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Max Financial Services Limited MFSL NIFTY_MIDNSEFINANCIAL

Financial Services · Insurance - Life · India
https://www.maxfinancialservices.com
Company Profile ↓
₹1,548.40
-2.52% 1Y
Mkt Cap₹53,437.57 Cr
P/E632.00
P/B18.79
52W High₹1,870.00
52W Low₹1,464.20
Book Value₹153.04
EPS (TTM)₹2.45

Company Overview

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

Why Investors Should Care

Steady Revenue Expansion

Revenue has grown at a 15.0% CAGR over the past five years.

Positive Free Cash Flow

Generates positive free cash flow, funding growth and shareholder returns internally.

Recent Developments

  • Mar 2026 Revenue of ₹47,590.51 Cr (+2.6% YoY); net profit ₹83.99 Cr.
  • Trailing 12 Months Year-on-year growth — revenue +2.6%, earnings -74.3%.
  • 5-Year Trend Long-term compounding — revenue CAGR 15.0%, profit CAGR -39.5%.

Growth & Price Performance

Compounded Sales Growth

5 Years:14.96%
1 Year:2.57%

Compounded Profit Growth

5 Years:-39.46%
1 Year:-74.33%

Stock Price Performance

1 Year:-2.52%
6 Months:-9.00%
3 Months:-2.87%
1 Month:+1.95%

Highlights auto-generated from reported financials and price data; not investment advice. Verify with official filings before acting.

Technical Snapshot Bearish
52-Week Range 21% of range
₹1,464.20 ₹1,870.00
Trend Signals
  • Price vs 50-DMABelow
  • Price vs 200-DMABelow
  • RSI (14)49.34 · Neutral
Price Performance
1M+1.95%
3M-2.87%
6M-9.00%
1Y-2.52%
Valuation vs Sector

P/E of 632.00 is above the sector median of 19.62 — pricier than peers.

Auto-generated from price history and fundamentals; not investment advice.

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Price Chart

NSE TradingView

Fundamental Growth Charts

Interactive charts for Revenue, Net Income, EBITDA, Free Cash Flow, EPS, ROE, ROCE, Gross/Net/Operating Margin and more — switch metric and period using the dropdowns above. CAGR is computed across the displayed window (quarterly CAGR is annualised). Visual growth charts make it easy to spot multi-year compounding trends at a glance — far faster than reading raw numbers in a table.

PROS

  • Compounding revenue at 15.0% over 5 years.
  • Generates positive free cash flow.

CONS

  • Trading at a high P/E of 632.0.
  • 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.

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Valuation

Stock P/E
632.00
Industry PE
19.62
Forward P/E
98.72
PEG Ratio
-
Book Value
₹153.04
Price to Book
18.79
P/S
1.08
EV/EBITDA
116.52
Dividend Yield
0.00%

Growth (CAGR)

Revenue 5Y
14.96%
Profit 5Y
-39.46%
Revenue (YoY)
2.57%
Earnings (YoY)
-74.33%

Profitability & Returns

ROCE
-
ROE
1.59%
ROA
0.04%
Profit Margin
0.18%
Op Margin
0.33%
Gross Margin
12.22%
EPS (Latest Qtr)
₹-0.77
EPS (TTM)
₹2.45

Balance Sheet & Liquidity

Debt/Equity
0.44
Quick Ratio
0.39
Current Ratio
0.45
Debt
₹2,348.77 Cr
Total Assets
₹1.99 L Cr
Current Assets
-
Working Capital
-

Ownership

Promoter Holding
2.08%
Chg in Prom Hold
0.83%
FII / Inst Holding
81.83%
Chg in FII Hold
-0.69%

Financial Snapshot

Enterprise Value
₹53,437.57 Cr
Total Revenue (TTM)
₹47,590.51 Cr
EBITDA
₹585.00 Cr
Free Cash Flow
₹11,228.26 Cr
Operating Cash Flow
₹11,472.70 Cr
Shares Outstanding
₹34.51 Cr
Gross Margin
12.22%
Payout Ratio
0.00%

Peer comparison

Peer companies in the same sector (Financial Services).

