Max Financial Services Limited MFSL NIFTY_MIDNSEFINANCIAL

Financial Services · Insurance - Life · India

https://www.maxfinancialservices.com

Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments. It offers participating and nonparticipating and linked products covering life insurance, pension and health benefits, including riders for individual and group through individual agents, corporate agents, banks, brokers, and other channels. The company is also involved treasury investment activities; and provision of management advisory services. Max Financial Services Limited was incorporated in 1988 and is based in Noida, India.

Market & Price

Market Cap

₹57,492.96 Cr

Current Price

₹1,674.00

High / Low (52W)

₹1,870.00 / ₹1,464.20

Beta

0.64

Valuation

Stock P/E

715.38

Industry PE

19.12

Forward P/E

105.83

PEG Ratio

Book Value

₹79.70

Price to Book

21.00

P/S

1.21

EV/EBITDA

73.10

Dividend Yield

Profitability & Returns

ROCE

ROE

1.63%

ROA

0.09%

Profit Margin

0.18%

Op Margin

4.60%

EPS (Latest Qtr)

₹-0.77

EPS (TTM)

₹2.34

Balance Sheet & Liquidity

Debt/Equity

0.13

Quick Ratio

0.82

Current Ratio

0.82

Debt

₹357.24 Cr

Total Assets

₹1.99 L Cr

Current Assets

Working Capital

Ownership

Promoter Holding

2.08%

Chg in Prom Hold

FII / Inst Holding

82.42%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹45,666.03 Cr

Total Revenue (TTM)

₹47,696.43 Cr

EBITDA

₹624.70 Cr

Free Cash Flow

₹-732.88 Cr

Operating Cash Flow

₹11,472.71 Cr

Shares Outstanding

₹34.34 Cr

Gross Margin

12.34%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

15.02%

Profit 5Y

-39.46%

Revenue (YoY)

-40.20%

Earnings (YoY)

PROS

Compounding revenue at 15.0% over 5 years.

CONS

Trading at a high P/E of 715.4.
Earnings shrank at -39.5% CAGR over 5 years.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Financial Services).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	MFSL Max Financial Services Limited NIFTY_MIDNSEFINANCIAL	1,674.00	715.38	₹57,492.96 Cr	-	-	1.63%	15.02%	-39.46%
2	HDFCBANK HDFC Bank Limited NIFTY50NSEAIFINANCIAL	744.55	16.61	₹11.46 L Cr	1.75%	-	13.82%	32.50%	20.39%
3	ICICIBANK ICICI Bank Limited NIFTY50NSEAIFINANCIAL	1,256.40	16.81	₹9.01 L Cr	0.88%	-	16.36%	19.65%	16.78%
4	SBIN State Bank of India NIFTY50NSEAIFINANCIALPSU	964.40	10.58	₹8.90 L Cr	1.80%	-	15.48%	12.19%	14.39%
5	KOTAKBANK Kotak Mahindra Bank Limited NIFTY50NSEAIFINANCIAL	384.20	19.80	₹3.82 L Cr	0.13%	-	11.39%	14.58%	8.92%
6	LICI Life Insurance Corporation of India NIFTY_MIDNSEFINANCIALPSU	411.35	9.06	₹2.60 L Cr	2.43%	-	42.36%	7.61%	16.86%
7	SHRIRAMFIN Shriram Finance Limited NIFTY50NSEFINANCIAL	947.15	17.79	₹2.23 L Cr	1.46%	-	16.38%	15.48%	18.59%
8	SBILIFE SBI Life Insurance Company Limited NIFTY50NSEFINANCIAL	1,830.10	74.06	₹1.84 L Cr	0.15%	-	13.70%	11.67%	12.81%
9	ICICIAMC ICICI PRUDENTIAL AMC LTD NIFTY_MIDNSEFINANCIAL	3,538.50	53.19	₹1.75 L Cr	0.70%	98.30%	85.80%	28.94%	29.58%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	12,377.00 Cr	12,821.69 Cr	9,793.37 Cr	14,258.91 Cr	10,801.28 Cr
Cost of Revenue	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-
Operating Expenses	-	-	-	-	-	-	-
Operating Income	-	-	39.38 Cr	133.33 Cr	42.04 Cr	85.99 Cr	-2.94 Cr
EBITDA	-	-	-	-	-	-	-
Interest Expense	-	-	15.30 Cr	31.85 Cr	35.74 Cr	35.93 Cr	35.13 Cr
Pretax Income	-	-	24.08 Cr	101.48 Cr	6.30 Cr	50.06 Cr	-38.07 Cr
Tax Provision	-	-	-16.15 Cr	14.50 Cr	39.00 L	5.31 Cr	-4.87 Cr
Net Income	-	-	31.31 Cr	69.64 Cr	4.12 Cr	36.56 Cr	-26.35 Cr
Diluted EPS	-	-	0.91	2.03	0.12	1.07	-0.77

