Not investment advice. Data and computed figures, for information only.

Max Financial Services Ltd

NSE: MFSLF&O

₹1,277.00

−₹7.00 (−0.55%)

NSE · 15 Oct 2026, close

NSE

Market Cap

₹45,200 Cr

CMP

₹1,277.00

52-wk High / Low

₹1,893 / 1,272

P/E

417.0

P/B

8.6

Book Value

₹153.0

Div Yield

0.00%

ROCE

3.0%

ROE

1.5%

Face Value

₹2

D/E

0.35

Piotroski F-Score

/ 9

4 of 9 F-score tests passed

Graham Number

₹91

√(22.5 × EPS × book value per share)

ROIC

2.6%

vs 10.0% sector median

Cash flow to profit

108.24

CFO / PAT

Above 1.0 = operating cash flow exceeded reported profit

Margin change

+19

bps OPM YoY

Operating margin vs the same quarter last year

Sustainable growth

1.5%

ROE × earnings retention ratio

ROE stability

3.6

pp σ

Standard deviation of ROE across periods. Lower = more stable

Holder deltas

QoQ

Prom +0.00FII +0.18DII −0.40

Latest quarter vs the previous one

Cash-accrual divergence

−5.8%

of assets

Low = accruals track cash flow

Strengths

+FII holding rose by 0.4pp over the last year

Watch-outs

−Latest ROCE of 3% trails the sector median of 9.4%

−Price trades below its 200-day moving average (0.8x)

−Price is 32.5% below its 52-week high

−Promoter holding fell by 8.9pp over the last year

	Name	P/E	Mar Cap ₹ Cr	ROCE %	ROE %

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	9,168	10,165	12,356	14,888	11,799	13,372	8,923	12,376	12,822	9,792	14,259	10,802	14,970
Expenses	9,043	10,021	12,146	14,945	11,608	13,199	8,834	12,356	12,703	9,771	14,181	10,808	14,803
Operating Profit	125	144	209	−57	190	173	89	20	119	21	78	−6	167
OPM %	1.4%	1.4%	1.7%	−0.4%	1.6%	1.3%	1.0%	0.2%	0.9%	0.2%	0.5%	−0.1%	1.1%
Other Income	3	25	4	10	1	2	3	18	3	7	9	5	7
Interest	9	9	14	11	9	13	10	15	20	21	36	35	36
Depreciation	1	1	1	1	1	1	1	1	1	1	1	0	0
Profit before tax	118	158	198	−59	182	162	81	22	101	6	50	−36	138
Net Profit	101	170	171	−50	156	139	70	38	86	6	45	−32	118
EPS (₹)	2.54	4.29	4.30	−1.28	3.69	3.26	1.62	0.91	2.02	0.12	1.06	−0.76	2.77

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	14,907	11,710	15,247	16,338	19,510	18,240	31,275	31,182	31,415	46,576	46,469	47,674	49,822
Expenses	14,188	11,179	14,476	15,807	19,003	17,788	30,689	30,769	30,862	46,150	45,994	47,462	49,562
Operating Profit	718	531	771	531	507	452	585	413	554	426	476	212	260
OPM %	4.8%	4.5%	5.1%	3.3%	2.6%	2.5%	1.9%	1.3%	1.8%	0.9%	1.0%	0.4%	0.5%
Other Income	30	2	2	1	3	2	13	6	16	36	21	23	28
Interest	82	8	9	0	27	0	0	25	37	44	47	112	128
Depreciation	154	60	63	2	2	11	5	5	5	3	3	2	2
Profit before tax	512	465	702	530	481	442	593	389	527	415	447	121	158
Net Profit	365	393	593	442	416	273	560	318	452	393	403	106	137
EPS (₹)	10.49	9.47	14.79	10.67	9.75	5.38	12.33	7.34	10.97	9.85	9.48	2.43	3.19

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Jun 2026
Equity Capital	53	53	53	54	54	54	69	69	69	69	69	69	—
Reserves	3,249	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,797	5,206	5,213	—
Borrowings	543	0	0	0	0	3	3	522	523	523	1,026	1,859	—
Other Liabilities	31,658	36,181	44,405	54,022	65,097	72,377	94,710	1,13,291	1,27,783	1,58,383	1,83,879	1,91,795	—
Total Liabilities	35,503	38,147	46,739	55,842	67,156	74,526	98,057	1,17,747	1,31,824	1,62,771	1,90,180	1,98,936	—
Fixed Assets	1,200	349	740	556	556	641	639	616	614	612	610	607	—
CWIP	39	37	3	0	0	0	0	0	0	0	0	0	—
Investments	32,015	36,102	44,059	52,683	63,245	68,566	91,766	1,09,794	1,23,355	1,52,959	1,79,841	1,86,014	—
Other Assets	2,249	1,660	1,938	2,602	3,356	5,320	5,652	7,337	7,854	9,201	9,729	12,314	—
Total Assets	35,503	38,147	46,739	55,842	67,156	74,526	98,057	1,17,747	1,31,824	1,62,771	1,90,180	1,98,936	—

