Max Financial Services
Market cap ₹41,804 Cr
- P/E
- 383.32
- Day range
- ₹1,197.30 – ₹1,230.90
- 52-week range
- ₹1,197.30 – ₹1,892.50
- Volume
- 4.06 L
- Open
- ₹1,220.60
- Prev close
- ₹1,223.30
Latest results · Q1 FY27(consolidated)Revenue ₹14,970 Cr+16.8%Profit ₹118 Cr+36.8%Margin 0.8%YoY vs the same quarter last year
1 red flag to read up on
- high
Promoter pledge went up
43.71% of promoter shares pledged, up from 26.92% · 30 Sept 2026
From NSE and BSE filings. A flag is a reason to read the filing, not a rating.
MFSL in NSE indices and F&O
F&O margin for one lot of MFSL (400 shares)Research profile
Composite 34 / 100Factor percentiles
Derived metrics
- Earn. yield
- 0.3%
- Graham no.
- ₹104.07
- vs Graham
- -91.4%
- ROE ÷ P/B
- 0.3%
- 12-1 mom.
- -3.5%
- Return / vol
- -0.86
- FCF yield
- 26.9%
Appears in 14 scans
Percentiles rank this stock against the other tracked stocks and change as they do. Scans describe where figures sit today. Hover a label for its definition. Not investment advice.
Peer comparison
All 11 in Insurance| Company | M-cap | P/E | P/B | ROE | ROCE | OPM | D/E | Sales YoY |
|---|---|---|---|---|---|---|---|---|
| Life Insurance CorpLICI | ₹2.41 L Cr | 8.03 | 2.73 | 37.8% | 35.0% | 6.0% | 0.00 | +6.8% |
| SBI Life InsuranceSBILIFE | ₹1.65 L Cr | 63.27 | 8.16 | 13.7% | 15.0% | 1.6% | 0.00 | +18.8% |
| HDFC Life InsuranceHDFCLIFE | ₹1.14 L Cr | 55.31 | 5.89 | 11.3% | 10.0% | 1.4% | 0.16 | +18.3% |
| ICICI Lombard GICICICIGI | ₹79,544 Cr | 31.27 | 4.33 | 17.8% | 22.0% | 15.0% | 0.00 | +19.7% |
| ICICI Prudential LifeICICIPRULI | ₹62,529 Cr | 35.59 | 4.66 | 12.6% | 10.0% | -24.0% | 0.19 | -79.7% |
| General Insurance Corporation of IndiaGICRE | ₹56,799 Cr | 6.40 | 0.76 | 14.6% | 17.0% | 14.0% | 0.00 | -1.5% |
| Max Financial ServicesMFSL | ₹41,804 Cr | 383.32 | 7.92 | 2.0% | 3.0% | 1.1% | 0.35 | +16.8% |
| Star Health InsuranceSTARHEALTH | ₹31,206 Cr | 37.04 | 4.11 | 7.6% | 10.0% | 14.0% | 0.06 | +13.2% |
| Sector median | ₹56,799 Cr | 36.89 | 4.33 | 11.3% | 10.0% | 2.3% | 0.06 | +13.2% |
Sector as classified in the tracked universe; medians use every tracked Insurance company, and P/E only profitable ones. Tinted figures beat the median.
Latest news
Updated 2d agoHeadlines about Max Financial Services from the last two weeks in the financial press. Stories belong to their publishers; Parasram India does not endorse them.
Key metrics
- P/E (TTM)
- 385.0
- EPS (TTM)
- ₹3.21
- Price / Book
- 7.92
- ROE (FY26)
- 2.0%
- ROCE (latest year)
- 3%
- Dividend yield
- 0.00%
Moving averages (NSE)
- 20-day
- ₹1,330.72
- Price below
- 50-day
- ₹1,455.86
- Price below
- 200-day
- ₹1,593.53
- Price below
Charts & trends
From company filings. Amounts in ₹ crore.
Revenue, profit & margin - quarterly
₹ crore; a loss shows red. Operating margin below, same periods.
- Revenue
- Net profit
Operating margin
Who owns the company
% of equity by quarter, latest Sept 2026
- FII
- DII
- Public
- Promoter
Cash flows
Where cash came from and went, by fiscal year (₹ crore)
- Operating
- Investing
- Financing
- Free cash flow
Return on equity
Net profit over shareholders' equity, by fiscal year
Equity vs debt
Shareholders' equity against borrowings (₹ crore); the ratio below, same years.
- Equity
- Debt
Debt to equity
Dividends per share
₹ by fiscal year of the ex-date; the latest year runs to date.
