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 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
Net Income	839.7	3,272	3,401	3,785	2,534
Depreciation & Amortization	3,347	1,371	1,254	1,182	1,016
Other Amortization	-	1,004	873.97	595.75	786.03
Gain (Loss) on Sale of Assets	-45.5	-11.59	-9.31	-69.98	4.98
Gain (Loss) on Sale of Investments	-9.5	-14.64	-70.6	-8.45	-19.98
Stock-Based Compensation	202.5	116.7	33.85	41.8	1.8
Change in Accounts Receivable	-1,557	-1,679	-2,412	-235.68	-650.55
Change in Accounts Payable	7,517	3,564	-1,930	3,068	2,275
Change in Insurance Reserves / Liabilities	-6,306	-1,313	166.6	3,608	-3,028
Change in Other Net Operating Assets	1,723	3,941	388.07	1,947	1,547
Other Operating Activities	81,080	121,284	183,264	86,006	116,221
Operating Cash Flow	114,727	83,518	61,044	99,223	84,959
Operating Cash Flow Growth	37.37%	36.82%	-38.48%	16.79%	23.27%
Capital Expenditures	-2,444	-2,181	-2,228	-1,739	-1,280
Sale of Property, Plant & Equipment	64	21.58	17.82	21.09	9.43
Cash Acquisitions	-	-	-	-8,427	-
Investment in Securities	-208,523	-183,876	-124,274	-169,405	-146,130
Other Investing Activities	101,423	90,724	77,860	65,133	54,838
Investing Cash Flow	-111,246	-97,033	-50,013	-115,551	-88,354
Long-Term Debt Issued	7,991	4,993	-	-	4,960
Total Debt Repaid	-1,150	-909.32	-817.33	-736.96	-750.1
Net Debt Issued (Repaid)	6,841	4,083	-817.33	-736.96	4,210
Issuance of Common Stock	186.6	191.54	74.92	-	9.71
Repurchases of Common Stock	-539.1	-406.38	-54.39	-1,219	-
Other Financing Activities	-821.8	15,746	-373.06	-372	-339.9
Financing Cash Flow	5,667	19,614	-1,170	-2,328	3,880
Net Cash Flow	9,148	6,099	9,861	-18,655	484.55
Free Cash Flow	112,283	81,337	58,815	97,484	83,679
Free Cash Flow Growth	38.05%	38.29%	-39.67%	16.50%	22.89%
Free Cash Flow Margin	23.54%	17.49%	12.62%	31.02%	26.83%
Free Cash Flow Per Share	327.97	236.84	171.19	282.47	242.45
Cash Income Tax Paid	-	62.17	127.6	951.17	701.68
Levered Free Cash Flow	-7,531	13,238	669.25	2,479	9,483
Unlevered Free Cash Flow	-6,832	13,877	1,251	2,836	9,758
Change in Working Capital	1,378	4,512	-3,788	8,387	143.18

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