Nifty
:
25330.25
Sensex
:
82693.71
91.15 (0.36%)
313.02 (0.38%)
Nifty
Sensex
:
:
25330.25
82693.71
91.15 (0.36%)
313.02 (0.38%)

Max Financial Services Ltd.

Insurance - Life

Rating :
62/99

BSE: 500271 | NSE: MFSL

NSE BSE
1538.00
17-Sep-2025
  • Open
  • High
  • Low
  • Previous Close
  •  1570
  •  1572.2
  •  1535.1
  •  1564.10
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  632461
  •  978266801.8
  •  1674.8
  •  950

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 53,075.20
  • 196.90
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 52,586.15
  • N/A
  • 9.93

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 1.74%
  • 0.48%
  • 4.58%
  • FII
  • DII
  • Others
  • 44.71%
  • 45.49%
  • 3.00%

Chart

Price | P:E | P:BV | EV:EBITDA | MCap:Sales | EPS

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 14.79
  • 8.23
  • 13.97

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 3.75
  • 2.64
  • 0.92

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 2.72
  • -4.92
  • -4.41

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 77.19
  • 96.63
  • 89.65

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 7.13
  • 8.09
  • 8.07

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 46.87
  • 62.45
  • 65.68

Earnings Forecasts:

(Updated: 16-09-2025)
Description
2024
2025
2026
2027
Adj EPS
9.53
12.4
15.07
19.74
P/E Ratio
161.39
124.03
102.06
77.91
Revenue
46468.9
51932
55829.7
69415
EBITDA
-9.47
3364.7
3930.1
4404.1
Net Income
327.23
602.89
707.11
846.68
ROA
0.19
0.38
3.01
0.41
P/B Ratio
10.02
10.83
9.80
8.68
ROE
7.16
17.83
15.79
16.39
FCFF
8133.72
FCFF Yield
17.52
Net Debt
-10257.9
-1109.3
-696.6
BVPS
153.5
142
156.99
177.18

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Jun 25
Jun 24
Var%
Mar 25
Mar 24
Var%
Dec 24
Dec 23
Var%
Sep 24
Sep 23
Var%
Net Sales
12,821.65
11,798.61
8.67%
12,375.76
14,887.50
-16.87%
8,923.21
12,355.67
-27.78%
13,372.39
10,164.62
31.56%
Expenses
12,703.06
11,608.35
9.43%
12,355.99
14,944.62
-17.32%
8,835.57
12,146.31
-27.26%
13,200.75
10,020.76
31.73%
EBITDA
118.59
190.26
-37.67%
19.77
-57.12
-
87.64
209.36
-58.14%
171.64
143.86
19.31%
EBIDTM
0.92%
1.61%
0.16%
-0.38%
0.98%
1.69%
1.28%
1.42%
Other Income
3.25
2.17
49.77%
20.32
9.68
109.92%
4.14
3.52
17.61%
3.73
24.52
-84.79%
Interest
19.68
9.28
112.07%
15.30
10.81
41.54%
10.23
14.15
-27.70%
12.55
9.36
34.08%
Depreciation
0.68
0.69
-1.45%
0.71
0.68
4.41%
0.81
0.76
6.58%
0.72
0.78
-7.69%
PBT
101.48
182.46
-44.38%
24.08
-58.93
-
80.74
197.97
-59.22%
162.10
158.24
2.44%
Tax
14.50
25.81
-43.82%
-16.15
-8.97
-
10.93
26.76
-59.16%
22.76
-12.08
-
PAT
86.98
156.65
-44.47%
40.23
-49.96
-
69.81
171.21
-59.23%
139.34
170.32
-18.19%
PATM
0.68%
1.33%
0.33%
-0.34%
0.78%
1.39%
1.04%
1.68%
EPS
2.03
3.71
-45.28%
0.91
-1.28
-
1.63
4.32
-62.27%
3.28
4.30
-23.72%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Net Sales
47,493.01
46,459.58
46,572.32
31,384.04
31,156.49
31,286.52
21,214.17
19,511.71
16,321.04
15,227.89
11,696.14
Net Sales Growth
-3.48%
-0.24%
48.39%
0.73%
-0.42%
47.48%
8.73%
19.55%
7.18%
30.20%
 
