Max India Limited Share Price & Analysis
Price Chart
Fundamentals
Strengths
- Low debt relative to equity (D/E 0.2x)
Concerns
- Currently loss-making (EPS ₹-28.5)
- Negative return on equity (ROE -32.8%)
- Negative return on capital (ROCE -23%)
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
MAXIND · as of Mar 2026
| Category | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Promoters | 50.94% | 50.94% | 50.94% | 50.94% | 50.94% | 50.45% |
| FII | 10.32% | 9.54% | 9.01% | 7.41% | 6.77% | 6.63% |
| DII | 0.69% | 0.81% | 0.81% | 0.81% | 0.94% | 0.80% |
| Public | 38.04% | 38.70% | 39.23% | 40.83% | 41.35% | 42.11% |
Corporate Events
To consider and approve the financial results for the period ended March 31, 2026
Rights 19:100 @ Premium Rs 140/-
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 India allots 118,222 shares under ESOP
*Max India allots 118,222 shares under employee stock ownership plans.* The allotment is part of the company's ongoing ESOP/ESOS/ESPS program. No financial details or pricing disclosed in the filing. Impact on shareholding structure expected to be minimal. 📊 *STOCKS:* $MAXINDIA | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #ESOP
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 India publishes statutory newspaper notice
*Max India publishes statutory newspaper notice.* This is a routine corporate compliance filing, typically related to board meetings or shareholder communications. No financial or operational details provided. **No immediate market-moving information** disclosed. 📊 *STOCKS:* $MAXINDIA | 🏢 *SECTOR:* CapitalMarkets | #LOWIMPACT #CorporateFiling
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 | ₹43 Cr 4.4% | ₹45 Cr 21.6% | ₹37 Cr 11.9% | ₹42 Cr 20.0% | ₹35 Cr 18.6% | ₹43 Cr 65.4% | ₹26 Cr 42.2% | ₹45 Cr |
| Op. Profit | ₹-36 Cr 16.1% | ₹-31 Cr 10.7% | ₹-28 Cr 31.7% | ₹-41 Cr 36.7% | ₹-30 Cr 42.9% | ₹-21 Cr 25.0% | ₹-28 Cr 33.3% | ₹-21 Cr |
| OPM | -83.0% 20.3% | -69.0% 9.2% | -76.0% 22.4% | -98.0% 15.3% | -85.0% 73.5% | -49.0% 53.8% | -106.0% 130.4% | -46.0% |
| Net Profit | ₹-43 Cr 26.5% | ₹-34 Cr 30.8% | ₹-26 Cr 43.5% | ₹-46 Cr 2.2% | ₹-45 Cr 95.7% | ₹-23 Cr 14.8% | ₹-27 Cr 22.7% | ₹-22 Cr |
| EPS (₹) | -8.17 25.3% | -6.52 32.8% | -4.91 44.7% | -8.88 2.3% | -8.68 96.4% | -4.42 15.8% | -5.25 25.0% | -4.2 |
Values in ₹ Cr · Source: Screener.in
Annual Profit & Loss
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Revenue | ₹191 Cr 17.2% | ₹163 Cr 14.7% | ₹191 Cr 9.9% | ₹212 Cr 9.0% | ₹233 Cr 82.0% | ₹128 Cr 39.9% | ₹213 Cr |
| Expenses | ₹300 Cr 13.6% | ₹264 Cr 15.3% | ₹229 Cr 13.4% | ₹202 Cr 13.3% | ₹233 Cr 55.3% | ₹150 Cr 43.6% | ₹266 Cr |
| Op. Profit | ₹-110 Cr 8.9% | ₹-101 Cr 165.8% | ₹-38 Cr 480.0% | ₹10 Cr 900.0% | ₹1 Cr 104.5% | ₹-22 Cr 58.5% | ₹-53 Cr |
| OPM | -58.0% 6.5% | -62.0% 210.0% | -20.0% 500.0% | 5.0% | 0.0% 100.0% | -17.0% 32.0% | -25.0% |
| Other Income | ₹28 Cr 380.0% | ₹-10 Cr 350.0% | ₹4 Cr 300.0% | ₹1 Cr 200.0% | ₹-1 Cr 85.7% | ₹-7 Cr 102.2% | ₹325 Cr |
| Interest | ₹14 Cr 75.0% | ₹8 Cr 60.0% | ₹5 Cr 16.7% | ₹6 Cr 40.0% | ₹10 Cr 58.3% | ₹24 Cr 11.1% | ₹27 Cr |
| Depreciation | ₹25 Cr 31.6% | ₹19 Cr 90.0% | ₹10 Cr 25.0% | ₹8 Cr 14.3% | ₹7 Cr 30.0% | ₹10 Cr 25.0% | ₹8 Cr |
| PBT | ₹-121 Cr 12.9% | ₹-139 Cr 183.7% | ₹-49 Cr 1533.3% | ₹-3 Cr 83.3% | ₹-18 Cr 71.9% | ₹-64 Cr 127.0% | ₹237 Cr |
