Max Financial Services Limited

BSE: MFSL500271ISIN INE180A01020

Financial Services
Life Insurance
BSE 200

Share price

₹1,241.10+57.10 (+4.82%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹1,891.35
52W low: ₹1,173.40
Off 52W high: -34.38%
1M return: -7.86%
3M return: -18.50%
6M return: -24.93%
1Y return: -22.07%
20D avg volume: 1,20,404
50 DMA: ₹1,400.33
200 DMA: ₹1,574.07

Key ratios Consolidated

Market cap: ₹42,832 Cr
Current price: ₹1,241.10
52W high / low: ₹1,891.35 / ₹1,173.40
Face value: ₹2.00
P/E: 184.76
P/B: 7.45
EPS (TTM): ₹6.72
Book value / share: ₹166.52
ROE: —
ROCE: —
Operating margin: —
Net margin: —
Debt / equity: 0.00
Net debt: ₹-2,137 Cr
Interest cover: 2.07
Dividend yield: —
Dividend / share (TTM): —
Payout: —
Cash conversion cycle: —

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	11,601	14,970	10,802	14,259	9,792	12,822	12,376	8,923	13,372	11,799	14,888	12,356
	4.12	7.10	3.54	8.50	7.03	3.25	20.32	4.14	3.73	3.19	10.71	3.52
	11,605	14,977	10,805	14,267	9,799	12,825	12,396	8,927	13,376	11,802	14,899	12,359
	11,496	14,839	10,844	14,217	9,792	12,723	12,372	8,847	13,214	11,620	14,958	12,161
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	11.02	10.16	12.17	11.55	8.96	12.35	7.40	9.10	9.41	6.67	6.02	17.69
	30.29	35.53	35.13	35.93	21.12	19.68	15.30	10.23	12.55	9.28	10.81	14.15
	0.51	0.50	0.49	0.52	0.62	0.68	0.71	0.81	0.72	0.72	0.66	0.76
	11,455	14,793	10,795	14,169	9,763	12,691	12,350	21.88	5.52	6.05	16.03	7.00
	108.77	137.92	-38.07	50.06	6.30	101.48	24.08	80.74	162.10	181.75	-59.39	197.97
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	108.77	137.92	-38.07	50.06	6.30	101.48	24.08	80.74	162.10	181.75	-59.39	197.97
	8.47	19.63	-4.87	5.31	0.39	14.50	-16.15	—	—	—	—	—
	100.30	118.29	-31.52	44.76	5.87	86.45	38.28	69.81	139.34	155.94	-50.08	171.21
	2.33	2.78	-0.77	1.07	0.12	2.03	0.91	1.62	3.26	3.69	-1.28	4.30
Key metrics
	—	—	—	—	—	—	—	91.78	175.37	191.75	-47.92	212.88
	—	—	—	—	—	—	—	1.00%	1.30%	1.60%	-0.30%	1.70%
	0.90%	0.80%	-0.30%	0.30%	0.10%	0.70%	0.30%	0.80%	1.00%	1.30%	-0.30%	1.40%
	18.50%	16.80%	-12.70%	59.80%	-26.80%	8.70%	-16.90%	-27.80%	—	—	—	—
	1,608.70%	36.80%	-182.30%	-35.90%	-95.80%	-44.60%	176.40%	-59.20%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY18	FY17
Income statement
	51,631	47,674	46,469	46,576	31,413	31,181	16,577	15,228
	23.26	22.32	28.33	42.09	18.39	6.44	28.77	20.81
	51,655	47,696	46,497	46,618	31,431	31,188	16,606	15,249
	51,396	47,577	46,047	46,203	30,904	30,799	16,068	14,547
	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	44.90	45.03	28.21	35.05	29.23	36.77	776.28	918.13
	136.88	111.86	47.36	43.64	37.46	24.74	11.03	8.93
	2.02	2.31	2.87	3.19	4.63	5.00	62.77	62.53
	51,212	47,419	45,970	34.92	28.60	32.75	1,988	1,747
	258.68	119.77	450.10	414.82	527.20	388.65	538.05	701.56
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	258.68	119.77	450.10	414.82	527.20	388.65	538.05	701.56
	28.54	15.33	43.36	—	—	—	87.54	108.29
	231.83	105.56	403.38	392.58	451.89	318.40	450.51	593.27
	5.41	2.45	9.53	9.85	10.97	7.34	—	—
Key metrics
	—	—	—	461.65	569.29	418.39	611.85	773.02
	—	—	—	1.00%	1.80%	1.30%	3.70%	5.10%
	0.45%	0.20%	0.90%	0.80%	1.40%	1.00%	2.70%	3.90%
	17.58%	2.60%	-0.20%	48.30%	0.70%	88.10%	8.90%	—
	15.68%	-73.80%	2.80%	-13.10%	41.90%	-29.30%	-24.10%	—
	—	11,228	8,134	—	—	—	—	—
