Max Financial Services Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Low debt relative to equity (D/E 0.4x)
Concerns
- Low capital efficiency (ROCE 2.9%)
- Premium to sector peers (P/E 492x vs industry 37.5x)
- High premium to book value (P/B 10.1x)
Today's Price Action
The stock trades at ₹1,548.4, unchanged from the prior session, and the quoted price sits exactly at the midpoint of the intraday range observed today. Volume registers 5,43,210 shares, which is identical to the 20‑day average volume of 5,43,210, indicating that market participation remains steady and there is no evident surge in buying or selling pressure. Given the flat price movement and unchanged turnover, the order flow appears balanced, and the market is presently in a consolidation phase without any discernible breakout or breakdown signal.
Valuation Snapshot
The price‑to‑earnings (P/E) multiple stands at 498, an extraordinarily high figure when compared with the sector’s nominal P/E of zero, reflecting that earnings are either very low or temporarily suppressed. Return on equity (ROE) is 1.52 %, which points to modest profitability relative to the equity base and suggests limited efficiency in generating returns for shareholders.
Key Levels to Watch
The 52‑week trading envelope ranges from ₹1,408 to ₹1,892, positioning the current price just above the lower band and implying that the nearest technical support lies near the historic low of the year. Open‑interest figures are not disclosed in the available data set, so quantitative support and resistance zones derived from open‑interest analysis cannot be plotted at this time.
Chart Pattern
A bullish engulfing candlestick appeared five sessions ago on the daily chart, while a bearish Marubozu formed nine sessions earlier and a dragonfly doji emerged ten sessions earlier; these three formations together illustrate short‑term reversal activity within the recent price structure. All three patterns were observed on the daily timeframe, and each signals a potential shift in momentum without implying a directional bias.
Data Summary
Market capitalisation is reported as ₹0 Cr, which likely indicates a reporting anomaly or a data omission rather than an actual zero‑value market size. The stock’s price, volume, and valuation multiples remain largely static, showing no immediate deviation from recent averages and confirming a period of relative equilibrium in trading dynamics.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HDFCBANK HDFC Bank Limited | ₹712 | ₹11.0L Cr | 13.9 | 1.83 | 13.6 | 7.02 | — |
| ICICIBANK ICICI Bank Limited | ₹1,423 | ₹10.2L Cr | 18.2 | 2.7 | 15.9 | 7.18 | — |
| SBIN State Bank of India | ₹1,016 | ₹9.4L Cr | 11.2 | 1.51 | 15.4 | 6.13 | — |
| BAJFINANCE Bajaj Finance Limited | ₹1,061 | ₹6.6L Cr | 32.2 | 5.8 | 18.2 | 10.9 | — |
| LICI Life Insurance Corporation Of India | ₹415 | ₹5.3L Cr | 8.75 | — | 37.8 | 35.1 | 0 |
| KOTAKBANK Kotak Mahindra Bank Limited | ₹425 | ₹4.2L Cr | 21.1 | 2.33 | 11.4 | 6.98 | — |
| AXISBANK Axis Bank Limited | ₹1,273 | ₹4.0L Cr | 14.3 | 1.79 | 13.1 | 6.24 | — |
Showing 7 peers in the same sector · Sorted by market cap
Shareholding Pattern
MFSL · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 6.52% | 6.52% | 6.52% | 3.34% | 3.34% | 1.74% |
| FII | 50.89% | 47.70% | 46.60% | 46.23% | 47.50% | 44.75% |
| DII | 36.89% | 39.92% | 40.74% | 43.99% | 42.69% | 47.29% |
| Public | 5.69% | 5.84% | 6.14% | 6.42% | 6.47% | 6.21% |
Corporate Events
Board Meeting for consideration of un-audited financial results of the Company for the quarter ending June 30, 2026
To consider and approve the financial results for the period ended March 31, 2026
Annual General Meeting
Annual General Meeting
Latest News
All newsSEBI issues final order to Max Financial Services
*SEBI issues final order to Max Financial Services* following a show-cause notice dated October 24, 2024. The final order could have **significant regulatory and operational implications** for the company. Traders should monitor for potential penalties or compliance directives. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #HIGHIMPACT #SEBI
Max Financial Services publishes mandatory newspaper notice
*Max Financial Services publishes mandatory newspaper notice.* This is a routine regulatory disclosure as required under listing norms. **No financial or operational updates** were included in the filing. Such publications are standard practice for corporate transparency. 📊 *STOCKS:* MFSL | 🏢 *SECTOR:* Financial Services | #LOWIMPACT #CorporateFiling
Max Financial Services holds annual shareholder meeting.
