Max Financial Services Ltd

MFSL

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Market Cap

₹ 58,575 Cr

P/E

357.32

Turned 1 L into 2.57 L in last 5 Years

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Investment Checklist

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Performance

MARKET LEADER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bullish

Risk

MODERATE RISK

Investment Checklist

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Price

PE Ratio

Price

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Overview

Detailed Summary

Max Financial Services Limited is primarily engaged in holding and managing investments in Max Life Insurance, offering a wide range of life insurance products.

The company achieved a remarkable 18% growth in individual adjusted first-year premiums during H1 FY'26, significantly outpacing the industry growth of 8%.

Max Financial has strengthened its digital capabilities, launching multiple digital platforms improving customer and sales experiences, with customer app ratings of 4.7 on iOS and 4.8 on Android.

Max Financial made strides in product innovation, launching various new insurance products with market-linked returns and protection combination plans, enhancing its product portfolio.

The company's strategic partnership with Axis Bank significantly contributes to its distribution strength, playing a critical role in its market expansion strategy.

Sector

Insurance

Industry

Life Insurance

Market Cap

58,575 Cr

Volatility

Low Risk

P/E Ratio

357.3

Industry P/E

18.9

PEG Ratio

13.5

P/B Ratio

11.0

52W High

1,764.65

52W Low

972.55

Sales CAGR

-0.23%

-57.37%

-50.00%

10Y

-24.78%

Profit CAGR

2.75%

—

10Y

—

ROE

TTM

3.04%

7.09%

7.55%

10Y

8.32%

ROCE

TTM

3.53%

9.04%

9.91%

10Y

4.76%

Technicals

‌

Forecasts

No. of Analysts

29

1Y Price Target

1876.36 ▲ 10.89%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
ICICIGI	1948.10	97,140 Cr	34.69	6.07	0.64	17.51	22.28	4.72
ICICIPRULI	649.25	93,943 Cr	71.87	7.41	0.13	10.28	0.56	0.40
GICRE	380.30	67,106 Cr	7.01	0.99	2.61	14.17	11.80	4.32
MFSL	1696.15	58,575 Cr	357.32	11.04	0.00	3.04	3.53	0.10
GODIGIT	347.20	32,242 Cr	63.46	6.96	0.00	10.97	10.50	2.18
NIACL	167.00	27,571 Cr	23.73	0.96	1.08	4.03	2.35	0.97
STARHEALTH	467.50	27,549 Cr	51.68	3.70	0.00	7.16	8.87	2.51

Financial Statements

AI Powered Summary

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	9,168	10,165	12,356	14,888	11,799	13,372	8,923	12,376	12,822	9,792
Expenses	9,043	10,021	12,146	14,946	11,610	13,201	8,836	12,356	12,703	9,771
Operating Profit	116	135	195	-69	179	159	77	4.47	99	21
OPM %	1.26	1.32	1.58	-0.47	1.52	1.19	0.87	0.04	0.77	0.21
Other Income	3.34	25	3.52	11	3.19	3.73	4.14	20	3.25	7.03
Interest	9.32	9.36	14	11	9.28	13	10	15	20	21
Depreciation	0.99	0.78	0.76	0.66	0.72	0.72	0.81	0.71	0.68	0.62
Profit Before Tax	118	158	198	-59	182	162	81	24	101	6.30
Tax %	14.30	-7.63	13.52	15.68	14.20	14.04	13.54	-67.07	14.29	6.19
Net Profit	101	170	171	-50	156	139	70	38	86	5.91
EPS in Rs	2.54	4.29	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	15,228	16,337	19,510	18,240	31,274	31,181	31,413	46,576	46,469	47,493
Expenses	14,476	15,807	19,003	17,788	30,690	30,769	30,862	46,157	45,997	47,095
Operating Profit	743	531	479	452	584	387	513	376	472	340
OPM %	4.88	3.25	2.46	2.48	1.87	1.24	1.63	0.81	1.02	0.72
Other Income	21	1.26	3.61	1.78	14	6.37	18	42	28	31
Interest	8.93	0.11	27	0.28	0.27	25	37	44	47	58
Depreciation	63	1.92	1.75	11	5.32	5.00	4.63	3.19	2.87	2.92
Profit Before Tax	702	530	481	442	593	389	527	415	450	368
Tax %	15.44	16.64	13.39	38.34	5.59	18.08	14.29	5.36	9.63	9.37
Net Profit	593	442	416	273	560	318	452	393	407	334
EPS in Rs	—	—	7.61	4.19	13.76	7.72	10.97	9.85	9.48	4.68
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	53	53	54	54	54	69	69	69	69	69
Reserves	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,797	5,206
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	521	521	521	1,025
Other Liabilities	36,181	44,405	54,022	65,097	72,380	94,723	1,13,293	1,27,785	1,58,387	1,83,699
Total Liabilities	38,147	46,739	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,89,999
Fixed Assets	349	691	556	556	551	550	530	529	529	528
CWIP	37	3.28	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	3,069	3,493	3,372	4,063	6,021	5,431	5,881	9,135
Other Assets	37,761	46,045	52,216	63,108	70,603	93,452	1,11,198	1,25,864	1,56,364	1,80,336
Total Assets	38,147	46,739	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,89,999

