.64
Long-Term Deferred Tax Assets	-	-	20.23	38.57	12.99	88.43
Long-Term Deferred Charges	-	107.5	83.48	84.24	-	-
Other Long-Term Assets	-	2.09	0.17	3.24	0.4	-
Total Assets	-	1,899,987	1,627,735	1,318,238	1,177,486	980,656
Accounts Payable	-	18,395	14,850	17,095	14,147	11,693
Accrued Expenses	-	480.04	408.19	322.85	1,667	1,576
Insurance & Annuity Liabilities	-	1,776,696	1,536,949	1,229,417	1,081,903	896,385
Unpaid Claims	-	9,430	8,649	9,044	8,625	4,770
Unearned Premiums	-	4,726	3,448	3,353	3,779	4,002
Current Portion of Leases	-	694.37	589.1	549.5	533.19	524.32
Current Income Taxes Payable	-	27.91	-	-	-	10.94
Long-Term Debt	-	10,255	5,207	5,207	5,206	-
Long-Term Leases	-	3,423	2,566	2,456	1,941	2,260
Long-Term Deferred Tax Liabilities	-	111.9	58.77	0.14	38.18	566.97
Other Current Liabilities	-	6,835	3,392	2,296	2,518	805.32
Other Long-Term Liabilities	-	4,744	7,835	8,744	12,193	21,897
Total Liabilities	-	1,835,955	1,584,039	1,278,553	1,132,636	944,606
Common Stock	-	686.89	687.25	687.22	690.23	690.18
Additional Paid-In Capital	-	46,805	46,805	46,805	46,805	46,791
Retained Earnings	-	5,528	-8,278	-11,588	-8,571	-14,483
Treasury Stock	-	-1,411	-1,196	-1,216	-	-
Comprehensive Income & Other	-	1,136	641.45	494.82	422.18	431.69
Total Common Equity	-	52,745	38,659	35,182	39,346	33,430
Minority Interest	-	11,287	5,036	4,503	5,503	2,621
Shareholders' Equity	-	64,032	43,695	39,685	44,849	36,050
Total Liabilities & Equity	-	1,899,987	1,627,735	1,318,238	1,177,486	980,656
Filing Date Shares Outstanding	341.59	343.45	343.63	343.61	345.11	345.09
Total Common Shares Outstanding	341.59	343.45	343.63	343.61	345.11	345.09
Total Debt	-	14,372	8,362	8,212	7,680	2,784
Net Cash (Debt)	-	-3,667	210.91	2,992	-1,991	2,288
Net Cash Growth	-	-	-92.95%	-	-	78.39%
Net Cash Per Share	-	-10.68	0.61	8.67	-5.77	7.80
Book Value Per Share	-	153.58	112.50	102.39	114.01	96.87
Tangible Book Value	-	47,493	33,407	29,930	34,094	28,177
Tangible Book Value Per Share	-	138.28	97.22	87.10	98.79	81.65
Buildings	-	2.91	2.91	2.91	2.91	264.08
Machinery	-	43.97	43.45	47.65	47.87	50.68
Leasehold Improvements	-	-	-	11.8	11.8	11.8

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