VALARTH See Max Financial Services in the appOpen in app
MFSL · NSE · Life Insurance

Max Financial Services Ltd

What the numbers mean, from its filings and the exchange. Data as of 12 Oct 2026.
Mid Cap · AMFI list Jan-Jun 2026 · Vendor sector: Financial Services
dear low confidence No valuation within 120 days; P/E 409 vs peers 45.4 (11th of 11); P/B 7.6 vs peers 5.0 (9th of 11).
Statements through FY2026Prices adjusted for 1 corporate actionNot yet reviewed by the adversarial model

What is Max Financial Services's share price today?

Max Financial Services last traded at ₹1,306.50 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.2% on the day, down 18.5% over a year. Its 52-week range is ₹1,295 to ₹1,892. The live price is in the app.

₹1,306.50 −0.2% today
−18.5% over 1 year · NSE, as of 12 Oct 2026, 11:00 pm IST
60 month-end closes, 31 Oct 2021 to 30 Sep 2026, adjusted for splits and bonuses
52-week range2% of the way up
Low ₹1,295High ₹1,892

What is Max Financial Services's market cap?

Max Financial Services's market capitalisation is about ₹45,200 crore: what it would cost to buy every share at today's price. That makes it the 110th largest mid cap company we cover.

₹45,200 Cr Mid Cap110th largest mid cap company
Mid Cap means the companies ranked 101 to 250 by size, under SEBI's rules. Shares in issue are worked out from the market cap and the price. What market cap tells you →

Key facts

From the exchange
Symbol
NSE: MFSL
ISIN
INE180A01020
Cap bucket
Mid Cap, 110th largest by market cap
Industry (NSE)
Financial Services › Insurance › Life Insurance
Listed since
2000
Futures and options
Traded

Is Max Financial Services overvalued?

Dear, with low confidence: no valuation within 120 days; P/E 409 vs peers 45.4 (11th of 11); P/B 7.6 vs peers 5.0 (9th of 11).

Valuation

Latest price and trailing 12 months
P/E 409.28
vs peers 45.4 · 11th of 11
Price divided by last year's earnings per share: how many years of today's profit you pay for. Learn more →
P/B 7.63
vs peers 5.0 · 9th of 11
Price divided by book value per share: what you pay for each rupee of net assets on the balance sheet. Learn more →
Market cap ₹45,200 Cr
Total market value of all shares, in ₹ crore. Learn more →
Dividend yield Not available
Last year's dividends as a share of today's price. Learn more →
PEG (vendor) Not available
P/E divided by the vendor's earnings growth figure, which it does not disclose; a P/E adjusted for how fast profits grow. Learn more →
PEG on our 3-year EPS growth Not available
P/E divided by the 3-year EPS growth rate from the stored accounts. Learn more →
2 models could be judged
Skipped — Fair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; Warranted P/B: no ROE

Our valuation range

🔒 Pro
Value range, implied growth at today's price, and the nine models behind it: in the app.

Is Max Financial Services a quality business?

CAUTION on 12 of 22 lender flags judged.

Quality and risk

Data as of 12 Oct 2026
Business quality Not available
The kind of business, which sets the yardstick it is judged by. Learn more →
Quality score Not available
Returns, margins, leverage and consistency against its peers, out of 100. Learn more →
Risk level CAUTION
12 of 22 lender flags judged
From flags on debt, earnings quality, dilution and price swings. Learn more →

Lender scorecard

Statements through FY2026 (Mar-26)
Basis: consolidated accounts, FY2026 (Mar-26) against FY2025; NSE/BSE XBRL, the Q4 results filing; cost to income is operating expenses over net interest income plus other income; ROA over average total assets; ROE over average equity; not a lender: no NIM, asset quality, credit cost or loan growth
Net interest margin Not available
What a lender earns on its loans and investments less what it pays for deposits and borrowings, as a share of the assets that earn interest (or of all assets where the split is not filed). Learn more →
Gross NPA Not available
Loans on which repayment has stopped, as a share of all loans, before any provision against them; from the latest results filing. Learn more →
Net NPA Not available
Bad loans after the provisions already set aside against them, as a share of loans. Learn more →
Provision coverage Not available
How much of the gross bad loans has already been provided for. Learn more →
Credit cost Not available
The year's provisions for bad loans as a share of the average loan book. Learn more →
Cost to income 99.8%
Operating expenses (staff, branches, technology) over net interest income plus other income. Learn more →
Return on assets 0.1%
vs peers 1.8% · 7th of 7
Profit as a share of average total assets. Learn more →
CET1 ratio Not available
Common equity tier 1 capital, the hardest kind, against risk-weighted assets; from the latest results filing. Learn more →
Loan growth YoY Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth YoY Not available
Growth in deposits over the latest fiscal year. Learn more →
CASA ratio Not available
Current and savings account balances as a share of all deposits. Learn more →
Inside the app

