Max Financial Services

    MFSL
    Insurance
    ₹1477.00
    price as of 11/9/2026, 5:28:15 pm

    Market cap ₹50,705 Cr

    P/E
    474.92
    Day range
    ₹1,453.60 – ₹1,488.00
    52-week range
    ₹1,433.60 – ₹1,892.50
    Volume
    3.50 L
    Open
    ₹1,468.00
    Prev close
    ₹1,479.90
    Promoters pledged 71.3% of their shares
    52-week range, adjusted for splits and bonuses
    ₹1,433.6₹1,892.5
    2 Apr 202623 Feb 2026
    Index membership & F&O
    NIFTY 200NIFTY 500NIFTY MIDCAP 150NIFTY FINANCIAL SERVICESF&O lot 400

    Price history

    6M change -14.40%RSI (14) 39.3 NeutralSMA 20 · 50 overlaid

    Price & delivery on the exchange

    NSE bhavcopy to 11 Sept 2026 · delivery 64.7% today vs 56.8% average · BSE close ₹1,478.5

    1 Apr23 Apr15 May5 Jun24 Jun15 Jul3 Aug21 Aug11 Sept₹1,440₹1,520₹1,600₹1,680₹1,7600%25%50%75%100%
    • Delivery
    • NSE close
    • BSE close

    High delivery with a rising price suggests buyers holding rather than trading the move.

    Futures & options

    NSE F&O close, 11 Sept 2026 · options expiring 29 Sept 2026

    Neutral
    Near-month future
    ₹1,483.3
    Change
    +0.03%
    Basis over spot
    +₹6.30
    Futures OI (shares)
    68.2 L
    OI change
    -0.80%
    Put-call ratio
    0.50
    Max pain
    ₹1,520
    Resistance (call OI)
    ₹1,600
    Support (put OI)
    ₹1,600
    Lot size
    400

    Open interest by strike

    Calls open above (resistance) and puts below (support), in shares

    12801320136014001440148015201560160016401680172017601840095,0001.9 L2.9 L3.8 Lspot
    • Call OI
    • Put OI

    Futures open interest and price

    Near-month future, day by day since collection began

    The daily history builds from each close.

    Key metrics

    P/E (TTM)
    459.4
    EPS (TTM)
    ₹3.21
    ROE (FY26)
    2.0%
    ROCE (latest year)
    3%

    Charts & trends

    From company filings. Amounts in ₹ crore.

    Revenue 3Y CAGR
    +14.9%
    Profit 3Y CAGR
    -38.3%
    Revenue YoY (Jun 2026)
    +16.8%
    Profit YoY (Jun 2026)
    +37.2%
    Operating margin
    1.1%
    Net margin
    0.8%

    Revenue, profit & margin - quarterly

    Bars in ₹ crore (a loss shows red); line is operating margin

    Sep 2023Mar 2024Sep 2024Mar 2025Sep 2025Jun 2026-5.0K Cr0 Cr5.0K Cr10.0K Cr15.0K Cr-0.6%0%0.6%1.2%1.8%
    • Revenue
    • Net profit
    • Operating margin

    Who owns the company

    Shareholding as of Jun 2026

    • FII
    • DII
    • Public
    • Promoter

    Cash flows

    Where cash came from and went, by fiscal year (₹ crore)

    Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026-12.0KCr-6.0K Cr0 Cr6.0K Cr12.0K Cr
    • Operating
    • Investing
    • Financing
    • Free cash flow

    Return on equity

    Net profit over shareholders' equity, by fiscal year

    FY17FY18FY19FY20FY21FY22FY23FY24FY25FY260%7%14%21%28%15%

    Equity vs debt

    Shareholders' equity against borrowings (₹ crore); line is debt-to-equity

    Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 20260 Cr1.5K Cr3.0K Cr4.5K Cr6.0K Cr0.0x0.1x0.2x0.3x0.4x
    • Equity
    • Debt
    • Debt / equity

    Financial statements

    ₹ Crore
    Quarterly results, oldest period first, figures in rupees crore
    Line itemSep 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%0.2%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 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 11 Sept 2026. Consolidated figures where the company reports them.Information only, not investment advice.

    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 9.67 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%

    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
    +9%
    5 Years
    +6%
    3 Years
    +17%
    1 Year
    -8%

    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

    Percentage of shares held by each category at each quarter end
    HolderSept 2025Dec 2025Mar 2026Jun 2026Change
    Promoter1.71%1.25%1.25%1.25%0.00 pp
    FII44.78%45.13%47.88%48.06%+0.18 pp
    DII47.26%47.35%44.74%44.34%-0.40 pp
    Public6.24%6.26%6.11%6.35%+0.24 pp

    Filed with NSE for Jun 2026: promoters 1.25%, public 98.75% · XBRL filing

    Analysts & fund holdings

    100%
    100% recommend buy
    25 analysts cover the stock
    Valuation vs Insurance
    P/E474.9 vs 16.6
    Sector P/B2.14
    Beta0.74

    Who holds the shares, quarter by quarter

    Mutual funds 36.76% (-0.23 pp)
    Mar 25
    Jun 25
    Sept 25
    Dec 25
    Mar 26
    Jun 26
    • Promoters1.3%
    • Foreign institutions48.1%
    • Mutual funds36.8%
    • Insurance6.0%
    • Other domestic institutions1.6%
    • Retail4.3%
    • Others2.1%
    Mutual funds holding the most
    Fund% of company% of fund3-month change
    HDFC Mid Cap Fund7.51%3.79%-0.31 pp
    Nippon India Multi Cap Fund1.77%1.72%-0.21 pp
    Kotak Mid Cap Fund1.57%1.24%-0.18 pp
    Nippon India Growth Mid Cap Fund1.41%1.48%-0.10 pp
    DSP Midcap Fund0.96%2.57%+0.17 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.

