| 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
1,586.60
+0.80
(0.05%)
Market Cap
54,755.90 Cr
EPS
9.85
PE Ratio
165.63
Dividend Yield
0.00 %
Industry
Insurance52 Week High
1,606.10
52 Week Low
950.00
PB Ratio
10.38
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%
Analyst Rating
- By Refinitiv from19 analysts
Company News
View All News
Max Financial Services: Citi Initiates 'Buy' Rating with ₹1,840 Target1 day ago
Citi initiated coverage on Max Financial Services Ltd. with a 'Buy' rating and a price target of ₹1,840, implying a 16% upside. The stock has risen 45% in 2025. Citi cites balanced product mix, diversified distribution channels, and growing confidence in Axis Bank's stability post-rebranding as positives. However, regulatory headwinds and taxation implications contribute to a 20% holding company discount.
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 |
|---|---|---|---|---|---|---|---|---|
934.60 | #1 5,91,134.30 | #1 12.24 | #1 8,64,897.70 | 8.57 | #1 40,916 | 37.55 | 58.04 | |
1,797.20 | 1,80,100.50 | 74.66 | 1,33,665.10 | #1 62.23 | 1,894 | 0.33 | 57.78 | |
766.20 | 1,64,954.70 | 91.21 | 1,02,006.60 | 42.38 | 1,574 | 15.50 | 55.69 | |
631.45 | 91,263.50 | 77.00 | 71,350.30 | -22.21 | 1,186 | 121.82 | 49.97 | |
1,586.60 | #5 54,755.90 | #5 165.63 | #5 46,618.30 | #2 48.32 | #5 393 | #1 176.45 | 79.28 |
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 |
| 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 |
| Fixed Assets | 1,200 | 349 | 691 | 556 | 556 | 641 | 639 | 616 | 614 | 612 |
| Current Assets | 4,720 | 3,926 | 6,368 | 2,623 | 3,356 | 5,310 | 5,652 | 7,337 | 7,850 | 9,149 |
| Capital Work in Progress | 39 | 37 | 3 | 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 |
| Other Assets | 31,413 | 35,354 | 41,362 | 2,624 | 3,356 | 5,320 | 5,661 | 7,338 | 7,854 | 9,151 |
| 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 |
| 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 |
| Non Current Liabilities | 27,010 | 31,061 | 38,460 | 36 | 57 | 3 | 60 | 526 | 523 | 528 |
| Total Equity | 3,919 | 2,668 | 3,084 | 2,602 | 2,833 | 2,819 | 3,605 | 4,485 | 3,969 | 4,370 |
| Reserve & Surplus | 3,249 | 1,912 | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,797 |
| Share Capital | 53 | 53 | 54 | 54 | 54 | 54 | 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 |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 % |
| 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 |
Dividend History
Dividends per share (FY)
Dividend yield (FY) %
Dividends per share (FY)
Dividend yield (FY) %
No dividends have been distributed by the company in the past 10 years
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 13 May 2025 |  Quarterly Result Announcement | NA | 13 May 2025 | 1,157.25 | 1,294.25 |
| 04 Feb 2025 | Quarterly Result Announcement | NA | 04 Feb 2025 | 1,102.85 | 1,083.45 |
| 22 Oct 2024 | Quarterly Result Announcement | NA | 22 Oct 2024 | 1,179.60 | 1,193.30 |
| 23 Aug 2024 |  Annual General Meeting | NA | 23 Aug 2024 | 1,108.25 | 1,057.85 |
| 15 Jan 2016 |  Change Of Name | NA | 15 Jan 2016 | 0.00 | 0.00 |
Announcements
Appointment Of Mr. Sumit Madan As The Managing Director & Chief Executive Officer Of Axis Max Life Insurance Limited (Axis Max Life) The Subsidiary Company Of The Company Effective October 1 2025
8 days ago
8 days agoDisclosure Under Listing Regulations - Grant Of Options9 days ago
9 days agoAnnouncement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 04, 2025
Jun 04, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationJun 04, 2025
Jun 04, 2025Early Retirement Of Mr. Prashant Tripathy From The Office Of Managing Director & Chief Executive Officer (MD & CEO) Of Axis Max Life Insurance Limited (Axis Max Life Or The Company) The Material Subsidiary Of The Company
May 28, 2025
May 28, 2025Disclosure Under Listing Regulations - Grant Of OptionsMay 26, 2025
May 26, 2025Compliances-Reg.24(A)-Annual Secretarial ComplianceMay 23, 2025
May 23, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptMay 19, 2025
May 19, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 19, 2025
May 19, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMay 16, 2025
May 16, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 15, 2025
May 15, 2025Newspaper Publications Of Audited Financial ResultsMay 15, 2025
May 15, 2025Submission Of Audio Recording Of Earnings Conference CallMay 14, 2025
May 14, 2025General Update Under SEBI (LODR) Regulations 2015May 13, 2025
May 13, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMay 13, 2025