	—	108.68	20.70	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	-2,137	-1,071	—	—	—	—	—
Balance sheet
	—	1,98,936	1,89,999	—	—	—	—	—
	—	2,137	1,071	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	0.96	1.57	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	6,420	6,403	—	—	—	—	—
Cash flow
	—	11,473	8,352	—	—	—	—	—
	—	-11,125	-9,703	—	—	—	—	—
	—	566.69	1,961	—	—	—	—	—
	—	244.44	218.08	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	3.18	3.05	17.00	7.65	2.87	2.99	3.74	4.71	3.69	3.72	4.51	5.52
	0.00	2.59	0.12	4.72	0.00	0.05	0.10	0.39	0.07	0.05	0.25	0.00
	3.18	5.64	17.12	7.65	2.87	3.04	3.84	4.71	3.76	3.77	4.76	5.52
	4.83	4.91	5.09	6.00	6.27	5.56	6.48	6.20	6.26	6.09	8.71	8.16
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	1.50	1.81	1.41	1.82	1.36	1.52	1.66	1.32	1.72	1.23	1.24	1.19
	0.01	0.00	0.00	0.01	0.01	0.01	0.02	0.02	0.02	0.03	0.04	0.02
	0.12	0.11	0.11	0.12	0.23	0.29	0.32	0.29	0.31	0.31	0.31	0.32
	3.20	2.99	3.57	4.05	4.67	3.74	4.48	1.63	1.94	1.75	2.98	2.52
	-1.65	0.73	12.03	1.65	-3.40	-2.52	-2.64	-1.49	-2.50	-2.32	-3.95	-2.64
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	-1.65	0.73	12.03	1.65	-3.40	-2.52	-2.64	-1.49	-2.50	-2.32	-3.95	-2.64
	0.00	0.00	1.86	0.00	0.00	0.00	-0.05	—	—	—	—	—
	-1.65	0.73	10.17	1.65	-3.40	-2.52	-2.59	-1.57	-2.46	-2.60	-3.68	-2.47
	-0.05	0.02	0.29	0.05	-0.10	-0.07	-0.08	-0.04	-0.07	-0.08	-0.11	-0.07
Key metrics
	—	—	—	—	—	—	—	-1.18	-2.17	-1.98	-3.60	-2.30
	—	—	—	—	—	—	—	-25.10%	-58.80%	-53.20%	-79.80%	-41.70%
	-51.90%	23.90%	59.80%	21.60%	-118.50%	-84.30%	-69.30%	-33.30%	-66.70%	-69.90%	-81.60%	-44.70%
	10.80%	2.00%	354.50%	62.40%	-22.20%	-19.60%	-17.10%	-14.70%	—	—	—	—
	51.50%	129.00%	492.70%	205.10%	-38.20%	3.10%	29.60%	36.40%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY18	FY17
Income statement
	30.88	25.79	15.47	21.43	57.81	199.70	228.74	254.92
	7.43	4.89	0.61	0.29	0.42	2.36	0.68	1.36
	33.59	30.68	16.08	21.72	58.23	202.06	229.42	256.28
	20.83	22.92	25.03	33.28	38.98	54.98	106.38	102.28
	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	6.54	6.11	5.93	6.18	9.22	21.62	39.84	37.20
	0.02	0.03	0.09	0.11	0.11	0.14	—	—
	0.46	0.75	1.23	1.59	3.10	3.48	1.92	1.96
	13.81	16.03	17.78	9.21	10.92	15.89	—	21.97
	12.76	7.76	-8.95	-11.56	19.25	147.08	123.04	154.00
	0.00	0.00	0.00	0.00	0.00	0.00	—	—
	12.76	7.76	-8.95	-11.56	19.25	147.08	123.04	154.00
	1.86	1.86	0.27	—	—	—	—	—
	10.90	5.90	-9.22	-11.24	13.88	102.62	123.04	154.00
	0.31	0.17	-0.27	-0.33	0.40	2.97	—	—
Key metrics
	—	—	—	-9.86	22.46	150.70	124.96	155.96
	—	—	—	-46.00%	38.90%	75.50%	54.60%	61.20%
	35.30%	22.90%	-59.60%	-52.40%	24.00%	51.40%	53.80%	60.40%
	115.79%	66.70%	-27.80%	-62.90%	-71.10%	-12.70%	-10.30%	—
	—	164.00%	18.00%	-181.00%	-86.50%	-16.60%	-20.10%	—
	—	-12.82	-3.65	—	—	—	—	—
	—	-2.15	0.31	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	-0.30	-0.26	—	—	—	—	—
Balance sheet
	—	6,764	6,759	—	—	—	—	—
	—	0.30	0.26	—	—	—	—	—
	—	8.66	11.32	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	0.96	1.57	—	—	—	—	—
	—	0.00	0.00	—	—	—	—	—
	—	6,749	6,743	—	—	—	—	—
Cash flow
	—	-12.68	-2.84	—	—	—	—	—
	—	13.37	4.01	—	—	—	—	—
	—	-0.65	-1.09	—	—	—	—	—
	—	0.14	0.81	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -23.59%
Sales CAGR 5Y: —
Profit CAGR 3Y: -24.81%
Profit CAGR 5Y: —
Sales YoY (TTM): +115.79%
Profit YoY (TTM): +208.13%

