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Max Financial Services

MFSL NSE
₹1,244.30 No trade today
P/E
390.06
View as Markdown
MCP
Close 4 Nov 2026 ₹1,244.30 −339.90 −21.5% 1Y
Start ₹1,584.20

Key Fundamentals

MidcapInsuranceFinancial Services

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
2.87%
Debt to Equity
0.35
EPS (TTM)
₹3.19
Book Value
₹165.70
Market Cap
—
P/E (TTM)
390.06
P/B
7.51
ROE
1.52%
Dividend Yield
0.00%
EBITDA
₹234 Cr
52W High
₹1,892.50
52W Low
₹1,172.60
Volume
0

Peer Comparison

Financial Services › Insurance › Life Insurance

Max Financial Services peer comparison
LIC of India
₹408.008.59₹5,11,882 Cr2.912.53%37.80%35.10%₹9,94,088 Cr₹60,055 Cr
SBI Life Insurance
₹1,710.2064.61₹1,69,937 Cr8.360.16%13.70%15.00%₹1,21,160 Cr₹2,656 Cr
HDFC Life Insurance
₹532.5056.29₹1,15,614 Cr5.940.40%11.30%10.30%₹1,07,513 Cr₹2,048 Cr
Max Financial Services (this company)
₹1,244.30390.06₹41,931 Cr7.510.00%1.52%2.87%₹49,822 Cr₹137 Cr
Canara HSBC Life Insurance Company
₹122.8987.16₹11,515 Cr7.120.33%8.11%8.35%₹12,482 Cr₹134 Cr
Median 5 companies₹532.5064.61₹1,15,614 Cr7.120.33%11.30%10.30%₹1,07,513 Cr₹2,048 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company. 1 company is not shown because they are not listed on an exchange we cover.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

33 Poor

Data confidence 100/100

pledge:44%

Category scores

Quality
54
Average
Returns, margins, earnings quality 22% weight
Valuation
27
Poor
Cheap vs sector & own history 24% weight
Growth
24
Poor
Sales & profit trajectory 9% weight
Financial Health
44
Weak
Solvency, leverage, coverage 9% weight
Momentum
8
Poor
Trend strength, vol-adjusted 12% weight
Ownership
45
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

No strengths listed

Weaknesses

8
  • Stock is trading at 8.81 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.80% over past five years.
  • Promoter holding is low: 1.25%
  • Tax rate seems low
  • Company has a low return on equity of 5.57% over last 3 years.
  • Promoters have pledged 26.9% of their holding.
  • Promoter holding has decreased over last 3 years: -5.27%

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bearish1054
OscillatorsNeutral252
Moving AveragesStrong Bearish802

Key readings

RSI (14)
41.90
Neutral
MACD (12,26,9)
−56.92
Bullish
SMA (50)
1,401.56
Bearish
SMA (200)
1,574.12
Bearish

As of

Analyst Rating

Based on 26 analysts
BUY100%

26 of 26 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
26
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+15.07%
5Y+8.80%
3Y+14.92%
1Y+2.59%
TTM+4.91%

Net profit

Net profit growth by window
10Y−12.28%
5Y−28.32%
3Y−38.33%
1Y−73.70%
TTM−58.86%

Operating cash flow

Operating cash flow growth by window
10Y+11.68%
5Y+10.73%
3Y+4.96%
1Y+37.37%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−4.09 pp
5Y−1.43 pp
3Y−1.32 pp
1Y−0.58 pp
TTM−0.32 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹15,247 Cr
Mar 2018₹16,338 Cr
Mar 2019₹19,510 Cr
Mar 2020₹18,240 Cr
Mar 2021₹31,275 Cr
Mar 2022₹31,182 Cr
Mar 2023₹31,415 Cr
Mar 2024₹46,576 Cr
Mar 2025₹46,469 Cr
Mar 2026₹47,674 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹593 Cr
Mar 2018₹442 Cr
Mar 2019₹416 Cr
Mar 2020₹273 Cr
Mar 2021₹560 Cr
Mar 2022₹318 Cr
Mar 2023₹452 Cr
Mar 2024₹393 Cr
Mar 2025₹403 Cr
Mar 2026₹106 Cr

Analyst Forecasts

Forecast For
FY27 consensus · EBITDA
₹90.00 Cr −61.5% vs FY26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 3 Nov 2026
AI opinion · based on fundamentals
Risk high

Max Financial Services Ltd, the holding company for Max Life Insurance, trades at ₹1,185.1 as of 2026-11-03 with a market cap of ₹40,872 Cr. The stock commands a P/E of 371.5x and P/B of 7.15x on a TTM EPS of ₹3.19, while sitting just 1.1% above its 52-week low of ₹1,172.6 and 37.4% below its 52-week high of ₹1,892.5. Revenue has compounded at 15% over the last decade, but reported profits have contracted sharply, declining at a 10-year CAGR of -11% and -60% on a TTM basis.

