(xiii) Provisions

Provisions are recognised when the Company has a
present obligation (legal or constructive) as a result
of a past event, it is probable that the Company will
be required to settle the obligation, and a reliable
estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best
estimate of the consideration required to settle the
present obligation at the end of the reporting period,
taking into account the risks and uncertainties
surrounding the obligation. When a provision is
measured using the cash flows estimated to settle the
present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time
value of money is material).

When some or all of the economic benefits required
to settle a provision are expected to be recovered
from a third party, a receivable is recognised as an
asset if it is virtually certain that reimbursement will
be received and the amount of the receivable can be
measured reliably.

(xiv) Goods and services tax input credit

Input tax credit is accounted for in the books in the
period in which the underlying service received is

accounted and when there is reasonable certainty in
availing / utilising the credits. The Company reviews
the input tax credit at each balance sheet date to
assess the recoverability of these balances.

(xv) Operating Cycle

Based on the nature of products / activities of the
Company and the normal time between acquisition of
assets and their realisation in cash or cash equivalents,
the Company has determined its operating cycle as 12
months for the purpose of classification of its assets
and liabilities as current and non-current.

2C Critical estimates and judgements

The preparation of the financial statements in conformity
with Ind AS requires the management to make estimates,
judgments and assumptions. These estimates, judgments
and assumptions affect the application of accounting
policies and the reported amounts of assets and liabilities,
the disclosures of contingent assets and liabilities at the
date of the financial statements and reported amounts of
revenues and expenses during the period. The application
of accounting policies that require critical accounting
estimates involving complex and subjective judgments
and the use of assumptions in these financial statements
have been disclosed in Note 2. Accounting estimates could
change from period to period. Actual results could differ
from those estimates. Appropriate change in estimates
are made as management becomes aware of changes
in circumstances surrounding the estimates. Changes
in estimates are reflected in the financial statements in
the period in which changes are made and, it material,
their effects are disclosed in the notes to the financial
statements.

The following are the critical judgements, apart from those
involving estimations that the directors have made in the
process of applying the Company's accounting policies
and that have the most significant effect on the amounts
recognised in the financial statements.

Contingent liabilities

Assessment of whether outflow embodying economic
benefits is probable, possible or remote. (See note 26)

The key assumptions concerning the future, and other key
sources of estimation uncertainty at the reporting period,
that may have a significant risk of causing a material
adjustment to the carrying amount of assets and liabilities
within the next financial year, are discussed below.

a. Income taxes

Deferred tax is provided using the balance sheet
approach on temporary differences between the
tax base of assets and liabilities and their carrying
amounts for financial reporting purposes at the
reporting date. Deferred tax assets are recognised
for all deductible temporary differences, the carry
forward of unused tax credits and any unused tax
losses. Deferred tax assets are recognised to the
extent that it is probable that taxable profit will be
available against which the deductible temporary
differences, and the carry forward of unused tax
credits and unused tax losses can be utilised. The
carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that
it is no longer probable that sufficient taxable profit
will be available to allow all or part of the deferred
tax asset to be utilised. Unrecognised deferred tax
assets are re-assessed at each reporting date and are
recognised to the extent that it has become probable
that future taxable profits will allow the deferred tax
asset to be recovered.

b. Employee Benefits

Defined employee benefit assets / liabilities
determined based on the present value of future
obligations using assumptions determined by the
Company with advice from an independent qualified
actuary.

c. Property Plant and Equipment

The charge in respect of periodic depreciation is
derived after determining an estimate of an asset's
expected useful life and the expected residual value
at the end of its life. The useful lives and residual
values of the Company's assets are determined by
the management at the time the asset is acquired
and reviewed periodically, including at each financial
year end. The lives are based on historical experience
with similar assets as well as anticipation of future
events, which may impact their life, such as changes
in technology.

For expected useful life of asset refer point (iii) of
accounting policy 2B.

2D New and amended standards

The Ministry of Corporate Affairs has notified Companies
(Indian Accounting Standards) Amendment Rules, 2023
dated 31 March 2023 to amend the following Ind AS which

are effective for annual periods beginning on or after 1
April 2023. The Company applied for the first-time these
amendments.

(i) Ind AS 117 Insurance Contracts

The Ministry of Corporate Affairs (MCA) notified
the Ind AS 117, Insurance Contracts, vide notification
dated 12 August 2024, under the Companies (Indian
Accounting Standards) Amendment Rules, 2024,
which is effective from annual reporting periods
beginning on or after 1 April 2024.

