Max Financial Services Limited (MFSL) AI Stock Analysis

• Market Cap: ₹546.83B
• Dividend Yield: N/A
• Average Volume (3M): 20.53K
• Price to Earnings (P/E): 201.8
• Beta (1Y): 0.68
• Revenue Growth: -3.50%
• EPS Growth: -28.98%
• Country: IN
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 1.61
• Shares Outstanding: 345,114,780
• 10 Day Avg. Volume: 8,656
• 30 Day Avg. Volume: 20,526
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: ₹1,841.33
• Price Target Upside: 16.21% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 65 Neutral
• Price Target: ₹1,759.00 ▲(11.01% Upside)

Max Financial Services Limited shows a stable financial foundation with strong cash flow and a conservative balance sheet, which are significant strengths. However, the high P/E ratio suggests potential overvaluation, and technical indicators point to a strong upward trend but with caution due to near-overbought conditions. The lack of dividend yield and profitability margins are areas for improvement.

Max Financial Services Limited Business Overview & Revenue Model

Company Description

Max Financial Services Limited (MFSL) is a leading financial services company based in India, primarily focused on insurance, asset management, and investment solutions. The company operates through its subsidiaries, including Max Life Insurance, which provides a range of life insurance products, and Max Asset Management, which offers mutual funds and portfolio management services. MFSL aims to enhance customer financial security and wealth creation through innovative and personalized financial products.

How the Company Makes Money

Max Financial Services Limited generates revenue through multiple streams, primarily from its insurance and asset management divisions. The company earns premiums from life insurance policies sold by Max Life Insurance, which can include term insurance, endowment plans, and unit-linked insurance plans (ULIPs). Additionally, MFSL collects management fees and commissions from its asset management services, which include mutual funds and investment advisory. The company has strategic partnerships with various banks and financial institutions, allowing it to distribute its products more widely and generate additional income through these collaborations. The combination of premium income, asset management fees, and commissions from partnerships form the core of MFSL's revenue model.

Max Financial Services Limited Financial Statement Overview

Summary

Max Financial Services Limited demonstrates a stable financial position with strong cash flow generation and a conservative balance sheet. While revenue growth has slowed, the company maintains efficient operations and a solid capital structure. Profitability margins are an area for improvement to enhance overall financial performance.

Income Statement

The income statement shows a stable revenue base with a slight decline in revenue growth rate of -5.1% in the latest year. The gross profit margin remains strong at 100%, indicating efficient cost management. However, the net profit margin is low at 0.7%, suggesting limited profitability. The EBIT and EBITDA margins are also modest, reflecting operational challenges.

Balance Sheet

The balance sheet is solid with a low debt-to-equity ratio of 0.19, indicating conservative leverage. The return on equity is moderate at 6.2%, showing decent returns for shareholders. The equity ratio is healthy, suggesting a strong capital structure.

Cash Flow

Cash flow analysis reveals strong free cash flow generation with a significant growth rate, albeit from a low base. The operating cash flow to net income ratio is robust, indicating efficient cash conversion. The free cash flow to net income ratio is high at 97.4%, reflecting strong cash profitability.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2021	Dec 2020
Income Statement
Total Revenue	464.94B	464.97B	464.95B	314.13B	310.35B	312.41B
Gross Profit	449.85B	464.97B	367.00B	296.35B	293.57B	297.64B
EBITDA	6.86B	6.86B	7.93B	4.16B	2.80B	4.37B
Net Income	3.27B	3.27B	3.40B	3.78B	2.53B	4.25B
Balance Sheet
Total Assets	1.90T	1.90T	1.63T	1.32T	1.18T	981.32B
Cash, Cash Equivalents and Short-Term Investments	15.07B	15.07B	34.35B	12.26B	26.18B	23.25B
Total Debt	10.25B	10.25B	8.44B	8.21B	7.78B	2.87B
Total Liabilities	1.84T	1.84T	1.58T	1.28T	1.13T	945.27B
Stockholders Equity	52.75B	52.75B	38.66B	35.18B	39.35B	33.43B
Cash Flow
Free Cash Flow	0.00	81.34B	58.84B	97.48B	83.68B	85.38B
Operating Cash Flow	0.00	83.52B	61.07B	99.22B	84.96B	86.21B
Investing Cash Flow	0.00	-97.03B	-50.04B	-92.28B	-88.35B	-85.81B
Financing Cash Flow	0.00	19.61B	-1.17B	-2.33B	3.88B	-920.17M

Max Financial Services Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1584.50
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MFSL, the sentiment is Neutral. The current price of 1584.5 is above the 20-day moving average (MA) of 1584.46, above the 50-day MA of 1569.83, and above the 200-day MA of 1326.78, indicating a neutral trend. The MACD of -4.93 indicates Positive momentum. The RSI at 46.11 is Neutral, neither overbought nor oversold. The STOCH value of 53.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:MFSL.

Max Financial Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICICIGI	66 Neutral	934.42B	34.77	16.74%	0.66%	15.68%	26.12%
MFSL	65 Neutral	₹546.83B	201.83	―	―	-3.50%	-28.98%
ABCAPITAL	64 Neutral	763.22B	21.89	10.97%	―	14.14%	-1.33%
LICHSGFIN	59 Neutral	320.05B	5.82	14.97%	1.75%	4.57%	15.87%
ICICIPRULI	56 Neutral	862.76B	68.27	9.93%	0.14%	-23.85%	44.83%
SUNDARMFIN	55 Neutral	516.14B	26.67	14.24%	0.76%	17.12%	28.35%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%