Consolidated

Sales CAGR 3Y: +14.92%
Sales CAGR 5Y: —
Profit CAGR 3Y: -38.41%
Profit CAGR 5Y: —
Sales YoY (TTM): +17.58%
Profit YoY (TTM): +15.68%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 1.25%

Quarter	September 2026	June 2026
Promoter %	1.25%	1.25%

Holder	Type	Holding	Previous	Change
MITSUI SUMITOMO INSURANCE COMPANY LIMITED	Public	21.86%	21.86%	0.00%
HDFC MUTUAL FUND - HDFC NIFTY LARGE MIDC AP 250 INDEX FUND	Public	9.24%	9.27%	-0.03%
NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIFTY 500 EQ WEIGHT INDEX FUND	Public	4.97%	—	—
DSP NIFTY 500 INDEX FUND	Public	4.30%	3.21%	+1.09%
SMALLCAP WORLD FUND, INC	Public	3.00%	2.96%	+0.04%
KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY ALPHA LOW-VOLATILITY 30 INDEX FUND	Public	2.59%	3.19%	-0.60%
SBI LIFE INSURANCE CO. LTD	Public	2.32%	2.03%	+0.29%
INVESCO INDIA SMALL CAP FUND	Public	2.01%	—	—
PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUND	Public	1.96%	1.03%	+0.93%
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACC	Public	1.85%	—	—
ADITYA BIRLA SUN LIFE MUTUAL FUND - APEX EQUITY EX-TOP 100 LONG-SHORT FUND	Public	1.71%	—	—
GOVERNMENT PENSION FUND GLOBAL	Public	1.62%	1.55%	+0.07%
ICICI PRUDENTIAL BSE INSURANCE ETF	Public	1.27%	—	—
MAX VENTURES INVESTMENT HOLDINGS PRIVATE LIMITED	Promoter	1.16%	1.16%	0.00%
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND	Public	1.13%	1.12%	+0.01%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
LIFE INSURANCE CORPORATION OF INDIA	5,18,017	409.50	12.03	—	+10.19% TTM	+23.28% TTM	-9.64%
SBI Life Insurance Company Limited S	1,70,780	1,702.00	—	—	+15.62% TTM	+8.24% TTM	-13.71%
HDFC LIFE INSURANCE COMPANY LIMITED	1,15,538	531.80	66.13	—	+11.94% TTM	+8.20% TTM	-28.39%
ICICI Life Insurance Limited	61,641	424.75	63.29	—	+8.63% TTM	+35.63% TTM	-30.07%
Max Financial Services Limited	42,832	1,241.10	184.76	—	+17.58% TTM	+15.68% TTM	-22.07%
Canara HSBC Life Insurance Company Limited S	11,680	122.95	—	—	—	—	+3.93%

