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    Financial Services

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    Insurance - Life
Max Financial Services Limited

Max Financial Services Limited

MFSL.NS
Max Financial Services LimitedIN flagNational Stock Exchange of India
1,577.80
INR
-4.00
- -
544.52BMarket Cap
Max Financial Services Limited
MFSL.NS
(National Stock Exchange of India)

Recent

price

1,577.80

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
337.87
320.23
401.85
440.79
559.97
400.71
570.77
609.19
725.13
672.97
1,065.81
903.35
907.76
1,353.26
1,353.49
- -
1,391.7
Revenue per Share
0.15
5.95
29.48
5.21
10.5
9.47
14.8
10.69
9.77
5.38
14.51
7.34
10.97
9.9
9.53
- -
2.45
Basic EPS, GAAP
99.99
98.05
61.39
69.67
84.57
142.51
244.28
281.16
328.59
202.34
235.11
246.12
287.51
177.67
243.25
- -
- -
Free Cash Flow per Basic Share
- -
- -
10.01
4
5.8
2.8
1.8
5.37
7.37
11.55
0.47
0.93
- -
- -
- -
- -
- -
Dividend per Share
-9.49
12.83
24.73
25.65
37.73
54.69
36.95
46.22
53.83
56.26
-52.29
-27.28
-36.04
-26.59
13.5
- -
2
Book Value per Share
71.25
115.38
121.85
128.07
130.61
89.23
62
73.44
81.4
80.36
100.27
109.67
92.91
103.45
160.99
- -
172.07
Tangible Book Value per Share
232
257
265
266
266
267
267
268
269
269
293
345
345
344
343
- -
343
Basic Weighted Avg Shares
78,532
82,373
106,608
117,238
149,178
106,911
152,476
163,233
194,772
181,319
312,442
311,829
313,280
464,944
464,703
476,753
476,752
Sales/Revenue/Turnover
2.32
8.47
-12.7
-18.51
-27.65
-9.98
-25.22
3.34
2.68
- -
- -
- -
- -
- -
- -
- -
- -
Operating Margin (%)
2,019
1,020
1,368
1,379
1,538
605
625
632
762
1,612
1,617
1,802
1,778
2,128
2,375
3,346
1,482
Depreciation Expense
87
1,550
7,841
1,395
2,796
2,527
3,954
2,864
2,626
1,450
4,254
2,534
3,785
3,401
3,272
840
840
Net Income, GAAP
31.19
1.65
14.31
23.68
28.79
15.45
15.44
16.64
13.39
38.34
5.59
18.08
14.29
5.42
9.63
12.8
12.8
Effective Tax Rate (%)
0.11
1.88
7.36
1.19
1.87
2.36
2.59
1.75
1.35
0.8
1.36
0.81
1.21
0.73
0.7
0.18
0.18
Profit Margin (%)
10,515
10,566
1,290
-7,601
1,467
-4,921
564
7,642
8,814
- -
- -
- -
- -
- -
- -
- -
- -
Working Capital
3,913
3,864
3,765
4,353
4,030
- -
- -
- -
41
3,256
2,874
7,781
8,307
8,439
14,421
18,586
18,586
LT Debt
20,363
33,476
37,628
38,701
39,191
26,683
22,880
26,018
28,331
28,189
36,050
44,849
39,685
43,695
64,032
64,200
64,200
Total Equity
4.53
21.5
-28.01
-36.96
-65.26
-25.34
-131.15
18.6
16.62
- -
- -
- -
- -
- -
- -
- -
- -
Return on Invested Capital (%)
-0.41
11.03
40.03
5.78
10.94
5.19
10.51
7.46
5.12
1.38
40.69
-81.54
143.93
133.69
16.94
5.24
6.01
Return on Capital (%)
- -
- -
158.63
20.69
33.14
20.51
32.32
25.74
19.56
9.79
- -
- -
- -
- -
- -
31.56
31.56
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
- -
- -
- -
LT Borrowings
18,290
- -
18,584
LT Finance Leases
4
- -
2
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
345
- -
345
Market Capitalization
542,259
573,484
510,668

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
5,294
- -
21,372
Accounts Receivable, Net
- -
- -
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.56%
13.96%
0.26%
Free Cash Flow
16.82%
15.15%
37.37%
Net Income, GAAP
8.98%
-15.87%
-74.34%
Sales/Revenue/Turnover
18.56%
10.24%
2.59%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
91,686
101,685
123,563
149,020
464,944
2025
117,987
133,720
89,227
123,770
464,703
2026
128,217
97,934
142,589
108,013
476,753

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2.54
4.29
4.3
- -
9.9
2025
3.69
3.26
1.62
0.91
9.53
2026
2.03
0.12
1.07
-0.77
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
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Business
Max Financial Services Limited (MFSL.NS) is an India-based holding company primarily engaged in growing and nurturing business investments, providing management advisory services to group companies, and actively managing its core life insurance operations through its joint venture subsidiary, Axis Max Life Insurance Company Limited, India's largest non-bank private life insurer. Axis Max Life offers a comprehensive suite of life insurance products and services, including term insurance plans such as Smart Term Plan Plus, Smart Secure Plus, and Smart Total Elite Protection; savings plans like Capital Guarantee Solution, Smart Fixed-return Digital Plan, and Smart Wealth Advantage Guarantee Plan; unit-linked insurance plans (ULIPs) including Flexi Wealth Advantage Plan and Smart Term with Additional Returns ULIP; child plans such as Shiksha Plus Super Plan; retirement and annuity plans like Guaranteed Lifetime Income Plan, Smart Guaranteed Pension Plan, and Smart Wealth Annuity Guaranteed Pension Plan; as well as group insurance and NRI-specific plans with wellness benefits. The company also engages in treasury investments and operates through multi-channel distribution networks encompassing individual agents, corporate agents, banks, brokers, and other partners, targeting individual and group customers across India. Incorporated in 1988 and headquartered at L20M, Max Towers, Sector 16B, Noida, Uttar Pradesh, Max Financial Services operates exclusively within the Indian financial services sector, with a focus on life insurance, pensions, health benefits, and related advisory services. In recent developments, Max Life Insurance rebranded to Axis Max Life Insurance as part of its strengthened joint venture with Axis Bank Limited, enhancing distribution through banking channels and achieving a 10.1% market share in individual adjusted first-year premium in the first half of FY26; additionally, in November 2025, Max Ventures Investment Holdings offloaded a 0.46% stake via a block deal valued at ₹270 crore, while the company reported 21% consolidated revenue growth to ₹7,709 crore in Q1 FY25.