MFSL · NSE
Max Financial Services Limited
₹1,559
+0.32% (+₹5)
Prev. close
₹1,554
Volume
8,98,566
Delivery %
67.1%
As of
18 Sept 2026
Price history
ETMarkets Analysis · ETMarkets.com · 26 Jul 2026
“Max Financial is estimated to have a potential upside of 36.30% over the next 12 months, with a target price of Rs 2,065 from its current trading price of Rs 1,515.50. The stock has a 'Strong Buy' consensus rating among 26 analysts.”
Published mid-session at 14:25 IST. Tracking counts only prices printed after publication — the chart's dashed divider marks that moment; earlier prices never count toward entry or results.
Analyst sentiment
Analysts lean bullish
1 analyst stance · last 90 days · one per analyst
Trackable
1 · 1 bull / 0 neutral / 0 bear
Long-Horizon
none in window
Commentary
none in window
Trackable = verdict-bearing calls · Long-Horizon = 1yr+ horizon, verdict pending · Commentary = context, not graded
Analyst opinions
| Call | Analyst | Instrument | Verdict | Actions | |||
|---|---|---|---|---|---|---|---|
| “Consensus estimates from market analysts, compiled by Trendlyne, indicate a 'STRONG BUY' rating for Max Financial, proje…” | ETMarkets AnalysisETMarkets.com | Max Financial | PENDING | ||||
| “Max Financial is estimated to have a potential upside of 36.30% over the next 12 months, with a target price of Rs 2,065…” | ETMarkets AnalysisETMarkets.com | Max Financial Services Ltd | PENDING | ||||
“Max Financial is estimated to have a potential upside of 36.30% over the next 12 months, with a target price of Rs 2,065 from its current trading price of Rs 1,515.50. The stock has a 'Strong Buy' consensus rating among 26 analysts.” This call hasn't reached its evaluation window yet — the verdict will appear here once it's graded. | |||||||
| “Max Financial is rated a 'Strong Buy' with an average analyst target price of ₹2,071, suggesting a potential upside of 2…” | ETMarkets AnalysisETMarkets.com | Max Financial Services Ltd | PENDING | ||||
Fundamentals
About Max Financial Services Limited
Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. It operates through Business Investments and Others, and Life Insurance segments. The company offers participating and nonparticipating and linked products covering life insurance and pension and health benefits, including riders for individual and group through individual agents, corporate agents, banks, brokers, and other channels. It is also involved in treasury investment activities; and provision of management advisory services. Max Financial Services Limited was incorporated in 1988 and is based in Noida, India.
Details
Sector
Financial Services
Industry
Insurance - Life
CEO
Ms. Mohini Daljeet Singh
Headquarters
Noida
Employees
10
Website
maxfinancialservices.comExchange
View on NSE ↗Key stats
Market cap
₹53,520.28 Cr
P/E ratio (TTM)
501.3
EPS (TTM)
₹3.11
Beta (1Y · daily vs NIFTY 50)
1.05
Beta (5Y · monthly vs NIFTY 50)
0.81
Shares float
26.27 Cr
EPS · quarter ended Jun 2026
₹2.78
Upcoming earnings
27 Oct 2026
Financial Performance
01 · Financials
FY21 growth needs FY20 filings, which the data source doesn't provide.
02 · Earnings Per Share (EPS)
04 · Operating Efficiency (Growth Rates)
Balance-sheet-based · pre-FY23 not filed in verifiable form
05 · Capital Structure & Asset Utilization
Pre-FY23 not filed in verifiable form
Asset turnover needs a prior year of assets — omitted for the earliest available year.
06 · Asset Base Composition
Pre-FY23 not filed in verifiable form
07 · Debt Level & Coverage
Pre-FY23 not filed in verifiable form
08 · Profit & Loss
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹31,273.91 Cr | ₹31,181.14 Cr | ₹31,412.67 Cr | ₹46,576.22 Cr | ₹46,396.02 Cr | ₹47,674.11 Cr | |
| ₹425.39 Cr | ₹253.37 Cr | ₹378.48 Cr | ₹340.08 Cr | ₹327.23 Cr | ₹83.97 Cr | |
| Diluted EPS | ₹14.51 | ₹7.34 | ₹10.97 | ₹9.85 | ₹9.53 | ₹2.45 |
Total expenses (as filed), Employee benefit expense, Depreciation & amortisation, Other expenses, Other income have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
09 · Balance Sheet
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹98,057.00 Cr | ₹1.18 L Cr | ₹1.32 L Cr | ₹1.63 L Cr | ₹1.90 L Cr | ₹1.99 L Cr | |
| — | — | ₹830.73 Cr | ₹843.85 Cr | ₹1,442.11 Cr | ₹2,348.77 Cr | |
| Stockholders' equity | ₹3,343.00 Cr | ₹3,935.00 Cr | ₹3,519.00 Cr | ₹3,866.00 Cr | ₹5,275.00 Cr | ₹5,282.00 Cr |
Trade receivables, Cash & equivalents, CWIP, Total debt, Long-term debt have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated. Inventory shows ₹0 for 2023-03-31, 2024-03-31, 2026-03-31 — a real filed figure, not a gap: positively consistent with a filer that holds no physical inventory (typical for lenders and other financial-services companies). 2021-03-31, 2025-03-31 have no Inventory figure at all reaching this deck yet — not verified as zero, not verified as positive — so they are left blank rather than assumed to match the filed zero.