Filings & corporate actions

Recent announcements

As per the disclosure attached3 Nov 2026 · Company Update / Earnings Call Transcript
As per the disclosure attached29 Oct 2026 · Company Update / Newspaper Publication
Submission of the web link of the Audio Recording of the Earnings Conference Call28 Oct 2026 · Company Update / Analyst / Investor Meet
As per the Investor Release attached27 Oct 2026 · Company Update / Investor Presentation
As per the Press Release attached27 Oct 2026 · Company Update / Press Release / Media Release
As per the disclosure attached27 Oct 2026 · Result / Financial Results
Outcome of Board meeting - Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 202627 Oct 2026 · Board Meeting / Outcome of Board Meeting
As per the disclosure attached19 Oct 2026 · Company Update / Analyst / Investor Meet
As per the disclosure attached16 Oct 2026 · Company Update / General
As per the Certificate is attached6 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
As per the disclosure attached28 Sep 2026 · Company Update / General
As per the disclosure attached25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Max Financial Services Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 27/10/2026 ,inter alia, to consider and approve As per the disclosure attached25 Sep 2026 · Board Meeting / Board Meeting
As per the disclosure attached18 Sep 2026 · Company Update / General
As per the disclosure attached11 Sep 2026 · Company Update / General
As per the disclosure attached9 Sep 2026 · Company Update / Analyst / Investor Meet
As per the disclosure attached25 Aug 2026 · Company Update / General
As per the disclosure attached25 Aug 2026 · Company Update / Newspaper Publication
As per the disclosure attached20 Aug 2026 · Company Update / Earnings Call Transcript
Scrutinizer Report and Voting Results of the 38th Annual General Meeting of the Company held on August 19, 202620 Aug 2026 · AGM/EGM / AGM
Summary of the proceedings of the Thirty-eighth Annual General Meeting of the Company held on August 19, 202619 Aug 2026 · AGM/EGM / AGM
Newspaper publications of unaudited financial results for the quarter ended June 30, 202615 Aug 2026 · Company Update / Newspaper Publication
As per the disclosure attached13 Aug 2026 · Company Update / General
As per the disclosure attached13 Aug 2026 · Company Update / General
As per Press Release attached13 Aug 2026 · Company Update / Press Release / Media Release
As per the Investor Presentation attached13 Aug 2026 · Company Update / Investor Presentation
As per the disclosure attached13 Aug 2026 · Result / Financial Results
Approval of unaudited standalone and consolidated financial results of the Company for the quarter ended June 30, 202613 Aug 2026 · Board Meeting / Outcome of Board Meeting
As per the disclosure attached8 Aug 2026 · Company Update / General
As per the disclosure attached7 Aug 2026 · Company Update / Analyst / Investor Meet
As per the disclosure attached4 Aug 2026 · Company Update / General
As per the disclosure attached4 Aug 2026 · Company Update / Analyst / Investor Meet
As per the disclosure attached1 Aug 2026 · Company Update / General
As per the disclosure attached28 Jul 2026 · Company Update / Newspaper Publication
As per the disclosure attached27 Jul 2026 · AGM/EGM / AGM
As per the disclosure attached27 Jul 2026 · Corp. Action / Book Closure
As per the disclosure attached.27 Jul 2026 · AGM/EGM / AGM
Business Responsibility and Sustainability Report for the financial year ended March 31, 202627 Jul 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Annual Report for the FY 2025-26 along with the Notice of the 38th Annual General Meeting is enclosed27 Jul 2026 · Others / Reg. 34 (1) Annual Report
As per the disclosure attached24 Jul 2026 · Company Update / Newspaper Publication

Board meetings

27 Oct 2026 Board Meeting - Financial Results
13 Aug 2026 Board Meeting - Financial Results