Get a sneak peek of Valarth

Start freeStart free
A Valarth stock page: the share price with its chart and 52-week range, valuation and profitability figures, and a scorecard of health checks.
Stock pagePrice, valuation, profitability and a scorecard of health checks for every company, each figure explained.
The Valarth stock screener: a table of companies with price, market cap, P/E, P/B, PEG, EPS and ROE, and filters down the left.
ScreenerEvery listed company, filtered on 212 figures, each with a plain-language lesson beside it.
The Valarth AI Screener answering 'Which companies will benefit from India's Project 75 submarine programme?' with a basket of four naval shipbuilders and a written thesis.
AI ScreenerAsk a question in plain English, like which companies benefit from India's Project 75. It reads the intent, builds the screen and writes the thesis.
A Valarth business-model card for State Bank of India, with a plain-language summary and statements verified against the filing.
Business modelHow a company makes money and what can hurt it, each statement checked against its annual report.
Valarth's Before the Bell edition, with the day's headline, regulator notes and sector moves.
Before the BellA morning edition before the market opens: what moved, which rule changed, and what it means for your holdings.

Has Max Financial Services made money for shareholders?

Mixed: −18.5% over one year and +6.2% a year over five years.

Shareholder returns

1-year return −18.5%
Price only
What the share price did over the last 12 months. Learn more →
5-year return +6.2% a year
Price only
Yearly average price return over five years, bonuses and splits adjusted. Learn more →
Wealth destroyer Yes
Five-year total return — price CAGR on bonus- and split-adjusted closes plus the dividend yield — below the 7% a bank fixed deposit paid. Learn more →

Returns

3Y and 5Y are yearly averages
1W
−2.8%
1M
−8.2%
3M
−19.7%
6M
−20.4%
1Y
−18.5%
3Y
+14.5%
5Y
+6.2%

Does Max Financial Services pay a dividend?

Max Financial Services last paid ₹1.80 a share, ex-dividend 19 Sep 2016; nothing in the past 12 months counts toward a yield.

Dividends

Per share, by ex-dividend date
19 Sep 2016 · Final₹1.80
19 Nov 2015 · Interim₹1.80
15 Sep 2015 · Final₹1.00
25 Nov 2014 · Interim₹4.00
12 Sep 2014 · Final₹1.80
Payout ratio🔒 In the app
The share of profit paid out as dividends; a very high share leaves little to reinvest.
Dividend growth, 5 years🔒 In the app
How fast the dividend per share has grown a year.
Years without a miss🔒 In the app
How many years in a row a dividend has been paid.

Is Max Financial Services growing?

Revenue 3 years 14.9% a year; eps 3 years -39.4% a year; revenue 5 years 9.8% a year.

Growth

Statements through FY2026 (Mar-26)
Loan growth Not available
Growth in the loan book over the latest fiscal year. Learn more →
Deposit growth Not available
Growth in deposits over the latest fiscal year. Learn more →
Revenue 3 years 14.9% a year
vs peers 12.0% · 3rd of 11
Compound annual growth of revenue over three years. Learn more →
EPS 3 years -39.4% a year
Growth in earnings per share, so dilution counts against the company. Learn more →
Revenue 5 years 9.8% a year
Compound annual growth of revenue over five years. Learn more →
EPS 5 years -29.3% a year
Growth in earnings per share over five years, so dilution counts against the company. Learn more →

How did Max Financial Services do last quarter?

Max Financial Services reported income of ₹14,977 Cr, up 2.6% on a year earlier and a net profit of ₹118 Cr, down 73.8% in the Jun 2026 quarter.

