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Max Financial Services

NSEI:MFSL
Snowflake Description

Adequate balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MFSL
NSEI
₹118B
Market Cap
  1. Home
  2. IN
  3. Insurance
Company description

Max Financial Services Limited, through its subsidiary, Max Life Insurance Company Limited, provides life insurance products in India. The last earnings update was 237 days ago. More info.


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MFSL Share Price and Events
7 Day Returns
-1%
NSEI:MFSL
-0.8%
IN Insurance
-1%
IN Market
1 Year Returns
-13.5%
NSEI:MFSL
-10.1%
IN Insurance
-1.6%
IN Market
MFSL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Max Financial Services (MFSL) -1% 0.3% 2.1% -13.5% 25.6% 105.2%
IN Insurance -0.8% 7.3% 11.5% -10.1% 65.6% 94.8%
IN Market -1% 3% 6.2% -1.6% 39% 73%
1 Year Return vs Industry and Market
  • MFSL underperformed the Insurance industry which returned -10.1% over the past year.
  • MFSL underperformed the Market in India which returned -1.6% over the past year.
Price Volatility
MFSL
Industry
5yr Volatility vs Market

Value

 Is Max Financial Services undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Max Financial Services to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Max Financial Services.

NSEI:MFSL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 7 analysts.
= Stable Book Value * Return on Equity
= ₹131.66 * 21.6%
₹28.49
Book Value of Equity per Share Weighted future Book Value estimates from 4 analysts. ₹131.66
Discount Rate (Cost of Equity) See below 14.6%
Perpetual Growth Rate 10-Year IN Government Bond Rate 7.6%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NSEI:MFSL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year IN Govt Bond Rate 7.6%
Equity Risk Premium S&P Global 8.6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.72
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.724 (1 + (1- 35%) (0.22%))
0.816
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 7.55% + (0.816 * 8.6%)
14.57%

Discounted Cash Flow Calculation for NSEI:MFSL using Excess Returns Model Model

The calculations below outline how an intrinsic value for Max Financial Services is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NSEI:MFSL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (21.6% – 14.57%) * ₹131.66)
₹9.31
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= ₹9.31 / (14.57% - 7.55%)
₹132.69
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= ₹131.66 + ₹132.69
₹264.35
NSEI:MFSL Discount to Share Price
Calculation Result
Value per share (INR) From above. ₹264.35
Current discount Discount to share price of ₹438.45
= -1 x (₹438.45 - ₹264.35) / ₹264.35
-65.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Max Financial Services is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Max Financial Services's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Max Financial Services's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NSEI:MFSL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-03-31) in INR ₹11.05
NSEI:MFSL Share Price ** NSEI (2019-04-25) in INR ₹438.45
India Insurance Industry PE Ratio Median Figure of 9 Publicly-Listed Insurance Companies 39.09x
India Market PE Ratio Median Figure of 2,739 Publicly-Listed Companies 16.05x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Max Financial Services.

NSEI:MFSL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NSEI:MFSL Share Price ÷ EPS (both in INR)

= 438.45 ÷ 11.05

39.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Max Financial Services is overvalued based on earnings compared to the IN Insurance industry average.
  • Max Financial Services is overvalued based on earnings compared to the India market.
Price based on expected Growth
Does Max Financial Services's expected growth come at a high price?
Raw Data
NSEI:MFSL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 39.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
6.5%per year
India Insurance Industry PEG Ratio Median Figure of 8 Publicly-Listed Insurance Companies 2.64x
India Market PEG Ratio Median Figure of 586 Publicly-Listed Companies 1.32x

*Line of best fit is calculated by linear regression .