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	31,327.98 Cr	46,494.38 Cr	46,470.33 Cr	47,675.34 Cr
Cost of Revenue	-	-	-	-	-
Gross Profit	-	-	-	-	-
Operating Expenses	-	-	-	-	-
Operating Income	-	527.32 Cr	444.99 Cr	497.46 Cr	231.63 Cr
EBITDA	-	-	-	-	-
Interest Expense	-	10.89 L	28.88 Cr	47.36 Cr	111.86 Cr
Pretax Income	-	527.21 Cr	416.11 Cr	450.10 Cr	119.77 Cr
Tax Provision	-	75.31 Cr	22.56 Cr	43.36 Cr	15.33 Cr
Net Income	-	378.49 Cr	340.11 Cr	327.20 Cr	83.97 Cr
Diluted EPS	7.34	10.97	9.90	9.53	-

Compounded Sales Growth

5 Years:	15.02%
1 Year:	-40.20%

Compounded Profit Growth

5 Years:	-39.46%
1 Year:	-

Stock Price Performance

1 Year:	+12.38%
6 Months:	-0.33%
3 Months:	-10.48%
1 Month:	+3.95%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	1.32 L Cr	1.63 L Cr	1.90 L Cr	1.99 L Cr
Current Assets	-	-	-	-	-
Cash & Equivalents	-	1,225.90 Cr	1,696.83 Cr	1,453.75 Cr	2,137.15 Cr
Inventory	5.08 Cr	-	-	-	-
Receivables	1,099.03 Cr	857.99 Cr	1,037.08 Cr	1,208.11 Cr	-
Total Liabilities	-	1.28 L Cr	1.58 L Cr	1.84 L Cr	1.93 L Cr
Current Liabilities	-	-	-	-	-
Long Term Debt	-	520.66 Cr	520.70 Cr	1,025.46 Cr	1,858.40 Cr
Total Debt	-	830.73 Cr	843.85 Cr	1,442.11 Cr	1,858.65 Cr
Total Equity	-	3,518.24 Cr	3,865.93 Cr	5,274.52 Cr	5,281.79 Cr
Shares Outstanding	-	34.51 Cr	34.51 Cr	34.51 Cr	34.68 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	9,922.29 Cr	6,104.36 Cr	8,351.60 Cr	11,472.71 Cr
Investing Cash Flow	-	-11,555.05 Cr	-5,001.31 Cr	-9,703.11 Cr	-11,124.63 Cr
Financing Cash Flow	-	-232.76 Cr	-116.98 Cr	1,961.41 Cr	566.69 Cr
Capital Expenditure	-	-173.93 Cr	-222.81 Cr	-218.08 Cr	-244.44 Cr
Free Cash Flow	-	9,748.35 Cr	5,881.55 Cr	8,133.52 Cr	11,228.27 Cr
Net Change in Cash	-	-1,865.53 Cr	986.06 Cr	609.90 Cr	914.77 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	-	-	-	-
Operating Margin %	-	1.7%	1.0%	1.1%	0.5%
Net Margin %	-	1.2%	0.7%	0.7%	0.2%
ROE %	-	10.8%	8.8%	6.2%	1.6%
ROCE %	-	-	-	-	-

Shareholding Pattern

Insiders

2.08%

Institutions

82.42%

Public Float

84.17%

Analyst View

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