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Max Financial Services Ltd.

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maxfinancialservices.comBSE: 500271NSE: MFSL
Market Cap₹ 50,425 Cr.
Current Price
High / Low₹ 1,892 / 1,434
Stock P/E5510.9
Book Value₹ 196
Price to Book7.63
Dividend Yield0.00 %
ROCE0.1 %
ROE0.1 %
Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2015 • Business Investments: 100.0%

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

  • Latest quarter profit grew 129.0% YoY, showing strong momentum
  • Company generates healthy free cash flow

CONS

  • Recent results are weak - TTM profit is down 70.1% versus prior year
  • A large part of profit comes from other income (62.9% of PBT)
  • Company has a low return on capital employed of -0.1%
  • Company has a low return on equity of -0.1% over last 3 years
  • Promoter holding has decreased over last 2 years: -5.3pp
  • Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Financial ServicesFinanceFinance - Others
Part ofNIFTY ALPHA 50NIFTYLARGEMIDCAP250NIFTYMIDCAP150NIFTY MIDCAP 150NIFTY MIDCAP 100
S.No.Name
1.BSE3289.8047.39134185.700.30872.6662.151566.0263.4049.4768.04
2.MFSL1461.10458.8750424.720.00118.2936.8314969.517840.544.321.11
3.ANANDRATHI2180.5077.8636205.300.301630.081635.793219.851075.0464.4833.74
4.PRUDENT3300.4055.7713665.860.1174.7644.38347.6318.3439.0525.62
5.CENTRUM22.538.011096.830.00-148.80-39.11911.9817.539.2826.49
Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
11111111111153
7988666656655
Operating Profit-2-2-2-4-2-2-2-2-2-3-312-2
OPM %-129.27%-225.23%-181.10%-305.56%-186.24%-209.35%-131.93%-214.29%-229.29%-363.22%-316.13%80.13%-57.38%
Other Income0000000000503
Interest0000000000000
Depreciation1000000000000
-2-3-3-4-2-2-1-3-3-32121
Tax %-9.22%2.86%6.44%6.84%-12.07%1.60%-5.37%1.89%-0.00%-0.00%0.00%15.46%0.00%
Net Profit-2-3-2-4-3-2-2-3-3-32101
-0-0-0-0-0-0-0-0-0-0000

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
2552633174953062005821152620
10011823989174513632242222
Operating Profit1551457740613214822-10-84-2
OPM %60.64%55.08%24.39%82.10%43.10%74.28%38.12%-47.37%-53.31%14.17%-9.77%
11101200157
Interest002700000000
Depreciation222104332111
Profit before Tax1541444939612914719-12-9811
Tax %0.00%0.00%0.00%31.23%23.36%30.23%27.93%2.78%-3.00%23.95%16.89%
Net Profit154144492739910314-11-969
EPS5.715.351.8310.113.382.970.40-0.33-0.270.17—
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:
-19%
5 Years:
-39%
3 Years:
-24%

COMPOUNDED PROFIT GROWTH

10 Years:
-26%
5 Years:
-43%
3 Years:
-25%

STOCK PRICE CAGR

10 Years:
9%
5 Years:
6%
3 Years:
16%
1 Year:
-8%

RETURN ON EQUITY

10 Years:
4%
5 Years:
0%
3 Years:
0%
Last Year:
0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Corporate actions

2016

Sep 19

₹ 0.90

Rs.1.8000 per share(90%)Final Dividend

2015

Nov 19

₹ 0.90

Rs.1.8000 per share(90%)Interim Dividend

2015

Sep 15

₹ 0.50

Rs.1.0000 per share(50%)Final Dividend

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital53545454696969696969
1,7671,8491,9442,2226,5766,6816,6946,6836,6746,680
0001201100
Trade Payables121014101084433
2533874122381119445111313
Total Liabilities2,0852,2992,4242,5266,6686,7777,2136,7686,7596,764
73130262544321
1,8221,9642,1312,4686,6166,7236,6956,6996,6896,695
000000012119
Cash & Bank103321315848530
2473002593025194566359
Total Assets2,0852,2992,4242,5266,6686,7777,2136,7686,7596,764

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
-63-74-140395157117-23-10-7-13
Cash from Investing11740116-3952-853611813
Cash from Financing-4828241-2-1-2-1-1-1
7-70-0-000-000

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
6.523.343.341.741.741.711.251.251.25
46.6046.2347.5044.7544.7144.7845.1347.8848.06
40.7443.9942.6947.2947.2947.2647.3544.7444.34
Government0.000.000.000.000.000.000.000.000.00
6.146.436.476.216.256.246.276.126.35

Documents

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

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

2026-08-13
Updates

2026-08-13 - Max Financial Services Limited has informed the Exchange regarding 'Board Comments on the fine levied by the Exchange'.

News

Recent coverage and analyst commentary for MFSL

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Max Financial Services Ltd.

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