Financial Services · NIFTY 500

Max Financial Services Limited

NSEMFSL BSE500271 ISININE180A01020 SeriesEQ Listed on NSE · BSE · MSEI

₹1,375.00 +72.00 (+5.53%) Updated 12 Nov, 6:16 pm IST

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Price, daily close-19.34% in a year

Today

Open: ₹1,310.00
Prev close: ₹1,303.00
Day high: ₹1,375.00
Day low: ₹1,306.20
Volume: 19.62 L
Value traded: ₹265.97 Cr
Upper circuit: ₹1,403.80
Lower circuit: ₹1,322.20
52W high: ₹1,892.50
52W low: ₹1,172.60
1 month: -2.87%
6 months: -24.25%

52W low52W high

Ratios

Key numbers

Worked out from the latest filings (Consolidated) and today's price. TTM = last four quarters.

Market cap₹47,218 Cr

P/E (TTM)254.16

P/B8.26

Book value / share₹166.52

EPS (TTM)₹5.41

ROE2.6%

Dividend yield—

Dividend (12m)—

Net margin (TTM)0.3%

Operating marginn/a (bank)

Debt / equityn/a (bank)

Current ratio—

EV / EBITDA—

Sales growth (YoY qtr)+18.48%

Profit growth (YoY qtr)+1,839.81%

Sales CAGR 3Y+14.92%

Profit CAGR 3Y-39.46%

Shares34.34 Cr

Quarterly results

Results for each quarter

Last 12 quarters, consolidated, ₹ crore. Hover a bar to see the number.

Revenue and net profit

12,356149

Dec 23

14,888-44.1

Mar 24

11,799127

Jun 24

13,372113

Sep 24

8,9230.0

Dec 24

12,37631.3

Mar 25

12,82269.6

Jun 25

9,7924.1

Sep 25

14,2590.0

Dec 25

10,802-26.4

Mar 26

14,97095.6

Jun 26

11,60179.9

Sep 26

Revenue · QoQ (vs last quarter)

—+20%-21%+13%-33%+39%+3.6%-24%+46%-24%+39%-23%

Revenue · YoY (vs a year ago)

————-28%-17%+8.7%-27%+60%-13%+17%+18%

Net profit · QoQ (vs last quarter)

—-130%+389%-12%-100%—+122%-94%-100%—+463%-16%

Net profit · YoY (vs a year ago)

————-100%+171%-45%-96%—-184%+37%+1,840%

RevenueNet profitLine = trend

4.30

Dec 23

-1.28

Mar 24

3.69

Jun 24

3.26

Sep 24

1.62

Dec 24

0.91

Mar 25

2.03

Jun 25

0.12

Sep 25

1.07

Dec 25

-0.77

Mar 26

2.78

Jun 26

2.33

Sep 26

EPS (₹) · YoY (vs a year ago)

————-62%+171%-45%-96%-34%-185%+37%+1,842%

EPS (₹)Line = trend

₹ Cr	Dec 23	Mar 24	Jun 24	Sep 24	Dec 24	Mar 25	Jun 25	Sep 25	Dec 25	Mar 26	Jun 26	Sep 26
Interest earned	12,356	14,888	11,799	13,372	8,923	12,376	12,822	9,792	14,259	10,802	14,970	11,601
Other income	3.5	10.7	3.2	3.7	4.1	20.3	3.3	7.0	8.5	3.5	7.1	4.1
Total income	12,359	14,899	11,802	13,376	8,927	12,396	12,825	9,799	14,267	10,805	14,977	11,605
Raw material	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Purchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Employee cost	17.7	6.0	6.7	9.4	9.1	7.4	12.4	9.0	11.6	12.2	10.2	11.0
Other expenses	12,129	14,940	11,604	13,191	8,826	12,350	12,691	9,763	14,169	10,795	14,793	11,455
Total expenses	12,161	14,958	11,620	13,214	8,847	12,372	12,723	9,792	14,217	10,844	14,839	11,496
Finance cost	14.2	10.8	9.3	12.6	10.2	15.3	19.7	21.1	35.9	35.1	35.5	30.3
Depreciation	0.8	0.7	0.7	0.7	0.8	0.7	0.7	0.6	0.5	0.5	0.5	0.5
Profit before tax	198	-59.4	182	162	80.7	24.1	101	6.3	50.1	-38.1	138	109
Tax	26.8	-9.3	25.8	22.8	10.9	-16.2	14.5	0.4	5.3	-4.9	19.6	8.5
Net profit	171	-50.1	156	139	69.8	38.3	86.5	5.9	44.8	-31.5	118	100
Profit to shareholders	149	-44.1	127	113	0.0	31.3	69.6	4.1	0.0	-26.4	95.6	79.9
EPS (₹)	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12	1.07	-0.77	2.78	2.33

Profit & loss

Results for each year

7 financial years (April to March), consolidated, ₹ crore.