*Max Financial Services holds annual shareholder meeting.* The company submitted the scrutinizer's report of its Annual General Meeting held on August 19, 2026, to the exchange. Voting results from the AGM were also disclosed. No major corporate actions or surprises were reported. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ShareholdersMeeting
Max Financial hosts analyst and investor meet
*Max Financial hosts analyst and investor meet* to discuss business updates and strategy. The event is part of routine investor outreach. No major announcements or financial revisions were disclosed. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #AnalystMeet
Max Financial discloses update on Axis Max Life stake
*Max Financial discloses update on Axis Max Life stake*. The filing is under Regulation 30 of SEBI LODR concerning Axis Max Life Insurance, its material subsidiary. No financial figures or strategic changes were disclosed. It appears to be a routine compliance update. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* Corporate | #LOWIMPACT #Disclosure
Max Financial discloses update on Axis Max Life Insurance
*Max Financial discloses update on Axis Max Life Insurance* Max Financial Services has issued a regulatory update concerning Axis Max Life Insurance, its material subsidiary. The disclosure is made under SEBI LODR Regulation 30 and pertains to standard compliance requirements. No financial impact or strategic change was indicated. 📊 *STOCKS:* MFSL | 🏢 *SECTOR:* Financial Services | #LOWIMPACT #disclosure
Max Financial Services shares unchanged after postal ballot results
*Max Financial Services shares unchanged after postal ballot results.* The company submitted the scrutinizers report and voting results of the postal ballot held on May 12, 2026, to the stock exchange. The ballot pertained to routine corporate matters with no immediate financial impact. Shareholders approved all resolutions as per the filing. 📊 *STOCKS:* MFSL | 🏢 *SECTOR:* Financial Services | #LOWIMPACT #ShareholderMeeting
Max Financial discloses regulatory update on Axis Max Life
*Max Financial discloses regulatory update on Axis Max Life* as per SEBI LODR norms. The filing relates to compliance requirements concerning its material subsidiary Axis Max Life Insurance. No financial figures or strategic developments were disclosed. Details remain procedural and non-material. 📊 *STOCKS:* MFSL | 🏢 *SECTOR:* Corporate | #LOWIMPACT #Regulatory
Financials
Quarterly Results
| Metric | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | ₹14.3K Cr 45.6% | ₹9.8K Cr 23.6% | ₹12.8K Cr 3.6% | ₹12.4K Cr 38.7% | ₹8.9K Cr 33.3% | ₹13.4K Cr 13.3% | ₹11.8K Cr 20.7% | ₹14.9K Cr |
| Op. Profit | ₹78 Cr 271.4% | ₹21 Cr 82.4% | ₹119 Cr 495.0% | ₹20 Cr 77.5% | ₹89 Cr 48.6% | ₹173 Cr 8.9% | ₹190 Cr 433.3% | ₹-57 Cr |
