MarketFriction

Max Financial Services Ltd

NSE MFSL · BSE 500271 · Life Insurance
₹1,392.00 +1.35%
NSE close2026-10-01
52 week range1,344.30 - 1,892.50
Market cap₹48,054 Cr.
P/E443
Results 27-10 Nifty 200Nifty 500Nifty Midcap 50Nifty Midcap 100Midcap 150Nifty Financial Services No price band Delivery 54.2%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales10,16512,35614,88811,79913,3728,92312,37612,8229,79214,25910,80214,970
Expenses10,02112,14614,94511,60813,1998,83412,35612,7039,77114,18110,80814,803
Operating Profit144209-5719017389201192178-6167
OPM %1.4%1.7%-0.4%1.6%1.3%1.0%0.2%0.9%0.2%0.6%-0.1%1.1%
Other Income254101231837957
Interest9141191310152021363536
Depreciation111111111100
Profit before tax158198-591821628122101650-36138
Tax %-8%14%-15%14%14%14%-73%14%6%11%-13%14%
Net Profit170171-50156139703886645-32118
EPS in Rs4.294.30-1.283.693.261.620.912.020.121.06-0.762.77
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales11,71015,24716,33819,51018,24031,27531,18231,41546,57646,46947,67449,822
Expenses11,17914,47615,80719,00317,78830,68930,76930,86246,15045,99447,46249,562
Operating Profit531771531507452585413554426476212260
OPM %4.5%5%3.2%2.6%2.5%1.9%1.3%1.8%0.9%1.0%0.4%0.5%
Other Income221321361636212328
Interest890270025374447112128
Depreciation606322115553322
Profit before tax465702530481442593389527415447121158
Tax %15%15%17%13%38%6%18%14%5%10%13%
Net Profit393593442416273560318452393403106137
EPS in Rs9.4714.7910.679.755.3812.337.3410.979.859.482.433.19
Dividend Payout %38%0%0%0%0%0%0%0%0%0%0%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth15%9%15%5%
Compounded Profit Growth-11%-28%-40%-60%
Stock Price CAGR10%7%15%-12%
Return on Equity9%7%6%2%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital535353545454696969696969
Reserves3,2491,9122,2811,7662,0052,0933,2743,8663,4503,7975,2065,213
Borrowings5430000335225235231,0261,859
Other Liabilities31,65836,18144,40554,02265,09772,37794,710113,291127,783158,383183,879191,795
Total Liabilities35,50338,14746,73955,84267,15674,52698,057117,747131,824162,771190,180198,936
Fixed Assets1,200349740556556641639616614612610607
CWIP39373000000000
Investments32,01536,10244,05952,68363,24568,56691,766109,794123,355152,959179,841186,014
Other Assets2,2491,6601,9382,6023,3565,3205,6527,3377,8549,2019,72912,314
Total Assets35,50338,14746,73955,84267,15674,52698,057117,747131,824162,771190,180198,936
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity2,5793,8026,5267,5348,8265,4526,8928,4969,9226,1048,35211,473
Cash from Investing Activity-2,311-3,541-6,290-6,951-8,789-4,991-6,852-8,835-11,555-5,001-9,703-11,125
Cash from Financing Activity-388-187-215-116-174-383-92388-233-1171,961567
Net Cash Flow-1197420466-13778-5148-1,866986610915
Free Cash Flow2,2583,7146,4477,4858,7285,3296,8108,3699,7505,8838,13611,235
CFO/OP375%730%860%1,435%1,754%1,219%1,202%2,076%1,809%1,436%1,757%5,438%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days171613000000000
Inventory Days84
Days Payable424
Cash Conversion Cycle-3241613000000000
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%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters6.52%6.52%6.52%6.52%3.34%3.34%1.74%1.74%1.71%1.25%1.25%1.25%
FIIs51.54%50.89%47.70%46.60%46.23%47.50%44.75%44.71%44.78%45.13%47.88%48.06%
DIIs35.09%36.89%39.92%40.74%43.99%42.69%47.29%47.29%47.26%47.35%44.74%44.34%
Public6.85%5.69%5.84%6.14%6.42%6.47%6.21%6.25%6.24%6.26%6.11%6.35%
No. of Shareholders63,96659,68265,26067,02165,80468,53168,06280,46776,23975,63677,06980,336

