Announcement • Jun 25
Max Financial Services Limited to Report Q1, 2027 Results on Aug 13, 2026 Max Financial Services Limited announced that they will report Q1, 2027 results on Aug 13, 2026 Reported Earnings • May 14
Full year 2026 earnings: EPS and revenues miss analyst expectations Full year 2026 results: EPS: ₹2.42 (down from ₹9.63 in FY 2025). Revenue: ₹477.0b (up 2.6% from FY 2025). Net income: ₹828.5m (down 75% from FY 2025). Profit margin: 0.2% (down from 0.7% in FY 2025). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 79%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has increased by 34% per year, which means it is well ahead of earnings. Announcement • Mar 27
Max Financial Services Limited to Report Fiscal Year 2026 Results on May 12, 2026 Max Financial Services Limited announced that they will report fiscal year 2026 results on May 12, 2026 Price Target Changed • Feb 14
Price target increased by 8.0% to ₹2,081 Up from ₹1,928, the current price target is an average from 25 analysts. New target price is 14% above last closing price of ₹1,826. Stock is up 72% over the past year. The company is forecast to post earnings per share of ₹11.18 for next year compared to ₹9.63 last year. New Risk • Feb 12
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.3% Last year net profit margin: 0.5% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Announcement • Dec 26
Max Financial Services Limited to Report Q3, 2026 Results on Feb 11, 2026 Max Financial Services Limited announced that they will report Q3, 2026 results on Feb 11, 2026 Announcement • Nov 12
Max Financial Services Limited Maintains Earnings Guidance for 2026 Max Financial Services Limited maintained earnings guidance for 2026. The company maintained earlier sales and margin guidance. Announcement • Sep 26
Max Financial Services Limited to Report Q2, 2026 Results on Nov 11, 2025 Max Financial Services Limited announced that they will report Q2, 2026 results at 12:08 PM, Indian Standard Time on Nov 11, 2025 Announcement • Aug 12
Max Financial Services Limited, Annual General Meeting, Sep 18, 2025 Max Financial Services Limited, Annual General Meeting, Sep 18, 2025, at 15:00 Indian Standard Time. Reported Earnings • Aug 08
First quarter 2026 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2026 results: EPS: ₹2.04 (down from ₹3.69 in 1Q 2025). Revenue: ₹128.2b (up 8.7% from 1Q 2025). Net income: ₹701.7m (down 45% from 1Q 2025). Profit margin: 0.5% (down from 1.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 30%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 25% per year, which means it is well ahead of earnings. Announcement • Jun 26
Max Financial Services Limited to Report Q1, 2026 Results on Aug 07, 2025 Max Financial Services Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Price Target Changed • May 15
Price target increased by 7.4% to ₹1,493 Up from ₹1,389, the current price target is an average from 18 analysts. New target price is 9.8% above last closing price of ₹1,360. Stock is up 36% over the past year. The company is forecast to post earnings per share of ₹11.99 for next year compared to ₹9.61 last year. Reported Earnings • May 14
Full year 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2025 results: EPS: ₹9.61 (down from ₹9.86 in FY 2024). Revenue: ₹465.0b (flat on FY 2024). Net income: ₹3.31b (down 2.8% from FY 2024). Profit margin: 0.7% (in line with FY 2024). Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 25
Max Financial Services Limited to Report Fiscal Year 2025 Results on May 13, 2025 Max Financial Services Limited announced that they will report fiscal year 2025 results on May 13, 2025 Reported Earnings • Feb 05
Third quarter 2025 earnings released: EPS: ₹1.62 (vs ₹4.30 in 3Q 2024) Third quarter 2025 results: EPS: ₹1.62 (down from ₹4.30 in 3Q 2024). Revenue: ₹89.3b (down 28% from 3Q 2024). Net income: ₹560.4m (down 62% from 3Q 2024). Profit margin: 0.6% (down from 1.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 9.6% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 8% per year and the company’s share price has also increased by 8% per year. Announcement • Jan 03
Max Financial Services Limited Announces Retirement of Dinesh Kumar Mittal as Independent Director Max Financial Services Limited announced that Mr. Dinesh Kumar Mittal (DIN: 00040000), who served as an Independent Director on the Board of the Company, has retired upon completion of his term at the close of business hours on December 31, 2024. Announcement • Dec 26
Max Financial Services Limited to Report Q3, 2025 Results on Feb 04, 2025 Max Financial Services Limited announced that they will report Q3, 2025 results on Feb 04, 2025 Announcement • Dec 15