#NameCMP ₹P/E Mkt CapDiv Yld % ROCE %ROE % Rev CAGR 5Y %Profit CAGR 5Y %
1 MFSL Max Financial Services Limited NIFTY_MIDNSEFINANCIAL 1,548.40 632.00 ₹53,437.57 Cr 0.00% - 1.59% 14.96% -39.46%
2 HDFCBANK HDFC Bank Limited NIFTY50NSEAIFINANCIAL 712.10 15.57 ₹10.96 L Cr 1.77% - 8.63% 16.90% 12.47%
3 ICICIBANK ICICI Bank Limited NIFTY50NSEAIFINANCIAL 1,423.20 19.03 ₹10.19 L Cr 0.82% - 14.93% 18.11% 16.78%
4 SBIN State Bank of India NIFTY50NSEAIFINANCIALPSU 1,016.10 11.15 ₹9.38 L Cr 1.60% - 13.97% 12.19% 14.39%
5 BAJFINANCE Bajaj Finance Limited NIFTY50NSEAIFINANCIAL 1,060.50 34.76 ₹6.60 L Cr 0.47% - 16.68% 22.58% 18.23%
6 LICI Life Insurance Corporation of India NIFTY_MIDNSEFINANCIALPSU 415.35 9.14 ₹5.25 L Cr 2.58% - 32.53% 7.26% 16.86%
7 KOTAKBANK Kotak Mahindra Bank Limited NIFTY50NSEAIFINANCIAL 424.50 21.89 ₹4.22 L Cr 0.16% - 10.64% 13.48% 8.92%
8 AXISBANK Axis Bank Limited NIFTY50NSEAIFINANCIAL 1,273.00 15.07 ₹3.96 L Cr 0.08% - 12.27% 12.16% 34.61%
9 BAJAJFINSV Bajaj Finserv Ltd. NIFTY50NSEAIFINANCIAL 1,970.00 32.30 ₹3.15 L Cr 0.06% - 12.58% 22.92% 15.16%
Financial Statements Quarterly Results · Profit & Loss · Balance Sheet · Cash Flows · Ratios

Quarterly Results

Figures in INR.

Metric Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Revenue 9,929.00 Cr9,168.00 Cr10,165.00 Cr12,356.00 Cr14,888.00 Cr11,799.00 Cr--12,377.00 Cr12,821.69 Cr9,793.37 Cr14,258.91 Cr10,801.28 Cr
Cost of Revenue -------------
Gross Profit -------------
Operating Expenses 9,865.00 Cr9,043.00 Cr10,021.00 Cr12,146.00 Cr14,945.00 Cr11,608.00 Cr-------
Operating Income 63.00 Cr124.00 Cr143.00 Cr208.00 Cr-58.00 Cr189.00 Cr--39.38 Cr133.33 Cr42.04 Cr85.99 Cr-2.94 Cr
EBITDA 64.00 Cr125.00 Cr144.00 Cr209.00 Cr-57.00 Cr190.00 Cr-------
Interest Expense 9.00 Cr9.00 Cr9.00 Cr14.00 Cr11.00 Cr9.00 Cr--15.30 Cr31.85 Cr35.74 Cr35.93 Cr35.13 Cr
Pretax Income 58.00 Cr118.00 Cr158.00 Cr198.00 Cr-59.00 Cr182.00 Cr--24.08 Cr101.48 Cr6.30 Cr50.06 Cr-38.07 Cr
Tax Provision 5.80 Cr16.52 Cr-12.64 Cr27.72 Cr8.85 Cr25.48 Cr---16.15 Cr14.50 Cr39.00 L5.31 Cr-4.87 Cr
Net Income 52.00 Cr101.00 Cr170.00 Cr171.00 Cr-50.00 Cr156.00 Cr--31.31 Cr69.64 Cr4.12 Cr36.56 Cr-26.35 Cr
Diluted EPS 1.332.544.294.30-1.283.69--0.912.030.121.07-0.77

Profit & Loss (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Revenue 14,907.00 Cr11,710.00 Cr15,247.00 Cr16,338.00 Cr19,510.00 Cr18,240.00 Cr31,275.00 Cr-31,327.98 Cr46,494.38 Cr46,396.02 Cr47,590.51 Cr
Cost of Revenue ------------
Gross Profit ------------
Operating Expenses 14,188.00 Cr11,179.00 Cr14,476.00 Cr15,807.00 Cr19,003.00 Cr17,788.00 Cr30,689.00 Cr-----
Operating Income 564.00 Cr471.00 Cr708.00 Cr529.00 Cr505.00 Cr441.00 Cr580.00 Cr-527.32 Cr444.99 Cr483.33 Cr156.68 Cr
EBITDA 718.00 Cr531.00 Cr771.00 Cr531.00 Cr507.00 Cr452.00 Cr585.00 Cr-----
Interest Expense 82.00 Cr8.00 Cr9.00 Cr027.00 Cr00-10.89 L28.88 Cr33.22 Cr36.89 Cr
Pretax Income 512.00 Cr465.00 Cr702.00 Cr530.00 Cr481.00 Cr442.00 Cr593.00 Cr-527.21 Cr416.11 Cr450.11 Cr119.79 Cr
Tax Provision 148.48 Cr69.75 Cr105.30 Cr90.10 Cr62.53 Cr167.96 Cr35.58 Cr-75.31 Cr22.56 Cr43.36 Cr15.33 Cr
Net Income 365.00 Cr393.00 Cr593.00 Cr442.00 Cr416.00 Cr273.00 Cr560.00 Cr-378.49 Cr340.11 Cr327.23 Cr83.99 Cr
Diluted EPS 10.499.4714.7910.679.755.3812.337.3410.979.909.532.45