Ind AS 117 Insurance Contracts is a comprehensive
new accounting standard for insurance contracts
covering recognition and measurement, presentation
and disclosure. Ind AS 117 replaces Ind AS 104
Insurance Contracts. Ind AS 117 applies to all types of
insurance contracts, regardless of the type of entities
that issue them as well as to certain guarantees and
financial instruments with discretionary participation
features; a few scope exceptions will apply. Ind AS 117
is based on a general model, supplemented by:

• A specific adaptation for contracts with direct
participation features (the variable fee approach)

• A simplified approach (the premium allocation
approach) mainly for short-duration contracts

The application of Ind AS 117 does not have material
impact on the Company's separate financial
statements as the Company has not entered any
contracts in the nature of insurance contracts covered
under Ind AS 117.

(ii) Amendments to Ind AS 116 Leases - Lease Liability in
a Sale and Leaseback

The MCA notified the Companies (Indian Accounting
Standards) Second Amendment Rules, 2024, which
amend Ind AS 116, Leases, with respect to Lease
Liability in a Sale and Leaseback.

The amendment specifies the requirements that a
seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure
the seller-lessee does not recognise any amount
of the gain or loss that relates to the right of use it
retains.

The amendment is effective for annual reporting
periods beginning on or after 1 April 2024 and must
be applied retrospectively to sale and leaseback
transactions entered into after the date of initial
application of Ind AS 116.

The amendments do not have a material impact on
the Company's financial statement

Notes :

a. The liability of non fulfilment of export obligation is on account of non availability of original documents (photocopies are
available). The company has however made the relevant exports. Since the documentation as required by the authorities
has not yet been fully complied with. No further demand against these licenses have received by the Company.

b. Service tax demand of Rs. 139.58 lakhs raised during Service Tax Audit for the period FY 2011-12 to FY 2015-16 for provision
of Corporate Guarantee by the Company to Export Import Bank of India on behalf of its subsidiary Company. The matter
has been kept in abeyance, as an identical issue which is filed by the department is pending before Hon'ble Apex Court

# No provision considered necessary since the Company expects a favourable decisions.

27. SEGMENT INFORMATION

The Company is primarily engaged in the business of growing and nurturing business investments and providing management
advisory services to group companies in India. The Board of Directors of the Company, which has been identified as being the
Chief Operating Decision Maker (CODM), evaluates the Company's performance, allocates resources based on the analysis
of the various performance indicators of the Company as a single unit. Therefore there is no reportable segment for the
Company, in accordance with the requirements of Ind AS 108- 'Operating Segment Reporting', notified under the Companies
(Indian Accounting Standard) Rules, 2015, as amended.

28. EMPLOYEE BENEFIT PLANS

(i) Defined contribution plans

The Company makes National Pension Scheme contributions which is defined contribution plan for qualifying
employees. Under the schemes, the Company is required to contribute a specified percentage of the payroll costs to
fund the benefits.

(ii) Defined benefit plans
A Gratuity:

The Company has a defined benefit gratuity plan. Under Gratuity Plan, every employee who has completed five
years or more of service gets a gratuity on departure at 15 days of last drawn salary for each completed year of
service or part thereof in excess of 6 months.

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed
five years of service is entitled to specific benefit. The level of benefits provided depends on the member's length
of service and salary at retirement age.

The present value of the defined benefit obligation and the related current service cost were measured using the
Projected Unit Credit Method with actuarial valuations being carried out at each balance sheet date.

The gratuity plan typically exposes the Company to actuarial risks such as: interest rate risk, longevity risk and
salary risk.

Interest risk : A decrease in the bond interest rate will increase the plan liability.

Longevity risk: The present value of the defined benefit plan liability is calculated by reference to the best

estimate of the mortality of plan participants both during and after their employment. An increase in the life
expectancy of the plan participants will increase the plan's liability

Salary risk: The present value of the defined benefit plan liability is calculated by reference to the future salaries
of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

No other post-retirement benefits are provided to these employees

In respect of the plan in India, the most recent actuarial valuation of the present value of the defined benefit
obligation was carried out as at March 31, 2025 by Sodhi Tripathi Actuaries & Consultants LLP, Consulting
Actuary, Fellow of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the
related current service cost and past service cost, were measured using the projected unit credit method.

The sensitivity analysis presented above may not be representative of the actual change in the defined benefit
obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the
assumptions may be correlated.

Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has
been calculated using the projected unit credit method at the end of the reporting period, which is the same as
that applied in calculating the defined benefit obligation liability recognised in the balance sheet.

(g) The average duration of the benefit obligation represents average duration for active members at March 31,
2025: 8.00 years (as at March 31, 2024: 10.50 years).