Fundamentals

Market Cap₹ 48,054 Cr.
Current Price₹ 1,392
Stock P/E443
Book Value₹ 153
ROCE2.87 %
ROE1.52 %
Dividend Yield0.00 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)5%
Compounded Profit Growth (TTM)-60%
Consolidated figures.
Valuation
Market capRs 47,787 Cr
Enterprise valueRs 47,509 Cr
P/E (TTM)434.86x
Price to book9.05x
Price to sales0.96x
EV / EBITDA165.13x
EV / EBIT166.36x
EV / sales0.95x
Price to cash flow4.17x
Earnings yield0.23%
P/E, 3-year average277.01x
P/B, 3-year average8.69x
P/E, 5-year average198.27x
P/B, 5-year average7.78x
Profitability
Operating margin (excl. other income)0.44%
Operating margin (incl. other income)0.49%
EBITDA margin0.58%
Pre-tax margin0.32%
Net profit margin0.22%
Net margin, latest quarter0.64%
ROE1.59%
ROCE3.46%
ROA0.04%
ROE, 3-year average5.99%
ROCE, 3-year average7.86%
ROA, 3-year average0.15%
ROE, 5-year average7.02%
ROCE, 5-year average9.50%
ROA, 5-year average0.20%
ROIC (approx.)4.98%
Tax rate12.68%
Other income / net worth0.44%
Growth
Sales growth (latest year)2.59%
Profit growth (latest year)-74.33%
Sales CAGR, 3 years14.92%
Sales CAGR, 5 years8.80%
Profit CAGR, 3 years-39.46%
Profit CAGR, 5 years-27.71%
Sales growth QoQ38.58%
Sales growth YoY (latest quarter)16.75%
Profit growth YoY (latest quarter)37.22%
Per share
EPS (TTM)Rs 3.20
EPS (latest year)Rs 2.45
EPS (latest quarter)Rs 2.78
EPS, 3-year averageRs 7.29
EPS, 5-year averageRs 8.05
Book value per shareRs 153.85
Sales per shareRs 1,451.27
Cash flow per shareRs 334.19
Free cash flow per shareRs 327.27
Efficiency
Asset turnover0.24x
Fixed asset turnover78.51x
Creditor days424 days
Cash conversion cycle0 days
Working capital days-1382 days
Leverage
Total debtRs 1,859 Cr
Cash and bankRs 2,137 Cr
Net debtRs -278 Cr
Debt to equity0.35x
Net debt / EBITDA-0.97x
Interest coverage2.24x
Owners' fund to total sources2.65%
Debt to assets0.93%
Cash flow
Cash from Operating Activity (latest year)Rs 11,473 Cr
Cash from Investing Activity (latest year)Rs -11,125 Cr
Cash from Financing Activity (latest year)Rs 567 Cr
Net Cash Flow (latest year)Rs 915 Cr
Free cash flow (latest year)Rs 11,235 Cr
FCFE (approx.: FCF + change in debt)Rs 12,067 Cr
Cash from ops / profit, 5 years26.52x
Sales to cash flow4.16x
Statement figures
Net sales (TTM)Rs 49,822 Cr
Net sales (latest year)Rs 47,674 Cr
Sales (latest quarter)Rs 14,970 Cr
Operating profit excl. other income (latest year)Rs 212 Cr
Operating profit (latest quarter)Rs 167 Cr
Other income (TTM)Rs 28 Cr
EBITDA (TTM)Rs 288 Cr
PBDT (TTM)Rs 160 Cr
Profit before tax (TTM)Rs 158 Cr
Tax (latest year)Rs 15 Cr
Net profit (TTM)Rs 110 Cr
Net profit (latest year)Rs 84 Cr
Net profit (latest quarter)Rs 96 Cr
Depreciation (TTM)Rs 2 Cr
Depreciation (latest quarter)Rs 0 Cr
Interest (TTM)Rs 128 Cr
Cost of goods sold (latest year)Rs 47,389 Cr
Total expenditure (latest year)Rs 47,462 Cr
Total income (latest year)Rs 47,698 Cr
Share capitalRs 69 Cr
ReservesRs 5,213 Cr
Shareholders' fundsRs 5,282 Cr
Total assetsRs 198,936 Cr
Net blockRs 607 Cr
InvestmentsRs 186,014 Cr
Other liabilitiesRs 191,795 Cr
Shares outstanding (crore)34.33
Ownership
Promoter holding1.25% (-0.49 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/B 9.05 is at the 53th percentile (median 8.93).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodMFSLNifty 50Difference
1 week-1.3%-2.8% +1.5 pts
1 month-9.3%-6.8% -2.5 pts
3 months-12.8%-7.6% -5.2 pts
6 months-6.6%+0.4% -7.0 pts
1 year-11.1%-9.9% -1.2 pts
2 years+16.4%-13.6% +30.0 pts
3 years+53.0%+14.2% +38.8 pts
5 years+37.4%+27.9% +9.6 pts
307 mutual fund schemes hold about ₹20,384 Cr. Over three months 232 bought more and 47 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
HDFC Mid Cap Fund3.79%4,108 +6%
Nippon India Multi Cap Fund1.72%968 +2%
Kotak Mid Cap Fund1.26%899 +8%
Nippon India Growth Mid Cap Fund1.48%771 +7%
DSP Midcap Fund2.63%553 +30%
Invesco India Midcap Fund3.07%488 +15%
Kotak Flexi Cap Fund0.75%425 +13%
Kotak Flexi Cap Fund0.75%423 +13%
HDFC Large & Mid Cap Fund1.35%409 +10%
Mirae Asset Midcap Fund1.82%380 +24%
DSP Large & Mid Cap Fund1.96%362 +31%
DSP ELSS Tax Saver Fund2.04%340 +33%
Sundaram Mid Cap Fund1.91%284 +7%
DSP Small Cap Fund1.30%282 +66%
Kotak Arbitrage Fund(M0.37%281 -14%
Sundaram Mid Cap Fund1.91%277 +7%
Bandhan Large & Mid Cap Fund1.26%265 +20%
DSP Flexi Cap Fund2.10%263 +27%
UTI Mid Cap Fund1.97%252 +11%
WOC Mid Cap Fund3.11%233 +14%
Edelweiss Mid Cap Fund1.16%231 +2%
Aditya Birla SL Flexi Cap Fund0.78%227 +5%
PGIM India Midcap Fund1.88%211 +12%
Nippon India ELSS Tax Saver Fund1.28%189 +15%
Tata Mid Cap Fund3.02%189 +29%