Annual only — the data source doesn’t publish quarterly balance-sheet detail for most NSE-listed companies.
10 · Cash Flow Statement
Annual
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| ₹8,621.14 Cr | ₹8,495.87 Cr | ₹9,922.29 Cr | ₹6,106.95 Cr | ₹8,351.60 Cr | ₹11,472.71 Cr | |
| Investing cash flow | ₹-8,580.55 Cr | ₹-8,835.38 Cr | ₹-11,555.05 Cr | ₹-5,003.89 Cr | ₹-9,703.11 Cr | ₹-11,124.63 Cr |
| ₹-92.00 Cr | ₹388.00 Cr | ₹-233.00 Cr | ₹-117.00 Cr | ₹1,961.00 Cr | ₹567.00 Cr | |
| Capital expenditure | ₹-82.94 Cr | ₹-127.99 Cr | ₹-173.93 Cr | ₹-222.81 Cr | ₹-218.08 Cr | ₹-244.44 Cr |
| End cash position | ₹715.57 Cr | ₹764.03 Cr | ₹9,836.00 Cr | ₹10,822.07 Cr | ₹4,181.80 Cr | ₹5,096.57 Cr |
Depreciation & amortization, Dividends paid have filed figures for only some of the years shown — no further verified source covers the rest, so those years are left blank rather than estimated.
Annual only — the data source has no quarterly cash-flow-statement coverage.
11 · Shareholding Pattern
NSE, quarterly
| Line item | Sep 21–Sep 22(5Q) | Dec 22 | Mar 23–Jun 23(2Q) | Sep 23–Jun 24(4Q) | Sep 24–Dec 24(2Q) | Mar 25–Jun 25(2Q) | Sep 25 | Dec 25–Jun 26(3Q) |
|---|---|---|---|---|---|---|---|---|
| Promoter | 14.72% | 11.45% | 10.15% | 6.52% | 3.34% | 1.74% | 1.71% | 1.25% |
| Public | 85.28% | 88.55% | 89.85% | 93.48% | 96.66% | 98.26% | 98.29% | 98.75% |
| Employee trusts | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Source: NSE quarterly shareholding-pattern filings, collapsed to periods where the reported percentages held steady — a column spanning several quarters means no change was filed across them. No FII/DII sub-split available from this source — Public includes all non-promoter, non-employee-trust holders.
12 · Peer Comparison
Financial Services
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
| HDFC Bank Limited | ₹11.27 L Cr | ₹731 | 16.2 | 1.38 | 8.6% | 0.81 | +4.7% | -25.2% |
| ICICI Bank Limited | ₹9.75 L Cr | ₹1,347.6 | 17.6 | 2.69 | 14.9% | 0.57 | +9.1% | -5.0% |
| State Bank of India | ₹9.16 L Cr | ₹996.2 | 10.6 | 1.54 | 14.0% | 1.22 | +9.2% | +16.6% |
| Bajaj Finance Limited | ₹6.31 L Cr | ₹1,040.3 | 31.1 | 5.54 | 16.7% | 3.10 | +19.7% | +4.4% |
| Life Insurance Corporation Of India | ₹5.06 L Cr | ₹407.7 | 8.4 | 2.87 | 32.5% | — | +8.7% | -54.2% |
| Kotak Mahindra Bank Limited | ₹4.08 L Cr | ₹415 | 20.5 | 2.25 | 10.6% | 0.53 | -0.3% | -79.5% |
| Axis Bank Limited | ₹3.86 L Cr | ₹1,240 | 14.0 | 1.80 | 12.3% | 1.30 | +4.0% | +10.1% |
| Bajaj Finserv Limited | ₹2.98 L Cr | ₹1,852.5 | 29.4 | 3.82 | 12.6% | 4.64 | +13.6% | -10.5% |
| Shriram Finance Limited | ₹2.34 L Cr | ₹1,010 | 17.6 | 3.55 | 15.2% | 2.76 | +13.9% | +61.1% |
| SBI Life Insurance Company Limited | ₹1.77 L Cr | ₹1,731 | 68.0 | 9.29 | 12.9% | — | -4.3% | -5.0% |
| ICICI Prudential Asset Management Company Limited | ₹1.53 L Cr | ₹3,098 | 43.8 | 36.57 | 79.1% | — | +23.1% | — |
| Max Financial Services Limited | ₹53,348.63 Cr | ₹1,559 | 498.1 | 10.10 | 1.6% | 0.44 | +2.6% | +0.2% |
Ranked by market cap within Financial Services, same metrics as the Fundamentals screener. Click a column to sort.
Documents
Annual reports
Show all 17
Concall transcripts
Show all 12
Official documents linked from their sources — offer documents as filed with SEBI (sebi.gov.in), annual reports and earnings-call transcripts as published on BSE (bseindia.com) and NSE (nseindia.com). Links open the source's own hosting; nothing is re-hosted here.
Index membership
46 indices
NSE weights are a free-float market-cap-share estimate, not NSE’s own published (and sometimes capped) index weight. BSE weights are BSE’s own published index weight, not an estimate. Indices without weight data are listed without one, in alphabetical order after the weighted ones.