Max Financial Services Ltd logo

Max Financial Services Ltd

MFSL NSE

Key Fundamentals

MidcapLife InsuranceInsurance
Market Cap
₹56,844 Cr
Volatility
Moderate
P/E Ratio
660.41
EBITDA
₹212 Cr
Return on Equity
8.99%
Debt to Equity
0.17
Book Value
₹153.05
EPS
₹11
52W High
₹1,892.5
52W Low
₹1,433.6

Technical Indicators

Key Insights

Weaknesses

8
  • Stock is trading at 10.9 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 5.59% over last 3 years.
  • Promoters have pledged 42.1% of their holding.
  • Promoter holding has decreased over last 3 years: -8.90%

Growth Rate

Revenue Growth
2.53% ↗
Net Income Growth
-80.91% ↗
Cash Flow Change
36.82% ↗
ROE
-29.52% ↗
ROCE
-28.75% ↗
EBITDA Margin (Avg.)
-59.26% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high
HOLD Worth holding, not adding Conviction 4/10

Max Financial Services has unanimous analyst buy ratings (27/27) and strong 3-year stock CAGR of 31%, but the stock trades at an extremely elevated PE of 547x with compounded profit declining at -75% TTM and ROE of just 2% last year. The risk-reward is unfavorable at current valuations despite the long-term insurance sector opportunity.

Bull Case 7
  • 100% analyst buy consensus with 27 out of 27 analysts recommending buy, indicating strong institutional conviction
  • 3-year stock CAGR of 31% demonstrates significant wealth creation for medium-term investors
  • Compounded sales growth of 15% over 10 years shows consistent long-term revenue expansion in the life insurance business
  • Market cap of Rs 57,900 Cr positions MFSL as a large-cap financial services play with adequate liquidity
  • 3-year compounded sales growth of 15% indicates accelerating top-line momentum versus the 5-year average of 9%
  • 10-year stock CAGR of 12% shows the company has delivered above fixed-income returns over a full market cycle
  • 10-year ROE average of 9% suggests the underlying insurance business has historically generated reasonable returns on equity
Bear Case 8
  • PE ratio of 547x is extraordinarily expensive, far exceeding even high-growth financial services peers trading at 30-80x
  • Compounded profit has declined at -75% TTM and -40% over 3 years, signaling severe earnings deterioration
  • Promoter holding is critically low at just 1.25%, raising serious corporate governance concerns
  • Promoters have pledged 42.1% of their already minuscule holding, creating forced selling risk in a market downturn
  • Price-to-book of 10.9x is steep for a company delivering ROE of only 2% last year, implying massive overvaluation relative to returns generated
  • Zero dividend yield despite reporting profits indicates poor capital return policy for shareholders
  • Promoter holding has decreased by 8.90% over last 3 years, showing consistent dilution of promoter skin-in-the-game
  • 5-year compounded profit CAGR of -28% shows this is not a one-off earnings miss but a structural profitability decline

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Positives 1
  • Fifth straight session of gains May 25

    MFSL rose 1.82% to ₹1,710.5 on May 25, marking its fifth consecutive gaining session with a 6.71% monthly increase and 15.85% yearly gain, significantly outperforming NIFTY (-4.17%) and Nifty Financial Services (-2.29%).

Neutral 3
  • ₹55.72 Cr block trade on NSE Jun 01

    A block trade of approximately 337,674 shares was executed at ₹1,650.00 per share totalling ₹55.72 crores, likely indicating institutional participation outside the regular order book.

  • Promoters confirm no share encumbrance Jun 20

    Max Financial Services promoters declared no encumbrance on shares for FY26, barring standard disclosures made to depositories and exchanges.

  • Postal ballot for manager remuneration Jun 05

    MFSL initiated a postal ballot to extend tenure of Manager V. Krishnan and regularize a new director appointment, with e-voting open from June 6 to July 5, 2026.

