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Max Financial Services Limited
(MFSL)
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Rating:54Neutral
Price Target:
₹1,631.00
▲(7.54% Upside)
Action:Reiterated
Date:05/14/26
The score is held up by strong cash generation and a generally stable balance sheet, but is materially weighed down by sharply weaker profitability and a recent increase in leverage. Technicals are mildly bearish with the stock trading below key moving averages, and valuation is a major headwind given the extremely high P/E and no dividend yield provided.
Positive Factors
Conservative leverage / strong capital structure
A low debt-to-equity ratio (0.19) gives MFSL durable financial flexibility to support its stake in Max Life, absorb shocks or regulatory capital needs, and avoid high interest burdens. Conservative leverage preserves optionality for capital allocation over multiple quarters.
Negative Factors
Very low net profitability margins
A net margin of 0.7% signals limited ability to convert revenue into distributable earnings. Persistent low profitability constrains MFSL’s capacity to generate shareholder returns from operating income and reduces room to absorb margin compression at the underlying insurer over multiple reporting periods.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative leverage / strong capital structure
A low debt-to-equity ratio (0.19) gives MFSL durable financial flexibility to support its stake in Max Life, absorb shocks or regulatory capital needs, and avoid high interest burdens. Conservative leverage preserves optionality for capital allocation over multiple quarters.
Read all positive factors
Max Financial Services Limited (MFSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹533.20B
Dividend YieldN/A
Average Volume (3M)13.30K
Price to Earnings (P/E)627.8
Beta (1Y)0.93
Revenue Growth4.89%
EPS Growth-59.23%
CountryIN
Employees10
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Life
Share Statistics
EPS (TTM)2.45
Shares Outstanding345,114,780
10 Day Avg. Volume18,952
30 Day Avg. Volume13,298
Financial Highlights & Ratios
PEG Ratio-8.19
Price to Book (P/B)9.67
Price to Sales (P/S)1.07
P/FCF Ratio4.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)9.67
Revenue Forecast (FY)₹448.23B
Max Financial Services Limited Business Overview & Revenue Model
Company Description
Max Financial Services Limited, an Indian enterprise, delivers life insurance offerings principally through its subsidiary. Its operational structure is bifurcated into two main divisions: Life Insurance and Business Investments. The company provi...
How the Company Makes Money
MFSL’s earnings are primarily driven by its economic interest in Max Life Insurance Company Limited. Accordingly, MFSL benefits from (i) Max Life’s insurance operations, which generate revenue from premiums collected on individual and group life i...
Max Financial Services Limited Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
60
Neutral
Cash Flow
78
Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 476.96B | 463.96B | 464.94B | 313.28B | 311.83B |
| Gross Profit | 372.80B | 432.16B | 440.95B | 297.14B | 297.80B |
| EBITDA | 4.54B | 7.21B | 6.58B | 7.05B | 6.36B |
| Net Income | 839.70M | 3.27B | 3.40B | 3.78B | 2.53B |
Balance Sheet | |||||
| Total Assets | 1.99T | 1.90T | 1.63T | 1.32T | 1.18T |
| Cash, Cash Equivalents and Short-Term Investments | 24.03B | 15.07B | 34.35B | 26.98B | 7.95B |
| Total Debt | 23.40B | 10.25B | 8.44B | 8.21B | 7.78B |
| Total Liabilities | 1.93T | 1.84T | 1.58T | 1.28T | 1.13T |
| Stockholders Equity | 52.82B | 52.75B | 38.66B | 35.18B | 39.35B |
Cash Flow | |||||
| Free Cash Flow | 112.28B | 81.34B | 58.84B | 97.48B | 83.68B |
| Operating Cash Flow | 114.73B | 83.52B | 61.07B | 99.22B | 84.96B |
| Investing Cash Flow | -111.25B | -97.03B | -50.04B | -92.28B | -88.35B |
| Financing Cash Flow | 5.67B | 19.61B | -1.17B | -2.33B | 3.88B |
Max Financial Services Limited Technical Analysis
Neutral
1516.65
Price Trends
1573.96
Negative
1595.81
Negative
1641.14
Negative
Market Momentum
-15.23
Negative
51.40
Neutral
57.20
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 1516.65 is below the 20-day moving average (MA) of 1517.62, below the 50-day MA of 1573.96, and below the 200-day MA of 1641.14, indicating a neutral trend. The MACD of -15.23 indicates Negative momentum. The RSI at 51.40 is Neutral, neither overbought nor oversold. The STOCH value of 57.20 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | ₹292.56B | 28.98 | ― | 3.09% | 2.41% | 3.48% | |
69 Neutral | ₹5.23T | 8.71 | ― | 2.37% | 10.53% | 23.28% | |
69 Neutral | ₹1.81T | 69.22 | ― | 0.15% | -0.43% | 4.44% | |
58 Neutral | ₹1.17T | 58.50 | ― | 0.72% | 5.03% | 4.87% | |
57 Neutral | ₹734.11B | 43.48 | ― | 0.33% | -8.37% | 35.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | ₹533.20B | 627.80 | ― | ― | 4.89% | -59.23% |
* General Sector Average
IN:MFSL
Max Financial Services Limited
1,545.00
-96.00
-5.85%
IN:ABSLAMC
Aditya Birla Sun Life Amc Limited
1,011.40
171.41
20.41%
IN:HDFCLIFE
HDFC Life Insurance Co. Ltd.
537.50
-250.64
-31.80%
IN:ICICIPRULI
ICICI Prudential Life Insurance Co. Ltd.
506.00
-128.85
-20.30%
IN:LICI
Life Insurance Corp. of India
413.70
-21.08
-4.85%
IN:SBILIFE
SBI Life Insurance Co. Ltd.
1,807.00
-53.87
-2.89%
Max Financial Services Limited Corporate Events
Axis Max Life Sets Record Date and Redemption Terms for INR 533.2 Crore Debentures
Jul 8, 2026
Max Financial Services Limited disclosed that its material subsidiary, Axis Max Life Insurance Limited, has set July 16, 2026 as the record date for investors entitled to receive interest and principal on certain non-convertible debentures. The de...
Max Financial Services Publishes Postal Ballot, E-Voting Notice for Shareholders
Jun 6, 2026
Max Financial Services Limited has notified stock exchanges that it has published newspaper advertisements in Business Standard and Punjab Kesri announcing the dispatch of a postal ballot notice and providing e-voting details to shareholders. The ...
Exchange Seeks Clarification on Max Financial’s March 2026 Results
May 22, 2026
The stock exchange has sought clarification from Max Financial Services Limited regarding its financial results for the quarter ended 31 March 2026, specifically in relation to compliance with Regulation 33 of the SEBI Listing Obligations and Disc...
Max Financial Wins Shareholder Nod for Capital Hike, Fundraising and Axis Bank Deal
May 10, 2026
Max Financial Services Limited has secured shareholder approval via postal ballot to increase its authorised share capital and amend its Memorandum of Association, aligning its capital structure with future growth plans. The company also received ...
Max Financial Services Cancels Q4 FY26 Earnings Call, Reaffirms Disclosure Commitments
May 10, 2026
Max Financial Services Limited has cancelled its scheduled earnings call for the quarter ended 31 March 2026, which was to be held on 13 May 2026, and has informed stock exchanges of the change in plan. The company emphasized that it remains commi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.