Financial statements
| Line item | 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 | 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 | 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 | 144 | 209 | -57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 |
| OPM % | 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 | 25 | 4 | 10 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 |
| Interest | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | 158 | 198 | -59 | 182 | 162 | 81 | 22 | 101 | 6 | 50 | -36 | 138 |
| Tax % | -8% | 14% | -15% | 14% | 14% | 14% | -73% | 14% | 6% | 11% | -13% | 14% |
| Net Profit | 170 | 171 | -50 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 |
| EPS in Rs | ₹4.29 | ₹4.30 | ₹-1.28 | ₹3.69 | ₹3.26 | ₹1.62 | ₹0.91 | ₹2.02 | ₹0.12 | ₹1.06 | ₹-0.76 | ₹2.77 |
From company filings, updated 24 Oct 2026. Consolidated figures where the company reports them. Information only, not investment advice.
Working-capital cycle
0 days since Mar 2021
0 days since Mar 2021
-340 days since Mar 2021
Strengths, risks & growth
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]
Strengths
None flagged by the checklist.
Risks
- Stock is trading at 7.91 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 43.7% of their holding.
- Promoter holding has decreased over last 3 years: -5.27%
Compounded Sales Growth
- 10 Years
- +15%
- 5 Years
- +9%
- 3 Years
- +15%
- TTM
- +5%
Compounded Profit Growth
- 10 Years
- -11%
- 5 Years
- -28%
- 3 Years
- -40%
- TTM
- -60%
Stock Price CAGR
- 10 Years
- +8%
- 5 Years
- +5%
- 3 Years
- +11%
- 1 Year
- -20%
Return on Equity
- 10 Years
- +9%
- 5 Years
- +7%
- 3 Years
- +6%
- Last Year
- +2%
Strengths and risks are a machine-generated checklist, not advice; growth is compounded annually over each period.
Shareholding pattern
| Holder | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 | Change |
|---|---|---|---|---|---|
| Promoter | 1.25% | 1.25% | 1.25% | 1.25% | 0.00 pp |
| FII | 45.13% | 47.88% | 48.06% | 48.61% | +0.55 pp |
| DII | 47.35% | 44.74% | 44.34% | 43.70% | -0.64 pp |
| Public | 6.26% | 6.11% | 6.35% | 6.43% | +0.08 pp |
Filed with NSE for Sept 2026: promoters 1.25%, public 98.75% · XBRL filing
Analysts & fund holdings
Who holds the shares, quarter by quarter
Mutual funds 35.49% (-1.27 pp)- Promoters1.3%
- Foreign institutions48.6%
- Mutual funds35.5%
- Insurance6.5%
- Other domestic institutions1.7%
- Retail4.3%
- Others2.1%
| Fund | % of company | % of fund | 3-month change |
|---|---|---|---|
| HDFC Mid Cap Fund | 8.03% | 3.52% | -0.58 pp |
| Nippon India Multi Cap Fund | 1.81% | 1.51% | -0.42 pp |
| Kotak Mid Cap Fund | 1.76% | 1.18% | -0.16 pp |
| Nippon India Growth Mid Cap Fund | 1.51% | 1.34% | -0.24 pp |
| Invesco India Midcap Fund | 1.11% | 3.15% | +0.10 pp |
Scorecard
- Performance
- Low
- Valuation
- High
- Growth
- Low
- Profitability
- High
- Entry point
- Good
- Red flags
- Low
Analyst coverage, holdings and scorecard from market data; not a recommendation by Parasram India.
Risk & trend
From 275 daily sessions to 23 Oct 2026.
Risk
- Volatility (1Y)
- 28.8%
- Downside volatility
- 29.4%
- Worst 5% of days
- 3.1%
- Average of that tail
- 4.1%
- Max drawdown (1Y)
- 35.2%
- Below its peak
- 35.2%
Against the market
- Beta vs Nifty 50
- 1.07
- Correlation
- 0.49
- Relative strength (3M)
- -14.1%
- ATR (14)
- 3.5%
Return
- Return 1M
- -22.1%
- Return 3M
- -19.5%
- Return 6M
- -25.6%
- Return 1Y
- -24.8%
- vs 200-day average
- -24.0%
Momentum
- RSI (14) · oversold
- 26.6
- MACD histogram
- -7.35
- Stochastic %K
- 7.4
- ADX (14)
- 42.8
- +DI / −DI
- 7.8 / 35.4
- Money flow index
- 15.9
Participation
- Delivery (20d avg)
- 53.9%
- vs its 60-day baseline
- -2.1 pts
- Volume vs 20-day
- -0.5σ
- Close vs day's VWAP
- +0.2%
- 52-week position
- 0 / 100
These describe what this stock's price has already done. They are not forecasts, signals or recommendations, and a dash means the figure was withheld for want of enough history rather than being zero.
