| 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 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 |
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 | 11,801 | 13,375 | 8,926 | 12,396 | 12,825 | 9,799 | 14,267 | 10,807 |
| 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 | 11,609 | 13,199 | 8,834 | 12,358 | 12,704 | 9,771 | 14,181 | 10,808 |
| 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 | 121 | 28 | 87 | -1 |
| 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 % | 1 % | 0 % | 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 | 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 | 20 | 21 | 36 | 35 |
| 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 | 101 | 6 | 50 | -36 |
| 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 | 15 | 0 | 5 | -5 |
| 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 | 86 | 6 | 45 | -32 |
| 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 | 2.03 | 0.12 | 1.07 | -0.77 |
Max Financial Services
Max Financial Services
1,682.30
-43.30
(-2.51%)
Market Cap
58,058.66 Cr
PE Ratio
563.61
Volume
6,96,946.00
Day High - Low
1,725.70 - 1,674.20
52W High-Low
1,892.50 - 1,433.60
Key Fundamentals
Market Cap
58,058.66 Cr
EPS
2.45
PE Ratio
563.61
PB Ratio
11.27
Book Value
153.05
EBITDA
211.60
Dividend Yield
0.00 %
Industry
Insurance Sector
Life Insurance Return on Equity
6.35
Debt to Equity
0.17
Analyst Rating and Forecast
- By Refinitiv from26 analysts
Actual
Company News
View All News
Max Financial Services updates its Corporate Identity Number to L24223HR1988PLC145368 following a registered office relocation from Punjab to Haryana, effective May 13, 2026.
Max Financial Gets Buy Ratings from Citi, MOSL & NomuraMay 13, 2026
Citi, MOSL, and Nomura all maintain Buy ratings on Max Financial with target prices of ₹2725, ₹1980, and ₹2080 respectively, citing strong margins, APE growth, and VNB performance.
IRDAI approved Mr. Subrat Mohanty as Chairman of Axis Max Life Insurance Limited's Board, effective May 8, 2026, for a five-year term, as disclosed by Max Financial Services.
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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 |
|---|---|---|---|---|---|---|---|---|
830.00 | #1 5,24,974.81 | #1 9.41 | #1 5,37,604.00 | -40.15 | #1 57,453 | 23.26 | 56.77 | |
1,864.50 | 1,87,012.48 | 76.48 | 99,955.90 | -15.47 | 2,470 | -1.09 | 48.95 | |
609.60 | 1,31,528.26 | 69.80 | 77,760.50 | -20.15 | 1,912 | 4.65 | 48.93 | |
522.90 | 75,780.57 | 47.15 | 51,335.60 | -28.05 | 1,608 | #1 61.93 | 44.16 | |
1,682.30 | #5 58,058.66 | #6 563.61 | #5 47,674.10 | #1 2.53 | #6 78 | #6 -182.25 | 55.04 | |
139.39 | 13,242.05 | 105.30 | 9,840.98 | -9.09 | 127 | 8.10 | 47.72 |
Automatic Screeners on ScanX
Growth Rate
Revenue Growth
2.53 %
Net Income Growth
-80.91 %
Cash Flow Change
36.82 %
ROE
-29.52 %
ROCE
-28.75 %
EBITDA Margin (Avg.)