Cost Of Goods Sold
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Gross Profit
47,493.01
46,459.58
46,572.32
31,384.04
31,156.49
31,286.52
21,214.17
19,511.71
16,321.04
15,227.89
11,696.14
GP Margin
100.00%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Total Expenditure
47,095.37
45,711.91
45,902.58
30,669.69
30,554.26
30,630.24
20,604.01
18,942.08
15,734.51
14,475.68
11,178.72
Power & Fuel Cost
-
17.94
17.58
21.46
14.97
14.86
19.73
30.24
26.89
25.87
22.12
% Of Sales
-
0.04%
0.04%
0.07%
0.05%
0.05%
0.09%
0.15%
0.16%
0.17%
0.19%
Employee Cost
-
2,646.56
2,388.96
2,071.61
1,693.80
1,684.55
1,276.91
954.55
794.18
918.13
650.34
% Of Sales
-
5.70%
5.13%
6.60%
5.44%
5.38%
6.02%
4.89%
4.87%
6.03%
5.56%
Manufacturing Exp.
-
41,457.59
42,134.80
27,225.64
27,504.50
8,575.05
7,650.61
6,801.75
5,888.48
9,363.74
6,002.69
% Of Sales
-
89.23%
90.47%
86.75%
88.28%
27.41%
36.06%
34.86%
36.08%
61.49%
51.32%
General & Admin Exp.
-
1,419.33
1,242.34
1,184.55
1,090.64
825.69
871.27
841.88
674.02
4,166.35
3,482.49
% Of Sales
-
3.05%
2.67%
3.77%
3.50%
2.64%
4.11%
4.31%
4.13%
27.36%
29.77%
Selling & Distn. Exp.
-
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
% Of Sales
-
0%
0%
0%
0%
0%
0%
0%
0%
0%
0%
Miscellaneous Exp.
-
188.43
136.48
187.89
265.32
19,544.96
10,805.22
10,343.91
8,377.83
27.46
0.00
% Of Sales
-
0.41%
0.29%
0.60%
0.85%
62.47%
50.93%
53.01%
51.33%
0.18%
8.92%
EBITDA
397.64
747.67
669.74
714.35
602.23
656.28
610.16
569.63
586.53
752.21
517.42
EBITDA Margin
0.84%
1.61%
1.44%
2.28%
1.93%
2.10%
2.88%
2.92%
3.59%
4.94%
4.42%
Other Income
31.44
42.16
52.32
47.86
33.65
139.27
32.31
26.89
17.67
20.81
15.73
Interest
57.76
102.21
93.13
57.24
67.00
40.99
38.77
39.46
11.03
8.93
7.66
Depreciation
2.92
237.52
212.83
177.77
180.22
161.66
161.22
76.21
63.15
62.53
60.47
PBT
368.40
450.11
416.11
527.21
388.66
592.89
442.49
480.84
530.02
701.56
465.02
Tax
32.04
43.36
22.56
75.31
70.25
33.14
169.63
64.37
88.18
108.29
71.83
Tax Rate
8.70%
9.63%
5.42%
14.28%
18.07%
5.59%
38.34%
13.39%
16.64%
15.44%
15.45%
PAT
336.36
330.59
341.05
378.48
253.37
425.39
144.99
262.56
286.39
395.36
252.74
PAT before Minority Interest
272.03
406.76
393.55
451.89
318.40
559.75
272.85
416.47
441.84
593.27
393.19
Minority Interest
-64.33
-76.17
-52.50
-73.41
-65.03
-134.36
-127.86
-153.91
-155.45
-197.91
-140.45
PAT Margin
0.71%
0.71%
0.73%
1.21%
0.81%
1.36%
0.68%
1.35%
1.75%
2.60%
2.16%
PAT Growth
-24.96%
-3.07%
-9.89%
49.38%
-40.44%
193.39%
-44.78%
-8.32%
-27.56%
56.43%
 
