Max Financial Services Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Life Insurance: 100.0% • Business Investment: 0.0%
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 36.8% YoY, showing strong momentum
- Company generates healthy free cash flow
CONS
- Recent results are weak - TTM profit is down 44.9% versus prior year
- A large part of profit comes from other income (32.6% of PBT)
- Promoter holding has decreased over last 2 years: -5.3pp
- Company has a low return on capital employed of 8.9%
- Company has a low return on equity of 7.2% over last 3 years
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BSE | 3384.00 | 48.75 | 138027.97 | 0.30 | 872.66 | 62.15 | 1566.02 | 63.40 | 49.47 | 68.04 |
| MFSL | 1478.50 | 464.33 | 51025.22 | 0.00 | 118.29 | 36.83 | 14969.51 | 7840.54 | 4.32 | 1.11 |
| ANANDRATHI | 2210.40 | 78.92 | 36701.76 | 0.29 | 1630.08 | 1635.79 | 3219.85 | 1075.04 | 64.48 | 33.74 |
| PRUDENT | 3401.10 | 57.47 | 14082.83 | 0.10 | 74.76 | 44.38 | 347.63 | 18.34 | 39.05 | 25.62 |
| CENTRUM | 22.48 | 7.99 | 1094.39 | 0.00 | -148.80 | -39.11 | 911.98 | 17.53 | 9.28 | 26.49 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 124 | 97 | 116 | 111 | 171 | 198 | 112 | 126 | 189 | 156 | 206 | 77 | 14,970 | |
| 9,043 | 10,021 | 12,146 | 14,945 | 11,608 | 13,199 | 8,834 | 12,356 | 12,703 | 9,771 | 14,181 | 10,808 | 14,839 | |
| Operating Profit | 125 | 144 | 209 | -57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 |
| OPM % | 100.91% | 148.68% | 181.06% | -51.55% | 111.55% | 87.46% | 79.28% | 15.70% | 62.91% | 13.46% | 37.81% | -7.73% | 1.11% |
| Other Income | 3 | 25 | 4 | 10 | 2 | 3 | 3 | 20 | 3 | 7 | 8 | 4 | 7 |
| Interest | 9 | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| 118 | 158 | 198 | -59 | 182 | 163 | 81 | 24 | 101 | 6 | 50 | -38 | 138 | |
| Tax % | 14.30% | -7.63% | 13.52% | 15.22% | 14.15% | 14.00% | 13.50% | -67.07% | 14.29% | 6.19% | 10.61% | 12.79% | 14.23% |
| Net Profit | 0 | 0 | 0 | 0 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 |
| 3 | 4 | 4 | -1 | 4 | 3 | 2 | 1 | 2 | 0 | 1 | -1 | 0 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 15,228 | 16,321 | 19,486 | 18,209 | 31,246 | 31,156 | 31,384 | 46,572 | 46,460 | 47,664 | 15,409 | |
| 14,476 | 15,735 | 18,917 | 17,599 | 30,672 | 30,554 | 30,670 | 45,903 | 45,712 | 47,079 | 49,598 | |
| Operating Profit | 752 | 587 | 570 | 610 | 574 | 602 | 714 | 670 | 748 | 586 | -34,189 |
| OPM % | 4.94% | 3.59% | 2.92% | 3.35% | 1.84% | 1.93% | 2.28% | 1.44% | 1.61% | 1.23% | -221.87% |
| 21 | 18 | 27 | 32 | 222 | 34 | 48 | 52 | 42 | 39 | 26 | |
| Interest | 9 | 11 | 39 | 39 | 41 | 67 | 57 | 93 | 102 | 170 | 128 |
| Depreciation | 63 | 63 | 76 | 161 | 162 | 180 | 178 | 213 | 238 | 335 | 2 |
| Profit before Tax | 702 | 530 | 481 | 442 | 593 | 389 | 527 | 416 | 450 | 120 | 156 |
| Tax % | 15.44% | 16.64% | 13.39% | 38.34% | 5.59% | 18.08% | 14.29% | 5.42% | 9.63% | 12.80% | 13.10% |
| Net Profit | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 394 | 407 | 104 | 136 |
| EPS | 14.67 | 10.66 | 9.77 | 5.38 | 14.51 | 7.34 | 10.97 | 9.90 | 9.53 | 2.45 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 15%