-59.26 %
Quarterly Financial Results
Balance Sheet
| Balance Sheet | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| 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 | 1,98,936 |
| Fixed Assets | 1,200 | 349 | 691 | 556 | 556 | 641 | 639 | 616 | 614 | 612 | 610 | 82 |
| Current Assets | 4,720 | 3,926 | 6,368 | 2,623 | 3,356 | 5,310 | 5,652 | 7,337 | 7,850 | 9,201 | 9,548 | 1,96,408 |
| Capital Work in Progress | 39 | 37 | 3 | 0 | 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 | 1,52,959 | 1,79,841 | 0 |
| Other Assets | 31,413 | 35,354 | 41,362 | 2,624 | 3,356 | 5,320 | 5,661 | 7,338 | 7,854 | 9,203 | 9,548 | 0 |
| Total Equity & 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 | 1,98,936 |
| 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 | 1,82,558 | 1,89,583 |
| Non Current Liabilities | 27,010 | 31,061 | 38,460 | 36 | 57 | 3 | 60 | 526 | 523 | 528 | 1,038 | 2,933 |
| Total Equity | 3,919 | 2,668 | 3,084 | 2,602 | 2,833 | 2,819 | 3,605 | 4,485 | 3,969 | 4,370 | 6,403 | 5,282 |
| Reserve & Surplus | 3,249 | 1,912 | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,797 | 5,206 | 5,213 |
| Share Capital | 53 | 53 | 54 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
Cash Flow
| Cash Flow | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Net Cash Flow | -119 | 74 | 20 | 466 | -137 | 78 | -51 | 49 | -1,866 | 986 | 610 |
| Investing Activities | -2,311 | -3,541 | -6,290 | -6,951 | -8,789 | -4,991 | -6,852 | -8,835 | -11,555 | -5,001 | -9,703 |
| Operating Activities | 2,579 | 3,802 | 6,526 | 7,534 | 8,826 | 5,452 | 6,892 | 8,496 | 9,922 | 6,104 | 8,352 |
| Financing Activities | -388 | -187 | -215 | -116 | -174 | -383 | -92 | 388 | -233 | -117 | 1,961 |
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 | Sept 2025 | Dec 2025 | Mar 2026 |
| 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 % | 1.71 % | 1.25 % | 1.25 % |
| 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 % | 44.78 % | 45.14 % | 47.88 % |
| 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 % | 47.26 % | 47.35 % | 44.75 % |
| 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 % | 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 % | 4.56 % | 4.53 % | 4.46 % |
| 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 % | 1.69 % | 1.74 % | 1.66 % |
| 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 | 76,239 | 75,636 | 77,069 |
Corporate Action
| Record Date | Corporate Action | Information | Announcement Day | LTP at Annoucement | LTP at Record Day |
|---|---|---|---|---|---|
| 23 Aug 2024 |  Annual General Meeting | NA | 23 Aug 2024 | 1,108.25 | 1,057.85 |
| 22 Oct 2024 |  Quarterly Result Announcement | NA | 22 Oct 2024 | 1,179.60 | 1,193.30 |
| 04 Feb 2025 | Quarterly Result Announcement | NA | 04 Feb 2025 | 1,102.85 | 1,083.45 |
| 13 May 2025 | Quarterly Result Announcement | NA | 13 May 2025 | 1,157.25 | 1,294.25 |
| 07 Aug 2025 | Quarterly Result Announcement | NA | 07 Aug 2025 | 1,626.80 | 1,489.60 |
| 18 Sept 2025 | Annual General Meeting | NA | 18 Sept 2025 | 1,638.70 | 1,537.90 |
| 11 Nov 2025 | Quarterly Result Announcement | NA | 11 Nov 2025 | 1,564.70 | 1,619.10 |
| 11 Feb 2026 | Quarterly Result Announcement | NA | 11 Feb 2026 | 1,678.50 | 1,747.20 |
| 12 May 2026 | Quarterly Result Announcement | NA | 12 May 2026 | 1,585.90 | 1,694.80 |
Announcements
Compliances-Reg.24(A)-Annual Secretarial Compliance
6 days ago
6 days agoAnnouncement under Regulation 30 (LODR)-Newspaper Publication8 days ago
8 days agoAnnouncement under Regulation 30 (LODR)-Newspaper PublicationMay 14, 2026
May 14, 2026Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Intimation Of Change In CINMay 13, 2026
May 13, 2026Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseMay 13, 2026
May 13, 2026Announcement under Regulation 30 (LODR)-Investor PresentationMay 12, 2026
May 12, 2026Independent Actuarial Opinion On Embedded ValueMay 12, 2026
May 12, 2026Re-Appointment Of M/S MGC & KNAV Global Risk Advisory LLP As Internal Auditors Of The Company For The Financial Year 2026-27May 12, 2026
May 12, 2026Extension Of Term Of Appointment Of Mr. V. Krishnan As The Manager (KMP) Under The Applicable Provisions Of The Companies Act 2013 And SEBI Listing RegulationsMay 12, 2026
May 12, 2026Announcement under Regulation 30 (LODR)-Change in DirectorateMay 12, 2026
May 12, 2026Announcement under Regulation 30 (LODR)-Resignation of DirectorMay 12, 2026
May 12, 2026Approval Of Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended March 31 2026May 12, 2026
May 12, 2026Board Meeting Outcome for Approval Of Audited Standalone And Consolidated Financial Results Of The Company For The Quarter And Financial Year Ended March 31 2026May 12, 2026