B Provident Fund:

The Company is contributing in a provident fund trust "Max Financial Services Limited Employees Provident Trust
Fund" which is a common fund for Max Group companies. The provident fund trust requires that interest shortfall
shall be met by the employer, accordingly it has been considered as a defined benefit plan.

The interest rate payable to the members of the Trust shall not be lower than the statutory rate of interest declared by
the Central Government under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, and shortfall,
if any, shall be made good by employer. The actuary has accordingly provided a valuation for "Max Financial Services
Limited Employees Provident Trust Fund" which is a common fund for the Group.

33. FINANCIAL INSTRUMENTS
(a) Capital management

The capital management objectives of the Company are:

- to ensure that the Company complies with externally imposed capital requirements and maintains strong credit
ability and healthy capital ratios

- to ensure the ability to continue as a going concern

- to provide an adequate return to shareholders

Management assesses the capital requirements of the Company in order to maintain an efficient overall financing
structure. The Company manages the capital structure and makes adjustments to it in the light of changes in economic
conditions and the risk characteristics of the underlying assets.

(c) Risk management framework

The Company is exposed to market risk (including currency risk, interest rate risk and other price risk), credit risk and
liquidity risk.

The objective of the Company's risk management framework is to manage the above risks and aims to :

- improve financial risk awareness and risk transparency

- identify, control and monitor key risks

- provide management with reliable information on the Company's risk exposure

- improve financial returns

(i) Market risk

Market risk is the risk that the fair value of financial instrument will fluctuate because of change in market price.

The Company's activities expose it primarily to interest rate risk, currency risk and other price risk such as equity price
risk. The financial instruments affected by market risk includes : Fixed deposits, current investments and other current
financial liabilities.

Foreign currency risk

Foreign exchange risk comprises of risk that may arise to the Company because of fluctuations in foreign currency
exchange rates. Fluctuations in foreign currency exchange rates may have an impact on the Statement of Profit and
Loss. As at the year end, the Company was exposed to foreign exchange risk arising from foreign currency payables.

Interest rate risk

The Company is exposed to interest rate risk on fixed deposits outstanding as at the year end. The Company invests
in fixed deposits to achieve the Company's goal of maintaining liquidity, carrying manageable risk and achieving
satisfactory returns.

Other price risk

The Company is exposed to price risks arising from fair valuation of Company's investment in mutual funds. The
investments in mutual fund are held for short term purposes.

(ii) Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to
the Company. The Company's exposure to credit risk primarily arises from trade receivables, balances with banks and
security deposits. The credit risk on bank balances is limited because the counterparties are banks with good credit
ratings. The Company's exposure and credit worthiness of its counterparties are continuously monitored.

36. The Company did not have any long-term contracts including derivative contracts for which there were any material
foreseeable losses.

37. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by
the Company.

38. The Company is primarily engaged in the business of growing and nurturing business investments in its subsidiary. The
investments (financial assets) and dividend income (financial income) on the same has resulted in financial income to be in
excess of 50% of its total income and its financial assets to be more than 50% of total assets. The management is of the view
supported by legal opinion that the Company is an Unregistered Core Investment Company (Unregistered CIC) as laid down
in the "Master Direction - Core Investment Companies (Reserve Bank) Directions, 2016", as amended. Hence, registration
under Section 45-IA of the Reserve Bank of India Act, 1934 is not required.

Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of
information collected by the Management. This has been relied upon by the auditors.

41. The Board of Directors of the Company in its meeting held on April 27, 2020 approved entering into definitive agreements with
Axis Bank for the sale of equity share capital of Max Life Insurance Company Limited ("MLIC"), a subsidiary of the Company,
to Axis Bank, subject to receipt of shareholders' approval and other requisite regulatory approvals. The shareholders of the
Company approved the transaction on June 16, 2020.

On October 30, 2020, the Company, MLIC, Axis Bank and its subsidiaries (together "Axis Entities"), i.e. Axis Capital Limited
and Axis Securities Limited ("Axis Bank subsidiaries") entered into agreements for acquisition of upto 19.002% of the equity

share capital of MLIC ("Agreements"). Pursuant to receipt of all approvals, Axis Bank had acquired 9.002% of the equity
share capital of MLIC and Axis Bank subsidiaries acquired 3% of the share capital of MLIC as per Rule 11UA valuation of the
Income-tax Rules, 1962 upto March 31, 2022.