Max Financial Services Limited Approves Appointment of Ms. Malini Thadani as Independent Director Max Financial Services Limited approved the appointment of Ms. Malini Thadani as an Independent Director of the Company. Price Target Changed • Oct 24
Price target increased by 8.6% to ₹1,404 Up from ₹1,294, the current price target is an average from 17 analysts. New target price is 9.0% above last closing price of ₹1,289. Stock is up 45% over the past year. The company is forecast to post earnings per share of ₹17.90 for next year compared to ₹9.85 last year. Reported Earnings • Oct 23
Second quarter 2025 earnings released: EPS: ₹3.26 (vs ₹4.29 in 2Q 2024) Second quarter 2025 results: EPS: ₹3.26 (down from ₹4.29 in 2Q 2024). Revenue: ₹2.04b (down 98% from 2Q 2024). Net income: ₹1.13b (down 24% from 2Q 2024). Profit margin: 55% (up from 1.5% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 14% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Sep 26
Max Financial Services Limited to Report Q2, 2025 Results on Oct 22, 2024 Max Financial Services Limited announced that they will report Q2, 2025 results on Oct 22, 2024 Reported Earnings • Aug 02
Full year 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2024 results: EPS: ₹9.86 (down from ₹10.97 in FY 2023). Revenue: ₹466.2b (up 48% from FY 2023). Net income: ₹3.40b (down 10% from FY 2023). Profit margin: 0.7% (down from 1.2% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Jul 26
Max Financial Services Limited, Annual General Meeting, Aug 23, 2024 Max Financial Services Limited, Annual General Meeting, Aug 23, 2024, at 10:00 Indian Standard Time. Announcement • Jun 27
Max Financial Services Limited to Report Q1, 2025 Results on Aug 13, 2024 Max Financial Services Limited announced that they will report Q1, 2025 results on Aug 13, 2024 New Risk • May 30
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 0.7% Last year net profit margin: 1.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • May 08
Full year 2024 earnings released: EPS: ₹9.85 (vs ₹10.97 in FY 2023) Full year 2024 results: EPS: ₹9.85 (down from ₹10.97 in FY 2023). Revenue: ₹5.01b (down 98% from FY 2023). Net income: ₹3.40b (down 10% from FY 2023). Profit margin: 68% (up from 1.2% in FY 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 54% p.a. on average during the next 3 years, compared to a 7.8% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 3% per year. Board Change • Apr 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 7 experienced directors. 2 highly experienced directors. Independent Director Gauri Padmanabhan was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 07
Third quarter 2024 earnings released: EPS: ₹4.30 (vs ₹6.52 in 3Q 2023) Third quarter 2024 results: EPS: ₹4.30 (down from ₹6.52 in 3Q 2023). Revenue: ₹123.6b (up 39% from 3Q 2023). Net income: ₹1.49b (down 34% from 3Q 2023). Profit margin: 1.2% (down from 2.5% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 7% per year. Announcement • Dec 20
Max Financial Services Limited to Report Q3, 2024 Results on Feb 06, 2024 Max Financial Services Limited announced that they will report Q3, 2024 results on Feb 06, 2024 Reported Earnings • Nov 05
Second quarter 2024 earnings released: EPS: ₹4.29 (vs ₹1.49 in 2Q 2023) Second quarter 2024 results: EPS: ₹4.29 (up from ₹1.49 in 2Q 2023). Revenue: ₹101.9b (up 9.3% from 2Q 2023). Net income: ₹1.48b (up 188% from 2Q 2023). Profit margin: 1.5% (up from 0.6% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 7.7% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Sep 27
Max Financial Services Limited to Report Q2, 2024 Results on Oct 31, 2023 Max Financial Services Limited announced that they will report Q2, 2024 results on Oct 31, 2023 Price Target Changed • Aug 11
Price target increased by 7.1% to ₹1,000 Up from ₹934, the current price target is an average from 14 analysts. New target price is 20% above last closing price of ₹834. Stock is up 5.4% over the past year. The company is forecast to post earnings per share of ₹12.72 for next year compared to ₹10.97 last year. Reported Earnings • Jul 31
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ₹10.97 (up from ₹7.34 in FY 2022). Revenue: ₹314.2b (flat on FY 2022). Net income: ₹3.78b (up 49% from FY 2022). Profit margin: 1.2% (up from 0.8% in FY 2022). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 2.6%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Max Financial Services Limited, Annual General Meeting, Aug 22, 2023 Max Financial Services Limited, Annual General Meeting, Aug 22, 2023, at 10:00 Indian Standard Time. Reported Earnings • May 13