May 12, 2026Disclosure Under The Extant Provisions Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR)May 11, 2026
May 11, 2026 Shareholder Meeting / Postal Ballot-Scrutinizer"s ReportMay 10, 2026
May 10, 2026Cancellation Of Earnings Call Originally Scheduled For May 13 2026May 10, 2026
May 10, 2026Disclosure Under The Extant Provisions Of Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR) Regarding Axis Max Life Insurance Limited The Material Subsidiary Of The CompanyMay 07, 2026
May 07, 2026Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMay 04, 2026
May 04, 2026Shareholder Meeting / Postal Ballot-Notice of Postal BallotApr 10, 2026
Apr 10, 2026Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations)Apr 09, 2026
Apr 09, 2026Format of the Initial Disclosure to be made by an entity identified as a Large Corporate : Annexure AApr 09, 2026
Apr 09, 2026Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations 2018Apr 06, 2026
Apr 06, 2026Disclosure Under The Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR) - Appointment Of Director In Axis Max Life Insurance Limited The Material Subsidiary Of The CompanyApr 03, 2026
Apr 03, 2026Disclosure Under The Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR) - Approval For Issuance Of Equity Shares On Preferential Basis By Axis Max Life Insurance Limited To Axis Bank LimitedApr 02, 2026
Apr 02, 2026Announcement under Regulation 30 (LODR)-Newspaper PublicationApr 02, 2026
Apr 02, 2026Disclosure Under Regulation 30 Of The Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015 - Retirement On Completion Of Tenure Of Independent Director Of The CompanyMar 29, 2026
Mar 29, 2026Closure of Trading WindowMar 27, 2026
Mar 27, 2026Board Meeting Intimation for Board Meeting For Consideration Of Audited Financial Results Of The Company For The Financial Year Ending March 31 2026Mar 27, 2026
Mar 27, 2026Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 - Intimation Of RD Order For Change In Registered OfficeMar 24, 2026
Mar 24, 2026Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationMar 23, 2026
Mar 23, 2026 Shareholder Meeting / Postal Ballot-Scrutinizer"s ReportMar 21, 2026
Mar 21, 2026Announcement under Regulation 30 (LODR)-Newspaper PublicationMar 21, 2026
Mar 21, 2026Announcement under Regulation 30 (LODR)-Investor PresentationMar 18, 2026
Mar 18, 2026Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR) For Change In Corporate Identity Number Of Axis Max Life Insurance The Material Subsidiary Of The CompanyMar 13, 2026
Mar 13, 2026Announcement under Regulation 30 (LODR)-Amendments to Memorandum & Articles of AssociationMar 12, 2026
Mar 12, 2026Announcement under Regulation 30 (LODR)-Raising of FundsMar 12, 2026
Mar 12, 2026Board Meeting Outcome for Outcome Of The Meeting Of The Board Of Directors Pursuant To Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015 (Listing Regulations)Mar 12, 2026
Mar 12, 2026Closure of Trading WindowMar 07, 2026
Mar 07, 2026Board Meeting Intimation for Prior Intimation Of The Meeting Of The Board Of Directors (Board) Of Max Financial Services Limited (Company) Pursuant To Regulation 29(1)(D) Of The SEBI(LODR) Regulations 2015 (Listing Regulations)Mar 07, 2026
Mar 07, 2026Disclosure Under Regulation 30 Of Securities And Exchange Board Of India (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations) Mar 06, 2026
Mar 06, 2026Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 25, 2026
Feb 25, 2026Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 20, 2026
Feb 20, 2026Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI Listing Regulations) - ESG RatingFeb 19, 2026
Feb 19, 2026Shareholder Meeting / Postal Ballot-Notice of Postal BallotFeb 19, 2026
Feb 19, 2026Announcement under Regulation 30 (LODR)-Earnings Call TranscriptFeb 18, 2026
Feb 18, 2026Announcement under Regulation 30 (LODR)-Newspaper PublicationFeb 13, 2026
Feb 13, 2026Disclosure Under Regulation 30 Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 (SEBI LODR) For Shifting Of Registered Office Of Axis Max Life Insurance The Material Subsidiary Of The CompanyFeb 12, 2026
Feb 12, 2026Submission Of Audio Recording Of Earnings Conference CallFeb 12, 2026
Feb 12, 2026Announcement under Regulation 30 (LODR)-Change in DirectorateFeb 11, 2026
Feb 11, 2026Announcement under Regulation 30 (LODR)-Press Release / Media ReleaseFeb 11, 2026
Feb 11, 2026Mutual Fund Holdings
Technical Indicators
RSI(14)
Neutral 55.04
ATR(14)
Volatile 48.50
STOCH(9,6)
Neutral 70.29
STOCH RSI(14)
Overbought 85.44
MACD(12,26)
Bullish 8.62
ADX(14)
Weak Trend 14.46
UO(9)
Bearish 54.49
ROC(12)
Downtrend And Accelerating -0.78
WillR(14)
Neutral -34.95
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...more
Chairperson NameAnaljit Singh
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