Financial quality
From consolidated statements to 31 Mar 2026.
No F-Score: it needs two reporting periods a year apart that carry both an income statement and a balance sheet, and this company's filings do not yet line up that way. The ratios below need only the one period and are unaffected.
- Free cash flow
- ₹11,228 Cr
- FCF yield
- 26.9%
- Cash conversion
- 108.68
- Accruals ratio
- -0.057
- Net debt
- -₹54 Cr
- Net debt / equity
- -0.01
- EV / sales
- 0.84
- Capex intensity
- 0.5%
Computed from filed statements, not filed themselves. A dash means an input was absent, and the score counts only the criteria that could actually be tested.
Insider trades
| Person | Type | Shares | Value | Disclosed |
|---|---|---|---|---|
MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED Promoters · Market Sale | Sell | 16,00,000 | ₹269 Cr | 24 Nov 2025 |
Disclosures filed with NSE under SEBI (Prohibition of Insider Trading) Regulations. Pledges and releases are not trades and are not counted above.
Corporate actions
- otherNot available — not reported in this filing
Annual General Meeting
16 Aug 2024ex-date - otherNot available — not reported in this filing
Annual General Meeting
14 Aug 2023ex-date - otherNot available — not reported in this filing
Annual General Meeting
17 Aug 2022ex-date - otherNot available — not reported in this filing
Annual General Meeting
15 Sept 2021ex-date - otherNot available — not reported in this filing
Annual General Meeting
22 Dec 2020ex-date - otherNot available — not reported in this filing
Annual General Meeting
16 Sept 2019ex-date - otherNot available — not reported in this filing
Annual General Meeting
17 Sept 2018ex-date - otherNot available — not reported in this filing
Annual General Meeting
18 Sept 2017ex-date - dividend₹1.80
Dividend - Rs 1.80 Per Share
19 Sept 2016ex-date - otherNot available — not reported in this filing
Scheme Of Arrangement
27 Jan 2016ex-date - dividend₹1.80
Interim Dividend - Rs 1.80/- Per Share
19 Nov 2015ex-date - dividendNot available — not reported in this filing
Annual General Meeting/ Dividend - Re 1/- Per Share
15 Sept 2015ex-date - dividend₹4.00
Interim Dividend - Rs 4/- Per Share
25 Nov 2014ex-date - dividend₹1.80
Annual General Meeting / Final Dividend - Rs 1.80/- Per Share
12 Sept 2014ex-date - dividend₹1.80
Interim Dividend - Rs 1.80/- Per Share
21 Nov 2013ex-date - dividend₹2.20
Annual General Meeting And Dividend Rs.2.20 Per Share
10 Sept 2013ex-date - dividend₹10.00
Interim Dividend Rs.10/- Per Share
22 Nov 2012ex-date - otherNot available — not reported in this filing
Annual General Meeting
28 Aug 2012ex-date - otherNot available — not reported in this filing
Annual General Meeting
16 Sept 2011ex-date - otherNot available — not reported in this filing
Annual General Meeting
6 Sept 2010ex-date
Company announcements
As per the disclosure attached
As per the disclosure attached
As per the Certificate is attached
As per the disclosure attached
As per the disclosure attached
Max Financial Services Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/10/2026 ,inter alia, to consider and approve As per the disclosure attached
As per the disclosure attached
As per the disclosure attached
As per the disclosure attached
As per the disclosure attached
As per the disclosure attached
As per the disclosure attached
Scrutinizer Report and Voting Results of the 38th Annual General Meeting of the Company held on August 19, 2026
Summary of the proceedings of the Thirty-eighth Annual General Meeting of the Company held on August 19, 2026
Newspaper publications of unaudited financial results for the quarter ended June 30, 2026
Filed with BSE (scrip 500271); the last 45 days. Documents open at bseindia.com.
SEBI filings & orders
From SEBI's website. An order may concern the company, its officers or trading in its shares, and may be under appeal - read the order itself. Personal identifiers are withheld.
Regulatory orders
- Order
Order in the matter of Max Financial Services Limited
24 Aug 2026Read on SEBI - Order
Order in the matter of exemption application of Max Financial Services Limited
3 Oct 2016Read on SEBI
Documents
Annual reports
Earnings calls
- Aug 2026TranscriptSlidesRecording
- May 2026Slides
- Mar 2026TranscriptSlides
- Feb 2026Slides
- Feb 2026Slides
- Nov 2025TranscriptSlidesRecording
Documents open at BSE or the rating agency that issued them.
Sourced from the company's NSE XBRL filing dated 14 Aug 2026 (unaudited). View the source filing. Figures are as filed and are not investment advice.
Max Financial Services: common questions
Answered from the figures on this page.