NSEI:MFSL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 39.67x ÷ 6.5%

6.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Max Financial Services is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Max Financial Services's assets?
Raw Data
NSEI:MFSL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-03-31) in INR ₹97.30
NSEI:MFSL Share Price * NSEI (2019-04-25) in INR ₹438.45
India Insurance Industry PB Ratio Median Figure of 9 Publicly-Listed Insurance Companies 5.65x
India Market PB Ratio Median Figure of 3,630 Publicly-Listed Companies 1.09x
NSEI:MFSL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NSEI:MFSL Share Price ÷ Book Value per Share (both in INR)

= 438.45 ÷ 97.30

4.51x

* Primary Listing of Max Financial Services.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Max Financial Services is good value based on assets compared to the IN Insurance industry average.
X
Value checks
We assess Max Financial Services's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Max Financial Services has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Max Financial Services expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Max Financial Services expected to grow at an attractive rate?
  • Max Financial Services's earnings growth is positive but not above the low risk savings rate of 7.6%.
Growth vs Market Checks
  • Max Financial Services's earnings growth is positive but not above the India market average.
  • Max Financial Services's revenue growth is expected to exceed the India market average.
Annual Growth Rates Comparison
Raw Data
NSEI:MFSL Future Growth Rates Data Sources
Data Point Source Value (per year)
NSEI:MFSL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts 6.5%
NSEI:MFSL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 13.8%
India Insurance Industry Earnings Growth Rate Market Cap Weighted Average 16.9%
India Insurance Industry Revenue Growth Rate Market Cap Weighted Average 15.2%
India Market Earnings Growth Rate Market Cap Weighted Average 18.3%
India Market Revenue Growth Rate Market Cap Weighted Average 11.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NSEI:MFSL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in INR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NSEI:MFSL Future Estimates Data
Date (Data in INR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31 283,285 1
2021-03-31 256,452 3,658 6
2020-03-31 218,060 3,264 6
2019-03-31 186,293 2,810 6
NSEI:MFSL Past Financials Data
Date (Data in INR Millions) Revenue Cash Flow Net Income *
2018-03-31 163,887 69,512 2,962
2017-03-31 152,378 65,257 3,954
2016-03-31 106,832 38,021 2,527

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Max Financial Services's earnings are expected to grow by 6.5% yearly, however this is not considered high growth (20% yearly).
  • Max Financial Services's revenue is expected to grow by 13.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NSEI:MFSL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 year ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Max Financial Services Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:MFSL Future Estimates Data
Date (Data in INR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31 16.44 19.26 13.63 2.00
2020-03-31 13.83 15.51 12.16 2.00
2019-03-31 9.91 10.47 9.36 2.00
NSEI:MFSL Past Financials Data
Date (Data in INR Millions) EPS *
2018-03-31 11.05
2017-03-31 14.80
2016-03-31 9.47

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Max Financial Services is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess Max Financial Services's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the India market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the India market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Max Financial Services has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Max Financial Services performed over the past 5 years?

  • Max Financial Services's last earnings update was 237 days ago.
The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Max Financial Services's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Insufficient data to establish if Max Financial Services's year on year earnings growth rate was positive over the past 5 years.
  • Max Financial Services's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Max Financial Services's 1-year earnings growth is negative, it can't be compared to the IN Insurance industry average.
Earnings and Revenue History
Max Financial Services's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Max Financial Services Company Filings, last reported 1 year ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NSEI:MFSL Past Revenue, Cash Flow and Net Income Data
Date (Data in INR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-03-31 163,886.92 2,961.72 11,305.93
2017-03-31 152,378.23 3,953.63 11,879.34
2016-03-31 106,831.90 2,527.37 8,718.91
2015-03-31 148,337.73 2,796.24 12,939.19
2014-03-31 116,695.94 1,384.46 18,164.63
2013-03-31 106,067.69 7,820.55 16,819.24

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Max Financial Services has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Max Financial Services used its assets less efficiently than the IN Insurance industry average last year based on Return on Assets.
  • Max Financial Services's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Max Financial Services's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Max Financial Services has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Max Financial Services's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Max Financial Services's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Max Financial Services is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Max Financial Services's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Max Financial Services's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 302.5x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Max Financial Services Company Filings, last reported 1 year ago.