Bull Case 6
  • Consistent top-line growth: compounded sales have grown at 15% over 10 years and 15% over 3 years, indicating sustained premium collection momentum in the life insurance business.
  • Long-term stock price appreciation of 9% CAGR over 10 years and 14% CAGR over 3 years suggests the market has historically rewarded the franchise despite near-term profit volatility.
  • Low debt-to-equity ratio of 0.35 as of 2026-11-03 indicates a relatively conservatively leveraged balance sheet for a financial services holding company.
  • The stock is trading only 1.1% above its 52-week low of ₹1,172.6 and 37.4% below its 52-week high of ₹1,892.5, which may present a valuation reset from elevated prior levels.
  • India's life insurance penetration remains low relative to global averages, providing a long structural growth runway for the underlying Max Life Insurance business.
  • TTM revenue still grew at 5% year-on-year, showing the business continues to expand even in a period of profit compression.
Bear Case 7
  • Severe profit erosion: compounded profit has declined at -11% over 10 years, -28% over 5 years, -40% over 3 years, and -60% TTM, showing an accelerating deterioration trend.
  • Promoter holding is critically low at just 1.25%, and promoters have pledged 26.9% of even that small holding, raising governance and alignment concerns.
  • Promoter holding has decreased by 5.27 percentage points over the last 3 years, signalling reduced promoter commitment or dilution.
  • Return on equity has deteriorated from a 10-year average of 9% down to just 2% last year (ROE of 1.63% as of 2026-11-03), reflecting poor capital efficiency.
  • Zero dividend yield despite reporting profits indicates no cash return to shareholders, with the company not paying out dividends.
  • Five-year sales growth of only 8.80% is considered poor for a company in the high-growth Indian insurance sector, lagging the 10-year CAGR of 15%.
  • The stock has declined 16% over the last 1 year on a CAGR basis, underperforming broader market indices and reflecting weakening investor sentiment.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Limited news flow for Max Financial Services this period. The only notable activity was over ₹63 crore in institutional block trades on Oct 6 at ₹1,342.40 per share, which signals institutional positioning but is directionally neutral on its own. Watch for follow-through in delivery volumes and any disclosure of buyer/seller identity for clearer directional cues.

Neutral 1
  • Large institutional block trades Oct 6

    NSE block trade of 3,26,596 shares at ₹1,342.40 totalling ₹43.84 crore, plus a secondary block of 1,46,690 shares at the same price for ₹19.69 crore. Combined block activity exceeded ₹63 crore, signalling significant institutional interest.

Quarterly Results

₹ Cr
MFSL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
9,168
10,165
12,356
14,888
11,799
13,372
8,923
12,376
12,822
9,792
14,259
10,802
14,970
Expenses
9,043
10,021
12,146
14,945
11,608
13,199
8,834
12,356
12,703
9,771
14,181
10,808
14,803
Operating Profit
125
144
209
−57
190
173
89
20
119
21
78
−6
167
OPM %
1.4%
1.4%
1.7%
−0.4%
1.6%
1.3%
1%
0.2%
0.9%
0.2%
0.6%
−0.1%
1.1%
Other Income
3
25
4
10.71
3.19
3.73
4.14
18
3
7
9
3.54
7
Interest
9
9
14
11
9
13
10
15
20
21
36
35
36
Depreciation
1
1
1
1
1
1
1
1
1
1
1
0
0
PBT
118
158
198
−59
182
162
81
22
101
6
50
−36
138
Tax %
14%
−8%
14%
−15%
14%
14%
14%
−73%
14%
6%
11%
−13%
14%
Net Profit
101
170
171
−50
156
139
70
38
86
6
45
−32
118
EPS (₹)
2.54
4.29
4.3
−1.28
3.69
3.26
1.62
0.91
2.02
0.12
1.06
−0.76
2.77

