Max Financial Services Cash Flow Statement

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

Millions INR. Fiscal year is Apr - Mar.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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
Net Income	3,272	3,401	3,785	2,534	4,254
Depreciation & Amortization	1,371	1,254	1,182	1,016	997.36
Other Amortization	1,004	873.97	595.75	786.03	619.24
Gain (Loss) on Sale of Assets	-11.59	-9.31	-69.98	4.98	2.11
Gain (Loss) on Sale of Investments	-14.64	-70.6	-8.45	-19.98	-827.32
Stock-Based Compensation	116.7	33.85	41.8	1.8	16.65
Change in Accounts Receivable	-1,679	-2,412	-235.68	-650.55	2,122
Change in Accounts Payable	3,564	-1,930	3,068	2,275	4,037
Change in Insurance Reserves / Liabilities	-1,313	166.6	3,608	-3,028	1,253
Change in Other Net Operating Assets	3,941	388.07	1,947	1,547	2,022
Other Operating Activities	121,284	183,264	86,006	116,221	147,618
Operating Cash Flow	83,518	61,044	99,223	84,959	68,922
Operating Cash Flow Growth	36.82%	-38.48%	16.79%	23.27%	26.42%
Capital Expenditures	-2,181	-2,228	-1,739	-1,280	-829.6
Sale of Property, Plant & Equipment	21.58	17.82	21.09	9.43	9.34
Cash Acquisitions	-	-	-8,427	-	-2,352
Investment in Securities	-183,876	-124,274	-169,405	-146,130	-109,883
Other Investing Activities	90,724	77,860	65,133	54,838	46,848
Investing Cash Flow	-97,033	-50,013	-115,551	-88,354	-68,515
Long-Term Debt Issued	4,993	-	-	4,960	-
Total Debt Repaid	-909.32	-817.33	-736.96	-750.1	-783.95
Net Debt Issued (Repaid)	4,083	-817.33	-736.96	4,210	-783.95
Issuance of Common Stock	191.54	74.92	-	9.71	0.25
Repurchases of Common Stock	-406.38	-54.39	-1,219	-	-
Other Financing Activities	15,746	-373.06	-372	-339.9	-137.76
Financing Cash Flow	19,614	-1,170	-2,328	3,880	-921.46
Net Cash Flow	6,099	9,861	-18,655	484.55	-514.34
Free Cash Flow	81,337	58,815	97,484	83,679	68,093
Free Cash Flow Growth	38.29%	-39.67%	16.50%	22.89%	27.79%
Free Cash Flow Margin	17.49%	12.62%	31.02%	26.83%	21.75%
Free Cash Flow Per Share	236.84	171.19	282.47	242.45	232.19
Cash Income Tax Paid	62.17	127.6	951.17	701.68	1,376
Levered Free Cash Flow	13,238	669.25	2,479	9,483	9,055
Unlevered Free Cash Flow	13,877	1,251	2,836	9,758	9,190
Change in Working Capital	4,512	-3,788	8,387	143.18	9,434

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