Max Financial Services Limited
₹1,203.00-₹19.00 (-1.6%)
Last close · Data as of Oct 30, 2026
- Market cap
- ₹56,813 Cr
- EV / EBITDA
- -5680.1x
- Revenue
- ₹16.0 Cr
- Net margin
- -52.4%
- ROCE
- -0.1%
Price chart
Technical chartScreen technicals →-22.7% over the last year
Daily closes.
Go deeper
Technical chart: candles, 9 moving averages, RSI, MACD and drawing tools
Performance
Price change over each period, before dividends.
- 1M
- -12.7%
- 3M
- -20.4%
- 6M
- -24.2%
- 1Y
- -22.7%
- 5Y
- +22.9%
52-week range
Day change -₹19.00 (-1.6%) from ₹1,222 to ₹1,203 · Last close Oct 30, 2026
Best weekday to invest, historically
The same weekly amount in MFSL, bought on each weekday since 2021.
AI Summary
Indian StockStrengths1
- Strong operating cash conversion — CFO/PAT ratio of 0.91
Concerns1
- Operating margin declining for 3 consecutive years (38.0% → -47.0% → -49.0%)
Rule-based from financial data. Not advice.
About the company
Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments.
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Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments. It offers participating and nonparticipating and linked products covering life insurance, pension and health benefits, including riders for individual and group through individual agents, corporate agents, banks, brokers, and other channels. The company is also involved treasury investment activities; and provision of management advisory services. Max Financial Services Limited was incorporated in 1988 and is based in Noida, India.
- Sector
- Financial Services
- Shares outstanding
- 34.5 Cr shares
- ISIN
- INE180A01020
- BSE code
- 500271
Key statistics
Screen fundamentals →Valuation, profitability, growth and solvency at the latest close; hover a label for its meaning.
Valuation
- Market cap
- ₹56,813 Cr
- P/B
- 8.4x
- EV / EBITDA
- -5680.1x
- EV / Sales
- 2704.8x
- P/S
- 2705.4x
- 52-week high
- ₹1,869.70
- 52-week low
- ₹1,203.00
Profitability
- Operating margin
- -47.6%
- Net margin
- -52.4%
- EBITDA margin
- -47.6%
- ROE
- -0.1%
- ROCE
- -0.1%
- ROA
- -0.2%
- Dividend payout
- 0.0%
- Tax rate
- -3.0%
- Other income, % of PBT
- 0.0%
Growth
- RevenueLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹16.0 Cr
- Revenue growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -23.8%
- Revenue CAGR, 5YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -46.8%
- EBITDALatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹10.0 Cr
- EBITDA growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -145.5%
- Net profit growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -18.2%
- Cash from operationsLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -₹10.0 Cr
- CFO growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -70.6%
- Free cash flowLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- ₹0 Cr
- Asset growth, 1YLatest stored company figure. It is not dated and can be a year behind the FY2025 statements; the Growth card lists each year.
- -0.1%
Solvency and efficiency
- Current ratio
- 422.94
- Debt / Assets
- 0.00
- Debt / EBITDA
- -0.20
- Financial leverage
- 1.00
- CFO / Net profit
- 0.91
- Cash / Market cap
- 0.1%
- Cash per share
- ₹1.97
- Asset turnover
- 0.00
- Fixed asset turnover
- 7.00
- Capital intensity
- 0.14
- Debtor days
- 209 days
- Cash conversion cycle
- 209 days
Where the revenue went
FY2025 ended in a loss, so the lines are listed rather than drawn as a flow.
| Line | FY2025 |
|---|---|
| Sales | ₹16 Cr |
| Expenses | ₹24 Cr |
| Operating profit | -₹8 Cr |
| Other income | ₹0 Cr |
| Interest | ₹0 Cr |
| Depreciation | ₹1 Cr |
| Profit before tax | -₹9 Cr |
| Tax and other | ₹0 Cr |
| Net profit | -₹9 Cr |
Revenue and net profit
Revenue fell 23.8% in FY2025; net profit is the dashed line.
| Date | Revenue | Net profit |
|---|---|---|
| FY2021 | ₹307 Cr | ₹99 Cr |
| FY2022 | ₹200 Cr | ₹103 Cr |
| FY2023 | ₹58 Cr | ₹14 Cr |
| FY2024 | ₹21 Cr | -₹11 Cr |
| FY2025 | ₹16 Cr | -₹9 Cr |
Cash flows
FY2025: -₹7.00 Cr from operations, ₹1.00 Cr free after investment (dashed).
| Date | Operating cash flow | Free cash flow |
|---|---|---|
| FY2021 | -₹1 Cr | ₹1 Cr |
| FY2022 | ₹86 Cr | ₹1 Cr |
| FY2023 | -₹34 Cr | ₹2 Cr |
| FY2024 | -₹10 Cr | ₹1 Cr |
| FY2025 | -₹7 Cr | ₹1 Cr |
Growth
Latest fiscal year FY2025 (ending March): each figure with its change over the year before.