| OPM | 0.6% 200.0% | 0.2% 77.8% | 0.9% 350.0% | 0.2% 80.0% | 1.0% 23.1% | 1.3% 18.8% | 1.6% | 0.0% |
| Net Profit | ₹45 Cr 650.0% | ₹6 Cr 93.0% | ₹86 Cr 126.3% | ₹38 Cr 45.7% | ₹70 Cr 49.6% | ₹139 Cr 10.9% | ₹156 Cr 412.0% | ₹-50 Cr |
| EPS (₹) | 1.06 783.3% | 0.12 94.1% | 2.02 122.0% | 0.91 43.8% | 1.62 50.3% | 3.26 11.7% | 3.69 388.3% | -1.28 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹47.7K Cr 2.6% | ₹46.5K Cr 0.2% | ₹46.6K Cr 48.3% | ₹31.4K Cr 0.7% | ₹31.2K Cr 0.3% | ₹31.3K Cr 71.5% | ₹18.2K Cr 6.5% | ₹19.5K Cr 19.4% | ₹16.3K Cr 7.2% | ₹15.2K Cr |
| Expenses | ₹47.5K Cr 3.2% | ₹46.0K Cr 0.3% | ₹46.1K Cr 49.5% | ₹30.9K Cr 0.3% | ₹30.8K Cr 0.3% | ₹30.7K Cr 72.5% | ₹17.8K Cr 6.4% | ₹19.0K Cr 20.2% | ₹15.8K Cr 9.2% | ₹14.5K Cr |
| Op. Profit | ₹212 Cr 55.5% | ₹476 Cr 11.7% | ₹426 Cr 23.1% | ₹554 Cr 34.1% | ₹413 Cr 29.4% | ₹585 Cr 29.4% | ₹452 Cr 10.8% | ₹507 Cr 4.5% | ₹531 Cr 31.1% | ₹771 Cr |
| OPM | 0.4% 60.0% | 1.0% 11.1% | 0.9% 50.0% | 1.8% 38.5% | 1.3% 31.6% | 1.9% 24.0% | 2.5% 3.8% | 2.6% 18.8% | 3.2% 36.0% | 5.0% |
| Other Income | ₹23 Cr 9.5% | ₹21 Cr 41.7% | ₹36 Cr 125.0% | ₹16 Cr 166.7% | ₹6 Cr 53.8% | ₹13 Cr 550.0% | ₹2 Cr 33.3% | ₹3 Cr 200.0% | ₹1 Cr 50.0% | ₹2 Cr |
| Interest | ₹112 Cr 138.3% | ₹47 Cr 6.8% | ₹44 Cr 18.9% | ₹37 Cr 48.0% | ₹25 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹27 Cr | ₹0 Cr 100.0% | ₹9 Cr |
| Depreciation | ₹2 Cr 33.3% | ₹3 Cr 0.0% | ₹3 Cr 40.0% | ₹5 Cr 0.0% | ₹5 Cr 0.0% | ₹5 Cr 54.5% | ₹11 Cr 450.0% | ₹2 Cr 0.0% | ₹2 Cr 96.8% | ₹63 Cr |
| PBT | ₹121 Cr 72.9% | ₹447 Cr 7.7% | ₹415 Cr 21.3% | ₹527 Cr 35.5% | ₹389 Cr 34.4% | ₹593 Cr 34.2% | ₹442 Cr 8.1% | ₹481 Cr 9.2% | ₹530 Cr 24.5% | ₹702 Cr |
| Tax % | 13.0% 30.0% | 10.0% 100.0% | 5.0% 64.3% | 14.0% 22.2% | 18.0% 200.0% | 6.0% 84.2% | 38.0% 192.3% | 13.0% 23.5% | 17.0% 13.3% | 15.0% |
| Net Profit | ₹106 Cr 73.7% | ₹403 Cr 2.5% | ₹393 Cr 13.1% | ₹452 Cr 42.1% | ₹318 Cr 43.2% | ₹560 Cr 105.1% | ₹273 Cr 34.4% | ₹416 Cr 5.9% | ₹442 Cr 25.5% | ₹593 Cr |
| EPS (₹) | 2.43 74.4% | 9.48 3.8% | 9.85 10.2% | 10.97 49.5% | 7.34 40.5% | 12.33 129.2% | 5.38 44.8% | 9.75 8.6% | 10.67 27.9% | 14.79 |
| Div Payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||||
| Equity Capital | ₹69 Cr 0.0% | ₹69 Cr 0.0% | ₹69 Cr 0.0% | ₹69 Cr 0.0% | ₹69 Cr 0.0% | ₹69 Cr 27.8% | ₹54 Cr 0.0% | ₹54 Cr 0.0% | ₹54 Cr 1.9% | ₹53 Cr |
| Reserves | ₹5.2K Cr 0.6% | ₹5.2K Cr 37.1% | ₹3.8K Cr 10.1% | ₹3.5K Cr 10.8% | ₹3.9K Cr 18.1% | ₹3.3K Cr 56.4% | ₹2.1K Cr 4.4% | ₹2.0K Cr 13.5% | ₹1.8K Cr 22.6% | ₹2.3K Cr |
| Borrowings | ₹1.8K Cr 78.3% | ₹1.0K Cr 96.2% | ₹523 Cr 0.0% | ₹523 Cr 0.2% | ₹522 Cr 17300.0% | ₹3 Cr 0.0% | ₹3 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other Liabilities | ₹1.9L Cr 3.2% | ₹1.8L Cr 16.1% | ₹1.6L Cr 23.9% | ₹1.3L Cr 12.8% | ₹1.1L Cr 19.6% | ₹94.7K Cr 30.9% | ₹72.4K Cr 11.2% | ₹65.1K Cr 20.5% | ₹54.0K Cr 21.7% | ₹44.4K Cr |
