Max Financial Services Ltd
Max Financial Services Ltd
Insurance F&OKey Fundamentals
MidcapLife InsuranceInsuranceInsights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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38 extracted metrics + investor summaries across FY15–FY26.
Tapetide Score
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Technical Indicators
Key Insights
Weaknesses
8- Stock is trading at 10.4 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 5d agoMax Financial Services, the holding company of Max Life Insurance, trades at a market cap of ~₹51,985 crore with a P/E of ~498x and P/B of ~9.96x. While the underlying insurance subsidiary delivered 18% APE growth and 23% VNB growth in FY25 with Embedded Value reaching ₹25,192 crore (up 29% YoY), the holding company's reported profits have declined sharply (TTM profit down 76%) and ROE stands at just 2% for the last year.
- Max Life's FY25 APE grew 18.1% YoY to ₹8,780 crore, outpacing the private life insurance industry growth rate, indicating strong business momentum
- VNB (Value of New Business) grew 23.3% YoY to ₹2,110 crore in FY25, with Q4 VNB margin reaching 28%, demonstrating improving profitability quality
- Embedded Value reached ₹25,192 crore as of March 2025, growing 29% YoY with an operating RoEV of 19.1%, reflecting strong intrinsic value creation
- Max Life gained 37 basis points of private market share to reach 9.8% in FY25, showing competitive positioning in a structurally underpenetrated insurance market
- New retail policies grew 11% YoY and proprietary channel contribution reached 49% of sales (growing 60% in Q1FY25), reducing dependence on third-party distribution
- Consolidated revenue excluding investment income grew 17% in the latest period, indicating healthy top-line trajectory at the operating entity level
- India's life insurance penetration remains low at ~3% of GDP versus 6-8% in developed markets, providing a long structural growth runway for the sector
- Stock price CAGR of 21% over 3 years and 12% over 10 years reflects sustained long-term wealth creation track record
- Compounded profit has declined at -76% TTM and -40% over 3 years at the holding company level, indicating severe earnings pressure or accounting adjustments
- P/E ratio of ~498x is extremely elevated, leaving very little room for execution missteps or earnings disappointments
- Promoter holding is critically low at just 1.25%, and has decreased by 8.89% over the last 3 years, raising corporate governance concerns
- Promoters have pledged 26.9% of their already low holding, adding financial risk at the promoter level
- P/B ratio of 9.96x is steep for a financial services holding company with ROE of only 2% (last year) and 3-year average ROE of just 5.57%
- The company pays zero dividend despite reporting profits, offering no income return to shareholders while trading at elevated valuations
- 5-year compounded sales growth of only 8.8% at the holding company level is modest relative to the premium valuation
- VNB margin contracted 336 bps YoY to 21.9% during 9MFY25 before recovering in Q4, highlighting margin volatility from product mix shifts and regulatory changes
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 6h ago- GST demand on Axis Max Life Aug 8
Axis Max Life Insurance received Show Cause Notices alleging wrongful ITC availment for FY21-FY25, with a proposed demand of ₹35.29 crore.
- Q1 net profit up 37% YoY Aug 15
Max Financial posted Q1FY27 consolidated net profit of ₹956 crore, up 37.4% YoY, with revenue growing 16.9% to ₹14,970 crore. Board approved results on August 13, 2026.
- Institutional block trades continue Aug 6
Multiple block trades recorded in Jul-Aug 2026 on NSE and BSE ranging from ₹37-46 crore, involving 2.4-3.0 lakh shares at prices between ₹1,510-1,543 per share, indicating sustained institutional interest.
- Investor meets in Mumbai, Singapore Aug 7
Max Financial disclosed investor and analyst meetings scheduled for August 14 and August 18, 2026 in Mumbai and Singapore respectively.
- Q1FY27 earnings call hosted Aug 4
Earnings conference call held on August 13, 2026 at 7:00 PM IST with senior management from Max Financial and Axis Max Life participating.
- Axis Max Life debenture payout Aug 2
Axis Max Life paid ₹5,329.15 crore in interest and redemption to holders of 4,960 unsecured NCDs (ISIN INE511N08016) on July 31, 2026.
- BRSR filed for FY 2025-26 Jul 27
Max Financial submitted its Business Responsibility and Sustainability Report for FY26, covering ESG performance, workforce data, and governance practices.
- 38th AGM set for Aug 19 Jul 24
Annual General Meeting scheduled for August 19, 2026 via video conference with electronic distribution of FY26 annual report.
TL;DR: Max Financial delivered a strong Q1FY27 with 37% profit growth and healthy revenue expansion, signaling robust operating momentum at Axis Max Life. The only material risk is a ₹35.29 crore GST demand, which is modest relative to the company's scale. Sustained institutional block trade activity and active investor outreach suggest continued market confidence. The trend is improving on fundamentals, though the GST matter warrants monitoring for any escalation.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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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]