MFSL

Max Financial Services Limited

Life insurance holding company with stake in Axis Max Life Insurance

Financial Services›Financial Services›Insurance›Life Insurance

maxfinancialservices.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹1294.90
Market cap
44,511 Cr
Stock P/E
376.9
P/B
8.42
Dividend yield
0.1%
ROE (FY26)
1.3%
ROCE (FY26)
2.8%
Operating margin (FY26)
0.4%
Debt / equity (FY26)
0.35

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

MFSL (Max Financial Services) is a holding company whose business is life insurance, which it runs through its material subsidiary Axis Max Life Insurance, selling protection, savings, health and retirement products to customers in India.

Company snapshot

5thBy market cap

Ranked among 6 companies in Life Insurance.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 100.0% of revenue

SegmentRevenue shareRevenuePBTAssets
Business Investment
0.1%
21 Cr-8 Cr—
Life Insurance
100.0%
34,089 Cr454 Cr—

What we see

Positives
  • ✓Cash flow from operations is higher than reported profit — earnings quality looks solid.
Concerns
  • ✗Net margin is very thin at 0.2% — little room for error if costs rise.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Net Interest Income79 Cr76 Cr89 Cr113 Cr115 Cr123 Cr124 Cr132 Cr131 Cr128 Cr135 Cr141 Cr
Other income25 Cr4 Cr11 Cr3 Cr4 Cr4 Cr20 Cr3 Cr7 Cr9 Cr4 Cr7 Cr
Net operating income104 Cr80 Cr99 Cr116 Cr119 Cr127 Cr144 Cr135 Cr138 Cr137 Cr138 Cr148 Cr
Employee cost0.03 Cr18 Cr6 Cr7 Cr9 Cr9 Cr7 Cr12 Cr9 Cr12 Cr12 Cr10 Cr
Other expenses10,025 Cr12,129 Cr14,940 Cr11,604 Cr13,191 Cr8,826 Cr12,350 Cr12,691 Cr9,763 Cr14,169 Cr10,795 Cr14,793 Cr
Provisions & contingencies————————————
Depreciation0.78 Cr0.76 Cr0.66 Cr0.72 Cr0.72 Cr0.81 Cr0.71 Cr0.68 Cr0.62 Cr0.52 Cr0.49 Cr0.50 Cr
Profit before tax158 Cr198 Cr-59 Cr182 Cr162 Cr81 Cr22 Cr101 Cr6 Cr50 Cr-36 Cr138 Cr
Tax %-7.6%13.5%15.7%14.2%14.0%13.5%-70.5%14.4%6.2%10.6%12.5%14.2%
Net profit170 Cr171 Cr-50 Cr156 Cr139 Cr70 Cr38 Cr86 Cr6 Cr45 Cr-32 Cr118 Cr
EPS (₹)₹4.29₹4.30₹-1.28₹3.69₹3.26₹1.62₹0.91₹2.03₹0.12₹1.07₹-0.77₹2.78