Latest quarter

Jun 2026
Income, latest quarter₹14,977 Cr
+2.6% on a year earlier
What the company took in over the quarter.
Net profit, latest quarter₹118 Cr
−73.8% on a year earlier
What was left for shareholders after every cost and tax.

How does Max Financial Services compare with its peers?

Compared with 10 Insurance (the industry, as the basic industry was too small); 11th of 11 on P/E.

Compared with 10 Insurance (the industry, as the basic industry was too small)

10 companies

Max Financial Services against its peers

Largest 10 of 10 peers, by market cap
CompanyMarket capP/EP/BROE1YQuality 🔒Rank 🔒
Max Financial Services Ltd₹45,200 Cr409.37.6—−18.5%
SBI Life Insurance Company Ltd₹1.7 L Cr65.09.313.8%−7.2%
HDFC Life Insurance Company Ltd₹1.2 L Cr60.87.211.6%−25.4%
ICICI Lombard General Insurance Company Ltd₹84,450 Cr34.65.117.8%−7.8%
ICICI Prudential Life Insurance Company Ltd₹66,837 Cr39.64.810.1%−22.4%
General Insurance Corporation of India₹54,843 Cr6.21.017.0%−18.8%
Star Health & Allied Insurance Company Ltd₹32,498 Cr38.53.57.6%+15.1%
New India Assurance Company Ltd₹26,736 Cr34.70.76.1%−15.1%
Go Digit General Insurance Ltd₹25,243 Cr51.26.511.8%−24.1%
Niva Bupa Health Insurance Company Ltd₹14,359 Cr81.73.43.0%+0.6%
Canara HSBC Life Insurance Company Ltd₹13,226 Cr98.78.38.1%+24.9%
Peer median—45.45.010.8%−11.4%
Market cap in rupees crore; P/E and P/B on the latest price; 1Y is the price return over a year. A dash is a figure that does not apply or is not reported.

Full peer comparison

🔒 Pro
Every peer, every figure, the ranks and the quality and forensic scores side by side: in the app.

Who owns Max Financial Services?

Max Financial Services is held by promoters 1.2%, foreign institutions 48.1%, domestic institutions 44.3%.

Shareholding pattern

Latest filing, percent of shares
Promoters1.2%
The founders and controlling group.
Foreign institutions48.1%
Overseas funds investing through the FPI route.
Domestic institutions44.3%
Indian insurers, banks, pension and mutual funds together.
Mutual funds36.8%
Indian mutual fund schemes; part of domestic institutions.
Retail and others4.3%
Individual investors and everyone else.
Promoter shares pledged🔒 In the app
Promoter shares given as collateral for loans; a high share is a risk to watch.
Holding trend🔒 In the app
Whether promoters, foreign funds and mutual funds have been adding or selling over recent quarters.

What do analysts say about Max Financial Services?

26 analysts cover Max Financial Services, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Analyst consensus

26 analysts
ConsensusBuy
The rating most covering analysts give the share.
Average target price🔒 In the app
The mean of the analysts' 12-month price targets.
Upside to target🔒 In the app
How far the target sits above or below today's price.
Share rating it a buy🔒 In the app
The share of covering analysts with a buy rating.

What does Max Financial Services do and what is it sensitive to?

MFSL, which reports standalone turnover mainly from management advisory services to group companies, is the parent of AMLI (Axis Max Life), which sells life insurance policies. Sensitive to: interest rates.

Business-model card

FY2025 · 33 verified
1Revenue
4Channels
2Regulators
5Reg. dependencies
4Sensitivities
3Costs
2Geographies

MFSL, which reports standalone turnover mainly from management advisory services to group companies, is the parent of AMLI (Axis Max Life), which sells life insurance policies. Consolidated revenue is dominated by the life insurance subsidiary, and the parent's own income comes from advisory fees and treasury investments.

Revenue by segment

Consolidated, year ended March 31, 2025 (31.03.2025)
Business Investments and others0.0%
Life Insurance100.0%

Revenue engine

1 verified
MFSL: Management consultancy activities (77.5%)
MFSL is primarily engaged in management advisory services to group companies, which is the parent's own standalone revenue line at 77.5% of its turnover.

