1. India Stocks

  2. •

    Finance

  3. •

    Life/Health insurance
Max Financial Services Limited

Max Financial Services Limited

1,223.30
INR
-31.70
(-2.53%)
3.96EPS
494.04P/E
543.95BMarket Cap
Oct 27Next Earn
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
2026 Y
TTM
Revenue per Share
440.79
559.97
400.71
570.77
609.19
725.13
672.97
1,065.81
903.35
907.76
1,353.26
1,350.97
1,386.74
1,453.67
Basic EPS, GAAP
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
3.21
Free Cash Flow per Basic Share
69.67
84.57
142.51
244.28
281.16
328.59
202.34
235.11
246.12
287.51
177.67
243.18
334.3
- -
Dividend per Share
4
5.8
2.8
1.8
5.37
7.37
11.55
0.47
0.93
- -
- -
- -
- -
- -
Book Value per Share
112.09
123.9
73.63
57.49
67.79
76.43
79.65
96.87
114.01
101.94
112.5
153.58
153.85
- -
Tangible Book Value per Share
97.12
107.41
62.86
33.85
44.17
52.43
55.39
77.58
93.75
79.87
88.78
128.07
127.81
- -
Basic Weighted Avg Shares
266
266
267
267
268
269
269
293
345
345
344
343
343
343
Sales/Revenue/Turnover
117,238
149,178
106,911
152,476
163,233
194,772
181,319
312,442
311,829
313,280
464,944
463,960
475,905
498,234
Operating Margin (%)
-18.51
-27.65
-9.98
-25.22
3.34
2.68
- -
- -
- -
- -
- -
- -
- -
- -
Depreciation Expense
1,379
1,538
605
625
632
762
1,612
1,617
1,802
1,778
2,128
2,375
3,346
1,331
Net Income, GAAP
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
1,099
Effective Tax Rate (%)
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
13.1
Profit Margin (%)
1.19
1.87
2.36
2.59
1.75
1.35
0.8
1.36
0.81
1.21
0.73
0.71
0.18
0.22
Working Capital
-7,601
1,467
-4,921
564
7,642
8,814
- -
- -
- -
- -
- -
- -
- -
- -
LT Debt
4,353
4,030
- -
- -
- -
41
3,256
2,874
7,781
8,307
8,439
14,421
23,488
- -
Total Equity
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
- -
Return on Invested Capital (%)
-37.03
-66.91
-25.39
-131.17
18.61
16.61
- -
- -
- -
- -
- -
- -
- -
- -
Return on Capital (%)
2.86
5.37
3.15
8.27
5.73
4
1.1
8.85
5.31
6.07
6.29
4.3
1.14
- -
Return on Common Equity (%)
4.7
8.9
9.6
22.58
17.07
13.54
6.9
15.5
6.96
10.16
9.21
7.16
1.59
- -

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
- -
- -
LT Borrowings
- -
18,584
- -
LT Finance Leases
- -
4,904
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
343
343
343
Market Capitalization
573,678
511,755
543,946

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
- -
- -
Cash, Cash Equivalents & STI
- -
49,094
- -
Accounts Receivable, Net
- -
13,497
- -
Inventories
- -
- -
- -
Total Current Liabilities
- -
- -
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
- -
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

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%
-15.86%
-74.33%
Sales/Revenue/Turnover
18.54%
10.21%
2.57%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
117,987
133,720
89,227
123,770
463,960
2026
128,217
97,934
142,589
108,013
475,905
2027
149,698
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
3.69
3.26
1.62
0.91
9.53
2026
2.03
0.12
1.07
-0.77
2.45
2027
2.78
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
- -
2026
- -
- -
- -
- -
- -
2027
- -
- -
- -
- -
- -

Company Description

Company Profile APIChatGPT
CEO
Tara Singh Vachani
Full Time Employees
25,789
Sector
Finance
Industry
Life/Health insurance
Address
L20M, Max Towers Noida DE India 201301
IPO Date
Dec 13, 1994
Website
maxfinancialservices.com
Similar Companies
Bajaj Finserv Limited (NSE:BAJAJFINSV)
HDFC Life Insurance Co. Ltd. (NSE:HDFCLIFE)
SBI Life Insurance Co. Ltd. (NSE:SBILIFE)
Life Insurance Corp. of India (NSE:LICI)
ICICI Prudential Life Insurance Co. Ltd. (NSE:ICICIPRULI)
Clover Health Investments, Corp. (NASDAQ:CLOV)
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.