Nifty
:
24986.40
Sensex
:
80999.40
-43.95 (-0.18%)
-28.62 (-0.04%)
Nifty
Sensex
:
:
24986.40
80999.40
-43.95 (-0.18%)
-28.62 (-0.04%)

Max Financial Services Ltd.

Insurance - Life

Rating :
45/99

BSE: 500271 | NSE: MFSL

NSE BSE
1282.00
08-Nov-2026
  • Open
  • High
  • Low
  • Previous Close
  •  1294.7
  •  1294.7
  •  1250
  •  1284.40
  • Volume
  • Traded Value (lacs)
  • 52 Week High
  • 52 Week Low
  •  21597
  •  27674398.1
  •  1892.5
  •  1172.6

Stock Summary

  • Market Cap(Crs)
  • Stock P:E
  • Face Value
  • 44,690.64
  • 240.67
  • 2
  • Enterprise Value(Crs)
  • Dividend Yield
  • Price:Book Value
  • 44,175.42
  • N/A
  • 7.82

Shareholding Pattern

  • Promoter
  • Corporate
  • Public
  • 1.25%
  • 0.52%
  • 4.77%
  • FII
  • DII
  • Others
  • 48.61%
  • 42.01%
  • 2.84%

Chart

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

Revenue CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • 12.09
  • 8.88
  • 0.78

EBITDA CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • -2.47
  • -0.56
  • -2.65

PAT CAGR (%)

  • 10 Years
  • 5 Years
  • 3 Years
  • -14.47
  • -20.03
  • -37.60

P:E (Median)

  • 8 Years
  • 5 Years
  • 3 Years
  • 93.91
  • 110.91
  • 159.12

P:BV (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 7.80
  • 8.49
  • 9.36

EV:EBITDA (Average)

  • 8 Years
  • 5 Years
  • 3 Years
  • 70.54
  • 93.58
  • 117.90

Earnings Forecasts:

(Updated: 07-11-2026)
Description
2026
2027
2028
2029
Adj EPS
2.45
7.27
8.69
11.23
P/E Ratio
523.27
176.34
147.53
114.16
Revenue
47674.1
60016.6
65889.9
74117
EBITDA
2.91
-85.4
493.5
1222.9
Net Income
83.99
415.75
493.47
557.58
ROA
0.04
0.19
0.27
0.33
P/B Ratio
8.34
7.64
7.06
6.50
ROE
1.59
18.72
16.77
15.72
FCFF
11228.3
-
-
-
FCFF Yield
33.78
-
-
-
Net Debt
-11852.5
-1176.45
-2219.55
-3872.1
BVPS
153.79
167.7
181.69
197.12

Quarterly Results

Consolidated Figures in Rs. Crores /

Standalone
Description
Sep 26
Sep 25
Var%
Jun 26
Jun 25
Var%
Mar 26
Mar 25
Var%
Dec 25
Dec 24
Var%
Net Sales
11,601.09
9,791.59
18.48%
14,969.51
12,821.65
16.75%
10,801.94
12,375.76
-12.72%
14,258.93
8,922.67
59.81%
Expenses
11,465.64
9,770.58
17.35%
14,802.66
12,703.06
16.53%
10,807.93
12,355.99
-12.53%
14,180.92
8,833.84
60.53%
EBITDA
135.45
21.01
544.69%
166.85
118.59
40.69%
-5.99
19.77
-
78.01
88.83
-12.18%
EBIDTM
1.17%
0.21%
1.11%
0.92%
-0.06%
0.16%
0.55%
1.00%
Other Income
4.12
7.03
-41.39%
7.10
3.25
118.46%
3.54
20.32
-82.58%
8.50
3.12
172.44%
Interest
30.29
21.12
43.42%
35.53
19.68
80.54%
35.13
15.30
129.61%
35.93
10.23
251.22%
Depreciation
0.51
0.62
-17.74%
0.50
0.68
-26.47%
0.49
0.71
-30.99%
0.52
0.78
-33.33%
PBT
108.77
6.30
1,626.51%
137.92
101.48
35.91%
-38.07
24.08
-
50.06
80.94
-38.15%
Tax
8.47
0.39
2,071.79%
19.63
14.50
35.38%
-4.87
-16.15
-
5.31
10.93
-51.42%
PAT
100.30
5.91
1,597.12%
118.29
86.98
36.00%
-33.20
40.23
-
44.75
70.01
-36.08%
PATM
0.86%
0.06%
0.79%
0.68%
-0.31%
0.33%
0.31%
0.78%
EPS
2.33
0.12
1,841.67%
2.78
2.03
36.95%
-0.77
0.91
-
1.07
1.63
-34.36%