| Tax % | 1.0% 0.0% | 1.0% 93.3% | 15.0% 93.9% | 245.0% 2327.3% | -11.0% 35.3% | -17.0% 950.0% | 2.0% |
| Net Profit | ₹-122 Cr 12.9% | ₹-140 Cr 150.0% | ₹-56 Cr 460.0% | ₹-10 Cr 37.5% | ₹-16 Cr 69.8% | ₹-53 Cr 122.8% | ₹232 Cr |
| EPS (₹) | -23.2 14.2% | -27.05 146.6% | -10.97 440.4% | -2.03 19.4% | -2.52 69.6% | -8.3 100.0% | 29,706 |
| Div Payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Values in ₹ Cr · Source: Screener.in
Balance Sheet
| Item | Mar 2026 | Sep 2025 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|---|
Liabilities | ||||||||
| Equity Capital | ₹53 Cr 1.9% | ₹52 Cr 18.2% | ₹44 Cr 2.3% | ₹43 Cr 0.0% | ₹43 Cr 20.4% | ₹54 Cr 0.0% | ₹54 Cr 0.0% | ₹54 Cr |
| Reserves | ₹356 Cr 14.2% | ₹415 Cr 31.7% | ₹315 Cr 29.8% | ₹449 Cr 10.0% | ₹499 Cr 15.1% | ₹588 Cr 1.8% | ₹599 Cr 8.1% | ₹652 Cr |
| Borrowings | ₹97 Cr 52.5% | ₹204 Cr 100.0% | ₹102 Cr 131.8% | ₹44 Cr 2.2% | ₹45 Cr 26.2% | ₹61 Cr 57.9% | ₹145 Cr 20.3% | ₹182 Cr |
| Other Liabilities | ₹164 Cr 1.8% | ₹167 Cr 2.9% | ₹172 Cr 16.2% | ₹148 Cr 10.8% | ₹166 Cr 6.4% | ₹156 Cr 21.2% | ₹198 Cr 45.6% | ₹136 Cr |
| Total Liabilities | ₹669 Cr 20.2% | ₹838 Cr 32.4% | ₹633 Cr 7.5% | ₹684 Cr 9.2% | ₹753 Cr 12.2% | ₹858 Cr 13.9% | ₹996 Cr 2.7% | ₹1.0K Cr |
Assets | ||||||||
| Fixed Assets | ₹194 Cr 16.9% | ₹166 Cr 2.4% | ₹170 Cr 11.9% | ₹193 Cr 21.4% | ₹159 Cr 0.0% | ₹159 Cr 1.9% | ₹156 Cr 8.3% | ₹144 Cr |
| CWIP | ₹2 Cr 93.8% | ₹32 Cr 52.4% | ₹21 Cr 110.0% | ₹10 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr 100.0% | ₹1 Cr |
| Investments | ₹34 Cr 42.4% | ₹59 Cr 11.3% | ₹53 Cr 15.9% | ₹63 Cr 24.1% | ₹83 Cr 53.4% | ₹178 Cr 46.7% | ₹334 Cr 19.3% | ₹414 Cr |
| Other Assets | ₹438 Cr 24.6% | ₹581 Cr 49.4% | ₹389 Cr 6.9% | ₹418 Cr 18.2% | ₹511 Cr 2.1% | ₹522 Cr 3.2% | ₹506 Cr 8.8% | ₹465 Cr |
| Total Assets | ₹669 Cr 20.2% | ₹838 Cr 32.4% | ₹633 Cr 7.5% | ₹684 Cr 9.2% | ₹753 Cr 12.2% | ₹858 Cr 13.9% | ₹996 Cr 2.7% | ₹1.0K Cr |
Values in ₹ Cr · Source: Screener.in
Cash Flow Statement
| Item | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Operating CF | — | ₹-128 Cr 25.5% | ₹-102 Cr 247.8% | ₹69 Cr 4.5% | ₹66 Cr 9.6% | ₹73 Cr 484.2% | ₹-19 Cr |
| Investing CF | — | ₹47 Cr 70.4% | ₹159 Cr 28.2% | ₹124 Cr 588.9% | ₹18 Cr 38.5% | ₹13 Cr 102.5% | ₹-526 Cr |
| Financing CF | — | ₹-13 Cr 55.2% | ₹-29 Cr 75.6% | ₹-119 Cr 26.6% | ₹-94 Cr 28.8% | ₹-73 Cr 113.1% | ₹557 Cr |
| Net Cash Flow | — | ₹-93 Cr 444.4% | ₹27 Cr 64.0% | ₹75 Cr 850.0% | ₹-10 Cr 183.3% | ₹12 Cr 0.0% | ₹12 Cr |
| Free Cash Flow | — | ₹-163 Cr 24.4% | ₹-131 Cr 298.5% | ₹66 Cr 3.1% | ₹64 Cr 4.9% | ₹61 Cr 129.2% | ₹-209 Cr |
Values in ₹ Cr · Source: Screener.in
Key Ratios History
| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 |
|---|---|---|---|---|---|---|---|
| Debtor Days | 71d 42.0% | 50d 455.6% | 9d 80.0% | 5d 44.4% | 9d 57.1% | 21d 12.5% | 24d |
| Inventory Days | 107d 42.5% | 186d 389.5% | 38d 83.0% | 223d 41.9% | 384d 94.1% | 6515d 287.3% | 1682d |
| Days Payable | 237d 31.5% | 346d 133.8% | 148d 208.3% | 48d 71.4% | 28d 95.6% | 631d 323.5% | 149d |
| Cash Conv. Cycle | -59d 46.8% | -111d 11.0% | -100d 155.6% | 180d 50.7% | 365d 93.8% | 5906d 279.3% | 1557d |
| Working Capital Days | 273d 393.5% | -93d 6.1% | -99d 139.8% | 249d 27.2% | 342d 41.1% | 581d 17.8% | 493d |
| ROCE | -23.0% 4.2% | -24.0% 200.0% | -8.0% 900.0% | 1.0% | 0.0% 100.0% | -4.0% | — |
Source: Screener.in · Lower days = better efficiency