Max Financial Services Balance Sheet

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2026	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Mar '25 Mar 31, 2025	Mar '24 Mar 31, 2024	Mar '23 Mar 31, 2023	Mar '22 Mar 31, 2022
Other Investments	97,156	91,883	58,768	54,878	60,509
Total Investments	97,156	92,706	59,606	55,732	61,378
Cash & Equivalents	21,372	10,706	8,573	11,204	5,689
Reinsurance Recoverable	-	1,250	1,219	1,768	-
Other Receivables	99.5	1,259	1,544	1,064	0.4
Separate Account Assets	1,858,270	1,786,402	1,548,511	1,240,935	1,102,461
Property, Plant & Equipment	12	24.09	29.06	38.49	43.11
Goodwill	5,253	5,253	5,253	5,253	5,253
Other Current Assets	-	2,278	2,896	2,118	2,648
Long-Term Deferred Tax Assets	287.1	-	20.23	38.57	12.99
Long-Term Deferred Charges	-	107.5	83.48	84.24	-
Other Long-Term Assets	6,907	2.09	0.17	3.24	0.4
Total Assets	1,989,356	1,899,987	1,627,735	1,318,238	1,177,486
Accounts Payable	25,953	18,395	14,850	17,095	14,147
Accrued Expenses	-	480.04	408.19	322.85	1,667
Insurance & Annuity Liabilities	1,856,720	1,776,696	1,536,949	1,229,417	1,081,903
Unpaid Claims	-	9,430	8,649	9,044	8,625
Unearned Premiums	-	4,726	3,448	3,353	3,779
Current Portion of Leases	-	694.37	589.1	549.5	533.19
Current Income Taxes Payable	70.7	27.91	-	-	-
Long-Term Debt	18,584	10,255	5,207	5,207	5,206
Long-Term Leases	2.5	3,423	2,566	2,456	1,941
Long-Term Deferred Tax Liabilities	-	111.9	58.77	0.14	38.18
Other Current Liabilities	-	6,835	3,392	2,296	2,518
Other Long-Term Liabilities	23,826	4,744	7,835	8,744	12,193
Total Liabilities	1,925,156	1,835,955	1,584,039	1,278,553	1,132,636
Common Stock	686.6	686.89	687.25	687.22	690.23
Additional Paid-In Capital	-	46,805	46,805	46,805	46,805
Retained Earnings	-	5,528	-8,278	-11,588	-8,571
Treasury Stock	-	-1,411	-1,196	-1,216	-
Comprehensive Income & Other	52,131	1,136	641.45	494.82	422.18
Total Common Equity	52,818	52,745	38,659	35,182	39,346
Minority Interest	11,382	11,287	5,036	4,503	5,503
Shareholders' Equity	64,200	64,032	43,695	39,685	44,849
Total Liabilities & Equity	1,989,356	1,899,987	1,627,735	1,318,238	1,177,486
Filing Date Shares Outstanding	346.05	343.45	343.63	343.61	345.11
Total Common Shares Outstanding	346.05	343.45	343.63	343.61	345.11
Total Debt	18,587	14,372	8,362	8,212	7,680
Net Cash (Debt)	2,785	-3,667	210.91	2,992	-1,991
Net Cash Growth	-	-	-92.95%	-	-
Net Cash Per Share	8.13	-10.68	0.61	8.67	-5.77
Book Value Per Share	152.63	153.58	112.50	102.39	114.01
Tangible Book Value	47,565	47,493	33,407	29,930	34,094
Tangible Book Value Per Share	137.45	138.28	97.22	87.10	98.79
Buildings	-	2.91	2.91	2.91	2.91
Machinery	-	43.97	43.45	47.65	47.87
Leasehold Improvements	-	-	-	11.8	11.8

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.