Customers & channels

4 verified
Individual policyholders
Individual policy sales are described as strong for private insurers, while group business is a drag. Interpretation: individual buyers are the main growth source in this filing.
Borrowers of banks and financial institutions (credit life group plans)
Group plans cover credit life for borrowers of banks and financial institutions, so this segment's volume tracks lending activity.
Advisors and agents
Advisors and agents are a sales and communication channel that passes information to their own customers.
1 more statement
Digital customer channel (WhatsApp)
Repeat customer interactions move to WhatsApp. This is a share of interactions, not of revenue.

Regulators

2 verified
IRDAI
Sets the rules for measuring financial strength, capital and solvency for the insurance group.
RBI
Along with IRDAI and PFRDA, it runs a cybersecurity framework across financial sectors, which covers insurers.

Regulatory dependencies

5 verified
Risk Based Capital (IRDAI, expected)
Capital requirements would move from a static solvency model to one tied to each insurer's risk profile. Interpretation: this would change capital needed per unit of business and the capital available for dividends.
New surrender value and exit payout norms
Better exit payouts for policyholders who stop paying premiums. Interpretation: this raises payout cost on lapsed policies and affects persistency economics.
Revised surrender value regulations
Private insurers adapted to the revised rules, which increased individual non-single policy volume and value.
2 more statements
Dividend restriction via risk appetite
Dividends are limited if they would breach the defined risk appetite level, so regulatory capital pressure caps cash returned to shareholders.
Bond forwards in G-Secs (from March 2025)
Introduced so insurers can manage cash flows and interest rate risk better.

Sensitivities

4 verified
Interest rates
Table shows equity impact of 2,216.00 lakhs at 25bp down and (2,216.00) at 25bp up as at 31.03.2025, with no profit-before-tax impact. Interpretation: rate falls raise equity and rate rises lower it under this table.
Equity markets and benefit guarantees
Cost of benefit guarantees depends on capital market conditions, which can hurt net income and capital.
Operating expenses
Higher expenses raise expenditure and reduce shareholder profits.
1 more statement
Lapse and surrender rates
Higher lapses or surrenders tend to reduce insurance liability and raise profits, though the effect varies by policy duration.

Cost inputs

3 verified
Salaries, wages and bonus
Largest standalone employee cost line, FY2025 2,739.43 lakhs versus 3,043.41 lakhs in FY2024.
Interest on NCDs and bank charges
Finance cost on non-convertible debentures and bank charges, 4,196.00 lakhs in FY2025.
Legal and professional charges
Standalone expense line of 1,031.05 lakhs in FY2025.

Geographies

2 verified
India (30 states and union territories)
Operations span 26 states and 4 union territories, and all reported revenue is in India.
Dubai, UAE (international) (0.0%)
Single international office. Export revenue is nil.
Each statement is checked word for word against the FY2025 annual report; the passages are in the app.

What changed recently?

Q1 FY2027 results filed (13 Aug 2026).

Change log

8 entries · newest first
  1. Results filedQ1 FY2027 results filed.
  2. Results filedQ4 FY2026 results filed.
  3. Results filedQ2 FY2026 results filed.
  4. Results filedQ3 FY2026 results filed.
  5. Results filedQ1 FY2026 results filed.
  6. Results filedQ4 FY2025 results filed.
  7. Corporate actionAnnual General Meeting.
  8. Corporate actionAnnual General Meeting.
Get alerts →Sign in to be told when any of these change.

What this page does not tell you

What could not be judged, and why. Never empty.
  • Models not runFair value, EPV, Graham number, Graham value, Lynch, Owner earnings: no valuation stored; Warranted P/B: no ROE.
  • FlagsCAUTION on 12 of 22 lender flags judged; 4 red; 10 could not be judged.
  • Data gapsDividend yield, PEG (vendor), PEG on our 3-year EPS growth, Business quality, Quality score, Net interest margin and 10 more: not available yet.
Not applicable to a bank, lender or insurer · 12
  • Altman ZAltman Z reads working capital and sales over assets, which a lender's balance sheet does not have.
  • Piotroski F-scorePiotroski's leverage and liquidity checks read deposits and borrowings as weakness.
  • Beneish M-scoreThe Beneish model reads receivables, margins and depreciation that a lender's accounts do not report.
  • Operating marginInterest is a lender's cost of goods, so operating profit before interest is not defined.
  • Interest coverageInterest is a lender's main cost, not a charge on operating profit.
  • Debt to equityBorrowings and deposits are a lender's raw material; gearing is judged by capital adequacy instead.
  • EV/EBITDAEnterprise value adds borrowings to market cap; for a lender borrowings are the business, not a claim on it.
  • FCF yieldOperating cash flow less capex is not free cash flow for a lender: loan growth sits in operating cash flow.
  • Cash conversion cycleA lender's receivables are its loan book, not invoices waiting to be paid.
  • Asset turnoverA lender earns a spread on its assets, not a turnover of them.
  • ROCEEBIT over capital employed reads a lender's interest income against its borrowings; return on assets and return on equity are the lender's measures.
  • ROCE, 10-year averageEBIT over capital employed reads a lender's interest income against its borrowings; return on assets is the lender's measure (HDFC Bank's 1.7% ten-year ROCE means nothing).