TL;DR: Max Financial Services is showing strong price momentum, outperforming both NIFTY and the Nifty Financial Services index over the past year with a 15.85% gain. No material headwinds have emerged in recent weeks, with corporate governance disclosures and routine approvals dominating the news flow. The ₹55.72 Cr block trade suggests institutional interest at the ₹1,650 level. The trend is improving, though below-average trading volumes on the rally warrant monitoring for sustainability.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
9,929
9,168
10,165
12,356
14,888
11,799
13,372
8,923
12,376
12,822
9,792
14,259
10,802
Expenses
9,865
9,043
10,021
12,146
14,945
11,608
13,199
8,834
12,356
12,703
9,771
14,181
10,808
Operating Profit
64
125
144
209
-57
190
173
89
20
119
21
78
-6
OPM %
1%
1%
1%
2%
0%
2%
1%
1%
0%
1%
0%
1%
0%
Other Income
5
3
25
4
10
1
2
3
18
3
7
9
5
Interest
9
9
9
14
11
9
13
10
15
20
21
36
35
Depreciation
1
1
1
1
1
1
1
1
1
1
1
1
0
PBT
58
118
158
198
-59
182
162
81
22
101
6
50
-36
Tax %
10%
14%
-8%
14%
-15%
14%
14%
14%
-73%
14%
6%
11%
-13%
Net Profit
52
101
170
171
-50
156
139
70
38
86
6
45
-32
EPS in Rs
1.33
2.54
4.29
4.3
-1.28
3.69
3.26
1.62
0.91
2.02
0.12
1.06
-0.76
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
Operating Profit
718
531
771
531
507
452
585
413
554
426
476
212
OPM %
5%
5%
5%
3%
3%
2%
2%
1%
2%
1%
1%
0%
Other Income
30
2
2
1
3
2
13
6
16
36
21
23
Interest
82
8
9
0
27
0
0
25
37
44
47
112
Depreciation
154
60
63
2
2
11
5
5
5
3
3
2
PBT
512
465
702
530
481
442
593
389
527
415
447
121
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
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
Div. Payout %
48%
38%
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  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
1,83,698
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
1,89,999
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
9,716
Other Assets
2,249
1,660
1,938
2,602
3,356
5,320
5,652
7,337
7,854
9,201
9,548
1,88,613
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
1,89,999
1,98,936
Figures in ₹ Crores

Cash Flow

  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
5,441
Figures in ₹ Crores

Ratios

  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
36
ROCE %
13%
13%
25%
19%
19%
16%
18%
10%
12%
10%
8%
3%

Shareholding Pattern

As of Mar 2026
FIIs 47.88%
DIIs 44.75%
Public 4.46%
Others 1.66%
Promoters 1.25%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
16.99%
14.72%
14.72%
14.72%
14.72%
14.72%
14.72%
11.45%
10.15%
10.15%
6.52%
6.52%
6.52%
6.52%
3.34%
3.34%
1.74%
1.74%
1.71%
1.25%
1.25%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
21.86%
21.86%
21.86%
21.86%
51.54%
21.86%
47.71%
46.60%
46.24%
47.50%
44.75%
44.72%
44.78%
45.14%
47.88%
DIIs
28.11%
27.48%
26.31%
28.13%
30.91%
30.31%
30.59%
36.00%
34.06%
33.28%
35.10%
36.06%
39.92%
40.74%
44.00%
42.69%
47.30%
47.29%
47.26%
47.35%
44.75%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
6.87%
6.61%
6.48%
6.43%
6.21%
6.08%
5.80%
5.64%
5.34%
5.23%
4.67%
4.21%
4.35%
4.53%
4.59%
4.65%
4.58%
4.57%
4.56%
4.53%
4.46%
Others
48.03%
51.19%
52.49%
50.71%
48.16%
48.89%
27.03%
25.04%
28.59%
29.49%
2.17%
31.33%
1.50%
1.60%
1.84%
1.82%
1.62%
1.68%
1.69%
1.74%
1.66%
No. of Shareholders
0
63,253
64,363
70,706
66,724
69,014
68,088
69,805
81,463
67,708
63,966
59,682
65,260
67,021
65,804
68,531
68,062
80,467
76,239
75,636
77,069

Documents

1
Concall - Aug 2017 Aug 2017
2
Concall - May 2019 May 2019
3
Concall - Jul 2020 Jul 2020
4
Concall - Oct 2020 Oct 2020
5
Concall - Feb 2021 Feb 2021

Frequently Asked Questions about Max Financial Services Ltd

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.[1] It owns and active...
Where is Max Financial Services Ltd (MFSL) listed?
Max Financial Services Ltd is listed on the Indian stock exchanges. It is listed on NSE: MFSL and BSE: 500271. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Max Financial Services Ltd belong to?
Max Financial Services Ltd operates in the Financial Services sector within the Insurance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Max Financial Services Ltd?
Max Financial Services Ltd has a market capitalisation of approximately ₹56843.85 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Max Financial Services Ltd?
The Price-to-Earnings (PE) ratio of Max Financial Services Ltd is 660.41. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Max Financial Services Ltd?
Over the past 52 weeks, Max Financial Services Ltd has traded between a low of ₹1,433.6 and a high of ₹1,892.5. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Max Financial Services Ltd?
Max Financial Services Ltd has a Return on Equity (ROE) of 8.99%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Max Financial Services Ltd on Tapetide?
On Tapetide, you can view Max Financial Services Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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]

Website maxfinancialservices.com
CEO Mr. Analjit Singh BA, BS, MBA
Employees 10
Listed 2000-05-17
Face Value ₹ 2
Issued Size 34,51,14,771

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