Max Financial Services Limited (MFSL) - Net Assets
Based on the latest financial reports, Max Financial Services Limited (MFSL) has net assets worth Rs64.51 Billion INR (≈ $697.68 Million USD) as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (Rs1.97 Trillion ≈ $21.29 Billion USD) and total liabilities (Rs1.90 Trillion ≈ $20.59 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check MFSL asset resilience ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | Rs64.51 Billion |
| % of Total Assets | 3.28% |
| Annual Growth Rate | 15.63% |
| 5-Year Change | 77.62% |
| 10-Year Change | 140.04% |
| Growth Volatility | 42.74 |
Max Financial Services Limited - Net Assets Trend (2004–2025)
This chart illustrates how Max Financial Services Limited's net assets have evolved over time, based on quarterly financial data. Also explore Max Financial Services Limited (MFSL) total assets for the complete picture of this company's asset base.
Annual Net Assets for Max Financial Services Limited (2004–2025)
The table below shows the annual net assets of Max Financial Services Limited from 2004 to 2025. For live valuation and market cap data, see Max Financial Services Limited market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | Rs64.03 Billion ≈ $692.49 Million |
+46.54% |
| 2024-03-31 | Rs43.70 Billion ≈ $472.55 Million |
+10.11% |
| 2023-03-31 | Rs39.69 Billion ≈ $429.18 Million |
-11.51% |
| 2022-03-31 | Rs44.85 Billion ≈ $485.03 Million |
+24.41% |
| 2021-03-31 | Rs36.05 Billion ≈ $389.87 Million |
+27.89% |
| 2020-03-31 | Rs28.19 Billion ≈ $304.85 Million |
-0.50% |
| 2019-03-31 | Rs28.33 Billion ≈ $306.39 Million |
-16.24% |
| 2018-03-31 | Rs33.83 Billion ≈ $365.82 Million |
+9.70% |
| 2017-03-31 | Rs30.84 Billion ≈ $333.48 Million |
+15.60% |
| 2016-03-31 | Rs26.68 Billion ≈ $288.49 Million |
-31.93% |
| 2015-03-31 | Rs39.19 Billion ≈ $423.83 Million |
+1.27% |
| 2014-03-31 | Rs38.70 Billion ≈ $418.54 Million |
+2.85% |
| 2013-03-31 | Rs37.63 Billion ≈ $406.93 Million |
+12.40% |
| 2012-03-31 | Rs33.48 Billion ≈ $362.03 Million |
+64.39% |
| 2011-03-31 | Rs20.36 Billion ≈ $220.22 Million |
-6.02% |
| 2010-03-31 | Rs21.67 Billion ≈ $234.34 Million |
+17.59% |
| 2009-03-31 | Rs18.43 Billion ≈ $199.28 Million |
-6.29% |
| 2008-03-31 | Rs19.66 Billion ≈ $212.66 Million |
+172.55% |
| 2007-03-31 | Rs7.21 Billion ≈ $78.03 Million |
-2.52% |
| 2006-03-31 | Rs7.40 Billion ≈ $80.04 Million |
+82.87% |
| 2005-03-31 | Rs4.05 Billion ≈ $43.77 Million |
+33.33% |
| 2004-03-31 | Rs3.04 Billion ≈ $32.83 Million |
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Equity Component Analysis
This analysis shows how different components contribute to Max Financial Services Limited's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 394833400000.0% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | Rs3.95 Billion | 7.49% |
| Common Stock | Rs686.90 Million | 1.30% |
| Other Comprehensive Income | Rs2.72 Billion | 5.15% |
| Other Components | Rs45.39 Billion | 86.06% |
| Total Equity | Rs52.75 Billion | 100.00% |
Max Financial Services Limited Competitors by Market Cap
The table below lists competitors of Max Financial Services Limited ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Cleveland-Cliffs Inc
NYSE:CLF
|
$5.92 Billion |
|
EPAM Systems Inc
NYSE:EPAM
|
$5.93 Billion |
|
Reinet Investments S.C.A
AS:REINA
|
$5.93 Billion |
|
ISS A/S
CO:ISS
|
$5.93 Billion |
|
Axalta Coating Systems Ltd
NYSE:AXTA
|
$5.92 Billion |
|
ZALANDO SE UNSP.ADR /2
F:ZAL1
|
$5.91 Billion |
|
LB Group Co Ltd
SHE:002601
|
$5.90 Billion |
|
Sichuan Changhong Electric Co Ltd
SHG:600839
|
$5.90 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Max Financial Services Limited's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 38,659,257,000 to 52,745,200,000, a change of 14,085,943,000 (36.4%).
- Net income of 3,272,281,000 contributed positively to equity growth.
- Share repurchases of 406,400,000 reduced equity.
- New share issuances of 16,310,200,000 increased equity.
- Other comprehensive income increased equity by 528,990,000.