Annual Results

Consolidated Figures in Rs. Crores /

Standalone
Description
TTM
Mar 26
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Net Sales
51,631.47
47,664.34
46,459.58
46,572.32
31,384.04
31,156.49
31,246.00
18,209.45
19,486.38
16,321.04
15,227.89
Net Sales Growth
17.58%
2.59%
-0.24%
48.39%
0.73%
-0.29%
71.59%
-6.55%
19.39%
7.18%
 
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
51,631.47
47,664.34
46,459.58
46,572.32
31,384.04
31,156.49
31,246.00
18,209.45
19,486.38
16,321.04
15,227.89
GP Margin
100.00%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Total Expenditure
51,257.15
47,078.67
45,711.91
45,902.58
30,669.69
30,554.26
30,672.46
17,599.29
18,916.75
15,734.51
14,475.68
Power & Fuel Cost
-
19.48
17.94
17.58
21.46
14.97
14.86
19.73
30.24
26.89
25.87
% Of Sales
-
0.04%
0.04%
0.04%
0.07%
0.05%
0.05%
0.11%
0.16%
0.16%
0.17%
Employee Cost
-
3,090.81
2,646.56
2,388.96
2,071.61
1,693.80
1,684.55
1,276.91
954.55
794.18
918.13
% Of Sales
-
6.48%
5.70%
5.13%
6.60%
5.44%
5.39%
7.01%
4.90%
4.87%
6.03%
Manufacturing Exp.
-
41,726.70
41,457.59
42,134.80
27,225.64
27,504.50
27,780.37
8,513.17
16,768.63
14,154.64
9,357.66
% Of Sales
-
87.54%
89.23%
90.47%
86.75%
88.28%
88.91%
46.75%
86.05%
86.73%
61.45%
General & Admin Exp.
-
1,850.81
1,419.33
1,242.34
1,184.55
1,090.64
829.69
872.27
843.19
674.02
4,172.43
% Of Sales
-
3.88%
3.05%
2.67%
3.77%
3.50%
2.66%
4.79%
4.33%
4.13%
27.40%
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.
-
410.36
188.43
136.48
187.89
265.32
377.85
6,936.94
350.38
111.67
0.00
% Of Sales
-
0.86%
0.41%
0.29%
0.60%
0.85%
1.21%
38.10%
1.80%
0.68%
0.18%
EBITDA
374.32
585.67
747.67
669.74
714.35
602.23
573.54
610.16
569.63
586.53
752.21
EBITDA Margin
0.72%
1.23%
1.61%
1.44%
2.28%
1.93%
1.84%
3.35%
2.92%
3.59%
4.94%
Other Income
23.26
39.04
42.16
52.32
47.86
33.65
222.00
32.31
26.89
17.67
20.81
Interest
136.88
170.28
102.21
93.13
57.24
67.00
40.99
38.77
39.46
11.03
8.93
Depreciation
2.02
334.65
237.52
212.83
177.77
180.22
161.66
161.22
76.21
63.15
62.53
PBT
258.68
119.79
450.11
416.11
527.21
388.66
592.89
442.49
480.84
530.02
701.56
Tax
28.54
15.33
43.36
22.56
75.31
70.25
33.14
169.63
64.37
88.18
108.29
Tax Rate
11.03%
12.80%
9.63%
5.42%
14.28%
18.07%
5.59%
38.34%
13.39%
16.64%
15.44%
PAT
230.14
82.87
330.59
341.05
378.48
253.37
425.39
144.99
262.56
286.39
395.36
PAT before Minority Interest
184.00
104.46
406.76
393.55
451.89
318.40
559.75
272.85
416.47
441.84
593.27
Minority Interest
-46.14
-21.59
-76.17
-52.50
-73.41
-65.03
-134.36
-127.86
-153.91
-155.45
-197.91
PAT Margin
0.45%
0.17%
0.71%
0.73%
1.21%
0.81%
1.36%
0.80%
1.35%
1.75%
2.60%
PAT Growth
13.30%
-74.93%
-3.07%
-9.89%
49.38%
-40.44%
193.39%
-44.78%
-8.32%
-27.56%
 
