Max Financial Services cash flow

Latest FY26

Cash from operations: ₹11,473cr+37.4% on FY25
Capital spending: ₹244cr+12.1% on FY25
Free cash flow: ₹11,228cr+38.0% on FY25
Cash from financing: ₹567cr−71.1% on FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus

Changes in working capital
Adjustments to reconcile profit — non-cash items						FY22 and earlierEvery year the company has filed comes with Alpha Plus.
	—	335	238	213	178
	—	0.0	0.0	−7.1	−7.5
	—	149	69.9	59.8	29.7
	—	−10,028	−8,986	−7,708	−6,442
	—	2,793	−4,800	−12,384	−78.5
	—	0.0	0.0	3.4	4.2
	—	17,382	21,098	25,936	15,328
	—	−156	−168	−241	−23.6
	—	2.9	−22.0	56.0	183
	—	89.8	33.0	−12.1	−32.3
	—	752	356	−192	307
	—	237	0.0	−46.7	43.7
	—	−253	0.0	28.6	1.1
	—	0.0	82.0	0.0	0.0
	—	0.0	12.0	0.0	0.0
	—	95.7	0.0	0.0	−0.8
Cash from operating activities
	259	120	450	415	527
	—	11,398	7,914	5,705	9,490
	—	11,518	8,364	6,120	10,017
	—	−3.1	−5.7	0.0	0.0
	—	41.7	6.2	13.1	95.1
	—	11,473	8,352	6,107	9,922
Cash from investing activities
	—	244	218	223	−2.1
	—	6.4	2.2	1.8	0.0
	—	0.0	0.0	0.0	174
	—	0.0	0.0	0.0	23.5
	—	1,41,975	1,24,398	1,13,956	12,08,202
	—	1,21,127	1,06,015	1,01,524	11,93,616
	—	0.0	0.0	0.0	843
	—	177	172	139	137
	—	10,088	9,067	7,778	6,513
	—	51.2	−0.2	9.7	−26.9
	—	−11,125	−9,703	−5,004	−9,228
Cash from financing activities
	—	0.0	1,612	0.0	0.0
	—	18.7	19.2	7.5	0.0
	—	0.0	0.0	0.0	122
	—	53.9	40.6	5.4	0.0
	—	799	0.0	0.0	0.0
	—	115	90.9	0.0	73.7
	—	—	—	81.7	0.0
	—	82.2	37.3	37.3	37.2
	—	0.0	499	0.0	0.0
	—	567	1,961	−117	−233
	—	915	610	986	462
	—	915	610	986	462
	—	—	—	10,822	1,226
Reference items
	374	212	472	420	551
	0.7%	0.4%	1.0%	0.9%	1.8%
	11,228	11,228	8,134	5,884	9,920
	—	11,979	8,601	5,847	—
	₹327.07	₹327.07	₹236.93	₹171.40	₹288.97
	3.71×	—	—	—	—
	—	108.68×	20.70×	15.56×	21.96×
	—	41.7	6.2	13.1	95.1
	—	82.2	37.3	37.3	37.2

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

MFSL₹1,212.00

Max Financial Services Ltd.