- Other factors decreased equity by 5,619,128,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | Rs3.27 Billion | +6.2% |
| Share Repurchases | Rs406.40 Million | -0.77% |
| Share Issuances | Rs16.31 Billion | +30.92% |
| Other Comprehensive Income | Rs528.99 Million | +1.0% |
| Other Changes | Rs-5.62 Billion | -10.65% |
| Total Change | Rs- | 36.44% |
Book Value vs Market Value Analysis
This analysis compares Max Financial Services Limited's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 10.34x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 199.82x to 10.34x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-03-31 | Rs7.94 | Rs1585.70 | x |
| 2005-03-31 | Rs10.75 | Rs1585.70 | x |
| 2006-03-31 | Rs18.70 | Rs1585.70 | x |
| 2007-03-31 | Rs17.47 | Rs1585.70 | x |
| 2008-03-31 | Rs51.99 | Rs1585.70 | x |
| 2009-03-31 | Rs45.40 | Rs1585.70 | x |
| 2010-03-31 | Rs52.92 | Rs1585.70 | x |
| 2011-03-31 | Rs48.46 | Rs1585.70 | x |
| 2012-03-31 | Rs76.45 | Rs1585.70 | x |
| 2013-03-31 | Rs87.76 | Rs1585.70 | x |
| 2014-03-31 | Rs88.39 | Rs1585.70 | x |
| 2015-03-31 | Rs95.70 | Rs1585.70 | x |
| 2016-03-31 | Rs72.89 | Rs1585.70 | x |
| 2017-03-31 | Rs86.62 | Rs1585.70 | x |
| 2018-03-31 | Rs75.68 | Rs1585.70 | x |
| 2019-03-31 | Rs59.68 | Rs1585.70 | x |
| 2020-03-31 | Rs62.21 | Rs1585.70 | x |
| 2021-03-31 | Rs113.99 | Rs1585.70 | x |
| 2022-03-31 | Rs114.04 | Rs1585.70 | x |
| 2023-03-31 | Rs101.97 | Rs1585.70 | x |
| 2024-03-31 | Rs112.02 | Rs1585.70 | x |
| 2025-03-31 | Rs153.34 | Rs1585.70 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Max Financial Services Limited utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 6.20%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 0.71%
- • Asset Turnover: 0.24x
- • Equity Multiplier: 36.02x
- Recent ROE (6.20%) is above the historical average (4.68%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | -35.15% | -73.99% | 0.21x | 2.23x | Rs-1.24 Billion |
| 2005 | -31.48% | -17.04% | 0.49x | 3.78x | Rs-1.54 Billion |
| 2006 | 47.96% | 20.26% | 0.71x | 3.33x | Rs2.45 Billion |
| 2007 | -8.25% | -2.53% | 0.60x | 5.40x | Rs-1.10 Billion |
| 2008 | -2.73% | -1.37% | 0.55x | 3.60x | Rs-2.28 Billion |
| 2009 | -13.94% | -4.51% | 0.61x | 5.07x | Rs-3.75 Billion |
| 2010 | -3.92% | -0.94% | 0.58x | 7.27x | Rs-2.54 Billion |
| 2011 | 0.52% | 0.11% | 0.46x | 10.13x | Rs-1.59 Billion |
| 2012 | 5.88% | 1.88% | 0.40x | 7.88x | Rs-1.09 Billion |
| 2013 | 25.90% | 7.36% | 0.43x | 8.18x | Rs4.81 Billion |
| 2014 | 4.57% | 1.19% | 0.40x | 9.55x | Rs-1.66 Billion |
| 2015 | 8.47% | 1.87% | 0.42x | 10.75x | Rs-505.78 Million |
| 2016 | 12.86% | 2.36% | 0.28x | 19.41x | Rs562.35 Million |
| 2017 | 16.93% | 3.70% | 0.23x | 20.02x | Rs1.62 Billion |
| 2018 | 10.97% | 1.75% | 0.30x | 21.17x | Rs252.64 Million |
| 2019 | 12.75% | 1.35% | 0.29x | 32.64x | Rs566.57 Million |
| 2020 | 6.75% | 0.80% | 0.24x | 34.72x | Rs-696.58 Million |
| 2021 | 12.73% | 1.36% | 0.32x | 29.35x | Rs910.98 Million |
| 2022 | 6.44% | 0.81% | 0.26x | 29.93x | Rs-1.40 Billion |
| 2023 | 10.76% | 1.21% | 0.24x | 37.47x | Rs266.62 Million |
| 2024 | 8.80% | 0.73% | 0.29x | 42.10x | Rs-464.85 Million |
| 2025 | 6.20% | 0.71% | 0.24x | 36.02x | Rs-2.00 Billion |
Industry Comparison
This section compares Max Financial Services Limited's net assets metrics with peer companies in the Insurance - Life industry.
Industry Context
- Industry: Insurance - Life
- Average net assets among peers: $383,394,811,750
- Average return on equity (ROE) among peers: 22.42%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Max Financial Services Limited (MFSL) | Rs64.51 Billion | -35.15% | 29.52x | $5.92 Billion |
| HDFC Life Insurance Company Limited (HDFCLIFE) | $56.43 Billion | 22.65% | 22.04x | $13.69 Billion |
| ICICI Prudential Life Insurance Company Limited (ICICIPRULI) | $71.07 Billion | 16.03% | 22.03x | $8.05 Billion |
| Life Insurance Corporation Of India (LICI) | $1.28 Trillion | 37.90% | 43.40x | $54.58 Billion |
| SBI Life Insurance Company Limited (SBILIFE) | $131.05 Billion | 13.13% | 23.01x | $19.73 Billion |
About Max Financial Services Limited
Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments. It offers participating and nonparticipating and linked products covering life insurance, pension and health benefits, including riders for individual and group through individual agents, corporate agents, b… Read more