Sales, operating profit and net profit

18,240145

FY20

31,274425

FY21

31,181253

FY22

31,413378

FY23

46,576340

FY24

46,469327

FY25

47,67484.0

FY26

Revenue · YoY (vs a year ago)

—+71%-0.3%+0.7%+48%-0.2%+2.6%

Net profit · YoY (vs a year ago)

—+193%-40%+49%-10%-3.8%-74%

RevenueNet profitLine = trend

₹ Cr	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest earned	18,240	31,274	31,181	31,413	46,576	46,469	47,674
Other income	1.8	14.1	6.4	18.4	42.1	28.3	22.3
Total expenses	17,799	30,695	30,799	30,904	46,203	46,047	47,577
Employee cost	36.0	60.8	36.8	29.2	35.1	28.2	45.0
Finance cost	0.3	0.3	24.7	37.5	43.6	47.4	112
Depreciation	11.4	5.3	5.0	4.6	3.2	2.9	2.3
Profit before tax	442	593	389	527	415	450	120
Tax	170	33.2	70.3	75.3	22.2	43.4	15.3
Tax rate %	38.3%	5.6%	18.1%	14.3%	5.4%	9.6%	12.8%
Net profit	273	560	318	452	393	403	106
Profit to shareholders	145	425	253	378	340	327	84.0
Net margin %	0.8%	1.4%	0.8%	1.2%	0.7%	0.7%	0.2%
EPS (₹)	5.38	14.51	7.34	10.97	9.85	9.53	2.45

Balance sheet

Assets and debt

At each year end (and the latest half year), ₹ crore.

Equity, debt and assets

3,9690.00.0

Mar 23

4,3700.00.0

Mar 24

5,2750.00.0

Mar 25

5,2820.00.0

Mar 26

5,7180.00.0

Sep 26

Shareholders' equity · YoY (vs a year ago)

—+10%+21%+0.1%—

Shareholders' equityBorrowingsDepositsLine = trend

₹ Cr	Mar 23	Mar 24	Mar 25	Mar 26	Sep 26
Shareholders' equity	3,969	4,370	5,275	5,282	5,718
Deposits	0.0	0.0	0.0	0.0	0.0
Total borrowings	0.0	0.0	0.0	0.0	0.0
Fixed assets (PPE)	1.9	1.1	1.6	1.0	0.9
Investments	5,431	5,881	9,135	9,716	10,893
Inventories	0.0	0.0	0.0	0.0	0.0
Cash & equivalents	987	858	1,071	2,137	515
Total assets	131,824	162,773	189,999	198,936	212,718
Debt / equity	0.00	0.00	0.00	0.00	0.00

Cash flow

Cash coming in and going out

For each financial year, ₹ crore. Free cash flow = cash from operations minus spending on fixed assets.

Operating, investing and financing cash

8,496-8,835388

FY22

9,922-9,228-233

FY23

6,107-5,004-117

FY24

8,352-9,7031,961

FY25

11,473-11,125567

FY26

Operations · YoY (vs a year ago)

—+17%-38%+37%+37%

OperationsInvestingFinancingLine = trend

₹ Cr	FY22	FY23	FY24	FY25	FY26
Cash from operations	8,496	9,922	6,107	8,352	11,473
Cash from investing	-8,835	-9,228	-5,004	-9,703	-11,125
Cash from financing	388	-233	-117	1,961	567
Spent on fixed assets	-128	-2.1	-223	-218	-244
Free cash flow	8,368	9,920	5,884	8,134	11,228
Net cash flow	48.5	462	986	610	915

Shareholding

Who holds the shares

Promoter and public holding at each quarter end, as filed with NSE.

