Max Financial Services Limited (BOM:500271)

Max Financial Services Income Statement

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

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
Premiums & Annuity Revenue	404,266	380,073	325,486	289,343	248,154	219,398
Total Interest & Dividend Income	106,432	100,722	90,682	77,825	65,142	54,832
Gain (Loss) on Sale of Investments	-8,866	-27,787	47,203	123,104	391.59	34,789
Non-Insurance Activities Revenue	-	-	5	50	43.38	46.38
Other Revenue	14,666	23,907	1,570	-24,197	505.22	2,795
Total Revenue	516,498	476,915	464,946	466,125	314,237	311,860
Revenue Growth	17.54%	2.57%	-0.25%	48.34%	0.76%	-0.41%
Policy Benefits	412,744	377,251	378,538	393,072	248,575	260,969
Policy Acquisition & Underwriting Costs	43,776	40,850	31,450	23,985	16,141	14,030
Depreciation & Amortization	3,465	3,346	2,375	2,128	1,778	1,802
Selling, General & Administrative	17,166	17,715	16,985	15,635	14,078	12,960
Provision for Bad Debts	41	41	36.4	2	88.75	18.13
Other Operating Expenses	3,927	3,990	3,620	2,483	7,186	648.3
Total Operating Expenses	511,987	474,063	459,439	461,043	308,466	307,172
Operating Income	4,511	2,852	5,507	5,083	5,771	4,688
Interest Expense	-1,973	-1,703	-1,022	-931.29	-572.36	-439.36
Other Non Operating Income (Expenses)	0.9	0.9	4.1	0.1	-	-225.15
EBT Excluding Unusual Items	2,539	1,150	4,489	4,151	5,198	4,024
Gain (Loss) on Sale of Assets	47.5	47.5	11.59	9.32	69.98	-4.98
Other Unusual Items	0.01	0.01	0.96	0.28	3.7	-132.39
Pretax Income	2,587	1,198	4,501	4,161	5,272	3,887
Income Tax Expense	285.4	153.3	433.59	225.62	753.13	702.54
Earnings From Continuing Ops.	2,302	1,045	4,068	3,935	4,519	3,184
Earnings From Discontinued Ops.	16.88	11.18	-33.58	-9.41	-	-
Net Income to Company	2,318	1,056	4,034	3,926	4,519	3,184
Minority Interest in Earnings	-461.37	-215.87	-761.69	-524.98	-734.08	-650.35
Net Income	1,857	839.9	3,272	3,401	3,785	2,534
Net Income to Common	1,857	839.9	3,272	3,401	3,785	2,534
Net Income Growth	15.25%	-74.33%	-3.79%	-10.14%	49.38%	-40.44%
Shares Outstanding (Basic)	343	343	343	344	345	345
Shares Outstanding (Diluted)	343	343	343	344	345	345
Shares Change	0.01%	-0.07%	-0.04%	-0.45%	-0.01%	17.69%
EPS (Basic)	5.42	2.45	9.53	9.90	10.97	7.34
EPS (Diluted)	5.42	2.45	9.53	9.90	10.97	7.34
EPS Growth	15.24%	-74.31%	-3.75%	-9.74%	49.41%	-49.41%

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
Free Cash Flow	126,404	112,283	81,335	58,815	97,484	83,679
Free Cash Flow Per Share	368.71	327.18	236.83	171.19	282.47	242.45
Operating Margin	0.87%	0.60%	1.18%	1.09%	1.84%	1.50%
Profit Margin	0.36%	0.18%	0.70%	0.73%	1.20%	0.81%
Free Cash Flow Margin	24.47%	23.54%	17.49%	12.62%	31.02%	26.83%
EBITDA	5,288	3,511	6,112	5,650	6,285	5,103
EBITDA Margin	1.02%	0.74%	1.31%	1.21%	2.00%	1.64%
D&A For EBITDA	776.76	658.66	605.28	567.72	514.21	414.76
EBIT	4,511	2,852	5,507	5,083	5,771	4,688
EBIT Margin	0.87%	0.60%	1.18%	1.09%	1.84%	1.50%
Effective Tax Rate	11.03%	12.80%	9.63%	5.42%	14.29%	18.08%
Revenue as Reported	476,964	476,964	464,972	466,135	314,311	311,876

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