Max Financial Services
Max Financial Services
Insurance F&OKey Fundamentals
MidcapLife InsuranceInsuranceTapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Weaknesses
8- Stock is trading at 9.65 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: -8.89%
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoMax Financial Services, the holding company of Max Life Insurance, trades at a market cap of ₹50,490 Cr with a PE of 370.4x and P/B of 9.63x. Compounded profit growth has been negative across all timeframes (TTM: -60%, 3-year CAGR: -40%), while sales have grown at a 3-year CAGR of 15%. ROE has declined from a 10-year average of 9% to just 2% in the last year, and promoter holding stands at a notably low 1.25% with 26.9% of that pledged.
- 3-year compounded sales CAGR of 15% indicates strong top-line momentum in the life insurance distribution business
- 10-year compounded sales CAGR of 15% demonstrates a long runway of consistent revenue expansion
- 3-year stock CAGR of 17% suggests the market has rewarded the company's franchise value and insurance sector tailwinds
- 10-year stock CAGR of 9% reflects sustained long-term wealth creation despite recent headwinds
- Market cap of ₹50,490 Cr positions MFSL as a large-cap insurance play with institutional interest and liquidity
- India's life insurance penetration remains low at around 3% of GDP, providing a structural growth opportunity for the underlying Max Life Insurance business
- TTM sales growth of 5% shows the company continues to grow revenue even in a period of profit compression
- PE ratio of 370.4x is extremely elevated, implying the stock prices in aggressive growth that current earnings do not support
- Compounded profit has declined at -60% TTM and -40% over 3 years, signalling severe earnings deterioration
- ROE collapsed to just 2% in the last year versus a 10-year average of 9%, reflecting poor capital efficiency
- Promoter holding at 1.25% is exceptionally low, raising concerns about alignment of promoter interests with minority shareholders
- Promoters have pledged 26.9% of their already minimal holding, adding financial risk at the promoter level
- Promoter holding has decreased by 8.89% over the last 3 years, indicating dilution or exits by insiders
- P/B of 9.63x is steep for a company delivering 3-year average ROE of just 5.57%, well below cost of equity
- Zero dividend yield despite reported profits suggests no near-term cash return to shareholders
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2h ago- Q1 profit surges 37% YoY Aug 15
Consolidated net profit rose 37.4% YoY to ₹956 crore in Q1FY27, with revenue up 16.9% to ₹14,970 crore. Board approved results on August 13, 2026.
- SEBI drops enforcement case Aug 25
SEBI disposed of proceedings against 12 noticees without imposing any penalties. Settlement applications from 13 other noticees remain under process.
- Investor meet at Jefferies Forum Sep 9
Senior management will engage with investors at the Jefferies India Forum on September 18, 2026, in Gurgaon via physical group meetings.
- AGM resolutions fully approved Aug 20
Shareholders approved all five resolutions at the 38th AGM on August 19, 2026, including director reappointment and remuneration approvals.
TL;DR: Max Financial Services is delivering strong earnings momentum with Q1FY27 profit up 37% YoY and healthy revenue growth of nearly 17%. The SEBI case disposal removes a longstanding regulatory overhang. No material headwinds are visible in recent news flow. The trend is clearly improving, and the upcoming Jefferies investor meet on Sep 18 could serve as a near-term catalyst if management guides positively.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 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 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 23 | 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 in Rs | 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 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
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Max Financial Services insights
61 extracted metrics + investor summaries across FY11–FY26.
Documents
Frequently Asked Questions about Max Financial Services
What does Max Financial Services Ltd do?
Where is Max Financial Services Ltd (MFSL) listed?
Which sector does Max Financial Services Ltd belong to?
What is the market capitalisation of Max Financial Services Ltd?
What is the PE ratio of Max Financial Services Ltd?
What is the 52-week high and low of Max Financial Services Ltd?
What is the Return on Equity (ROE) of Max Financial Services Ltd?
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.[1] 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. [2]
For AI agents and developers
Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/MFSL.md for Max Financial Services Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.
Append .md to any Tapetide URL for the
same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live,
structured queries instead of documents, use our MCP server.