On January 9, 2023 the Company executed revised agreements with the parties in terms of which Axis Entities have the
right to purchase the balance 7% equity stake of MLIC from the Company at Fair Market Value using Discounted Cash Flows
instead of valuation as per Rule 11UA of the Income Tax Rules, 1962. This revision in valuation methodology has been done
consequent to the guidance received by MLIC from IRDAI.

The Board of Directors of the Company in its meeting held on August 9, 2023 took note of MLIC's proposal to raise further
capital by way of a preferential issue of equity shares to Axis Bank, for an aggregate investment of up to Rs. 1,612 crores in
MLIC, at fair market value determined basis DCF methodology ("Proposed Infusion"). This revision from secondary sale
of transfer of shares to primary issuance of MLIC shares to Axis Bank has been done consequent to the MLIC funding
requirements.

In this regard, the shareholders of the Company approved the transaction on September 27, 2023. Max Life has received
approval from IRDAI vide its letter dated February 6, 2024 for the Proposed infusion. Axis Bank has received approval from
Competition Commission of India (CCI) vide its letter dated April 2, 2024 for the Proposed infusion. Pursuant to receipt of all
regulatory approvals, Axis Bank had subscribed to 6.02% of the equity share capital of MLIC on April 17, 2024. On completion
of the Proposed Infusion, Axis Entities collectively hold 19.02% of the equity share capital of Max Life and the Company's
shareholding in Max Life stood reduced to 80.98% of the equity share capital of Max Life effective April 17, 2024.

In addition, the Axis Entities would have the right to purchase 0.98% of the equity share capital of MLIC from the Company
within the timeframe which was earlier agreed between the parties (i.e., 42 months from April 6, 2021). Pending receipt
of requisite regulatory approvals, the said transaction cannot be considered concluded at the current date and hence no
adjustments have been made in the financial statements.

42. OTHER STATUTORY INFORMATION

i) The title deeds of immovable properties (other than immovable properties where the Company is the lessee and the lease
agreements are duly executed in favour of the lessee) disclosed in the standalone financial statements are held in the
name of the Company.

ii) The Company does not have any transactions with struck off Companies under section 248 or section 560 of Companies
Act, 2013.

iii) The Company does not have any benami property, where any proceeding has been initiated or pending against the
Company for holding any benami property.

iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

v) The Company is not declared wilful defaulter any bank or financial institutions or lender during the year.

vi) The Company has not created any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961. (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961).

viii) The Company has not advanced or loaned or invested funds to any person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the company (ultimate beneficiaries) or

b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries

ix) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (funding party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the funding party (ultimate beneficiaries) or

b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries.

Reason for variance:

Current Ratio (In times) - higher due to decrease in investment in mutual funds
Trade payable turnover ratio - lower due to decrease in other expenses

44. The Company has used accounting software for maintaining its books of account which has a feature of recording audit
trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the software.
Further, there are no instance of audit trail feature being tampered with. Additionally, the audit trail of prior year(s) has been
preserved as per the statutory requirements for record retention.

46. The Company has not declared or paid any dividend during the current year and previous year and has not proposed dividend
for the current year.

47. During the year ended March 31, 2025, the Company, certain former & present directors and key managerial personnel and
its Subsidiary (AMLI), have received a Show Cause Notice ('SCN') from Securities Exchange Board of India (SEBI) alleging
non-compliances of certain provisions of SEBI Act, Securities Contract Regulation Act, the erstwhile Listing Agreement, the
Listing Regulations and other applicable SEBI regulations during the financial year ended March 31, 2011 and March 31, 2022
with respect to transactions pertaining to the shares of AMLI. Based on management assessment and independent legal
opinion, the Company is of the view that it has complied with those relevant provisions of SEBI Act, Securities Contract
Regulation Act, the erstwhile Listing Agreement, the Listing Regulations and other applicable SEBI Regulations. Further, the
Company has responded to the SCN on April 8, 2025. Accordingly, pending the foregoing, no impact is required to be given
in these standalone financial statements for the year ended March 31, 2025.

For S R Batliboi & Co LLP For and on behalf of the Board of Directors of

Chartered Accountants Max Financial Services Limited

Firm's Registration No. 301003E/E300005

per Pikashoo Mutha K. Narasimha Murthy Sahil Vachani

Partner (Director) (Director)

Membership No. 131658 DIN No:00023046 DIN No:00761695

Place : Hyderabad Place : New Delhi

V Krishnan Nishant Kumar

(Manager) (Chief Financial Officer)

Place : Noida Place : Noida

Piyush Soni

(Company Secretary)

M.No. - ACS-39924
Place : Gurugram

Place : Mumbai

Date : May 13, 2025 Date : May 13, 2025