May 13, 2025Announcement under Regulation 30 (LODR)-Investor PresentationMay 13, 2025
May 13, 2025Re-Appointment Of M/S MGC & KNAV Global Risk Advisory LLP As Internal Auditors Of The Company For The Financial Year 2025-26.May 13, 2025
May 13, 2025Re-Appointment Of Mr. K. Narasimha Murthy (DIN: 00023046) As An Independent Director Of The Company For The Second And Final Term Of Five Years With Effect From March 30 2026 To March 29 2031 Subject To Approval Of The Shareholders At The Ensuing Annual GMay 13, 2025
May 13, 2025Financial Results For The Quarter And Financial Year Ended March 31 2025May 13, 2025
May 13, 2025Board Meeting Outcome for Outcome Of Board Meeting Held On May 13 2025May 13, 2025
May 13, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 07, 2025
May 07, 2025Intimation Of Submission Of Application For Reclassification Of A Promoter To Public Category Under Regulation 31A Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015Apr 16, 2025
Apr 16, 2025Update On Re-Classification Of Shareholding From Promoter And Promoter Group To Public CategoryApr 15, 2025
Apr 15, 2025Outcome Of The Board Meeting - Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015Apr 15, 2025
Apr 15, 2025Appointment Of Mr. Nishant Kumar Gehlawat As The Chief Financial Officer And A Key Managerial Personnel (KMP) Of The Company Under Section 203(1)(Iii) Of The Companies Act 2013 Effective May 1 2025.Apr 15, 2025
Apr 15, 2025Announcement under Regulation 30 (LODR)-Resignation of Chief Financial Officer (CFO)Apr 15, 2025
Apr 15, 2025Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure AApr 09, 2025
Apr 09, 2025Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Apr 07, 2025
Apr 07, 2025General UpdateMar 29, 2025
Mar 29, 2025Disclosures under Reg. 29(1) of SEBI (SAST) Regulations 2011Mar 29, 2025
Mar 29, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationMar 28, 2025
Mar 28, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Mar 28, 2025
Mar 28, 2025Closure of Trading WindowMar 25, 2025
Mar 25, 2025Board Meeting Intimation for Board Meeting For Consideration Of Audited Financial Results Of The Company For The Financial Year Ending March 31 2025Mar 25, 2025
Mar 25, 2025Disclosures under Reg. 29(2) of SEBI (SAST) Regulations 2011Mar 13, 2025
Mar 13, 2025Intimation Pertaining To Request Received For Re-Classification Of Shareholding From Promoter And Promoter Group To Public Category As Per Regulation 31(A)(3) Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015Feb 26, 2025
Feb 26, 2025Intimation Pertaining To Request Received For Re-Classification Of Shareholding From Promoter And Promoter Group To Public Category As Per Regulation 31(A)(3) Of The SEBI (Listing Obligations And DiscFeb 26, 2025
Feb 26, 2025Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (Listing Regulations)Feb 24, 2025
Feb 24, 2025Disclosure Under The Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations)Feb 18, 2025
Feb 18, 2025UpdatesFeb 12, 2025
Feb 12, 2025Announcement under Regulation 30 (LODR)-Earnings Call TranscriptFeb 11, 2025
Feb 11, 2025Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationFeb 10, 2025
Feb 10, 2025General Update Under SEBI (LODR) Regulations 2015Feb 06, 2025
Feb 06, 2025Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 06, 2025
Feb 06, 2025Submission Of Audio Recording Of Earnings Conference CallFeb 05, 2025
Feb 05, 2025Integrated Filing (Financial)Feb 04, 2025
Feb 04, 2025Disclosure Under The Extant Provisions Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations)Feb 04, 2025
Feb 04, 2025Disclosure Under The Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations)Feb 04, 2025
Feb 04, 2025Announcement under Regulation 30 (LODR)-Investor PresentationFeb 04, 2025
Feb 04, 2025Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseFeb 04, 2025
Feb 04, 2025Technical Indicators
RSI(14)
Neutral 79.28
ATR(14)
Less Volatile 34.28
STOCH(9,6)
Neutral 78.19
STOCH RSI(14)
Neutral 68.54
MACD(12,26)
Bearish -1.08
ADX(14)
Strong Trend 37.72
UO(9)
Bearish 56.58
ROC(12)
Uptrend But Slowing Down 4.22
WillR(14)
Overbought -14.33
Mutual Fund Holdings
SBI Magnum Mid Cap Direct Plan-Growth 
Mirae Asset Focused Fund Direct - Growth 
ICICI Prudential Innovation Fund Direct - Growth 
Kotak Equity Arbitrage Fund Direct-Growth 
HSBC Large and Mid Cap Fund Direct - Growth 
DSP Midcap Direct Plan-Growth 
Aditya Birla Sun Life Focused Fund Direct-Growth 
Nippon India Multi Cap Fund Direct-Growth 
Bandhan Flexi Cap Fund Direct-Growth 
Mahindra Manulife Multi Cap Fund Direct - Growth 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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