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,107	8,352
Cash from Investing Activity	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-11,555	-5,004	-9,703
Cash from Financing Activity	-187	-215	-116	-174	-383	-92	388	-233	-117	1,961
Net Cash Flow	74	20	466	-137	78	-51	48	-1,866	986	610

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	11.45%	10.15%	10.15%	6.52%	6.52%	6.52%	6.52%	3.34%	3.34%	1.74%	1.74%	1.71%
FIIs	44.81%	47.71%	48.46%	51.54%	50.89%	47.71%	46.60%	46.24%	47.50%	44.75%	44.72%	44.78%
DIIs	36.00%	34.06%	34.35%	35.10%	36.89%	39.92%	40.74%	44.00%	42.69%	47.30%	47.29%	47.26%
Public	7.74%	8.08%	7.05%	6.84%	5.70%	5.85%	6.14%	6.43%	6.47%	6.21%	6.25%	6.24%
Total Shareholders	70,914	81,463	67,708	63,966	59,682	65,260	67,021	65,804	68,531	68,062	80,467	76,239

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Nov 24, 2025	Max ventures investment holdi...	Insider - Promoter	Disposal	—	—	16,00,000	0.46
Nov 21, 2025	Morgan stanley asia singapore...	Block	Buy	1,681.00	86.00 Cr	5,11,610	0.14
Nov 21, 2025	Viridian asia opportunities m...	Block	Buy	1,681.00	18.00 Cr	1,07,080	0.03
Nov 21, 2025	Tata mutual fund	Block	Buy	1,681.00	50.00 Cr	2,97,440	0.08
Nov 21, 2025	Alphagrep investment manageme...	Block	Buy	1,681.00	10.00 Cr	59,489	0.01
Nov 21, 2025	Morgan stanley asia singapore...	Block	Buy	1,681.00	55.46 Cr	3,29,911	0.09
Nov 21, 2025	Whiteoak capital mutual fund	Block	Buy	1,681.00	20.00 Cr	1,18,980	0.03
Nov 21, 2025	Morgan stanley ifsc fund	Block	Buy	1,681.00	19.00 Cr	1,13,030	0.03
Nov 21, 2025	Tata equity plus absolute ret...	Block	Buy	1,681.00	10.50 Cr	62,460	0.01
Nov 21, 2025	Max ventures investment holdi...	Block	Sell	1,681.00	268.96 Cr	16,00,000	0.46

Projection

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Actions

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Announcements

Last 7 days

Newest

Sentiment

Board Meeting Outcome

3 days ago

Clarification on Mr. Pradeep Pant's Appointment as Independent Director

Max Financial Services clarifies the appointment of Mr. Pradeep Pant as an Independent Director amid proxy firm opposition, emphasizing compliance with regulatory frameworks.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