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	2,160	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,104	8,352	11,473
Cash from Investing Activity	−1,908	−2,311	−3,541	−6,290	−6,951	−8,789	−4,991	−6,852	−8,835	−11,555	−5,001	−9,703	−11,125
Cash from Financing Activity	−213	−388	−187	−215	−116	−174	−383	−92	388	−233	−117	1,961	567
Net Cash Flow	39	−119	74	20	466	−137	78	−51	48	−1,866	986	610	915

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
ROCE %	8.0	13.0	13.0	25.0	19.0	19.0	16.0	18.0	10.0	12.0	10.0	8.0	3.0
ROE %	—	—	—	—	—	—	—	—	—	—	—	—	1.5
EPS (₹)	5.24	10.49	9.47	14.79	10.67	9.75	5.38	12.33	7.34	10.97	9.85	9.48	2.43
Book Value (₹)	—	—	—	—	—	—	—	—	—	—	—	—	153.0
Face Value (₹)	—	—	—	—	—	—	—	—	—	—	—	—	2
P/E	—	—	—	—	—	—	—	—	—	—	—	—	417.0
Div Yield %	—	—	—	—	—	—	—	—	—	—	—	—	0.00
NPM %	1.8	2.4	3.4	3.9	2.7	2.1	1.5	1.8	1.0	1.4	0.8	0.9	0.2
OPM %	4.0	4.8	4.5	5.0	3.2	2.6	2.5	1.9	1.3	1.8	0.9	1.0	0.4
D/E	0.26	0.16	0.00	0.00	0.00	0.00	0.00	0.00	0.13	0.15	0.14	0.19	0.35
P/B	—	—	—	—	—	—	—	—	—	—	—	—	8.6

Compounded sales growth

10 years+15.0%

5 years+9.0%

3 years+15.0%

TTM+5.0%

Compounded profit growth

10 years−11.0%

5 years−28.0%

3 years−40.0%

TTM−60.0%

Stock price CAGR

10 years+9.0%

5 years+6.0%

3 years+12.0%

Last year−17.0%

Return on equity

10 years9.0%

5 years7.0%

3 years6.0%

Last year2.0%

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	30.42%	30.42%	30.29%	28.33%	28.31%	16.99%	14.72%	10.14%	6.52%	1.74%	1.25%	1.25%
FIIs	26.43%	26.43%	29.49%	29.85%	30.61%	23.08%	23.26%	47.70%	47.70%	44.75%	47.88%	48.06%
DIIs	30.31%	30.31%	28.44%	31.89%	28.98%	51.39%	54.02%	34.06%	39.92%	47.29%	44.74%	44.34%
Government	—	—	—	—	—	—	—	—	—	—	—	—
Public	12.84%	12.84%	11.78%	9.94%	12.10%	8.54%	8.00%	8.09%	5.84%	6.21%	6.11%	6.35%
No. of shareholders	58,774	58,774	65,039	59,088	59,698	63,253	69,014	81,463	65,260	68,062	77,069	80,336

Change since Jun 2023 (pp)

Promoters −29.17FIIs +21.63DIIs +14.03Public −6.49

Announcements

Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018 Disclosure Under The Provisions Of Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company Closure of Trading Window Board Meeting Intimation for Board Meeting For Consideration Of Unaudited Financial Results Of The Company For The Quarter And Half Year Ending September 30, 2026 Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015 ('SEBI Listing Regulations') - ESG Rating

Annual reports

Annual Report 2026 Annual Report 2025 Annual Report 2024 Annual Report 2023 Annual Report 2022

Concalls

Aug 2026Transcript Aug 2026PPT Aug 2026Recording May 2026PPT Mar 2026Transcript Mar 2026PPT Feb 2026PPT Feb 2026PPT

19 Sep 2016DIVIDEND Dividend - Rs 1.80 Per Share—

27 Jan 2016DEMERGER Scheme Of Arrangement—

19 Nov 2015DIVIDEND Interim Dividend - Rs 1.80/- Per Share—

15 Sep 2015DIVIDEND Annual General Meeting/ Dividend - Re 1/- Per Share—

25 Nov 2014DIVIDENDInterim Dividend - Rs 4/- Per Share—

12 Sep 2014DIVIDENDAnnual General Meeting / Final Dividend - Rs 1.80/- Per Share—

21 Nov 2013DIVIDENDInterim Dividend - Rs 1.80/- Per Share—

10 Sep 2013DIVIDENDAnnual General Meeting And Dividend Rs.2.20 Per Share—

22 Nov 2012DIVIDENDInterim Dividend Rs.10/- Per Share—

Max Financial Services Ltd

Price−19.3% over 1Y

āagman read

Peer comparison

Quarterly results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Growth

Shareholding pattern

Documents

Corporate actions