Max Financial Services Limited (BOM:500271)

Max Financial Services Cash Flow Statement

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

Operating Activities

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
Net Income	1,857	839.9	3,272	3,401	3,785	2,534
Depreciation & Amortization	1,703	1,585	1,371	1,254	1,182	1,016
Other Amortization	1,762	1,762	1,004	873.97	595.75	786.03
Gain (Loss) on Sale of Assets	-51.51	-45.51	-11.59	-9.31	-69.98	4.98
Gain (Loss) on Sale of Investments	12.57	-9.53	-14.64	-70.6	-8.45	-19.98
Stock-Based Compensation	221.6	202.5	116.7	33.85	41.8	1.8
Change in Accounts Receivable	-935.2	-1,557	-1,679	-2,412	-235.68	-650.55
Change in Accounts Payable	5,146	7,517	3,564	-1,930	3,068	2,275
Change in Insurance Reserves / Liabilities	-4,739	-6,306	-1,313	166.6	3,608	-3,028
Change in Other Net Operating Assets	2,938	1,723	3,939	388.07	1,947	1,547
Other Operating Activities	111,755	81,080	121,284	183,264	86,006	116,221
Operating Cash Flow	128,811	114,727	83,516	61,044	99,223	84,959
Operating Cash Flow Growth	19.52%	37.37%	36.81%	-38.48%	16.79%	23.27%

Investing Activities

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
Capital Expenditures	-2,407	-2,444	-2,181	-2,228	-1,739	-1,280
Sale of Property, Plant & Equipment	63.31	64.01	21.58	17.82	21.09	9.43
Cash Acquisitions	-	-	-	-	-8,427	-
Investment in Securities	-222,226	-208,522	-183,871	-124,274	-169,405	-146,130
Other Investing Activities	107,116	101,423	90,721	77,860	65,133	54,838
Investing Cash Flow	-119,490	-111,246	-97,031	-50,013	-115,551	-88,354

Financing Activities

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
Long-Term Debt Issued	-	7,991	4,993	-	-	4,960
Total Debt Repaid	-6,189	-1,150	-909.32	-817.33	-736.96	-750.1
Lease Payments	-1,229	-1,150	-909.32	-817.33	-736.96	-750.1
Net Debt Issued (Repaid)	661.54	6,841	4,083	-817.33	-736.96	4,210
Issuance of Common Stock	232.33	186.63	191.54	74.92	-	9.71
Repurchases of Common Stock	-0.02	-539.12	-406.38	-54.39	-1,219	-
Other Financing Activities	2,348	-821.83	15,746	-373.06	-372	-339.9
Financing Cash Flow	3,242	5,667	19,614	-1,170	-2,328	3,880

Net Cash Flow

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
Net Cash Flow	12,562	9,148	6,099	9,861	-18,655	484.55

Free Cash Flow

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
Free Cash Flow	126,404	112,283	81,335	58,815	97,484	83,679
Free Cash Flow Growth	20.13%	38.05%	38.29%	-39.67%	16.50%	22.89%
Free Cash Flow Margin	24.47%	23.54%	17.49%	12.62%	31.02%	26.83%
Free Cash Flow Per Share	368.71	327.18	236.83	171.19	282.47	242.45
Levered Free Cash Flow	2,138	19,633	12,212	669.25	2,479	9,483
Unlevered Free Cash Flow	3,371	20,697	12,851	1,251	2,836	9,758
Free Cash Flow After Leases	125,175	111,133	80,426	57,998	96,747	82,928

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
Cash Income Tax Paid	417.09	417.09	62.17	127.6	951.17	701.68
Change in Working Capital	2,410	1,378	4,510	-3,788	8,387	143.18

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 28, 2026

Data Sources Report a data error