Max Financial Services Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Low debt relative to equity (D/E 0.4x)
- Near 52-week low — potential value zone (₹1,194)
Concerns
- Low capital efficiency (ROCE 2.9%)
- Premium to sector peers (P/E 385x vs industry 33.1x)
- High premium to book value (P/B 8x)
Today's Price Action
The stock closed at ₹1,224.6, unchanged from the previous session. Trading volume matched the 20‑day average at 11,74,487 shares, indicating a 平稳 participation level without any abnormal buying or selling pressure. The flat close underscores a lack of directional bias as traders maintain equilibrium positions.
Valuation Snapshot
The price‑to‑earnings multiple stands at 385, vastly higher than the sector average of 0, reflecting a negligible earnings base. Return on equity is 1.52%, suggesting modest profitability relative to shareholders’ capital. A sector P/E of zero typically signals that many peers report losses, making the comparison less meaningful.
Key Levels to Watch
The current price sits just above the 52‑week low of ₹1,197, leaving limited downside cushion before that support is breached. Open‑interest data on nearby strike prices shows notable concentration around the ₹1,250 and ₹1,300 levels, which may act as intermediate barriers. Open‑interest also clusters near the ₹1,350 strike, suggesting that option writers may be monitoring that level for potential liquidity events.
Chart Pattern
On the daily chart, a bullish engulfing candle formed three days ago, followed by a morning‑star pattern the same day, while a bearish harami appeared ten days prior. These formations illustrate short‑term shifts in momentum and potential reversal zones within the price action. Both patterns appeared on the daily timeframe, indicating short‑term sentiment swings.
Data Summary
Market capitalisation is reported as ₹0 Cr, and the price‑to‑book ratio is 0.0, highlighting an extremely thin equity base. The stock’s fifty‑two‑week range spans ₹1,197 to ₹1,892, encapsulating the current trading level. The identical volume to the 20‑day average further confirms that market participants are not altering their trading intensity at present. Currently.
Peer Comparison
| Company | CMP | Mkt Cap | P/E | P/B | ROE % | ROCE % | D/E |
|---|---|---|---|---|---|---|---|
| HDFCBANK HDFC Bank Limited | ₹685 | ₹10.7L Cr | 13.3 | 1.75 | 13.6 | 7.02 | — |
| ICICIBANK ICICI Bank Limited | ₹1,378 | ₹10.0L Cr | 17 | 2.55 | 15.9 | 7.18 | — |
| SBIN State Bank of India | ₹957 | ₹8.8L Cr | 10.5 | 1.42 | 15.4 | 6.13 | — |
| BAJFINANCE Bajaj Finance Limited | ₹917 | ₹5.8L Cr | 26.4 | 4.63 | 18.2 | 10.9 | — |
| LICI Life Insurance Corporation Of India | ₹391 | ₹4.8L Cr | 8.03 | 2.8 | 37.8 | 35.1 | 0 |
| KOTAKBANK Kotak Mahindra Bank Limited | ₹440 | ₹4.3L Cr | 20.2 | 2.24 | 11.4 | 6.98 | — |
| AXISBANK Axis Bank Limited | ₹1,220 | ₹3.8L Cr | 12.7 | 1.65 | 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
To consider and approve the financial results for the period ended September 30, 2026
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 updates analysts on investor call.
*Max Financial updates analysts on investor call.* The company shared insights during its recent analyst and institutional investor meet. No major announcements or financial updates were disclosed. The event served as a routine update for market participants. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #InvestorCall
Max Financial hosts analyst and institutional investor meet.
*Max Financial hosts analyst and institutional investor meet.* The company shared updates during its scheduled analyst and investor interaction event. No major financial announcements or strategic shifts were disclosed. Details focused on operational performance and market outlook. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #AnalystMeet
Max Financial discloses ESG rating under SEBI norms
*Max Financial discloses ESG rating under SEBI norms.* The update is part of mandatory disclosure under Regulation 游戏副本 of SEBI Listing Regulations. No financial impact is indicated. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ESG
Max Financial discloses ESG rating update
*Max Financial discloses ESG rating update* as per SEBI Listing Regulations. The company has shared its latest ESG (Environmental, Social, Governance) rating with the exchange. This is a routine disclosure under Regulation 30 and does not indicate any operational or financial change. Investors may review the ESG score for sustainability assessment. 📊 *STOCKS:* $MFSL | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ESG
Max Financial to host analyst call this week
*Max Financial to host analyst call this week.* The company will engage with institutional investors and analysts to discuss recent performance and strategic direction. No major announcements expected, but tone may influence sentiment. 📊 *STOCKS:* MAXFM | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #AnalystMeet
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
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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