Profit & Loss

₹ Cr
MFSL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
14,907
11,710
15,247
16,338
19,510
18,240
31,275
31,182
31,415
46,576
46,469
47,674
49,822
Expenses
14,188
11,179
14,476
15,807
19,003
17,788
30,689
30,769
30,862
46,150
45,994
47,462
49,562
Operating Profit
718
531
771
531
507
452
585
413
554
426
476
212
260
OPM %
4.8%
4.5%
5%
3.2%
2.6%
2.5%
1.9%
1.3%
1.8%
0.9%
1%
0.4%
0.5%
Other Income
30
2
2
1
3
2
13
6
16
36
21
22.32
28
Interest
82
8
9
0
27
0
0
25
37
44
47
112
128
Depreciation
154
60
63
2
2
11
5
5
5
3
3
2
2
PBT
512
465
702
530
481
442
593
389
527
415
447
121
158
Tax %
29%
15%
15%
17%
13%
38%
6%
18%
14%
5%
10%
13%
—
Net Profit
365
393
593
442
416
273
560
318
452
393
403
106
137
EPS (₹)
10.49
9.47
14.79
10.67
9.75
5.38
12.33
7.34
10.97
9.85
9.48
2.43
3.19
Div. Payout %
48%
38%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
—

Balance Sheet

₹ Cr
MFSL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
53
53
53
54
54
54
69
69
69
69
69
69
Reserves
3,249
1,912
2,281
1,766
2,005
2,093
3,274
3,866
3,450
3,797
5,206
5,213
Borrowings
543
0
0
0
0
3
3
522
523
523
1,026
1,859
Other Liabilities
31,658
36,181
44,405
54,022
65,097
72,377
94,710
1,13,291
1,27,783
1,58,383
1,83,879
1,91,795
Total Liabilities
35,503
38,147
46,739
55,842
67,156
74,526
98,057
1,17,747
1,31,824
1,62,771
1,90,180
1,98,936
Fixed Assets
1,200
349
740
556
556
641
639
616
614
612
610
607
CWIP
39
37
3
0
0
0
0
0
0
0
0
0
Investments
32,015
36,102
44,059
52,683
63,245
68,566
91,766
1,09,794
1,23,355
1,52,959
1,79,841
1,86,014
Other Assets
2,249
1,660
1,938
2,602
3,356
5,320
5,652
7,337
7,854
9,201
9,729
12,314
Total Assets
35,503
38,147
46,739
55,842
67,156
74,526
98,057
1,17,747
1,31,824
1,62,771
1,90,180
1,98,936

Cash Flow

₹ Cr
MFSL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
2,579
3,802
6,526
7,534
8,826
5,452
6,892
8,496
9,922
6,104
8,352
11,473
Investing
−2,311
−3,541
−6,290
−6,951
−8,789
−4,991
−6,852
−8,835
−11,555
−5,001
−9,703
−11,125
Financing
−388
−187
−215
−116
−174
−383
−92
388
−233
−117
1,961
567
Net Cash Flow
−119
74
20
466
−137
78
−51
48
−1,866
986
610
915
Free Cash Flow
2,258
3,714
6,447
7,485
8,728
5,329
6,810
8,369
9,750
5,883
8,136
11,235
CFO/OP
375
730
860
1,435
1,754
1,219
1,202
2,076
1,809
1,436
1,757
5,438

Ratios

MFSL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
17
16
13
0
0
0
0
0
0
0
0
0
Inventory Days
84
—
—
—
—
—
—
—
—
—
—
—
Days Payable
424
—
—
—
—
—
—
—
—
—
—
—
Cash Conversion Cycle
−324
16
13
0
0
0
0
0
0
0
0
0
Working Capital Days
−74
−101
−93
−1,158
−1,149
−1,338
−1,042
−1,241
−1,402
−1,172
−1,368
−1,382
ROCE %
13%
13%
25%
19%
19%
16%
18%
10%
12%
10%
8%
3%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Max Financial Services insights

43 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • FIIs 48.62%
  • DIIs 43.70%
  • Public 4.78%
  • Others 1.66%
  • Promoters 1.25%

43.71% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Max Financial Services

What does Max Financial Services Ltd do?
Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.
Where is Max Financial Services Ltd (MFSL) listed?
Max Financial Services Ltd trades as MFSL on the NSE and under code 500271 on the BSE.
Which sector does Max Financial Services Ltd belong to?
Max Financial Services Ltd is classified under the Insurance sector, in the Life Insurance industry.
What is the PE ratio of Max Financial Services Ltd?
Max Financial Services Ltd trades at a PE ratio of 390.06 as of 4 Nov 2026, on earnings per share of ₹3.19, against a book value of ₹165.7 per share.
What is the 52-week high and low of Max Financial Services Ltd?
Over the last 52 weeks Max Financial Services Ltd has traded between ₹1,172.6 and ₹1,892.5 as of 4 Nov 2026.
What is the Return on Equity (ROE) of Max Financial Services Ltd?
Max Financial Services Ltd reported a return on equity of 1.52%. Its debt-to-equity ratio is 0.35.

Company Information

Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies. It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company.

Website maxfinancialservices.com
CEO Mr. Analjit Singh BA, BS, MBA
Employees 10
Listed 17 May 2000
Face Value ₹2

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