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: ₹10.97 (up from ₹7.34 in FY 2022). Revenue: ₹314.3b (flat on FY 2022). Net income: ₹3.78b (up 49% from FY 2022). Profit margin: 1.2% (up from 0.8% in FY 2022). Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) also missed analyst estimates by 6.1%. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 13
Max Financial Services Limited Announces Board Changes Max Financial Services Limited announced that the resignation of Mr. V Krishnan as the Company Secretary & Compliance Officer and Mr. Piyush Soni is appointed as the Company Secretary and Compliance Officer of the Company, With effect from July 1, 2023. Mr. Piyush Soni has been part of the Max Life Insurance Company Ltd, the operating company of MFSL, since 2017 and has played a pivotal role since then in strengthening the Company's governance function. As the lead-secretarial function of Max Life Insurance, he has been of immense value to various stakeholders for his proactive approach and governance mindset. The Board of Directors of Max Financial Services Limited has appointed Mr. Piyush Soni as the Company Secretary & Compliance Officer effective July 1, 2023. He was at the helm in setting up the pension fund business of Max Life. In his current role, Piyush is managing the Board Governance and regulatory related matters both in Max Life Insurance and Max Life PFM under leadership's direction. He is also the designated Company Secretary and Legal SPOC for Max Life Pension Fund Management Limited and has been building and strengthening governance practices around. Piyush played a very active role during the negotiations and interactions with the counsels, and while seeking all requisite regulatory approvals during the Axis Bank deal. Prior to Max Life, he has worked with some of the renowned organizations such as Quick Heal Technologies, Pune and Sadbhav Engineering Limited, Ahmedabad and handled the Initial Public Offer of both Quick Heal and Sadbhav Infrastructure Project Limited, a Sadbhav group company. He is a commerce and Law graduate and a member of Institute of Company Secretaries of India. Price Target Changed • Feb 18
Price target decreased by 7.3% to ₹929 Down from ₹1,001, the current price target is an average from 13 analysts. New target price is 29% above last closing price of ₹720. Stock is down 15% over the past year. The company posted earnings per share of ₹7.34 last year. Reported Earnings • Feb 01
Third quarter 2023 earnings released: EPS: ₹6.52 (vs ₹2.55 in 3Q 2022) Third quarter 2023 results: EPS: ₹6.52 (up from ₹2.55 in 3Q 2022). Revenue: ₹1.11b (down 98% from 3Q 2022). Net income: ₹2.25b (up 201% from 3Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jan 24
Bain, CVC Cap Reportedly Eye Promoter Stake in Max Fin Bain Capital, LP and CVC Capital Partners Limited are among those evaluating buying the promoter stake in Max Financial Services Limited (NSEI:MFSL) (MFS) -the flagship listed company of serial entrepreneur Analjit Singh, said people in the know. “We remain engaged and invested in the company and are looking forward to its growth,” the company's promoters issued a statement following ET's queries. Bain declined to comment. CVC Capital Partners did not respond to ET' queries. Announcement • Jan 14
Mohit Talwar Retires as the Managing Director of Max Financial Services Limited on the Close of Business Hours on January 14, 2023 Max Financial Services Limited announced earlier letter(s) dated November 10, 2021 and December 24, 2021, informing Stock Exchanges about the the re-appointment of Mr. Mohit Talwar as the Managing Director of the Company for a further period of one year from January 15, 2022 to January 14, 2023 by way of special resolution. After completing an illustrious career spanning over 15 years with Max Group, Mr. Mohit Talwar retires as the Managing Director of Max Financial Services Limited ('the Company'), on the close of business hours on January 14, 2023. Announcement • Jan 12
Axis Bank Limited (BSE:532215) entered into a agreement to acquire 7% stake in Max Life Insurance Company Limited. Axis Bank Limited (BSE:532215) entered into a agreement to acquire 7% stake in Max Life Insurance Company Limited on January 9, 2023. The parties agreed that the valuation for the right to acquire the balance 7.00% equity stake of Max Life would be at fair market value using discounted cash flows instead of valuation as per Rule 11UAof the Income Tax Rules, 1962. This revision has been done consequent to the guidance received by Max Life from the Insurance Regulatory and Development Authority. Announcement • Nov 29