· Banking & Finance

₹ CrorePeersHDFCLIFE SBILIFE ICICIPRULI INDIANB IDFCFIRSTB ICICIGI FEDERALBNK PAYTMMcap ₹41,608 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY23 31/03/2023	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	177.8	212.9	237.5	334.7	—
+ Impairment Loss / (Reversal)	-7.5	-7.1	0.0	0.0	—
+ Finance Costs	29.7	59.8	69.9	148.7	—
+ Interest Income	-6,441.6	-7,707.7	-8,985.9	-10,028.5	—
+ Fair Value (Gains) / Losses	-78.5	-12,384.2	-4,799.6	2,792.6	—
+ Share-based Payments	4.2	3.4	0.0	0.0	—
+ Other Non-cash Items	15,328.2	25,936.1	21,098.2	17,381.9	—
Changes in Working Capital
+ Trade Receivables — Current	-23.6	-241.3	-167.9	-155.7	—
+ Other Financial Assets — Current	183.0	56.0	-22.0	2.9	—
+ Other Financial Assets — Non-current	-32.3	-12.1	33.0	89.8	—
+ Trade Payables — Current	306.8	-192.4	356.4	751.7	—
+ Other Financial Liabilities — Current	43.7	-46.7	0.0	237.3	—
+ Other Financial Liabilities — Non-current	1.1	28.6	0.0	-253.4	—
+ Other Current Liabilities	0.0	0.0	82.0	0.0	—
+ Other Non-current Liabilities	0.0	0.0	12.0	0.0	—
+ Provisions — Current	-0.8	0.0	0.0	95.7	—
Cash from Operating Activities
Profit Before Tax (per I/S)	527.2	414.8	450.1	119.8	258.7
+ Total Adjustments (incl. Working Capital)	9,490.2	5,705.2	7,913.6	11,397.7	—
Cash from Operations (pre-tax)	10,017.4	6,120.0	8,363.7	11,517.5	—
+ Other Inflows / (Outflows) — Operating	0.0	0.0	-5.7	-3.1	—
+ Income Taxes Paid	95.1	13.1	6.2	41.7	—
Cash from Operating Activities	9,922.3	6,107.0	8,351.8	11,472.7	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	-2.1	222.9	218.1	244.4	—
+ Disp of Fixed Assets	0.0	1.8	2.2	6.4	—
+ Acq of Investment Property	173.9	0.0	0.0	0.0	—
+ Disp of Investment Property	23.5	0.0	0.0	0.0	—
+ Purchase of Investments (Equity / Debt)	12,08,202.2	1,13,955.6	1,24,397.7	1,41,975.2	—
+ Sale of Investments (Equity / Debt)	11,93,616.0	1,01,524.1	1,06,015.4	1,21,126.6	—
+ Acq of Subsidiaries / Businesses (net)	842.7	0.0	0.0	0.0	—
+ Loans & Advances Made	136.9	138.9	172.2	176.6	—
+ Interest Received — Investing	6,513.3	7,777.9	9,067.3	10,087.5	—
+ Other Inflows / (Outflows) — Investing	-26.9	9.7	-0.2	51.2	—
Cash from Investing Activities	-9,227.7	-5,003.9	-9,703.3	-11,124.6	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	0.0	0.0	1,611.9	0.0	—
+ Proceeds from Other Equity Instruments	0.0	7.5	19.2	18.7	—
+ Buyback / Redemption of Own Shares	121.9	0.0	0.0	0.0	—
+ Payments for Other Equity Instruments	0.0	5.4	40.6	53.9	—
+ Proceeds from Debentures / Notes / Bonds	0.0	0.0	0.0	799.1	—
+ Payment of Lease Liabilities	73.7	0.0	90.9	115.0	—
+ Payment of Finance Lease Liabilities	0.0	81.7	—	—	—
+ Interest Paid	37.2	37.3	37.3	82.2	—
+ Other Inflows / (Outflows) — Financing	0.0	0.0	499.3	0.0	—
Cash from Financing Activities	-232.8	-117.0	1,961.4	566.7	—
Net Changes in Cash (pre-FX)	461.9	986.1	609.9	914.8	—
Net Changes in Cash	461.9	986.1	609.9	914.8	—
Closing Cash	1,225.9	10,822.1	—	—	—
Reference Items
EBITDA	550.9	419.6	472.0	211.6	374.3
EBITDA Margin %	1.75	0.90	1.02	0.44	0.72
Free Cash Flow (CFO − Capex)	9,920.2	5,884.1	8,133.7	11,228.3	11,228.3
Free Cash Flow to Equity	—	5,846.8	8,601.2	11,979.0	—
Free Cash Flow per Basic Share	288.97	171.40	236.93	327.07	327.07
Price to Free Cash Flow	—	—	—	—	3.71
Cash Flow to Net Income	21.96	15.56	20.70	108.68	—
Cash Paid for Taxes	95.1	13.1	6.2	41.7	—
Cash Paid for Interest	37.2	37.3	37.3	82.2	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.