Max Financial Services Balance Sheet
- Market cap
- ₹46,174 crore
- P/E
- 420.2
- P/B
- 8.74
- ROE
- 1.6%
- Dividend yield
- 1.20%
As of Mar 2022, Max Financial Services had total assets of ₹13,700 crore and borrowings of ₹1,200 crore, against shareholders' equity of ₹9,000 crore — a debt-to-equity ratio of 0.13. Borrowings rose 44.45% from Mar 2023.
Max Financial Services balance sheet
As at each financial year end, newest first. H1 = half-year.
| Item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Equity capital | 500 | 68.72 | 68.73 | 68.69 | 68.66 |
| Reserves | 8,500 | -1,312 | -982 | 395 | 446 |
| Borrowings | 1,200 | 831 | 844 | 1,442 | 2,349 |
| Other liabilities | 3,500 | 1,27,025 | 1,57,560 | 1,82,334 | 1,90,167 |
| Total liabilities | 13,700 | 1,31,824 | 1,62,773 | 1,90,180 | 1,98,936 |
| Fixed assets | 6,500 | 386 | 407 | 511 | 585 |
| Capital work in progress | 400 | 100 | 100 | 100 | 100 |
| Investments | 2,500 | 26,365 | 32,555 | 38,036 | 39,787 |
| Other assets | 4,300 | 39,547 | 48,832 | 57,054 | 59,681 |
| Total assets | 13,700 | 1,31,824 | 1,62,773 | 1,90,180 | 1,98,936 |
Balance sheet ratios
- Debt to equity
- 0.13
Source: Company filings (consolidated), in ₹ crore. Data as of 7 October 2026. How this data is compiled.
Max Financial Services balance sheet — frequently asked questions
What is the total debt of Max Financial Services?
Max Financial Services reported borrowings of ₹1,200 crore as of Mar 2022, compared with ₹831 crore as of Mar 2023.
What is Max Financial Services' debt-to-equity ratio?
Based on the Mar 2022 balance sheet, Max Financial Services' debt-to-equity ratio is 0.13 — borrowings of ₹1,200 crore against equity capital and reserves of ₹9,000 crore.
What are Max Financial Services' total assets?
Max Financial Services' total assets were ₹13,700 crore as of Mar 2022, including fixed assets of ₹6,500 crore and investments of ₹2,500 crore.
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