Balance Sheet (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Total Assets 35,503.00 Cr38,147.00 Cr46,739.00 Cr55,842.00 Cr67,156.00 Cr74,526.00 Cr98,057.00 Cr-1.32 L Cr1.63 L Cr1.90 L Cr1.99 L Cr
Current Assets ------------
Cash & Equivalents --------1,225.90 Cr1,696.83 Cr1,453.75 Cr2,402.75 Cr
Inventory -------5.08 Cr----
Receivables --------857.99 Cr1,037.08 Cr1,208.11 Cr1,349.67 Cr
Total Liabilities --------1.28 L Cr1.58 L Cr1.84 L Cr1.93 L Cr
Current Liabilities ------------
Long Term Debt --------520.66 Cr520.70 Cr1,025.46 Cr1,858.40 Cr
Total Debt 543.00 Cr00003.00 Cr3.00 Cr-830.73 Cr843.85 Cr1,442.11 Cr2,348.77 Cr
Total Equity 3,302.00 Cr1,965.00 Cr2,334.00 Cr1,820.00 Cr2,059.00 Cr2,147.00 Cr3,343.00 Cr-3,518.24 Cr3,865.93 Cr5,274.52 Cr5,281.79 Cr
Shares Outstanding --------34.51 Cr34.51 Cr34.51 Cr34.51 Cr

Cash Flows (Annual)

Figures in INR.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating Cash Flow 2,579.00 Cr3,802.00 Cr6,526.00 Cr7,534.00 Cr8,826.00 Cr5,452.00 Cr6,892.00 Cr-9,922.29 Cr6,104.36 Cr8,351.60 Cr11,472.70 Cr
Investing Cash Flow -2,311.00 Cr-3,541.00 Cr-6,290.00 Cr-6,951.00 Cr-8,789.00 Cr-4,991.00 Cr-6,852.00 Cr--11,555.05 Cr-5,001.31 Cr-9,703.11 Cr-11,124.61 Cr
Financing Cash Flow -388.00 Cr-187.00 Cr-215.00 Cr-116.00 Cr-174.00 Cr-383.00 Cr-92.00 Cr--232.76 Cr-116.98 Cr1,961.41 Cr566.68 Cr
Capital Expenditure -321.00 Cr-88.00 Cr-79.00 Cr-49.00 Cr-98.00 Cr-123.00 Cr-82.00 Cr--173.93 Cr-222.81 Cr-218.08 Cr-244.44 Cr
Free Cash Flow 2,258.00 Cr3,714.00 Cr6,447.00 Cr7,485.00 Cr8,728.00 Cr5,329.00 Cr6,810.00 Cr-9,748.35 Cr5,881.55 Cr8,133.52 Cr11,228.26 Cr
Net Change in Cash -119.00 Cr74.00 Cr20.00 Cr466.00 Cr-137.00 Cr78.00 Cr-51.00 Cr--1,865.53 Cr986.06 Cr609.90 Cr914.77 Cr

Ratios (Annual)

Figures in %.

Metric Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Gross Margin % ------------
Operating Margin % 3.8%4.0%4.6%3.2%2.6%2.4%1.9%-1.7%1.0%1.0%0.3%
Net Margin % 2.4%3.4%3.9%2.7%2.1%1.5%1.8%-1.2%0.7%0.7%0.2%
ROE % 11.1%20.0%25.4%24.3%20.2%12.7%16.8%-10.8%8.8%6.2%1.6%
ROCE % ------------

Shareholding Pattern

Insiders
2.08%
Institutions
81.83%
Public Float
83.57%

Analyst View

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Latest News

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MFSL — Frequently Asked Questions

What is the current share price of Max Financial Services Limited (MFSL)?

As of 2026-09-08 04:53 IST, Max Financial Services Limited (MFSL) trades at ₹1,548.40 on NSE. Its 52-week range is ₹1,464.20 to ₹1,870.00.

What is the market capitalisation of MFSL?

Max Financial Services Limited (MFSL) has a market capitalisation of ₹53,437.57 Cr on NSE.

What is the P/E ratio of MFSL?

MFSL trades at a trailing price-to-earnings (P/E) ratio of 632.00. The industry average P/E is 19.62. Its price-to-book (P/B) ratio is 18.79.

What is the return on equity (ROE) of MFSL?

MFSL has a return on equity (ROE) of 1.59%.

Is MFSL a good stock to buy?

This page provides a data-driven analysis of Max Financial Services Limited (MFSL), including valuation ratios, profitability, growth trends, auto-generated pros and cons, peer comparison and AI exposure. Review these fundamentals alongside your own research and risk tolerance. This is informational content, not investment advice.

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