What this page rests on

✓10 years of annual statements, through FY2026 (Mar-26)✓10 quarters of results✓183 months of month-end prices, adjusted for bonuses and splits (1 corporate action)○no valuation of ours yet✓business-model card FY2025 · 33 verified

Questions people ask

What is Max Financial Services's share price today?

Max Financial Services last traded at ₹1,306.50 on the NSE, as of 12 Oct 2026, 11:00 pm IST, down 0.2% on the day, down 18.5% over a year. Its 52-week range is ₹1,295 to ₹1,892. The live price is in the app.

What is Max Financial Services's market cap?

Max Financial Services's market capitalisation is about ₹45,200 crore: what it would cost to buy every share at today's price. That makes it the 110th largest mid cap company we cover.

Is Max Financial Services Ltd a large cap, mid cap or small cap?

Max Financial Services Ltd (MFSL) is a mid cap company in AMFI's classification for Jan-Jun 2026. SEBI's buckets go by rank on six-month average market capitalisation: the top 100 are large caps, 101 to 250 mid caps, the rest small caps.

What is Max Financial Services Ltd's P/E ratio?

409.28, vs peers 45.4 · 11th of 11. Price divided by last year's earnings per share: how many years of today's profit you pay for.

Is Max Financial Services Ltd overvalued?

Dear, with low confidence: no valuation within 120 days; P/E 409 vs peers 45.4 (11th of 11); P/B 7.6 vs peers 5.0 (9th of 11).

How does Max Financial Services Ltd make money?

MFSL, which reports standalone turnover mainly from management advisory services to group companies, is the parent of AMLI (Axis Max Life), which sells life insurance policies. Consolidated revenue is dominated by the life insurance subsidiary, and the parent's own income comes from advisory fees and treasury investments.

Why is there no Altman Z or debt to equity for Max Financial Services?

Borrowing is a bank's or lender's raw material, so those ratios mislead. Net interest margin, gross NPA, return on assets and the capital ratios are shown instead.

Who are Max Financial Services Ltd's peers?

Compared with 10 Insurance (the industry, as the basic industry was too small): SBI Life Insurance Company Ltd, HDFC Life Insurance Company Ltd, ICICI Lombard General Insurance Company Ltd, ICICI Prudential Life Insurance Company Ltd, General Insurance Corporation of India and 5 more. The app shows how they compare on every figure.

Is this investment advice?

No. Valarth is a research and learning tool and is not a SEBI-registered investment adviser or research analyst. The figures come from the company's filings and the exchanges; what to do with them is your call.

How did Max Financial Services do last quarter?

Max Financial Services reported income of ₹14,977 Cr, up 2.6% on a year earlier and a net profit of ₹118 Cr, down 73.8% in the Jun 2026 quarter.

Who owns Max Financial Services?

Max Financial Services is held by promoters 1.2%, foreign institutions 48.1%, domestic institutions 44.3%.

Does Max Financial Services pay a dividend?

Max Financial Services last paid ₹1.80 a share, ex-dividend 19 Sep 2016; nothing in the past 12 months counts toward a yield.

What do analysts say about Max Financial Services?

26 analysts cover Max Financial Services, and the consensus is buy. A consensus is a count of opinions, not a forecast; read it beside the numbers.

Everything on Max Financial Services, and 6,621 other companies, with 212 filters and the full peer tables

See Max Financial Services in the app →See pricing