EPS
9.75
9.58
9.88
10.97
7.34
12.33
4.20
7.61
8.30
11.46
7.32

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Shareholder's Funds
5,274.52
3,865.93
3,518.24
3,934.61
3,342.96
2,146.52
2,059.03
1,819.27
2,334.65
1,965.72
Share Capital
68.69
68.73
68.72
69.02
69.02
53.90
53.88
53.68
53.45
53.40
Total Reserves
5,189.92
3,790.74
3,445.88
3,865.59
3,273.13
2,088.38
2,002.64
1,748.37
2,273.16
1,903.05
Non-Current Liabilities
1,595.56
890.75
1,246.72
777.32
758.61
495.71
778.95
343.65
38,688.11
31,289.09
Secured Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Unsecured Loans
1,025.46
520.70
520.66
520.56
0.00
0.00
0.00
0.00
0.00
0.00
Long Term Provisions
73.52
58.69
444.59
12.05
41.27
63.74
280.51
39.18
264.37
284.86
Current Liabilities
1,81,996.84
1,57,508.87
1,27,038.65
1,12,485.02
93,693.10
71,201.72
63,772.39
52,896.24
5,195.89
4,418.06
Trade Payables
1,839.51
1,484.96
1,709.48
1,414.69
1,169.30
809.44
979.17
905.87
864.81
666.05
Other Current Liabilities
1,80,157.33
1,56,023.91
1,25,291.45
1,11,033.30
92,509.55
70,256.58
62,789.26
51,984.54
4,164.78
3,658.60
Short Term Borrowings
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Short Term Provisions
0.00
0.00
37.72
37.03
14.25
135.70
3.96
5.82
166.30
93.40
Total Liabilities
1,89,995.64
1,62,769.16
1,32,253.87
1,17,747.25
98,056.75
74,516.28
67,384.43
55,841.68
46,967.62
38,375.44
Net Block
1,363.51
1,163.92
1,108.24
964.93
988.89
1,046.14
722.30
694.61
690.78
348.62
Gross Block
2,532.89
2,111.09
1,860.79
1,559.77
1,427.19
1,334.63
857.39
757.35
1,209.11
815.60
Accumulated Depreciation
1,169.38
947.17
752.55
594.84
438.29
288.49
135.09
62.74
518.34
466.98
Non Current Assets
3,392.32
3,170.90
3,350.50
2,653.09
2,534.32
3,606.10
2,298.08
1,374.07
40,599.20
34,449.44
Capital Work in Progress
23.26
58.66
39.44
31.32
22.57
11.98
25.52
20.26
3.28
37.08
Non Current Investment
0.00
0.00
0.00
0.00
806.14
509.46
213.03
22.29
39,424.61
33,694.53
Long Term Loans & Adv.
1,129.90
1,029.74
1,316.27
805.17
663.69
575.04
769.62
458.00
439.98
340.92
Other Non Current Assets
127.97
156.30
109.63
60.14
53.02
1,463.47
567.62
178.91
40.54
28.29
Current Assets
1,86,552.52
1,59,544.10
1,28,903.37
1,15,094.17
95,522.43
70,910.18
65,086.35
54,467.60
6,368.43
3,925.99
Current Investments
1,79,840.60
1,52,958.58
1,23,355.46
1,09,794.16
91,765.75
68,565.60
63,244.76
52,660.89
4,682.96
2,406.98
Inventories
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Sundry Debtors
1,083.08
915.21
681.24
677.16
610.57
823.27
634.36
591.25
530.84
519.04
Cash & Bank
1,514.51
1,748.93
1,287.77
799.73
721.58
770.22
693.83
833.67
356.23
335.63
Other Current Assets
4,114.33
3,801.76
3,459.04
3,820.38
2,424.54
751.09
513.39
381.80
798.39
664.34
Short Term Loans & Adv.
124.37
119.61
119.86
2.75
1.51
1.50
14.44
42.81
144.35
203.54
Net Current Assets
4,555.68
2,035.23
1,864.72
2,609.15
1,829.33
-291.54
1,313.96
1,571.36
1,172.54
-492.07
Total Assets
1,89,944.84
1,62,715.00
1,32,253.87
1,17,747.26
98,056.75
74,516.28
67,384.43
55,841.67
46,967.63
38,375.43