| Total Liabilities | ₹2.0L Cr 3.5% | ₹1.9L Cr 16.8% | ₹1.6L Cr 23.5% | ₹1.3L Cr 12.0% | ₹1.2L Cr 20.1% | ₹98.1K Cr 31.6% | ₹74.5K Cr 11.0% | ₹67.2K Cr 20.3% | ₹55.8K Cr 19.5% | ₹46.7K Cr |
Assets | ||||||||||
| Fixed Assets | ₹608 Cr 0.3% | ₹610 Cr 0.3% | ₹612 Cr 0.3% | ₹614 Cr 0.3% | ₹616 Cr 3.6% | ₹639 Cr 0.3% | ₹641 Cr 15.3% | ₹556 Cr 0.0% | ₹556 Cr 24.9% | ₹740 Cr |
| CWIP | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹3 Cr |
| Investments | ₹10.2K Cr 94.3% | ₹1.8L Cr 17.6% | ₹1.5L Cr 24.0% | ₹1.2L Cr 12.4% | ₹1.1L Cr 19.6% | ₹91.8K Cr 33.8% | ₹68.6K Cr 8.4% | ₹63.2K Cr 20.0% | ₹52.7K Cr 19.6% | ₹44.1K Cr |
| Other Assets | ₹1.9L Cr 1812.7% | ₹9.7K Cr 5.7% | ₹9.2K Cr 17.2% | ₹7.9K Cr 7.0% | ₹7.3K Cr 29.8% | ₹5.7K Cr 6.2% | ₹5.3K Cr 58.5% | ₹3.4K Cr 29.0% | ₹2.6K Cr 34.3% | ₹1.9K Cr |
| Total Assets | ₹2.0L Cr 3.5% | ₹1.9L Cr 16.8% | ₹1.6L Cr 23.5% | ₹1.3L Cr 12.0% | ₹1.2L Cr 20.1% | ₹98.1K Cr 31.6% | ₹74.5K Cr 11.0% | ₹67.2K Cr 20.3% | ₹55.8K Cr 19.5% | ₹46.7K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating CF | ₹8.4K Cr 36.8% | ₹6.1K Cr 38.5% | ₹9.9K Cr 16.8% | ₹8.5K Cr 23.3% | ₹6.9K Cr 26.4% | ₹5.5K Cr 38.2% | ₹8.8K Cr 17.1% | ₹7.5K Cr 15.4% | ₹6.5K Cr 71.6% | ₹3.8K Cr |
| Investing CF | ₹-9.7K Cr 94.0% | ₹-5.0K Cr 56.7% | ₹-11.6K Cr 30.8% | ₹-8.8K Cr 28.9% | ₹-6.9K Cr 37.3% | ₹-5.0K Cr 43.2% | ₹-8.8K Cr 26.4% | ₹-7.0K Cr 10.5% | ₹-6.3K Cr 77.6% | ₹-3.5K Cr |
| Financing CF | ₹2.0K Cr 1776.1% | ₹-117 Cr 49.8% | ₹-233 Cr 160.1% | ₹388 Cr 521.7% | ₹-92 Cr 76.0% | ₹-383 Cr 120.1% | ₹-174 Cr 50.0% | ₹-116 Cr 46.0% | ₹-215 Cr 15.0% | ₹-187 Cr |
| Net Cash Flow | ₹610 Cr 38.1% | ₹986 Cr 152.8% | ₹-1.9K Cr 3987.5% | ₹48 Cr 194.1% | ₹-51 Cr 165.4% | ₹78 Cr 156.9% | ₹-137 Cr 129.4% | ₹466 Cr 2230.0% | ₹20 Cr 73.0% | ₹74 Cr |
| Free Cash Flow | ₹8.1K Cr 38.3% | ₹5.9K Cr 39.7% | ₹9.8K Cr 16.5% | ₹8.4K Cr 22.9% | ₹6.8K Cr 27.8% | ₹5.3K Cr 38.9% | ₹8.7K Cr 16.6% | ₹7.5K Cr 16.1% | ₹6.4K Cr 73.6% | ₹3.7K Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0d | 0d | 0d | 0d | 0d | 0d | 0d | 0d 100.0% | 13d 18.8% | 16d |
| Inventory Days | — | — | — | — | — | — | — | — | — | — |
| Days Payable | — | — | — | — | — | — | — | — | — | — |
| Cash Conv. Cycle | 0d | 0d | 0d | 0d | 0d | 0d | 0d | 0d 100.0% | 13d 18.8% | 16d |
| Working Capital Days | -1368d 16.7% | -1172d 16.4% | -1402d 13.0% | -1241d 19.1% | -1042d 22.1% | -1338d 16.4% | -1149d 0.8% | -1158d 1145.2% | -93d 7.9% | -101d |
| ROCE | 8.0% 20.0% | 10.0% 16.7% | 12.0% 20.0% | 10.0% 44.4% | 18.0% 12.5% | 16.0% 15.8% | 19.0% 0.0% | 19.0% 24.0% | 25.0% 92.3% | 13.0% |
Source: Screener.in · Lower days = better efficiency
Deep Dive Analysis
About Max Financial Services Limited
Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.[1] It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company. [2]
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