    Corporate actions

    • other
      Not available — not reported in this filing

      Annual General Meeting

      16 Aug 2024
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      14 Aug 2023
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      17 Aug 2022
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      15 Sept 2021
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      22 Dec 2020
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      16 Sept 2019
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      17 Sept 2018
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      18 Sept 2017
      ex-date
    • dividend
      ₹1.80

      Dividend - Rs 1.80 Per Share

      19 Sept 2016
      ex-date
    • other
      Not available — not reported in this filing

      Scheme Of Arrangement

      27 Jan 2016
      ex-date
    • dividend
      ₹1.80

      Interim Dividend - Rs 1.80/- Per Share

      19 Nov 2015
      ex-date
    • dividend
      Not available — not reported in this filing

      Annual General Meeting/ Dividend - Re 1/- Per Share

      15 Sept 2015
      ex-date
    • dividend
      ₹4.00

      Interim Dividend - Rs 4/- Per Share

      25 Nov 2014
      ex-date
    • dividend
      ₹1.80

      Annual General Meeting / Final Dividend - Rs 1.80/- Per Share

      12 Sept 2014
      ex-date
    • dividend
      ₹1.80

      Interim Dividend - Rs 1.80/- Per Share

      21 Nov 2013
      ex-date
    • dividend
      ₹2.20

      Annual General Meeting And Dividend Rs.2.20 Per Share

      10 Sept 2013
      ex-date
    • dividend
      ₹10.00

      Interim Dividend Rs.10/- Per Share

      22 Nov 2012
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      28 Aug 2012
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      16 Sept 2011
      ex-date
    • other
      Not available — not reported in this filing

      Annual General Meeting

      6 Sept 2010
      ex-date

    Insider trades

    Last 12 months, market trades
    Net selling ₹269 Cr
    0 buys · ₹0
    1 sells · ₹269 Cr
    Latest insider trades disclosed to NSE
    PersonTypeSharesValueDisclosed
    MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED
    Promoters · Market Sale
    		Sell16,00,000₹269 Cr24 Nov 2025

    Disclosures filed with NSE under SEBI (Prohibition of Insider Trading) Regulations. Pledges and releases are not trades and are not counted above.

    Bulk & block deals

    Bought 74,675 · sold 74,675 shares
    Large deals reported to NSE in this stock
    DateClientTypeQuantityPrice
    12 Sept 2025MARSHALL WACE INVESTMENT STRATEGIES - EUREKA FUNDBlock sell74,675₹1,605.4
    12 Sept 2025SOCIETE GENERALEBlock buy74,675₹1,605.4

    Deals of more than 0.5% of shares (bulk), large single trades (block) and short sales, as NSE reports them.

    Company announcements

    Company Update
    Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI Listing Regulations') - ESG Rating

    As per the disclosure attached

    Company Update
    Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation

    As per the disclosure attached

    Company Update
    Disclosure Under The Extant Provisions Of The SEBI (Listing Obligations And Disclosure Requirements Regulations), 2015 ('SEBI Listing Regulations') On Receipt Of Final Order From SEBI In Relation To The Show Cause Notice Issued On October 24, 2024

    As per the disclosure attached

    Company Update
    Announcement under Regulation 30 (LODR)-Newspaper Publication

    As per the disclosure attached

    Company Update
    Announcement under Regulation 30 (LODR)-Earnings Call Transcript

    As per the disclosure attached

    AGM/EGMPrice-sensitive
    Shareholder Meeting / Postal Ballot-Scrutinizer's Report

    Scrutinizer Report and Voting Results of the 38th Annual General Meeting of the Company held on August 19, 2026

    AGM/EGMPrice-sensitive
    Shareholder Meeting / Postal Ballot-Outcome of AGM

    Summary of the proceedings of the Thirty-eighth Annual General Meeting of the Company held on August 19, 2026

    Company Update
    Announcement under Regulation 30 (LODR)-Newspaper Publication

    Newspaper publications of unaudited financial results for the quarter ended June 30, 2026

    Company Update
    Submission Of Link To The Audio Recording Of Earnings Conference Call

    As per the disclosure attached

    Company Update
    Disclosure Under The Provisions Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI LODR')

    As per the disclosure attached

    Company Update
    Announcement under Regulation 30 (LODR)-Press Release / Media Release

    As per Press Release attached

    Company Update
    Announcement under Regulation 30 (LODR)-Investor Presentation

    As per the Investor Presentation attached

    Result
    Approval Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended June 30, 2026

    As per the disclosure attached

    Board Meeting
    Board Meeting Outcome for Outcome Of Board Meeting - Approval Of Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter Ended June 30, 2026

    Approval of unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 2026

    Company Update
    Disclosure Under The Provisions Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company

    As per the disclosure attached

    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 2026
      Read on SEBI
    • Order

      Order in the matter of exemption application of Max Financial Services Limited

      3 Oct 2016
      Read on SEBI

    Documents

    Annual reports

    Earnings calls

    Documents open at BSE or the rating agency that issued them.