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Cash From Operating Activity
8,351.80
6,104.36
9,922.29
8,495.86
6,892.24
5,451.66
5,558.92
4,853.13
4,266.26
3,802.07
PBT
450.11
416.11
527.21
388.66
592.89
442.49
480.84
530.02
701.56
465.02
Adjustment
7,462.34
6,087.66
8,651.47
8,163.05
5,493.56
5,737.81
5,056.47
4,405.07
3,581.14
3,388.83
Changes in Working Capital
451.24
-378.79
838.73
14.32
943.41
-664.73
92.92
6.96
90.61
22.98
Cash after chg. in Working capital
8,363.69
6,124.98
10,017.40
8,566.02
7,029.87
5,515.57
5,630.23
4,942.05
4,373.31
3,876.83
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-6.22
-12.76
-95.12
-70.17
-137.62
-63.90
-71.31
-88.92
-107.05
-74.76
Other Direct Exp. Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Extra & Other Items
-5.68
-7.85
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-9,703.31
-5,001.31
-11,555.05
-8,835.38
-6,851.53
-4,990.71
-5,522.09
-4,270.91
-4,030.48
-3,503.04
Net Fixed Assets
-0.05
2.92
2.81
22.67
2.48
-4.56
-0.67
-14.77
1.23
9.50
Net Investments
9.48
-3.39
28.03
-106.80
-4,147.97
-337.08
-167.00
-142.48
-117.05
1,613.74
Others
-9,712.74
-5,000.84
-11,585.89
-8,751.25
-2,706.04
-4,649.07
-5,354.42
-4,113.66
-3,914.66
-5,126.28
Cash from Financing Activity
1,961.41
-116.98
-232.76
387.97
-92.15
-382.57
-173.64
-116.31
-215.35
-186.92
Net Cash Inflow / Outflow
609.90
986.06
-1,865.53
48.45
-51.43
78.38
-136.81
465.90
20.43
112.11
Opening Cash & Equivalents
3,571.90
9,836.00
11,701.53
715.57
767.01
688.64
825.45
359.55
333.31
259.59
Closing Cash & Equivalent
4,181.80
10,822.07
9,836.00
764.03
715.57
767.02
688.64
825.45
353.73
333.31

Financial Ratios

Consolidated /

Standalone
Description
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Mar 16
Book Value (Rs.)
153.11
112.32
102.28
114.01
96.85
79.49
76.34
67.14
87.05
73.28
ROA
0.23%
0.27%
0.36%
0.30%
0.65%
0.38%
0.68%
0.86%
1.39%
1.06%
ROE
8.92%
10.67%
12.13%
8.75%
20.41%
13.00%
21.59%
21.40%
27.70%
15.00%
ROCE
10.34%
12.09%
13.76%
11.69%
23.09%
22.89%
26.83%
26.05%
33.04%
16.27%
Fixed Asset Turnover
20.01
23.45
18.35
20.86
22.66
19.36
24.17
16.60
15.04
8.31
Receivable days
7.85
6.26
7.90
7.54
8.36
12.54
11.46
12.55
12.58
18.92
Inventory Days
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Payable days
0.00
0.00
0.00
0.00
0.00
35.31
42.94
46.85
26.47
41.97
Cash Conversion Cycle
7.85
6.26
7.90
7.54
8.36
-22.77
-31.47
-34.31
-13.89
-23.06
Total Debt/Equity
0.20
0.13
0.15
0.13
0.00
0.00
0.00
0.00
0.00
0.00
Interest Cover
5.40
5.47
10.21
6.80
15.46
12.41
13.18
49.06
79.54
61.73

Annual Reports:

FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017
FY 2016

News Update:


  • Max Financial Services’ JV partners with India Post Payments Bank
    11th Sep 2025, 12:21 PM

    This partnership aimed at delivering affordable life insurance solutions beyond Tier 1 into emerging regional markets across rural India

    Read More
  • Max Financial - Quarterly Results
    7th Aug 2025, 19:15 PM

    Read More

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