Red flags

F-score 4 of 8
explainDebt up, profit down Borrowings up 81% while net profit fell in 2026
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2025-11-21MAX VENTURES INVESTMENT HOLDINGS PPromoterssell1,600,000Rs 268.96 CrMarket Sale
2025-06-04Max Financial Employees Welfare TrOtherbuy8,681Rs 1.31 CrMarket Purchase
2025-06-02Max Financial Employees Welfare TrOtherbuy91,800Rs 14.03 CrMarket Purchase
2025-05-20Max Financial Employees Welfare TrOtherbuy105,000Rs 14.49 CrMarket Purchase
2025-05-19Max Financial Employees Welfare TrOtherbuy175,390Rs 24.08 CrMarket Purchase
2025-03-27MAX VENTURES INVESTMENT HOLDINGS PPromoterssell5,500,000Rs 611.60 CrMarket Sale
2024-09-05MAX VENTURES INVESTMENT HOLDINGS PPromoterssell11,000,000Rs 1218.10 CrMarket Sale
2024-05-16Max Financial Employees Welfare TrOtherbuy190,000Rs 18.98 CrMarket Purchase
2024-05-14Max Financial Employees Welfare TrOtherbuy224,343Rs 21.71 CrMarket Purchase
2023-06-02Max Financial Employees Welfare TrOtherbuy72,040Rs 5.06 CrMarket Purchase
2023-05-26Max Financial Employees Welfare TrOtherbuy5,503Rs 0.38 CrMarket Purchase
2023-03-29MAX VENTURES INVESTMENT HOLDINGS PPromoterssell3,000,000Rs 181.98 CrMarket Sale
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹14,970 Cr +16.8% vs Jun 2025. Net profit ₹118 Cr +37.2%.

