| Quarterly Financials | Jun 2018 | Sept 2018 | Dec 2018 | Mar 2019 | Jun 2019 | Sept 2019 | Dec 2019 | Mar 2020 | Jun 2020 | Sept 2020 | Dec 2020 | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 |
Revenue  | 3,557 | 4,316 | 4,503 | 7,137 | 3,949 | 4,686 | 5,366 | 4,266 | 5,517 | 7,020 | 8,990 | 9,760 | 5,943 | 9,327 | 6,955 | 8,962 | 3,276 | 9,323 | 8,898 | 9,934 | 9,172 | 10,189 | 12,359 | 14,897 | 11,802 | 13,376 | 8,926 | 12,396 |
| Expenses | 3,480 | 4,163 | 4,426 | 6,935 | 3,885 | 4,614 | 5,186 | 4,127 | 5,365 | 6,923 | 8,709 | 9,692 | 5,857 | 9,270 | 6,843 | 8,799 | 3,185 | 9,238 | 8,573 | 9,865 | 9,043 | 10,021 | 12,146 | 14,945 | 11,610 | 13,201 | 8,834 | 12,358 |
| EBITDA | 77 | 154 | 77 | 202 | 64 | 72 | 179 | 139 | 152 | 97 | 281 | 69 | 86 | 57 | 112 | 163 | 91 | 85 | 325 | 69 | 128 | 168 | 213 | -48 | 192 | 175 | 92 | 38 |
| Operating Profit % | 2 % | 4 % | 2 % | 3 % | 2 % | 2 % | 3 % | 3 % | 3 % | 1 % | 3 % | 1 % | 1 % | 1 % | 2 % | 2 % | 3 % | 1 % | 4 % | 1 % | 1 % | 1 % | 2 % | -0 % | 2 % | 1 % | 1 % | 0 % |
| Depreciation | 0 | 0 | 0 | 0 | 1 | 1 | 2 | 8 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Interest | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6 | 9 | 9 | 9 | 10 | 9 | 9 | 9 | 9 | 14 | 11 | 9 | 13 | 10 | 15 |
| Profit Before Tax | 50 | 154 | 77 | 201 | 63 | 71 | 177 | 131 | 151 | 96 | 280 | 67 | 84 | 50 | 101 | 153 | 80 | 74 | 315 | 58 | 118 | 158 | 198 | -59 | 182 | 162 | 81 | 22 |
| Tax | 17 | 29 | 18 | 1 | 9 | 6 | 30 | 124 | -31 | 15 | 52 | -3 | 49 | 2 | 11 | 9 | 12 | 12 | 45 | 6 | 17 | -12 | 27 | -9 | 26 | 23 | 11 | -16 |
| Net Profit | 33 | 125 | 59 | 200 | 54 | 64 | 148 | 7 | 182 | 81 | 227 | 70 | 36 | 48 | 91 | 144 | 69 | 62 | 269 | 53 | 101 | 170 | 171 | -50 | 156 | 139 | 70 | 38 |
| EPS in ₹ | 0.36 | 3.08 | 1.46 | 4.88 | 1.26 | 1.56 | 3.91 | -1.34 | 4.85 | 2.10 | 6.20 | 2.13 | 0.61 | 1.15 | 2.55 | 3.41 | 1.63 | 1.49 | 6.52 | 1.33 | 2.54 | 4.29 | 4.30 | -1.28 | 3.69 | 3.26 | 1.63 | 0.91 |
Max Financial Services
Max Financial Services
1,472.50
-28.90
(-1.92%)
Market Cap
51,815.50 Cr
EPS
9.53
PE Ratio
157.09
Dividend Yield
0.00 %
Industry
Insurance52 Week High
1,666.90
52 Week Low
950.00
PB Ratio
9.85
Debt to Equity
0.14
Sector
Life Insurance
Investment Returns
In Long Term
In Short Term
1 Year
0.00%
2 Years
0.00%
3 Years
0.00%
4 Years
0.00%
5 Years
0.00%
Company News
View All News
The Insurance Regulatory and Development Authority of India (IRDAI) has decided not to impose restrictions on bancassurance operations conducted through parent banks for MAX Financial. This regulatory decision allows the company to continue its bancassurance distribution model without limitations.
Max Financial Receives Regulatory Approval for Promoter Reclassification3 days ago
Max Financial has obtained regulatory approval for promoter reclassification. The company states this development will enable increased strategic flexibility, improve professional governance, and enhance institutional participation.
Max Financial Services Limited has received no-objection letters from both BSE and National Stock Exchange of India Limited on July 29, 2025, approving the reclassification of Ms. Neelu Analjit Singh from 'Promoter and Promoter Group' category to 'Public' category of shareholders. The company had originally applied for this reclassification on April 16, 2025. Both exchanges granted approval under Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is required to ensure compliance with subsequent relevant disclosures of material events related to this reclassification.
Peer Comparison Compare Peers on Screener
Competitors | LTP | Market Cap (₹ Cr.) | P/E Ratio | Revenue (₹ Cr.) | YoY Revenue Growth % | Net Profit (₹ Cr.) | YoY Profit Growth % | RSI |
|---|---|---|---|---|---|---|---|---|
884.85 | #1 5,66,087.30 | #1 11.71 | #1 4,89,775.00 | 8.57 | #1 48,320 | 37.55 | 34.65 | |
1,796.20 | 1,84,502.80 | 74.11 | 84,059.80 | #1 62.23 | 2,413 | 14.42 | 45.14 | |
741.70 | 1,62,787.10 | 86.55 | 97,385.10 | -4.54 | 1,811 | 14.47 | 37.68 | |
601.05 | 89,074.90 | 70.62 | 71,350.30 | -22.21 | 1,186 | 34.20 | 32.95 | |
1,472.50 | #5 51,815.50 | #5 157.09 | #5 46,468.90 | #2 48.32 | #5 406 | #1 176.45 | 31.14 |
Forecast
Actual
Growth Rate
Revenue Growth
48.32 %
Net Income Growth
-13.12 %
Cash Flow Change
-38.45 %
ROE
-21.07 %
ROCE
-25.54 %
EBITDA Margin (Avg.)
