Max Financial Services Ltd (MFSL)
₹1,515.50
Mkt cap
₹52,302 Cr
P/E ratio
630.00
P/B
9.91
Div yield
0.00%
ROE
1.57%
ROCE
2.95%
EPS (TTM)
₹2.41
Book value
₹153
52W range
1,464–1,870
Sector
Financial Services
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]
Health check
Cautious
ValuationExpensive
ProfitabilityWeak
GrowthModerate
TechnicalsBearish
52-week range
−18.96% from high₹1,516
₹1,464+3.50% from low₹1,870
Current
₹1,515.50
Prev close
₹1,508.00
Day
+0.50%
Price performance
1D
+0.50%
1W
−1.79%
1M
−5.95%
3M
−4.52%
6M
−6.72%
1Y
−1.44%
YTD
−9.31%
Financials
FRevenue, profit & margin
P/E ratio
630.0×
MFSL is 849% above the sector median of 66.4×
MFSL630.0×
Sector median66.4×
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Trend | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | |
| Profit before tax | 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 | 4.30 | -1.28 | 3.69 | 3.26 | 1.62 | 0.91 | 2.02 | 0.12 | 1.06 | -0.76 | |
| Raw PDF |
Earnings
EResults dates & reactionsNext results
13 Aug '26
Fresh quarters land in the Financials table above, tagged NSE until screener catches up.
Avg earnings-day move +0.92% · closed higher next day 35 of last 56
| Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26† | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Broadcast | 9 Aug '23◦ | 31 Oct '23◦ | 6 Feb '24◦ | 7 May '24◦ | 13 Aug '24◦ | 22 Oct '24◦ | 4 Feb '25◦ | 13 May '25◦ | 7 Aug '25◦ | 11 Nov '25◦ | 11 Feb '26◦ | 26 May '26◦ |
| Earnings day | +8.28% | −3.31% | +5.18% | +1.36% | −1.17% | +8.67% | +1.60% | +3.73% | +3.10% | +5.09% | +4.58% | −2.51% |
| +1 day | +5.69% | −3.84% | +9.09% | −0.72% | −3.35% | +10.03% | +0.65% | +5.29% | +3.42% | +4.40% | +5.24% | −2.99% |
| +5 days | +10.36% | +2.38% | +6.09% | +3.18% | +0.50% | +7.04% | −0.91% | +8.26% | +8.99% | +1.99% | +5.65% | −8.35% |
| +15 days | +18.68% | +6.48% | +5.62% | +0.22% | +6.15% | +5.31% | −6.79% | +16.70% | +7.91% | +1.79% | −1.88% | −2.17% |
| +30 days | +16.04% | +6.54% | +4.27% | +1.83% | +13.57% | +1.34% | +3.56% | +26.18% | +5.29% | +2.63% | −14.04% | −5.36% |
| Filing | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL | XBRL |
Corporate actions
CLast 6 monthsNo recent corporate actions
Dividends, splits, and bonuses in the last six months show up here.
Shareholding
Sas of Jun 20261.25%Promoter
Promoters1.25%
FIIs48.06%0.18
DIIs44.34%0.40
Public6.35%0.24
Ownership trend
Peers
P6 companiesValuation vs quality
P/E × ROCE · bubble = market cap| Name | CMP | P/E | Mkt Cap | Div Yld | NP Qtr | Qtr Profit Var | Sales Qtr | Qtr Sales Var | ROCE |
|---|---|---|---|---|---|---|---|---|---|
| Life Insurance | ₹421.30 | 9.28 | 5,32,944 | 2.37% | 23,467 | +23.26% | 2,76,744 | +13.82% | 35.14% |
| SBI Life Insuran | ₹1,858.60 | 71.69 | 1,86,466 | 0.15% | 725 | +21.97% | 46,337 | +18.82% | 14.95% |
| HDFC Life Insur. | ₹555.05 | 61.05 | 1,20,583 | 0.38% | 611 | +11.46% | 33,759 | +14.58% | 10.30% |
| ICICI Pru Life | ₹500.55 | 45.16 | 72,620 | 0.33% | 624 | +61.94% | 3,185 | −79.69% | 10.14% |
| Max Financial | ₹1,515.50 | 629.55 | 52,302 | 0.00% | −32 | −184.35% | 10,802 | −12.72% | 2.95% |
| Canara HSBC | ₹147.31 | 106.56 | 13,994 | 0.00% | 28 | +20.15% | 4,351 | +19.81% | 8.35% |
| Median: 6 Co. | ₹527.80 | 66.37 | 96,602 | 0.24% | 618 | +21.06% | 22,280 | +14.20% | 10.22% |
Filings
DAnnual reports15
Financial Year 2025bseFinancial Year 2024bseFinancial Year 2023bseFinancial Year 2022bseFinancial Year 2021bseFinancial Year 2020bseFinancial Year 2019bseFinancial Year 2018bseFinancial Year 2017bseFinancial Year 2016bseFinancial Year 2015bseFinancial Year 2014bseFinancial Year 2013bseFinancial Year 2012bseFinancial Year 2012nse
Concall transcripts74
PPTMay 2026TranscriptMar 2026PPTMar 2026PPTFeb 2026PPTFeb 2026TranscriptNov 2025PPTNov 2025RECNov 2025TranscriptAug 2025PPTAug 2025TranscriptMay 2025PPTMay 2025RECMay 2025TranscriptFeb 2025PPTFeb 2025TranscriptOct 2024PPTOct 2024TranscriptAug 2024PPTAug 2024TranscriptMay 2024PPTMay 2024RECMay 2024PPTMay 2024TranscriptFeb 2024
Announcements5
Announcement under Regulation 30 (LODR)-Newspaper Publication 16hDisclosure Under The Extant Provisions Of Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company 8 Jul - Axis Max Life fixed July 16, 2026 record date for ₹533.2 crore debenture interest and redemption on August 2, 2026.Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 6 JulCompliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 6 Jul - Regulation 74(5) compliance certificate for quarter ended June 30, 2026.Disclosure Under The Extant Provisions Of Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company 1 Jul - Axis Max Life will redeem ₹496 crore NCDs on August 2, 2026 after exercising call option.