EPS
6.67
2.40
9.58
9.88
10.97
7.34
12.33
4.20
7.61
8.30
11.46

Results Balance Sheet

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 26
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Shareholder's Funds
5,281.79
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
Share Capital
68.66
68.69
68.73
68.72
69.02
69.02
53.90
53.88
53.68
53.45
Total Reserves
5,180.82
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
Non-Current Liabilities
2,458.21
1,597.53
890.75
1,246.72
777.32
319.47
419.95
565.06
235.27
38,688.11
Secured Loans
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Unsecured Loans
1,858.40
1,025.46
520.70
520.66
520.56
0.00
0.00
0.00
0.00
0.00
Long Term Provisions
173.41
75.49
58.69
444.59
12.05
13.16
11.91
232.25
44.04
264.37
Current Liabilities
1,90,028.64
1,82,175.83
1,57,508.87
1,27,038.65
1,12,485.02
94,132.24
71,277.47
63,986.27
53,004.61
5,195.89
Trade Payables
2,615.12
1,839.51
1,484.96
1,709.48
1,414.69
1,169.30
809.44
979.17
905.87
864.81
Other Current Liabilities
1,87,413.52
1,80,336.32
1,56,023.91
1,25,291.45
1,11,033.30
92,920.58
70,280.51
62,954.89
52,097.78
4,164.78
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
0.00
37.72
37.03
42.36
187.52
52.21
0.96
166.30
Total Liabilities
1,98,906.84
1,90,176.60
1,62,769.16
1,32,253.87
1,17,747.25
98,056.75
74,516.27
67,384.42
55,841.67
46,967.62
Net Block
1,459.98
1,363.51
1,163.92
1,108.24
964.93
988.89
1,046.14
722.30
694.61
690.78
Gross Block
2,897.31
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
Accumulated Depreciation
1,437.33
1,169.38
947.17
752.55
594.84
438.29
288.49
135.09
62.74
518.34
Non Current Assets
3,559.33
3,277.25
3,170.90
1,21,275.08
1,06,426.31
90,236.96
68,798.36
62,049.18
50,964.96
40,599.20
Capital Work in Progress
18.96
23.26
58.66
39.44
31.32
22.57
11.98
25.52
20.26
3.28
Non Current Investment
0.00
0.00
0.00
1,17,924.58
1,03,773.23
88,420.44
65,193.21
59,751.96
49,591.95
39,424.61
Long Term Loans & Adv.
1,339.07
1,131.87
1,029.74
1,316.27
805.17
663.64
574.09
768.68
456.12
439.98
Other Non Current Assets
8.26
10.94
156.30
109.63
60.14
53.02
1,463.47
567.62
178.91
40.54
Current Assets
1,95,347.51
1,86,848.54
1,59,544.10
10,978.79
11,320.94
7,819.78
5,717.92
5,335.26
4,876.71
6,368.43
Current Investments
1,86,014.02
1,79,840.60
1,52,958.58
5,430.88
6,020.93
4,063.05
3,372.39
3,492.80
3,068.94
4,682.96
Inventories
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Sundry Debtors
1,238.73
1,083.08
915.21
681.24
677.16
610.57
823.27
634.36
591.25
530.84
Cash & Bank
2,412.89
1,514.51
1,748.93
1,287.77
799.73
721.58
770.22
693.83
833.67
356.23
Other Current Assets
5,681.87
4,076.99
3,801.76
3,459.04
3,823.13
2,424.59
752.05
514.26
382.86
798.39
Short Term Loans & Adv.
269.75
333.36
119.61
119.86
2.75
1.56
2.46
15.31
43.87
144.35
Net Current Assets
5,318.87
4,672.71
2,035.23
-1,16,059.86
-1,01,164.08
-86,312.46
-65,559.55
-58,651.02
-48,127.90
1,172.54
Total Assets
1,98,906.84
1,90,125.79
1,62,715.00
1,32,253.87
1,17,747.25
98,056.74
74,516.28
67,384.44
55,841.67
46,967.63