Showing 1 - 8 of 37

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Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	9,168	10,165	12,356	14,888	11,799	13,372	8,923	12,376	12,822	9,792
Expenses	9,043	10,021	12,146	14,946	11,610	13,201	8,836	12,356	12,703	9,771
Operating Profit	116	135	195	-69	179	159	77	4.47	99	21
OPM %	1.26	1.32	1.58	-0.47	1.52	1.19	0.87	0.04	0.77	0.21
Other Income	3.34	25	3.52	11	3.19	3.73	4.14	20	3.25	7.03
Interest	9.32	9.36	14	11	9.28	13	10	15	20	21
Depreciation	0.99	0.78	0.76	0.66	0.72	0.72	0.81	0.71	0.68	0.62
Profit Before Tax	118	158	198	-59	182	162	81	24	101	6.30
Tax %	14.30	-7.63	13.52	15.68	14.20	14.04	13.54	-67.07	14.29	6.19
Net Profit	101	170	171	-50	156	139	70	38	86	5.91
EPS in Rs	2.54	4.29	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	15,228	16,337	19,510	18,240	31,274	31,181	31,413	46,576	46,469	47,493
Expenses	14,476	15,807	19,003	17,788	30,690	30,769	30,862	46,157	45,997	47,095
Operating Profit	743	531	479	452	584	387	513	376	472	340
OPM %	4.88	3.25	2.46	2.48	1.87	1.24	1.63	0.81	1.02	0.72
Other Income	21	1.26	3.61	1.78	14	6.37	18	42	28	31
Interest	8.93	0.11	27	0.28	0.27	25	37	44	47	58
Depreciation	63	1.92	1.75	11	5.32	5.00	4.63	3.19	2.87	2.92
Profit Before Tax	702	530	481	442	593	389	527	415	450	368
Tax %	15.44	16.64	13.39	38.34	5.59	18.08	14.29	5.36	9.63	9.37
Net Profit	593	442	416	273	560	318	452	393	407	334
EPS in Rs	—	—	7.61	4.19	13.76	7.72	10.97	9.85	9.48	4.68
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	53	53	54	54	54	69	69	69	69	69
Reserves	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,797	5,206
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	521	521	521	1,025
Other Liabilities	36,181	44,405	54,022	65,097	72,380	94,723	1,13,293	1,27,785	1,58,387	1,83,699
Total Liabilities	38,147	46,739	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,89,999
Fixed Assets	349	691	556	556	551	550	530	529	529	528
CWIP	37	3.28	0.24	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	0.00	0.00	3,069	3,493	3,372	4,063	6,021	5,431	5,881	9,135
Other Assets	37,761	46,045	52,216	63,108	70,603	93,452	1,11,198	1,25,864	1,56,364	1,80,336
Total Assets	38,147	46,739	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,62,773	1,89,999

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,107	8,352
Cash from Investing Activity	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-11,555	-5,004	-9,703
Cash from Financing Activity	-187	-215	-116	-174	-383	-92	388	-233	-117	1,961
Net Cash Flow	74	20	466	-137	78	-51	48	-1,866	986	610

Overview

Detailed Summary

Max Financial Services Limited is primarily engaged in holding and managing investments in Max Life Insurance, offering a wide range of life insurance products.

The company achieved a remarkable 18% growth in individual adjusted first-year premiums during H1 FY'26, significantly outpacing the industry growth of 8%.

Max Financial has strengthened its digital capabilities, launching multiple digital platforms improving customer and sales experiences, with customer app ratings of 4.7 on iOS and 4.8 on Android.

Max Financial made strides in product innovation, launching various new insurance products with market-linked returns and protection combination plans, enhancing its product portfolio.

The company's strategic partnership with Axis Bank significantly contributes to its distribution strength, playing a critical role in its market expansion strategy.

Sector

Insurance

Industry

Life Insurance

Market Cap

58,575 Cr

Volatility

Low Risk

P/E Ratio

357.3

Industry P/E

18.9

PEG Ratio

13.5

P/B Ratio

11.0

52W High

1,764.65

52W Low

972.55

Sales CAGR

-0.23%

-57.37%

-50.00%

10Y

-24.78%

Profit CAGR

2.75%

—

10Y

—

ROE

TTM

3.04%

7.09%

7.55%

10Y

8.32%

ROCE

TTM

3.53%

9.04%

9.91%

10Y

4.76%