Max Financial Services Limited (MFSL) — Working Capital to Net Assets Ratio
Max Financial Services Limited (MFSL) has a Working Capital to Net Assets ratio of 29.8% as of September 2025. Working capital of Rs19.25 Billion (current assets of Rs24.31 Billion minus current liabilities of Rs5.06 Billion) is measured against net assets of Rs64.51 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See MFSL FCF to total liabilities ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Max Financial Services Limited Working Capital to Net Assets (2004–2024)
This chart shows how Max Financial Services Limited's Working Capital to Net Assets ratio has evolved across 21 annual periods from 2004 to 2024. As of September 2025, the ratio stands at 29.8%, reflecting working capital of Rs19.25 Billion against net assets of Rs64.51 Billion INR. See Max Financial Services Limited liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Max Financial Services Limited (2004–2024)
The table below presents the year-by-year Working Capital to Net Assets ratio for Max Financial Services Limited from 2004 to 2024, covering 21 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see MFSL market cap overview.
| Year | WC/NA Ratio | Working Capital (INR) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2024 | 45.2% | Rs19.74 Billion | Rs43.70 Billion | Rs34.35 Billion | Rs14.61 Billion | ▲ +63.4 pp |
| 2023 | -18.2% | Rs-7.23 Billion | Rs39.69 Billion | Rs9.87 Billion | Rs17.09 Billion | ▲ +0.7 pp |
| 2022 | -18.9% | Rs-8.46 Billion | Rs44.85 Billion | Rs5.69 Billion | Rs14.15 Billion | ▲ +1.3 pp |
| 2021 | -20.2% | Rs-7.28 Billion | Rs36.05 Billion | Rs5.07 Billion | Rs12.35 Billion | ▼ -45.6 pp |
| 2020 | 25.4% | Rs7.17 Billion | Rs28.19 Billion | Rs17.57 Billion | Rs10.40 Billion | ▼ -5.7 pp |
| 2019 | 31.1% | Rs8.81 Billion | Rs28.33 Billion | Rs22.54 Billion | Rs13.72 Billion | ▼ -17.0 pp |
| 2018 | 48.1% | Rs16.28 Billion | Rs33.83 Billion | Rs79.04 Billion | Rs62.76 Billion | ▲ +10.1 pp |
| 2017 | 38.0% | Rs11.73 Billion | Rs30.84 Billion | Rs63.68 Billion | Rs51.96 Billion | ▲ +56.5 pp |
| 2016 | -18.4% | Rs-4.92 Billion | Rs26.68 Billion | Rs39.26 Billion | Rs44.18 Billion | ▼ -21.6 pp |
| 2015 | 3.2% | Rs1.24 Billion | Rs39.19 Billion | Rs47.32 Billion | Rs46.08 Billion | ▲ +25.1 pp |
| 2014 | -21.9% | Rs-8.48 Billion | Rs38.70 Billion | Rs37.52 Billion | Rs46.00 Billion | ▼ -23.8 pp |
| 2013 | 1.9% | Rs724.54 Million | Rs37.63 Billion | Rs37.92 Billion | Rs37.20 Billion | ▼ -29.6 pp |
| 2012 | 31.6% | Rs10.57 Billion | Rs33.48 Billion | Rs38.06 Billion | Rs27.49 Billion | ▲ +10.9 pp |
| 2011 | 20.7% | Rs4.22 Billion | Rs20.36 Billion | Rs20.11 Billion | Rs15.89 Billion | ▲ +7.0 pp |
| 2010 | 13.7% | Rs2.96 Billion | Rs21.67 Billion | Rs12.63 Billion | Rs9.67 Billion | ▼ -19.3 pp |
| 2009 | 33.0% | Rs6.07 Billion | Rs18.43 Billion | Rs13.27 Billion | Rs7.19 Billion | ▲ +21.7 pp |
| 2008 | 11.3% | Rs2.21 Billion | Rs19.66 Billion | Rs8.90 Billion | Rs6.69 Billion | ▼ -4.9 pp |
| 2007 | 16.2% | Rs1.17 Billion | Rs7.21 Billion | Rs4.90 Billion | Rs3.74 Billion | ▲ +6.8 pp |
| 2006 | 9.4% | Rs695.37 Million | Rs7.40 Billion | Rs3.31 Billion | Rs2.62 Billion | ▼ -56.2 pp |
| 2005 | 65.6% | Rs2.66 Billion | Rs4.05 Billion | Rs4.44 Billion | Rs1.79 Billion | ▲ +26.0 pp |
| 2004 | 39.6% | Rs1.20 Billion | Rs3.04 Billion | Rs2.73 Billion | Rs1.53 Billion | — |