Activity

Compare
CompanyMcap (Cr)P/EROCE
Life Insurance Corporation of India493,3508.2135.1 %
SBI Life Insurance Company Ltd174,09166.915.0 %
HDFC Life Insurance Company Ltd113,74657.610.3 %
ICICI Prudential Life Insurance Company Ltd64,51440.110.1 %
Canara HSBC Life Insurance Company Ltd14,2141088.35 %
No bulk or block deals on record.
Ex-dateActionFactor
2024-08-16Annual General Meeting
2023-08-14Annual General Meeting
2022-08-17Annual General Meeting
2021-09-15 Annual General Meeting
2020-12-22 Annual General Meeting
2019-09-16 Annual General Meeting
2018-09-17 Annual General Meeting
2017-09-18 Annual General Meeting
2016-09-19 Dividend - Rs 1.80 Per Share
2016-01-27 Scheme Of Arrangement
2015-11-19 Interim Dividend - Rs 1.80/- Per Share
2015-09-15 Annual General Meeting/ Dividend - Re 1/- Per Share
2014-11-25Interim Dividend - Rs 4/- Per Share
2014-09-12Annual General Meeting / Final Dividend - Rs 1.80/- Per Share
2013-11-21Interim Dividend - Rs 1.80/- Per Share
2013-09-10Annual General Meeting And Dividend Rs.2.20 Per Share
2012-11-22Interim Dividend Rs.10/- Per Share
2012-08-28Annual General Meeting
2011-09-16Annual General Meeting
2010-09-06Annual General Meeting
2009-09-14Annual General Meeting
2008-09-04Annual General Meeting
2007-09-05Agm
2007-03-12Fv Split Rs.10/- To Rs.2/0.2000
2006-09-05Agm
DateTypeWhat it says
2026-09-28UpdatesDisclosure under the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) regarding A...
2026-09-18UpdatesDisclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rati...
2026-09-11UpdatesDisclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rati...
2026-09-09Concall / analyst meetSchedule of meet
2026-08-25UpdatesDisclosure under the extant provisions of the SEBI (Listing Obligations and Disclosure Requirements Regulations), 2015 ( SEBI Listing Regulations ) on...
2026-08-20Concall / analyst meetThe Transcript of Investors & Analysts Conference Call
2026-08-20Shareholder meetingVoting results.
2026-08-19Shareholder meetingProceedings of Annual General Meeting held on August 19, 2026
2026-08-13Concall / analyst meetThe link to the earnings call Recording
2026-08-13UpdatesBoard Comments on the fine levied by the Exchange.
2026-08-13Press ReleaseA press release dated August 13, 2026, titled "Press Release".
2026-08-13Investor PresentationInvestor Presentation
2026-08-13UpdatesOutcome of Board meeting - Approval of unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 2026 .
2026-08-13Board meeting outcomeMax Financial Services Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-08-08UpdatesDisclosure under the provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) regarding A...
2026-08-07Concall / analyst meetSchedule of meet
2026-08-04Concall / analyst meetSchedule of meet
2026-08-04UpdatesDisclosure under the extant provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) rega...
2026-08-01UpdatesDisclosure under the extant provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) rega...
2026-07-27Shareholder meetingNotice of 38th Annual General Meeting to be held on August 19, 2026
2026-07-27UpdatesBook Closure intimation for the 38th Annual General Meeting of the Company scheduled to be held on Wednesday, August 19, 2026, at 10:00 A.M..
2026-07-27Shareholder meetingAnnual General Meeting of the Company to be held on Wednesday, August 19, 2026, at 10:00 A.M.
2026-07-27UpdatesBusiness Responsibility and Sustainability Report for the financial year ended March 31, 2026.
2026-07-08UpdatesDisclosure under the extant provisions of Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI LODR ) rega...
2026-07-06Shareholder meetingVoting results with respect to Postal Ballot Notice dated May 12, 2026
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
Put / call open interest0.91
Max pain (expiry 2026-10-27)1,400
Largest call open interest at1,500
Largest put open interest at1,400
Implied volatility, at the money29.6%
Underlying at snapshot1,392.00
Open interest by strike around the price, nearest expiry. End-of-day NSE snapshot, 01-Oct-2026 15:40:00. Max pain is the strike where option buyers together would lose the most at expiry.
Trade dateShares sold short
2026-09-301,614
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Max Financial Services Ltd?

Max Financial Services Ltd (MFSL) has a market capitalisation of Rs 48,054 Cr. at the 2026-10-01 close.

What is the P/E ratio of Max Financial Services Ltd?

Max Financial Services Ltd trades at a P/E of 443 on trailing twelve-month profit, at the 2026-10-01 close.

What were Max Financial Services Ltd's latest quarterly results?

In the Jun 2026 quarter, Max Financial Services Ltd sales was Rs 14,970 Cr (+16.8% vs Jun 2025) and net profit was Rs 118 Cr.

What is the 52-week high and low of Max Financial Services Ltd?

The 52-week high is Rs 1,892.50 and the 52-week low is Rs 1,344.30.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03