Max Financial Services Limited (NSEI:MFSL) agreed to acquire an additional 5.17% stake in Max Life Insurance Company Limited from Mitsui Sumitomo Insurance Co., Ltd. for INR 8.4 billion. Max Financial Services Limited (NSEI:MFSL) agreed to acquire an additional 5.17% stake in Max Life Insurance Company Limited from Mitsui Sumitomo Insurance Co., Ltd. for INR 8.4 billion on November 25, 2022. The transaction has been approved by the IRDAI and is expected to close within the next fortnight. Price Target Changed • Nov 16
Price target decreased to ₹960 Down from ₹1,038, the current price target is an average from 14 analysts. New target price is 47% above last closing price of ₹655. Stock is down 31% over the past year. The company is forecast to post earnings per share of ₹9.73 for next year compared to ₹7.34 last year. Price Target Changed • Nov 13
Price target decreased to ₹960 Down from ₹1,038, the current price target is an average from 14 analysts. New target price is 39% above last closing price of ₹690. Stock is down 29% over the past year. The company is forecast to post earnings per share of ₹9.73 for next year compared to ₹7.34 last year. Reported Earnings • Oct 21
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: ₹1.49 (up from ₹1.15 in 2Q 2022). Revenue: ₹93.2b (flat on 2Q 2022). Net income: ₹512.9m (up 29% from 2Q 2022). Profit margin: 0.6% (up from 0.4% in 2Q 2022). Revenue exceeded analyst estimates significantly. Earnings per share (EPS) missed analyst estimates by 22%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Insurance industry in India. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Oct 01
Max Financial Services Limited to Report Q2, 2023 Results on Oct 19, 2022 Max Financial Services Limited announced that they will report Q2, 2023 results at 4:00 PM, Indian Standard Time on Oct 19, 2022 Announcement • Aug 27
Max Financial Services Limited Appoints Mrs. Gauri Padmanabhan as an Independent Director Max Financial Services Limited announced that at its AGM held on August 25, 2022, shareholders approved the appointment of Mrs. Gauri Padmanabhan as an independent director of the company and to hold office for a term of 5 consecutive years with effect from August 25, 2022 up to August 24, 2027 and that she shall not be liable to retire by rotation. Ms. Gauri Padmanabhan is a Global Partner and leads the CEO & Board and Consumer Markets Practices for Heidrick & Struggles in India. She also oversees the Education Practice in South Asia. Along-tenured partner, Ms. Gauri joined Heidrick &Struggles in 2000 and over the last 18 years has played a key role in building the business in India. Working closely at the top with the leadership teams in India and the region, she has assisted them in building their leadership teams in South Asia. Her clients include large global and Indian corporations in the consumer, retail, luxury, hospitality & leisure, education and OTC sectors, Gauri has also assisted many of them build their top leadership teams during start-up /India entry. Before moving to her present position of leading the Consumer Markets Practice, Ms. Gauri set up and very successfully built the Lifesciences Practice for the company in India. During the six years that she led the Practice in India, she partnered closely with all the leading players in the pharmaceuticals & devices sectors in the country. Ms. Gauri has specialized in leadership searches at the Board and 'C' level. In meeting the leadership needs of her clients, she has been very successful not only in tapping Indian leadership talent both in market & abroad but also in bringing in talent from overseas. Partnering with her clients in driving their digital & diversity agendas is a focus area for Gauri. Prior to joining Heidrick & Struggles, she had a leadership role in a major direct-selling multinational with overall responsibility for customer services & delivery. As part of the senior management team, she was a key member on the Strategic Planning Group of the company. Her career also includes general management, consulting, and teaching stints. Reported Earnings • Aug 02
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₹687.3m (down 99% from 1Q 2022). Net income: ₹563.6m (up 166% from 1Q 2022). Profit margin: 82% (up from 0.4% in 1Q 2022). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 12%, compared to a 8.9% growth forecast for the industry in India. Announcement • Jul 29
Max Financial Services Limited, Annual General Meeting, Aug 25, 2022 Max Financial Services Limited, Annual General Meeting, Aug 25, 2022, at 10:30 Indian Standard Time. Announcement • Jul 21
