Max Financial Services Ltd.

•

maxfinancialservices.comBSE: 500271NSE: MFSL

Market Cap₹ 50,880 Cr.

Current Price

High / Low₹ 1,892 / 1,434

Stock P/E463.0

Book Value₹ 156

Price to Book9.76

Dividend Yield0.00 %

ROCE4.3 %

ROE2.0 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Life Insurance: 100.0% • Business Investment: 0.0%

AI Sector View

AI GENERATED

Financial Services

Buy

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.

Confidence

84%

View full sector analysis →

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

Financial ServicesFinanceFinance - Others

Part ofNIFTYM150MOMNTM50 NIFTY ALPHA 50 NIFTYLARGEMIDCAP250 NIFTYMIDCAP150 NIFTY MIDCAP 100

S.No.	Name
1.	BSE	3306.00	47.62	134846.48	0.30	872.66	62.15	1566.02	63.40	49.47	68.04
2.	MFSL	1474.30	463.01	50880.27	0.00	118.29	36.83	14969.51	7840.54	4.32	1.11
3.	ANANDRATHI	2204.65	78.72	36606.29	0.29	1630.08	1635.79	3219.85	1075.04	64.48	33.74
4.	PRUDENT	3317.10	56.05	13735.01	0.11	74.76	44.38	347.63	18.34	39.05	25.62
5.	CENTRUM	21.87	7.78	1064.70	0.00	-148.80	-39.11	911.98	17.53	9.28	26.49

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	6.52	3.34	3.34	1.74	1.74	1.71	1.25	1.25	1.25
	46.60	46.23	47.50	44.75	44.71	44.78	45.13	47.88	48.06
	40.74	43.99	42.69	47.29	47.29	47.26	47.35	44.74	44.34
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	6.14	6.43	6.47	6.21	6.25	6.24	6.27	6.12	6.35

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Updates

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-09 - Max Financial Services Limited has informed the Exchange about Schedule of meet

2026-08-25

Updates

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

Copy of Newspaper Publication

2026-08-25 - Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-20

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-20 - Max Financial Services Limited has informed the Exchange about the Transcript of Investors & Analysts Conference Call

2026-08-20

Shareholders meeting

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

Shareholders meeting

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

Copy of Newspaper Publication

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

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Max Financial Services Limited has informed the Exchange about the link to the earnings call Recording

News

Recent coverage and analyst commentary for MFSL

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AI Stock Analyst

Max Financial Services Ltd.

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Free 5nance Account

Name

BSE

3306.00

47.62

134846.48

0.30

872.66

62.15

1566.02

63.40

49.47

68.04

MFSL

1474.30

463.01

50880.27

0.00

118.29

36.83

14969.51

7840.54

4.32

1.11

ANANDRATHI

2204.65

78.72

36606.29

0.29

1630.08

1635.79

3219.85

1075.04

64.48

33.74

PRUDENT

3317.10

56.05

13735.01

0.11

74.76

44.38

347.63

18.34

39.05

25.62

CENTRUM

21.87

7.78

1064.70

0.00

-148.80

-39.11

911.98

17.53

9.28

26.49

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

116

111

171

198

112

126

189

156

206

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

119

-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

Interest

Depreciation

118

158

198

-59

182

163

101

-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

156

139

-32

118

-1

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%

222

Interest

102

170

128

Depreciation

161

162

180

178

213

238

335

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

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

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

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

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

466

-137

-51

-1,866

986

610

915

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

6.52

3.34

1.74

1.71

1.25

46.60

46.23

47.50

44.75

44.71

44.78

45.13

47.88

48.06

40.74

43.99

42.69

47.29

47.26

47.35

44.74

44.34

Government

0.00

6.14

6.43

6.47

6.21

6.25

6.24

6.27

6.12

6.35

Max Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Max Financial Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI