Max Financial Services Limited (BOM:500271)

Max Financial Services Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Other Investments	108,933	97,423	91,883	58,768	54,878	60,509
Total Investments	108,933	98,231	92,706	59,606	55,732	61,378
Cash & Equivalents	5,152	21,371	10,706	8,573	11,204	5,689
Reinsurance Recoverable	-	1,109	1,250	1,219	1,768	-
Other Receivables	78	1,205	2,179	1,544	1,064	0.4
Separate Account Assets	2,000,691	1,858,270	1,786,102	1,548,511	1,240,935	1,102,461
Property, Plant & Equipment	10	11.99	24.09	29.06	38.49	43.11
Goodwill	5,253	5,253	5,253	5,253	5,253	5,253
Other Current Assets	-	2,283	2,297	2,896	2,118	2,648
Long-Term Deferred Tax Assets	274.1	287.1	-	20.23	38.57	12.99
Long-Term Deferred Charges	-	81.1	107.5	83.48	84.24	-
Other Long-Term Assets	6,791	1,253	1,172	0.17	3.24	0.4
Total Assets	2,127,181	1,989,356	1,901,796	1,627,735	1,318,238	1,177,486

Liabilities

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Accounts Payable	21,840	26,151	18,395	14,850	17,095	14,147
Accrued Expenses	-	750.19	480.04	408.19	322.85	1,667
Insurance & Annuity Liabilities	1,994,623	1,834,696	1,776,383	1,536,949	1,229,417	1,081,903
Unpaid Claims	-	11,845	9,430	8,649	9,044	8,625
Unearned Premiums	-	4,319	4,726	3,448	3,353	3,779
Current Portion of Leases	-	722.41	694.37	589.1	549.5	533.19
Current Income Taxes Payable	95.1	70.7	47.58	-	-	-
Long-Term Debt	20,134	18,584	10,255	5,207	5,207	5,206
Long-Term Leases	0.8	4,096	3,432	2,566	2,456	1,941
Long-Term Deferred Tax Liabilities	-	-	111.9	58.77	0.14	38.18
Other Current Liabilities	-	13,459	6,835	3,392	2,296	2,518
Other Long-Term Liabilities	20,131	9,638	6,839	7,835	8,744	12,193
Total Liabilities	2,056,823	1,925,156	1,837,764	1,584,039	1,278,553	1,132,636

Shareholders' Equity

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Common Stock	686.8	686.6	686.89	687.25	687.22	690.23
Additional Paid-In Capital	-	46,805	46,805	46,805	46,805	46,805
Retained Earnings	-	5,997	5,528	-8,278	-11,588	-8,571
Treasury Stock	-	-1,762	-1,411	-1,196	-1,216	-
Comprehensive Income & Other	56,495	1,091	1,136	641.45	494.82	422.18
Total Common Equity	57,182	52,818	52,745	38,659	35,182	39,346
Minority Interest	13,176	11,382	11,287	5,036	4,503	5,503
Shareholders' Equity	70,358	64,200	64,032	43,695	39,685	44,849
Total Liabilities & Equity	2,127,181	1,989,356	1,901,796	1,627,735	1,318,238	1,177,486

Additional Metrics

Fiscal Year	TTM	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Sep 30, 2026	Mar 31, 2026	Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022
Filing Date Shares Outstanding	343	343.3	343.45	343.63	343.61	345.11
Total Common Shares Outstanding	343	343.3	343.45	343.63	343.61	345.11
Total Debt	20,135	23,403	14,381	8,362	8,212	7,680
Net Cash (Debt)	-14,983	-2,031	-3,675	210.91	2,992	-1,991
Net Cash Growth	-	-	-	-92.95%	-	-
Net Cash Per Share	-43.70	-5.92	-10.70	0.61	8.67	-5.77
Book Value Per Share	166.71	153.85	153.58	112.50	102.39	114.01
Tangible Book Value	51,929	47,565	47,493	33,407	29,930	34,094
Tangible Book Value Per Share	151.39	138.55	138.28	97.22	87.10	98.79
Buildings	-	-	2.91	2.91	2.91	2.91
Machinery	-	20.84	43.97	43.45	47.65	47.87
Leasehold Improvements	-	-	-	-	11.8	11.8

Data Source: S&P Global Market Intelligence Last updated: Sep 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Oct 29, 2026

Data Sources Report a data error