Max Financial Services Limited to Report Q1, 2023 Results on Aug 01, 2022 Max Financial Services Limited announced that they will report Q1, 2023 results at 4:00 AM, Indian Standard Time on Aug 01, 2022 Price Target Changed • May 12
Price target decreased to ₹1,077 Down from ₹1,202, the current price target is an average from 13 analysts. New target price is 52% above last closing price of ₹708. Stock is down 21% over the past year. The company is forecast to post earnings per share of ₹16.19 for next year compared to ₹7.34 last year. Announcement • May 12
Max Financial Services Limited Announces Resignation of Naina Lal Kidwai, an Independent Director, Effect May 31, 2022 Max Financial Services Limited announced that Ms. Naina Lal Kidwai, an Independent Director of the Company as resigned from the position of Independent Director of the Company with effect from close of business hours of May 31, 2022. Reported Earnings • May 11
Full year 2022 earnings: EPS misses analyst expectations Full year 2022 results: EPS: ₹7.34 (down from ₹14.51 in FY 2021). Revenue: ₹311.9b (flat on FY 2021). Net income: ₹2.53b (down 40% from FY 2021). Profit margin: 0.8% (down from 1.4% in FY 2021). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 43%. Over the next year, revenue is forecast to grow 19%, compared to a 5.9% growth forecast for the insurance industry in India. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 22% per year, which means it is well ahead of earnings. Announcement • Apr 07
Max Financial Services Limited Announces Executive Changes Max Financial Services Limited accepted the resignation of Mr. Mandeep Mehta as the Chief Financial Officer of the Company and the appointment of Mr. Amrit Singh as the Chief Financial Officer (CFO) and a Key Managerial Personnel (KMP) of the Company, effective May 1, 2022 in place of Mr. Mandeep Mehta. Mr. Amrit Singh has been associated with Max Life for 9 years. Currently, he is working with Max Life as Chief Financial officer and EVP Strategy and oversees diverse teams such Strategy, Financial Planning, Analytics, Financial & Regulatory Reporting, Taxation, Investment BO, Investor Relations, Finance operations and Procurement. Reported Earnings • Jan 31
Third quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2022 results: EPS: ₹2.55 (down from ₹6.20 in 3Q 2021). Revenue: ₹69.5b (down 23% from 3Q 2021). Net income: ₹748.6m (down 57% from 3Q 2021). Profit margin: 1.1% (down from 2.0% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 20%. Earnings per share (EPS) missed analyst estimates by 30%. Over the next year, revenue is forecast to grow 6.0%, compared to a 7.2% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Board Change • Dec 31
High number of new directors Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ₹1.15 (vs ₹2.10 in 2Q 2021) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2022 results: Revenue: ₹999.4m (up 29% from 2Q 2021). Net income: ₹396.3m (down 28% from 2Q 2021). Profit margin: 40% (down from 72% in 2Q 2021). The decrease in margin was driven by higher expenses. Executive Departure • Oct 07
CFO & Investor Relations Officer Jatin Khanna has left the company On the 30th of September, Jatin Khanna's tenure as CFO & Investor Relations Officer ended. We don't have any record of a personal shareholding under Jatin's name. Jatin is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 2.63 years. Board Change • Sep 15
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 14
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 05
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Kummamuri Murthy was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 11
First quarter 2022 earnings released: EPS ₹0.61 (vs ₹4.85 in 1Q 2021) The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2022 results: Revenue: ₹956.0m (down 98% from 1Q 2021). Net income: ₹211.9m (down 84% from 1Q 2021). Profit margin: 22% (up from 2.4% in 1Q 2021). The increase in margin was driven by lower expenses. Price Target Changed • Jun 11
Price target increased to ₹1,110 Up from ₹994, the current price target is an average from 13 analysts. New target price is 9.1% above last closing price of ₹1,017. Stock is up 108% over the past year. Reported Earnings • Jun 11
Full year 2021 earnings released: EPS ₹14.51 (vs ₹5.38 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₹312.9b (up 72% from FY 2020). Net income: ₹4.25b (up 193% from FY 2020). Profit margin: 1.4% (up from 0.8% in FY 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Feb 27
Price target raised to ₹943 Up from ₹874, the current price target is an average from 14 analysts. The new target price is 8.9% above the current share price of ₹866. As of last close, the stock is up 50% over the past year. Is New 90 Day High Low • Feb 25
