Max Financial Services Limited (MFSL) AI Stock Analysis

• Market Cap: ₹549.61B
• Dividend Yield: N/A
• Average Volume (3M): 13.30K
• Price to Earnings (P/E): 202.9
• Beta (1Y): 0.64
• Revenue Growth: -16.19%
• EPS Growth: -53.19%
• Country: IN
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 0.41
• Shares Outstanding: 345,114,780
• 10 Day Avg. Volume: 18,952
• 30 Day Avg. Volume: 13,298
• PEG Ratio: -31.79
• Price to Book (P/B): 7.37
• Price to Sales (P/S): 0.84
• P/FCF Ratio: 4.78
• 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: N/A
• Price Target Upside: N/A
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹1,795.00 ▲(4.43% Upside)

Max Financial Services Limited has a stable financial foundation with strong cash flow and a conservative balance sheet, contributing positively to its score. However, technical indicators suggest the stock is overbought, and the high P/E ratio indicates potential overvaluation, which negatively impacts the overall score.

Positive Factors

Cash Flow Generation

Strong free cash flow generation indicates robust cash profitability, providing the company with the flexibility to invest in growth opportunities and withstand economic downturns.

Conservative Balance Sheet

A conservative balance sheet with low leverage enhances financial stability, reducing risk and providing a buffer against market volatility.

Efficient Operations

Efficient operations, as evidenced by a strong gross profit margin, suggest effective cost control and operational efficiency, supporting long-term profitability.

Negative Factors

Revenue Growth Decline

A decline in revenue growth can signal challenges in market expansion or product demand, potentially impacting future earnings and market position.

Low Profitability Margins

Low profitability margins indicate challenges in converting revenue into profit, which can constrain reinvestment capabilities and shareholder returns.

Earnings Decline

A significant decline in earnings per share growth reflects potential operational inefficiencies or market challenges, affecting investor confidence and long-term growth prospects.

Max Financial Services Limited Business Overview & Revenue Model

Company Description

Max Financial Services Limited (MFSL) is a leading financial services company based in India, specializing in a diverse range of services including life insurance, asset management, and financial advisory. With a strong focus on customer-centric solutions, MFSL operates through its subsidiaries, providing innovative products designed to meet the varying needs of individuals and businesses. The company is committed to leveraging technology and strategic partnerships to enhance its service delivery and expand its market reach.

How the Company Makes Money

MFSL generates revenue primarily through its life insurance premium collections and asset management fees. The company earns money by selling life insurance policies, where it collects premiums from policyholders. Additionally, MFSL has a significant presence in mutual funds and investment management, where it charges management fees based on the assets under management (AUM). The firm may also derive income from financial advisory services and commissions on the sale of financial products. Key partnerships with banks and financial institutions further bolster its distribution channels, enhancing its revenue potential. Overall, its diversified service offerings and strategic alliances contribute significantly to its financial performance.

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 2022	Dec 2021
Income Statement
Total Revenue	474.19B	463.96B	464.94B	313.28B	311.83B	312.44B
Gross Profit	439.89B	432.16B	440.95B	297.14B	297.80B	300.17B
EBITDA	6.68B	7.21B	6.58B	7.05B	6.36B	7.76B
Net Income	2.70B	3.27B	3.40B	3.78B	2.53B	4.25B
Balance Sheet
Total Assets	0.00	1.90T	1.63T	1.32T	1.18T	981.32B
Cash, Cash Equivalents and Short-Term Investments	0.00	15.07B	34.35B	26.98B	7.95B	23.25B
Total Debt	0.00	10.25B	8.44B	8.21B	7.78B	2.87B
Total Liabilities	-64.03B	1.84T	1.58T	1.28T	1.13T	945.27B
Stockholders Equity	64.03B	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: Positive
• Last Price: 1718.80
• 50DMA: Positive
• 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 Positive. The current price of 1718.8 is above the 20-day moving average (MA) of 1695.04, above the 50-day MA of 1629.65, and above the 200-day MA of 1467.40, indicating a bullish trend. The MACD of 20.38 indicates Positive momentum. The RSI at 60.35 is Neutral, neither overbought nor oversold. The STOCH value of 68.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	72 Outperform	₹1.02T	36.12	―	0.70%	14.43%	25.13%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ABCAPITAL	63 Neutral	₹866.48B	26.52	―	―	7.07%	-13.03%
SUNDARMFIN	62 Neutral	₹530.24B	26.68	―	0.73%	15.31%	25.88%
MFSL	59 Neutral	₹549.61B	202.85	―	―	-16.19%	-53.19%
ICICIPRULI	55 Neutral	₹878.79B	67.19	―	0.13%	-42.13%	48.75%
LICHSGFIN	55 Neutral	₹315.65B	5.72	―	1.88%	4.79%	13.08%

Max Financial Services Limited Corporate Events

Max Financial Services Achieves ESG Rating of 62

Max Financial Services Limited has received an ESG rating of 62 from Crisil ESG Ratings & Analytics Limited, on a scale of 0-100. This rating, which was independently prepared by Crisil based on publicly available data, reflects the company’s performance on Environmental, Social, and Governance parameters. The company voluntarily disclosed this rating to the stock exchanges to ensure transparency and inform stakeholders.

Max Financial Services Appoints New Director to Axis Max Life Insurance Board

Max Financial Services Limited announced the appointment of Ms. Rajkamal Vempati as an additional non-executive director on the Board of Axis Max Life Insurance, effective October 1, 2025. This appointment, nominated by Axis Bank, signifies a continuation of the strategic relationship between Max Financial Services, Axis Max, and Axis Bank, potentially impacting the company’s governance and operational strategies.