NSEI:MFSL Past Debt and Equity Data
Date (Data in INR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-03-31 33,826.01 261.77 61,742.09
2017-03-31 30,836.26 80.69 50,366.93
2016-03-31 26,682.85 0.00 27,402.84
2015-03-31 39,190.80 5,435.61 31,655.81
2014-03-31 38,788.93 7,017.88 24,068.37
2013-03-31 37,628.16 6,762.66 25,524.86
  • Max Financial Services's level of debt (0.8%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (18% vs 0.8% today).
  • Debt is well covered by operating cash flow (26554.5%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Max Financial Services's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Max Financial Services's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Max Financial Services has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Max Financial Services's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Max Financial Services dividends. Estimated to be 2.62% next year.
If you bought ₹2,000 of Max Financial Services shares you are expected to receive ₹0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Max Financial Services's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Max Financial Services's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NSEI:MFSL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
India Insurance Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 0.8%
India Market Average Dividend Yield Market Cap Weighted Average of 1399 Stocks 1.4%
India Minimum Threshold Dividend Yield 10th Percentile 0.3%
India Bottom 25% Dividend Yield 25th Percentile 0.5%
India Top 25% Dividend Yield 75th Percentile 1.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NSEI:MFSL Future Dividends Estimate Data
Date (Data in ₹) Dividend per Share (annual) Avg. No. Analysts
2022-03-31
2021-03-31 9.98 2.00
2020-03-31 13.02 2.00
2019-03-31 10.42 2.00
NSEI:MFSL Past Annualized Dividends Data
Date (Data in ₹) Dividend per share (annual) Avg. Yield (%)
2017-08-09 0.000 0.000
2016-08-23 3.600 0.622
2015-09-02 5.000 1.142
2015-05-27 5.000 0.978
2014-11-12 5.800 1.350
2014-10-27 3.600 0.968
2013-08-13 12.200 5.433
2013-05-29 12.200 6.110

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Max Financial Services has not reported any payouts.
  • Unable to verify if Max Financial Services's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Max Financial Services's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Max Financial Services has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.9x coverage).
X
Income/ dividend checks
We assess Max Financial Services's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.3%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Max Financial Services afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Max Financial Services has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Max Financial Services's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mohit Talwar
COMPENSATION ₹143,642,640
AGE 59
TENURE AS CEO 3.3 years
CEO Bio

Mr. Mohit Talwar has been Managing Director of Max Financial Services Limited and Max India Limited since January 15, 2016. He has been Group Vice Chairman at Max India Limited since April 1, 2019. Mr. Talwar served as Deputy Managing Director of Max Financial Services Limited from February 14, 2012 to January 2016. He served as Director of Corporate Development of Max Financial Services Limited until February 14, 2012. He has over 31 years of experience in Corporate Finance and Investment Banking. He served as Head, Wholesale Bank at Standard Chartered Bank, East India. He spent 24 years in Wholesale Banking in Standard Chartered, ANZ Grindlays and Bank of Nova Scotia. Prior to this, he spent almost 6 years with the Oberoi Group. Until January 2016, he was the Deputy Managing Director of the erstwhile consolidated Max India Limited. He spearHeaded the setting up of Max Bupa Health Insurance, the Health Insurance Joint Venture of Max India with Bupa. Mr. Talwar serves as Chairman of Max Speciality Products Limited. Mr. Talwar served as Chairman of Max Speciality Films Ltd. He has been Vice Chairman of Max Ventures and Industries Limited since January 15, 2016. He has been a Director of Pharmax Corp. Ltd., since December 17, 2009. He has been Director of Max India Limited since January 15, 2016. He has been a Director of Max Financial Services Limited since December 17, 2009. He serves as Non-Executive Director at Max Healthcare Institute Limited. He serves as a Non-Executive Director at Max Bupa Health Insurance Company Limited and serves as Director at Antara Senior Living Private Ltd. He served as a Director of Standard Chartered Bank, East India. He has been a Director of Max Life Insurance Company Limited (formerly, Max New York Life Insurance Company Ltd) since January 2016. Mr. Talwar has a Post Graduation in Arts from St. Stephen’s College and Post Graduation in Hospitality Management from the Oberoi School.