Cash Flow

Consolidated Figures in Rs. Crores /

Standalone
Description
Mar 26
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Cash From Operating Activity
11,472.70
8,351.60
6,104.36
9,922.29
8,495.86
6,892.24
5,451.66
5,558.92
4,853.13
4,266.26
PBT
119.79
450.11
416.11
527.21
388.66
592.89
442.49
480.84
530.02
701.56
Adjustment
11,259.93
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
Changes in Working Capital
137.77
451.04
-378.79
838.73
14.32
943.41
-664.73
92.92
6.96
90.61
Cash after chg. in Working capital
11,517.49
8,363.50
6,124.98
10,017.40
8,566.02
7,029.87
5,515.57
5,630.23
4,942.05
4,373.31
Interest Paid
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Tax Paid
-41.71
-6.22
-12.76
-95.12
-70.17
-137.62
-63.90
-71.31
-88.92
-107.05
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
-3.09
-5.68
-7.85
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Cash From Investing Activity
-11,124.61
-9,703.11
-5,001.31
-11,555.05
-8,835.38
-6,851.53
-4,990.71
-5,522.09
-4,270.91
-4,030.48
Net Fixed Assets
2.61
-0.05
2.92
2.81
22.67
2.48
-4.56
-0.67
-14.77
1.23
Net Investments
-6.03
9.48
-3.39
28.03
-106.80
-4,147.97
-337.08
-167.00
-142.48
-117.05
Others
-11,121.19
-9,712.54
-5,000.84
-11,585.89
-8,751.25
-2,706.04
-4,649.07
-5,354.42
-4,113.66
-3,914.66
Cash from Financing Activity
566.68
1,961.41
-116.98
-232.76
387.97
-92.15
-382.57
-173.64
-116.31
-215.35
Net Cash Inflow / Outflow
914.77
609.90
986.06
-1,865.53
48.45
-51.43
78.38
-136.81
465.90
20.43
Opening Cash & Equivalents
4,181.80
3,571.90
9,836.00
11,701.53
715.57
767.01
688.64
825.45
359.55
333.31
Closing Cash & Equivalent
5,096.57
4,181.80
10,822.07
9,836.00
764.03
715.57
767.02
688.64
825.45
353.73

Financial Ratios

Consolidated /

Standalone
Description
Mar 26
Mar 25
Mar 24
Mar 23
Mar 22
Mar 21
Mar 20
Mar 19
Mar 18
Mar 17
Book Value (Rs.)
152.91
153.11
112.32
102.28
114.01
96.85
79.49
76.34
67.14
87.05
ROA
0.05%
0.23%
0.27%
0.36%
0.30%
0.65%
0.38%
0.68%
0.86%
1.39%
ROE
1.99%
8.92%
10.67%
12.13%
8.75%
20.41%
13.00%
21.59%
21.40%
27.70%
ROCE
4.32%
10.34%
12.09%
13.76%
11.69%
23.09%
22.89%
26.83%
26.05%
33.04%
Fixed Asset Turnover
17.56
20.01
23.45
18.35
20.86
22.66
19.36
24.17
16.60
15.04
Receivable days
8.89
7.85
6.26
7.90
7.54
8.36
12.54
11.46
12.55
12.58
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
0.00
35.31
42.94
46.85
26.47
Cash Conversion Cycle
8.89
7.85
6.26
7.90
7.54
8.36
-22.77
-31.47
-34.31
-13.89
Total Debt/Equity
0.35
0.20
0.13
0.15
0.13
0.00
0.00
0.00
0.00
0.00
Interest Cover
1.70
5.40
5.47
10.21
6.80
15.46
12.41
13.18
49.06
79.54

Annual Reports:

FY 2026
FY 2025
FY 2024
FY 2023
FY 2022
FY 2021
FY 2020
FY 2019
FY 2018
FY 2017

News Update:


  • Max Financial Serv. - Quarterly Results
    28th Oct 2026, 00:00 AM

    Read More

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