-45.30 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Total Assets | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,066 | 1,17,749 | 1,31,824 | 1,62,774 | 1,89,999 |
| Fixed Assets | 1,200 | 349 | 691 | 556 | 556 | 641 | 639 | 616 | 614 | 612 | 85 |
| Current Assets | 4,720 | 3,926 | 6,368 | 2,623 | 3,356 | 5,310 | 5,652 | 7,337 | 7,850 | 9,149 | 1,78,474 |
| Capital Work in Progress | 39 | 37 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 2,851 | 2,407 | 4,683 | 52,661 | 63,245 | 68,566 | 91,766 | 1,09,794 | 1,23,356 | 1,53,010 | 0 |
| Other Assets | 31,413 | 35,354 | 41,362 | 2,624 | 3,356 | 5,320 | 5,661 | 7,338 | 7,854 | 9,151 | 0 |
| Total Liabilities | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,066 | 1,17,749 | 1,31,824 | 1,62,774 | 1,89,999 |
| Current Liabilities | 4,574 | 4,418 | 5,196 | 53,204 | 64,267 | 71,705 | 94,400 | 1,12,738 | 1,27,333 | 1,57,876 | 1,81,446 |
| Non Current Liabilities | 27,010 | 31,061 | 38,460 | 36 | 57 | 3 | 60 | 526 | 523 | 528 | 2,149 |
| Total Equity | 3,919 | 2,668 | 3,084 | 2,602 | 2,833 | 2,819 | 3,605 | 4,485 | 3,969 | 4,370 | 5,275 |
| Reserve & Surplus | 3,249 | 1,912 | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,797 | 5,206 |
| Share Capital | 53 | 53 | 54 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 |
Cash Flow
| Cash Flow | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
| Net Cash Flow | -119 | 74 | 20 | 466 | -137 | 78 | -51 | 49 | -1,866 | 986 |
| Investing Activities | -2,311 | -3,541 | -6,290 | -6,951 | -8,789 | -4,991 | -6,852 | -8,835 | -11,555 | -5,004 |
| Operating Activities | 2,579 | 3,802 | 6,526 | 7,534 | 8,826 | 5,452 | 6,892 | 8,496 | 9,922 | 6,107 |
| Financing Activities | -388 | -187 | -215 | -116 | -174 | -383 | -92 | 388 | -233 | -117 |
Share Holding
| % Holding | Mar 2021 | Jun 2021 | Sept 2021 | Dec 2021 | Mar 2022 | Jun 2022 | Sept 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sept 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 |
| Promoter | 16.99 % | 14.72 % | 14.72 % | 14.72 % | 14.72 % | 14.72 % | 14.72 % | 11.45 % | 10.15 % | 10.15 % | 6.52 % | 6.52 % | 6.52 % | 6.52 % | 3.34 % | 3.34 % | 1.74 % | 1.74 % |
| FIIs | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 21.86 % | 21.86 % | 21.86 % | 21.86 % | 51.54 % | 21.86 % | 47.71 % | 46.60 % | 46.24 % | 47.50 % | 44.75 % | 44.72 % |
| DIIs | 28.11 % | 27.48 % | 26.31 % | 28.13 % | 30.91 % | 30.31 % | 30.59 % | 36.00 % | 34.06 % | 33.28 % | 35.10 % | 36.06 % | 39.92 % | 40.74 % | 44.00 % | 42.69 % | 47.30 % | 47.29 % |
| Government | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % | 0.00 % |
| Public / Retail | 6.87 % | 6.61 % | 6.48 % | 6.43 % | 6.21 % | 6.08 % | 5.80 % | 5.64 % | 5.34 % | 5.23 % | 4.67 % | 4.21 % | 4.35 % | 4.53 % | 4.59 % | 4.65 % | 4.58 % | 4.57 % |
| Others | 48.03 % | 51.19 % | 52.49 % | 50.71 % | 48.16 % | 48.89 % | 27.03 % | 25.04 % | 28.59 % | 29.49 % | 2.17 % | 31.33 % | 1.50 % | 1.60 % | 1.84 % | 1.82 % | 1.62 % | 1.68 % |
| No of Share Holders | 0 | 63,253 | 64,363 | 70,706 | 66,724 | 69,014 | 68,088 | 69,805 | 81,463 | 67,708 | 63,966 | 59,682 | 65,260 | 67,021 | 65,804 | 68,531 | 68,062 | 80,467 |
Technical Indicators
About Max Financial Services
Max Financial Services Limited (MFSL) is an Indian holding company that owns and manages an 87% stake in Max Life Insurance Company Limited. MFSL is part of the $4 billion Max Group and is primarily engaged in making investments in Max Life Insurance and providing management advisory services to group companies. Max Life Insurance is a joint venture between MFSL and Mitsui Sumitomo Insurance, offering long-term savings, protection, and retirement solutions through agency and multi-channel distribution partners. MFSL's investor base includes global financial institutions. As of March 31, 2023, MFSL had two operating subsidiaries: Max Life Insurance Company Limited and Max Life Pension Fund Management Limited. Max Life's assets under management were Rs 1,22,857 crore as of March 31, 2023, with a gross written premium of Rs 25,342 crore for the year.
Chairperson NameAnaljit Singh
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