- Revenue
- ₹16 Cr-23.8%1Y
- Net profit
- -₹9 Cr
- Cash from operations
- -₹7 Cr
- Free cash flow
- ₹1 Cr0.0%1Y
- Revenue CAGR, 5Y
- -46.8%
| Year | Revenue | Operating income | EBITDA | Net profit | CFO | FCF | ROE | Revenue growth 1Y | Net profit growth 1Y |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | ₹16 Cr | -₹8 Cr | — | -₹9 Cr | -₹7 Cr | ₹1 Cr | -0.1% | -23.8% | -18.2% |
Monthly returns
Month-by-month returns of MFSL across the years, with the seasonal pattern.
Balance sheet
What the company owns and owes at the end of FY2025.
| Line | FY2025 |
|---|---|
| Liabilities and equity | ₹6,759 Cr |
| Equity capital | ₹69 Cr |
| Reserves | ₹6,674 Cr |
| Borrowings | ₹1 Cr |
| Other liabilities | ₹16 Cr |
| Assets | ₹6,759 Cr |
| Fixed assets | ₹2 Cr |
| Capital work in progress | ₹0 Cr |
| Investments | ₹6,689 Cr |
| Other assets | ₹68 Cr |
Market cap against peers
8 peers: same sector group, nearest by size.
P/E against peers
MFSL has no positive P/E; the peer median is 26.9x.
Not shown (no positive earnings and no EV / Sales): Max Financial Services Limited.
Peer comparison
Same-sector peers by market cap, with the median.
| Company | Market cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|
| Max Financial Services LimitedMFSLthis company | ₹56,813 Cr | — | 8.4x | -0.1% | -5680.1x |
| General Insurance Corporation of IndiaGICRE | ₹64,377 Cr | 7.6x | 1.0x | 11.6% | 7.0x |
| HDB FINANCIAL SERVICES LIMITEDHDBFS | ₹63,772 Cr | 29.6x | 3.3x | 13.8% | 14.4x |
| Federal Bank Ltd.FEDERALBNK | ₹61,370 Cr | 16.1x | 1.7x | 12.1% | — |
| Multi Commodity Exchange of India LtdMCX | ₹58,489 Cr | 109.0x | 28.0x | 21.5% | 556.5x |
| NIPPON LIFE INDIA ASSET MANAGEMENT LIMITEDNAM-INDIA | ₹56,918 Cr | 43.3x | 13.6x | 31.2% | 42.8x |
| Authum Investment & Infrastructure LimitedAIIL | ₹56,712 Cr | 14.1x | 3.5x | 29.1% | 19.1x |
| Mahindra & Mahindra Financial Services LimitedM&MFIN | ₹50,385 Cr | 19.7x | 2.2x | — | — |
| Motilal Oswal Financial Services LimitedMOTILALOFS | ₹50,300 Cr | 49.9x | 6.2x | 19.5% | 23.2x |
| Peer median | — | 26.9x | 2.8x | 12.3% | 33.9x |
Year-to-date ROI
MFSL since 1 January, against earlier years.
Historical volatility
MFSL's day-to-day swings over 30, 60 and 180 days.
Financial statements
Income statement, balance sheet and cash flow as reported, in ₹ crore, grouped into plain-language lines.
Figures in ₹ crore as reported, fiscal years ending March, newest first; the trailing twelve months (TTM) last.
Operating margin by fiscal year
| Date | Operating margin |
|---|---|
| FY2021 | 43.0% |
| FY2022 | 74.0% |
| FY2023 | 38.0% |
| FY2024 | -47.0% |
| FY2025 | -49.0% |
| Line | FY2025 |
|---|---|
| RevenueSales | ₹16 Cr |
| Costs | |
| Interest | ₹0 Cr |
| Expenses | ₹24 Cr |
| Operating profitOperating Profit | -₹8 Cr |
| Other income and charges | |
| Profit before tax | -₹9 Cr |
| Tax | |
| Net profitNet Profit | -₹9 Cr |
| Per share |
| Line | FY2025 |
|---|---|
| Liabilities and equityTotal Liabilities | ₹6,759 Cr |
| Equity capitalEquity Capital | ₹69 Cr |
| Reserves | ₹6,674 Cr |
| Borrowings | ₹1 Cr |
| Other liabilitiesOther Liabilities | ₹16 Cr |
| AssetsTotal Assets | ₹6,759 Cr |
| Fixed assetsFixed Assets | ₹2 Cr |
| Capital work in progressCWIP | ₹0 Cr |
| Investments | ₹6,689 Cr |
| Other assetsOther Assets | ₹68 Cr |
| Line | FY2025 |
|---|---|
| Operating cash flowCash from Operating Activity | -₹7 Cr |
| Investing cash flowCash from Investing Activity | ₹8 Cr |
| Financing cash flowCash from Financing Activity | -₹1 Cr |
| Change in cashNet Cash Flow | ₹0 Cr |
Learn while you research
Academy chapters picked for Max Financial Services Limited and the metrics on this page.
- 01 Taxes on Investments (India)LTCG, STCG, dividend tax, what every Indian investor needs.6 min read
- 02 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read
- 03 Sector AnalysisBanks & financials are uniquely sensitive to rates and credit cycles.6 min read
- 04 Essential Stock RatiosP/E, P/B, EV/EBITDA, what they mean and when to use each.7 min read
- 05 How to Read a Cash-Flow StatementProfit can be manipulated; cash flow rarely lies.7 min read