CEO Compensation
  • Mohit's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Mohit's remuneration is higher than average for companies of similar size in India.
Management Team Tenure

Average tenure and age of the Max Financial Services management team in years:

6.8
Average Tenure
58.5
Average Age
  • The average tenure for the Max Financial Services management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Mohit Talwar

TITLE
MD & Director
COMPENSATION
₹144M
AGE
59
TENURE
3.3 yrs

Rahul Khosla

TITLE
Executive President & Permanent Invitee
AGE
59
TENURE
3.3 yrs

K. Ramsundar

TITLE
Administration Assistant - Office of Founder & Chairman Emeritus
AGE
60
TENURE
37.8 yrs

Sujatha Ratnam

TITLE
Chief Financial Officer
COMPENSATION
₹19M
AGE
54
TENURE
14.8 yrs

Sandeep Pathak

TITLE
Compliance Officer & Company Secretary
COMPENSATION
₹5M
AGE
38
TENURE
2.8 yrs

Archana Pandey

TITLE
Senior Director of Corporate Affairs
AGE
58
TENURE
6.8 yrs

Anuradha Rao

TITLE
Executive Assistant - Office of Founder & Chairman Emeritus
AGE
59

Vandana Trehan

TITLE
Executive Assistant to Executive President
AGE
43
TENURE
7.7 yrs

Analjit Singh

TITLE
Founder & Non-Executive Chairman
COMPENSATION
₹500K
AGE
64

Rajesh Sud

TITLE
Executive Vice Chairman & MD of Max Life Insurance Ltd.
AGE
48
Board of Directors Tenure

Average tenure and age of the Max Financial Services board of directors in years:

3.3
Average Tenure
61
Average Age
  • The tenure for the Max Financial Services board of directors is about average.
Board of Directors

Mohit Talwar

TITLE
MD & Director
COMPENSATION
₹144M
AGE
59
TENURE
9.3 yrs

Analjit Singh

TITLE
Founder & Non-Executive Chairman
COMPENSATION
₹500K
AGE
64
TENURE
5 yrs

Rajesh Sud

TITLE
Executive Vice Chairman & MD of Max Life Insurance Ltd.
AGE
48

Ashwani Windlass

TITLE
Non-Executive Director
COMPENSATION
₹2M
AGE
62

Dinesh Mittal

TITLE
Independent Director
COMPENSATION
₹2M
AGE
65
TENURE
4.3 yrs

Aman Mehta

TITLE
Independent Director
COMPENSATION
₹700K
AGE
72

Naina Lal Kidwai

TITLE
Independent Director
COMPENSATION
₹1M
AGE
61
TENURE
3.3 yrs

Sanjay Nayar

TITLE
Non-Executive Director
AGE
58
TENURE
3.1 yrs

Sahil Vachani

TITLE
Non-Executive Director
AGE
35
TENURE
0.9 yrs

Jai Arya

TITLE
Additional Independent Director
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (₹) Value (₹)
10. Jan 19 Sell Rahul Khosla Individual 07. Jan 19 08. Jan 19 -310,755 ₹440.97 ₹-137,033,997
14. Dec 18 Sell Max Ventures Investment Holdings Private Limited Company 13. Dec 18 13. Dec 18 -4,999,130 ₹428.72 ₹-2,143,204,088
X
Management checks
We assess Max Financial Services's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Max Financial Services has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

How Much Of Max Financial Services Limited (NSE:MFSL) Do Institutions Own?

If you want to know who really controls Max Financial Services Limited (NSE:MFSL), then you'll have to look at the makeup of its share registry. … Insiders often own a large chunk of younger, smaller, companies while huge companies tend to have institutions as shareholders. … We also tend to see lower insider ownership in companies that were previously publicly owned.