- 5 Years:
- 9%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -10%
- 5 Years:
- -28%
- 3 Years:
- -39%
STOCK PRICE CAGR
- 10 Years:
- 9%
- 5 Years:
- 6%
- 3 Years:
- 17%
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- 15%
- 5 Years:
- 8%
- 3 Years:
- 7%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
| Minority Interest | 749 | 783 | 774 | 672 | 262 | 550 | 450 | 504 | 1,129 | 1,138 |
| 2,273 | 1,748 | 2,003 | 2,088 | 3,273 | 3,866 | 3,446 | 3,791 | 5,190 | 5,181 | |
| 38,424 | 156 | 276 | 418 | 258 | 763 | 806 | 828 | 1,511 | 2,314 | |
| Trade Payables | 865 | 906 | 979 | 809 | 1,169 | 1,415 | 1,709 | 1,485 | 1,840 | 2,615 |
| 4,603 | 52,196 | 63,298 | 70,474 | 93,025 | 1,11,085 | 1,25,774 | 1,56,095 | 1,80,442 | 1,87,591 | |
| Total Liabilities | 46,968 | 55,842 | 67,384 | 74,516 | 98,057 | 1,17,747 | 1,32,254 | 1,62,771 | 1,90,180 | 1,98,907 |
| 691 | 695 | 722 | 1,046 | 989 | 965 | 1,108 | 1,164 | 1,364 | 1,460 | |
| Capital Work in Progress | 3 | 1 | 5 | 1 | 0 | 2 | 1 | 2 | 3 | 1 |
| 44,108 | 52,661 | 63,245 | 68,566 | 92,483 | 1,09,794 | 1,23,355 | 1,52,959 | 1,79,841 | 1,86,014 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 915 | 1,083 | 1,239 | |
| Cash & Bank | 356 | 834 | 694 | 770 | 722 | 800 | 1,288 | 1,749 | 1,515 | 2,413 |
| 1,810 | 1,652 | 2,718 | 4,133 | 3,862 | 6,187 | 6,502 | 5,983 | 6,375 | 7,780 | |
| Total Assets | 46,968 | 55,842 | 67,384 | 74,516 | 98,057 | 1,17,747 | 1,32,254 | 1,62,771 | 1,90,180 | 1,98,907 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 4,373 | 4,942 | 5,630 | 5,516 | 7,030 | 8,566 | 10,017 | 6,112 | 8,357 | 11,476 | |
| Cash from Investing | -4,030 | -4,271 | -5,522 | -4,991 | -6,852 | -8,835 | -11,555 | -5,001 | -9,703 | -11,125 |
| Cash from Financing | -215 | -116 | -174 | -383 | -92 | 388 | -233 | -117 | 1,961 | 567 |
| 20 | 466 | -137 | 78 | -51 | 48 | -1,866 | 986 | 610 | 915 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Max Financial Services Limited has informed the Exchange regarding 'Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI Listing Regulations ) ESG Rating'.
2026-09-09 - Max Financial Services Limited has informed the Exchange about Schedule of meet
2026-08-25 - Max Financial Services Limited has informed the Exchange regarding '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'.
2026-08-25 - Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Max Financial Services Limited has informed the Exchange about the Transcript of Investors & Analysts Conference Call
2026-08-20 - Max Financial Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 19, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-19 - Max Financial Services Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 19, 2026
2026-08-15 - Max Financial Services Limited has informed the Exchange about a copy of the Newspaper Publication for of Unaudited Financial Results for the quarter ended June 30, 2026
2026-08-13 - Max Financial Services Limited has informed the Exchange about the link to the earnings call Recording
News
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