New 90-day high: ₹889 The company is up 37% from its price of ₹649 on 27 November 2020. The Indian market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Insurance industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹269 per share. Reported Earnings • Feb 14
Third quarter 2021 earnings released: EPS ₹6.20 (vs ₹3.91 in 3Q 2020) The company reported a solid third quarter result with improved earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ₹89.9b (up 68% from 3Q 2020). Net income: ₹1.76b (up 67% from 3Q 2020). Profit margin: 2.0% (in line with 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Feb 14
Earnings beat expectations, revenue disappoints Revenue missed analyst estimates by 100%. Earnings per share (EPS) exceeded analyst estimates by 55%. Over the next year, revenue is forecast to grow 6.1% while theInsurance industry in India is not expected to grow. Price Target Changed • Feb 10
Price target raised to ₹834 Up from ₹759, the current price target is an average from 14 analysts. The new target price is 7.3% above the current share price of ₹777. As of last close, the stock is up 58% over the past year. Is New 90 Day High Low • Feb 08
New 90-day high: ₹729 The company is up 19% from its price of ₹612 on 10 November 2020. The Indian market is up 21% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹257 per share. Announcement • Jan 29
Max Financial Services Limited to Report Q3, 2021 Results on Feb 09, 2021 Max Financial Services Limited announced that they will report Q3, 2021 results on Feb 09, 2021 Is New 90 Day High Low • Jan 05
New 90-day high: ₹701 The company is up 15% from its price of ₹610 on 07 October 2020. The Indian market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹270 per share. Recent Insider Transactions • Dec 26
MD & Director recently sold ₹129m worth of stock On the 22nd of December, Mohit Talwar sold around 200k shares on-market at roughly ₹643 per share. This was the largest sale by an insider in the last 3 months. This was Mohit's only on-market trade for the last 12 months. Is New 90 Day High Low • Dec 17
New 90-day high: ₹659 The company is up 8.0% from its price of ₹610 on 18 September 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 18% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹269 per share. Announcement • Dec 04
Max Financial Services Limited, Annual General Meeting, Dec 30, 2020 Max Financial Services Limited, Annual General Meeting, Dec 30, 2020, at 12:00 Indian Standard Time. Is New 90 Day High Low • Nov 23
New 90-day high: ₹633 The company is up 2.0% from its price of ₹621 on 25 August 2020. The Indian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Insurance industry, which is up 10.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₹236 per share. Announcement • Oct 29
Max Financial Services Limited Announces Executive Changes Max Financial Services Limited announced that Mr. Mohit Talwar is currently the Vice Chairman of the Max Group accompanied by related positions in the Max Group. On completion of his tenure expiring on January 15, 2021, he will relinquish his position as Vice Chairman though continue as the MD of Max Financial Services Limited ('MFSL'). The board level changes being effected are detailed as follows: Mr. Mohit Talwar's current term as the Managing Director of MFSL, shall stand extended for one year until January 14, 2022, to provide continuity to the key initiatives that are currently underway. He will also continue to remain on the Board of Max Life Insurance Company Limited as a Non-Executive Director. Further, he will be relinquishing his position as the Managing Director of Max India Limited on completion of his term in January 2021. However, he will remain on its Board as a Non-Executive Director effective January 15, 2021. Additionally, Mr. Talwar will step down from the non-executive directorship positions from Max Ventures Industries Limited and Antara Senior Living Limited during the first quarter of calendar year 2021. Mrs. Tara Singh Vachani, a promoter group director has been elevated as the Vice Chairperson of the Board of Directors of Max India Limited effective October 28, 2020. Mr. Rajit Mehta, currently the MD & CEO of Antara Senior Living Limited will join the board of Max India Limited as a director and assume the additional role as its Managing Director effective January 15, 2021 for a term of five years. Announcement • Jul 22
Max Financial Services Limited to Report Q1, 2021 Results on Jul 30, 2020 Max Financial Services Limited announced that they will report Q1, 2021 results on Jul 30, 2020 