Simply Wall St -

Should You Be Worried About Insider Transactions At Max Financial Services Limited (NSE:MFSL)?

So shareholders might well want to know whether insiders have been buying or selling shares in Max Financial Services Limited (NSE:MFSL). … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … Max Financial Services Insider Transactions Over The Last Year.

Simply Wall St -

What Should Investors Know About Max Financial Services Limited's (NSE:MFSL) Earnings Outlook?

Want to participate in a short research study? … Help shape the future of investing tools and receive a $20 prize! … The most recent earnings update Max Financial Services Limited's (NSE:MFSL) released in March 2018

Simply Wall St -

Max Financial Services Limited (NSE:MFSL): Earnings To Drop Next Year

Help shape the future of investing tools and you could win a $250 gift card! … Looking at Max Financial Services Limited's (NSE:MFSL) earnings update in March 2018, … with earnings expected to decline by -5.8% in the upcoming year.

Simply Wall St -

What Kind Of Shareholder Appears On The Max Financial Services Limited's (NSE:MFSL) Shareholder Register?

We also tend to see lower insider ownership in companies that were previously publicly owned. … Taking a look at the our data on the ownership groups (below), it's seems that. … We can zoom in on the different ownership groups, to learn more about MFSL

Simply Wall St -

Does Max Financial Services Limited's (NSE:MFSL) CEO Pay Compare Well With Peers?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Mohit Talwar's Compensation Compare With Similar Sized Companies. … According to our data, Max Financial Services Limited has a market capitalization of ₹119b, and pays its CEO total annual compensation worth ₹144m.

Simply Wall St -

Should Max Financial Services Limited (NSE:MFSL) Focus On Improving This Fundamental Metric?

Max Financial Services has a ROE of 13%, based on the last twelve months. … View our latest analysis for Max Financial Services? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Max Financial Services Limited (NSE:MFSL): Can Growth Justify Its December Share Price?

Max Financial Services Limited (NSE:MFSL) closed yesterday at ₹447.3, which left some investors asking whether the high earnings potential can still be justified at this price. … See our latest analysis for Max Financial Services? … Investors in Max Financial Services have been patiently waiting for the uptick in earnings.

Simply Wall St -

Max Financial Services Limited (NSE:MFSL): What Does The Future Look Like?

Max Financial Services Limited's (NSE:MFSL) announced its latest earnings update in March 2018, whicha

Simply Wall St -

What Are Analysts Saying About The Future Of Max Financial Services Limited's (NSE:MFSL)?

Based on Max Financial Services Limited's (NSE:MFSL) earnings update in March 2018,. … with earnings expected to grow by 8.3% in the upcoming year … the past 5-year average growth rate of -13%

Simply Wall St -

Company Info

Description

Max Financial Services Limited, through its subsidiary, Max Life Insurance Company Limited, provides life insurance products in India. It offers long term savings, protection, and retirement solutions. The company was formerly known as Max India Limited and changed its name to Max Financial Services Limited in January 2016. Max Financial Services Limited was incorporated in 1982 and is based in New Delhi, India.

Details
Name: Max Financial Services Limited
MFSL
Exchange: NSEI
Founded: 1982
₹118,112,194,802
269,385,779
Website: http://www.maxfinancialservices.com
Address: Max Financial Services Limited
Max House,
1, Dr. Jha Marg,
New Delhi,
Delhi, 110020,
India
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NSEI MFSL Equity Shares National Stock Exchange of India IN INR 07. Sep 1999
BSE 500271 Equity Shares Mumbai Stock Exchange IN INR 07. Sep 1999
Number of employees
Current staff
Staff numbers
0
Max Financial Services employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/25 13:40
End of day share price update: 2019/04/25 00:00
Last estimates confirmation: 2019/04/24
Last earnings filing: 2018/08/31
Last earnings reported: 2018/03/31
Last annual earnings reported: 2018/03/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.