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 9.10 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%
Growth Rate
AI Analysis — Bull vs Bear
Max Financial Services has a market capitalisation of about ₹49,424 crore. Its topline has grown at a 15% compounded rate over both 3 and 10 years, but profits have fallen sharply: down 60% TTM and down 40% compounded over 3 years. The stock trades at a P/E of 352.5 and a P/B of 9.17, while return on equity was 2% last year and 6% over 3 years. Promoter holding is 1.25%, and 26.9% of it is pledged.
- Revenue has compounded at 15% over 3 years and 15% over 10 years. That points to steady long-term growth in the life insurance business.
- The stock has returned a 17% CAGR over 3 years and a 10% CAGR over 10 years, rewarding long-term holders despite weak reported profits.
- Sales are still growing, at 5% TTM. The topline has not contracted even as reported profits fell 60%.
- At a market cap of about ₹49,424 crore, MFSL is a large listed way to invest in India's private life insurance sector, which has plenty of room to grow.
- Return on equity has averaged 9% over 10 years, well above the 2% of the last year. The latest figure may partly reflect a weak period rather than the long-term norm.
- Life insurers that grow quickly often report depressed accounting profits because of new-business strain, meaning upfront costs on new policies. That may partly explain the -28% 5-year profit CAGR while sales compounded at 9% over the same 5 years.
- A low effective tax rate, which the data flags, can help post-tax earnings compared with peers taxed at higher rates.
- A trailing P/E of 352.5 is extremely high and leaves little room for disappointment if profits don't recover.
- Profits have fallen at every period measured: -60% TTM, -40% over 3 years, -28% over 5 years and -11% over 10 years. The decline is long-running, not a one-off.
- Return on equity was only 2% last year and averaged 5.57% over the last 3 years, well below a typical cost of equity. That is weak next to a P/B of 9.17.
- Promoter holding is just 1.25%, and 26.9% of it is pledged. Pledging adds governance risk and the chance of forced selling.
- Promoter holding has fallen by 8.89% over the last 3 years, so promoters now have less of their own money in the company.
- The dividend yield is 0% even though the company reports profits, so shareholders get no cash income while they wait for earnings to recover.
- Sales growth has slowed to 5% TTM from a 15% 3-year CAGR, and 5-year sales growth was only 8.8%. Growth appears to be losing momentum.
- The stock is down 6% over the past year, and its 5-year CAGR of 7% trails its own 3-year and 10-year returns.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- ₹686 crore NCD capital raise Sep 28
Axis Max Life Insurance allotted 68,600 non-convertible debentures worth ₹686 crore at an 8.58% coupon to strengthen its capital base. The raise should support solvency and growth capital, though the 8.58% coupon adds to interest costs.
- Independent ESG score of 71 Sep 18
Niche Ninety Nine gave Max Financial Services an independent ESG rating of 71, which the company disclosed voluntarily. The company noted it did not engage the agency for the assessment. A decent score may help its standing with ESG-focused institutional investors.
- Q2 results board meet Oct 27 Sep 25
Max Financial Services has called a board meeting on October 27 to review its Q2 financial results. The numbers will be the next key update on premium growth, VNB margins and solvency.
- Jefferies India Forum participation Sep 9
Senior management will meet investors in physical group sessions at the Jefferies India Forum in Gurgaon on September 18, 2026. This is a routine investor engagement and gives the company a chance to share its strategy and outlook.
TL;DR: MFSL's recent news is mostly procedural, with no material headwinds reported. The ₹686 crore NCD raise at its subsidiary Axis Max Life strengthens the capital base, but the 8.58% coupon raises debt-servicing costs. The independent ESG rating of 71 and active investor engagement point to steady governance and outreach. The trend looks stable, and the Q2 results on October 27 will be the main test of growth momentum and margin trajectory.
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
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Documents
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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]
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