Max Financial Services Ltd logo

Max Financial Services Ltd

MFSL NSE

Key Fundamentals

MidcapLife InsuranceInsurance
Market Cap
₹52,371 Cr
Volatility
Moderate
P/E Ratio
613.69
EBITDA
₹234 Cr
Return on Equity
1.63%
Debt to Equity
0.35
Book Value
₹153.05
EPS
₹11
52W High
₹1,892.5
52W Low
₹1,433.6

Insights

Beta

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

Log in to view Max Financial Services Ltd insights

38 extracted metrics + investor summaries across FY15–FY26.

Log in — free

Tapetide Score

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

Technical Indicators

Key Insights

Weaknesses

8
  • Stock is trading at 9.78 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

Revenue Growth
2.58% ↗
Net Income Growth
-74.31% ↗
Cash Flow Change
37.37% ↗
ROE
-74.33% ↗
ROCE
-58.15% ↗
EBITDA Margin (Avg.)
-54.63% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
AI opinion · based on fundamentals
Risk high

Max Financial Services, the holding company for Max Life Insurance (now Axis Max Life), trades at a market cap of ~₹52,737 crore with a PE of 491.7x and P/B of 9.83x. The subsidiary delivered 29% embedded value growth to ₹25,192 crore in FY25 and expanded private market share by 37 bps to 9.8%, but consolidated profit has declined at a -40% CAGR over 3 years and promoter holding stands at just 1.25% with 26.9% of that pledged.

Bull Case 8
  • Max Life's embedded value grew 29% YoY to ₹25,192 crore in FY25 with an operating RoEV of 19.1%, indicating strong intrinsic value creation
  • Individual adjusted first-year premium grew 31% YoY in H1 FY25, significantly outpacing private industry growth of 24%
  • Private market share expanded by 37 bps to 9.8% in FY25, with further expansion to 10.4% in FY26, showing consistent competitive gains
  • Assets under management reached ₹1,70,144 crore in H1 FY25, up 27% YoY, providing a growing base for fund management income
  • Distribution expansion with 20-26 new partners added in H1 FY25 including banks and brokers diversifies beyond Axis Bank channel dependency
  • VNB grew 25% YoY in FY25 with margins improving to 25.2% in FY26, reflecting improving business quality and product mix
  • Stock has delivered a 25% CAGR over 3 years, outperforming many insurance peers and demonstrating re-rating potential
  • Solvency ratio at 198% as of September 2024 provides adequate capital buffer well above regulatory minimum of 150%
Bear Case 8
  • PE ratio of 491.7x is extremely elevated, implying very high growth expectations are already priced in with minimal margin of safety
  • Consolidated profit has declined at a -40% CAGR over 3 years and -76% TTM, indicating severe earnings compression at the holding company level
  • Promoter holding at just 1.25% is among the lowest for any listed Indian company, raising governance and alignment concerns
  • Promoters have pledged 26.9% of their already minimal holding and reduced stake by 8.89% over 3 years, signaling potential distress or lack of conviction
  • P/B ratio of 9.83x is expensive for a company delivering only 2% ROE in the last year and 5.57% average over 3 years
  • Zero dividend yield despite repeated profitability means shareholders rely entirely on capital appreciation with no income cushion
  • Sales growth of 8.80% over 5 years and just 3% TTM at the consolidated level lags the strong subsidiary-level APE growth, reflecting holding company structural drag
  • VNB margin contracted 336 bps YoY to 21.9% in 9MFY25 before recovering, showing margin volatility linked to product mix and regulatory changes

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Neutral 7
  • ₹46.29 Cr block trade on BSE Jul 21

    Approximately 300,000 shares traded at ₹1,543.10 per share on BSE, totaling ₹46.29 crore, indicating institutional activity.

  • ₹45.43 Cr block trade on BSE Jul 29

    Around 300,736 shares traded at ₹1,510.65 per share on BSE, totaling ₹45.43 crore via dedicated block trading window.

  • ₹37.33 Cr block trade on NSE Aug 6

    Approximately 242,660 shares traded at ₹1,538.40 per share on NSE, totaling ₹37.33 crore in institutional-level activity.

  • Axis Max Life pays ₹532.9 Cr debentures Aug 2

    Axis Max Life Insurance paid interest and redemption totaling ₹5,329.15 crore on 4,960 unsecured NCDs (ISIN INE511N08016) on July 31, 2026.

  • Q1FY27 earnings call Aug 13 Aug 4

    Max Financial Services will hold its Q1FY27 earnings conference call on August 13, 2026 at 7:00 PM IST with senior management from MFSL and Axis Max Life.

  • 38th AGM scheduled Aug 19 Jul 24

    Max Financial Services announced its 38th AGM for August 19, 2026 via video conference with electronic distribution of FY26 annual report.

  • BRSR filed for FY 2025-26 Jul 27

    MFSL submitted its Business Responsibility and Sustainability Report for FY 2025-26 disclosing ESG performance and governance practices.

TL;DR: A quiet period for Max Financial Services with no material positive or negative catalysts. Multiple block trades in the ₹37-46 crore range suggest steady institutional interest at prices around ₹1,510-1,543. Routine corporate actions including debenture payments, AGM scheduling, and ESG filings are on track. The upcoming Q1FY27 earnings call on Aug 13 will be the next key event to watch for directional cues.

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 %
0.6%
1.4%
1.4%
1.7%
-0.4%
1.6%
1.3%
1%
0.2%
0.9%
0.2%
0.6%
-0.1%
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 %
4.8%
4.5%
5%
3.2%
2.6%
2.5%
1.9%
1.3%
1.8%
0.9%
1%
0.4%
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
1,83,879
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
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
5,438
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
-1,382
ROCE %
13%
13%
25%
19%
19%
16%
18%
10%
12%
10%
8%
3%

Shareholding Pattern

As of Jun 2026
FIIs 48.06%
DIIs 44.34%
Public 4.65%
Others 1.70%
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 2026Jun 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%
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%
48.06%
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%
44.34%
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%
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%
4.65%
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%
1.70%
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
80,336

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 Insurance sector within the Life 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 ₹52371.17 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 613.69. 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 1.63%. 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

Explore More

More in Insurance → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List