Holding over time

6.5%Dec 23

6.5%Mar 24

6.5%Jun 24

3.3%Sep 24

3.3%Dec 24

1.7%Mar 25

1.7%Jun 25

1.7%Sep 25

1.3%Dec 25

1.3%Mar 26

1.3%Jun 26

1.3%Sep 26

Promoter & groupPublic

Latest (30 Sep 2026)

1.3%promoter

Promoter & group: 1.25%
Public (FIIs, mutual funds, retail…): 98.75%
Promoter change, last quarter: 0.00 pts

Dividends & news

Latest dividends and announcements

Dividends & corporate actions

Annual General MeetingEx 16-Aug-2024
Annual General MeetingEx 14-Aug-2023
Annual General MeetingEx 17-Aug-2022
Annual General MeetingEx 15-Sep-2021
Annual General MeetingEx 22-Dec-2020
Annual General MeetingEx 16-Sep-2019
Annual General MeetingEx 17-Sep-2018
Annual General MeetingEx 18-Sep-2017

Board meetings

Max Financial Services Limited has informed the Exchange about Board Meeting to be held on 27-Oct-2026 to inter-alia consider and approve the Unaudit…27-Oct-2026
the financial results for the period ended September 30, 202627-Oct-2026
Max Financial Services Limited has informed the Exchange about Board Meeting to be held on 13-Aug-2026 to inter-alia consider and approve the Unaudit…13-Aug-2026
Board Meeting for consideration of un-audited financial results of the Company for the quarter ending June 30, 202613-Aug-2026
Max Financial Services Limited has informed the Exchange about Board Meeting to be held on 12-May-2026 to inter-alia consider and approve the Audited…12-May-2026

Filings with NSE

Analysts/Institutional Investor Meet/Con. Call Updates12 Nov
Analysts/Institutional Investor Meet/Con. Call Updates3 Nov
Copy of Newspaper Publication29 Oct
Analysts/Institutional Investor Meet/Con. Call Updates28 Oct
Investor Presentation27 Oct
Press Release27 Oct
Updates27 Oct

Latest news

Max Financial Services to host investor meet at Avendus Spark INDX on Nov 17scanx.trade · 12 Nov, 10:59 am MFSL Outlook for the WeekEquitypandit · 30 Oct, 12:30 pm Max Financial Services Q1 FY27 Results on August 13, 7 PM: Axis Max Life Growth, VNB Margins in FocusNiftyTrader · 8 Aug, 12:30 pm Insurance Stocks Crash: PB Fintech, HDFC Life, Max Financial Shares Fall as IRDAI Proposes Dark Pattern BanIndia Infoline · 24 Sep, 12:30 pm Max Financial Services Ltd is Rated SellMarketsMojo · 9 Nov, 4:44 pm Max Financial Services Share Price Today and 52 Week LowUnivest · 28 Oct, 12:30 pm Max Financial Services stock gets Sell rating as valuation risks mountad-hoc-news.de · 11 Nov, 5:49 am Max Financial Services, Vardhman Textiles, Caplin Point shares spurt amid spike in volumesUpstox · 24 Sep, 12:30 pm

About

About Max Financial Services Limited

Max Financial Services Limited is listed on the NSE under the symbol MFSL and belongs to the Financial Services sector.

BRANDS

Axis Max Life Insurance

Company details

Company name: Max Financial Services Limited
NSE symbol: MFSL
BSE scrip code: 500271
ISIN: INE180A01020
Listed on: NSE, BSE, MSEI
Series: EQ (normal equity)
Listed on NSE since: 17 May 2000
Face value: ₹2 per share
Market lot: 1 share
Shares issued: 34.34 crore
Index: NIFTY 500
Sector (NSE): Financial Services
Industry: Life/Health Insurance
Chair: Analjit Singh
Headquarters: Noida, Uttar Pradesh, India
Registered address: Level 21, Max Towers, Plot No. C-001/A/1, Sector 16B, Noida Sector 16, Gautam Buddha Nagar, Noida, Uttar Pradesh, India, 201301
Founded: 1988
Employees: 25,789
Financial year: April to March
Results basis: Consolidated
Website: maxfinancialservices.com

Peers

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Prices from NSE via Upstox. Financials from the company's results filed with NSE (XBRL); ratios are our own working. Profile from global-stock-logos (MIT). For information only, not a recommendation to buy or sell.

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Max Financial Services Limited

Today

Ratios

Quarterly results

Revenue and net profit

Profit & loss

Sales, operating profit and net profit

Balance sheet

Equity, debt and assets

Cash flow

Operating, investing and financing cash

Shareholding

Holding over time

Latest (30 Sep 2026)

Dividends & news

Dividends & corporate actions

Board meetings

Filings with NSE

Latest news

About

Company details

Peers