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Net Interest Income———170 Cr212 Cr202 Cr265 Cr327 Cr475 Cr526 CrSign in free for the trailing twelve months
Other income21 Cr29 Cr4 Cr2 Cr14 Cr6 Cr18 Cr42 Cr28 Cr22 CrSign in free for the trailing twelve months
Net operating income21 Cr29 Cr4 Cr172 Cr226 Cr208 Cr283 Cr369 Cr503 Cr548 CrSign in free for the trailing twelve months
Employee cost918 Cr776 Cr84 Cr36 Cr61 Cr37 Cr29 Cr35 Cr28 Cr45 CrSign in free for the trailing twelve months
Other expenses1,747 Cr1,988 Cr32 Cr17,680 Cr30,684 Cr30,734 Cr30,833 Cr46,127 Cr45,970 Cr47,419 CrSign in free for the trailing twelve months
Provisions & contingencies——————————Sign in free for the trailing twelve months
Depreciation63 Cr63 Cr2 Cr11 Cr5 Cr5 Cr5 Cr3 Cr3 Cr2 CrSign in free for the trailing twelve months
Profit before tax702 Cr538 Cr481 Cr442 Cr593 Cr389 Cr527 Cr415 Cr447 Cr121 CrSign in free for the trailing twelve months
Tax %15.4%16.3%13.4%38.3%5.6%18.1%14.3%5.4%9.8%12.9%Sign in free for the trailing twelve months
Net profit593 Cr451 Cr416 Cr273 Cr560 Cr318 Cr452 Cr393 Cr403 Cr106 CrSign in free for the trailing twelve months
EPS (₹)₹14.80₹11.05₹9.77₹5.38₹14.51₹7.34₹10.97₹9.85₹9.53₹2.45Sign in free for the trailing twelve months
Dividend payout %————2.5%10.1%0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital53 Cr54 Cr54 Cr54 Cr69 Cr69 Cr69 Cr69 Cr69 Cr69 Cr
Reserves2,281 Cr2,558 Cr2,005 Cr2,093 Cr3,274 Cr3,866 Cr3,450 Cr3,797 Cr5,206 Cr5,213 Cr
Borrowings—————521 Cr521 Cr521 Cr1,025 Cr1,858 Cr
Other liabilities43,656 Cr51,899 Cr64,323 Cr71,707 Cr94,527 Cr1,12,743 Cr1,27,335 Cr1,57,883 Cr1,82,570 Cr1,90,657 Cr
Total liabilities46,739 Cr55,282 Cr67,156 Cr74,526 Cr98,132 Cr1,17,749 Cr1,31,824 Cr1,62,773 Cr1,89,999 Cr1,98,936 Cr
Fixed assets (net)62 Cr55 Cr30 Cr22 Cr22 Cr3 Cr2 Cr1 Cr2 Cr0.96 Cr
CWIP3 Cr20 Cr—0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Investments44,108 Cr51,923 Cr—3,462 Cr4,151 Cr6,108 Cr5,516 Cr5,965 Cr9,218 Cr9,796 Cr
Loans & advances———0.01 Cr0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr
Trade receivables531 Cr662 Cr6 Cr3 Cr3 Cr0 Cr0 Cr0.05 Cr0 Cr0 Cr
Cash & bank356 Cr443 Cr506 Cr447 Cr507 Cr569 Cr987 Cr858 Cr1,071 Cr2,137 Cr
Other assets1,679 Cr2,179 Cr66,615 Cr70,591 Cr93,449 Cr1,11,069 Cr1,25,319 Cr1,55,950 Cr1,79,709 Cr1,87,001 Cr
Total assets46,739 Cr55,282 Cr67,156 Cr74,526 Cr98,132 Cr1,17,749 Cr1,31,824 Cr1,62,773 Cr1,89,999 Cr1,98,936 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity6,526 Cr6,951 Cr8,826 Cr9,468 Cr8,621 Cr8,496 Cr9,922 Cr6,107 Cr8,352 Cr11,473 Cr
Cash from investing-6,290 Cr-6,748 Cr-8,789 Cr-9,009 Cr-8,581 Cr-8,835 Cr-9,228 Cr-5,004 Cr-9,703 Cr-11,125 Cr
Cash from financing-215 Cr-116 Cr-174 Cr-380 Cr-92 Cr388 Cr-233 Cr-117 Cr1,961 Cr567 Cr
Net cash flow20 Cr87 Cr-137 Cr78 Cr-51 Cr48 Cr462 Cr986 Cr610 Cr915 Cr
Free cash flow (OCF − Capex)6,445 Cr6,902 Cr8,726 Cr9,340 Cr8,538 Cr8,368 Cr9,922 Cr5,884 Cr8,134 Cr11,228 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %23.0%16.2%17.9%15.7%16.5%8.3%12.6%9.4%6.7%2.8%
ROE %12.8%8.8%9.3%5.1%11.8%5.6%9.5%7.8%5.1%1.3%
Debtor days131500000000
Inventory days———0000000
Days payable21181———————
Cash conversion cycle-8-4-00000000
Debt / equity———0.000.000.130.150.130.190.35
Current ratio1.231.26————————
Net debt / EBITDA-0.47-0.76-1.00-0.99-0.87-0.12-0.85-0.80-0.10-1.32