Max Financial Services Limited (IN:MFSL)
:MFSL
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Max Financial Services Limited
(MFSL)
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Rating:59Neutral
Price Target:
₹1,566.00
▼(-6.67% Downside)
Action:ReiteratedDate:11/13/25
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
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
₹548.25B
Dividend YieldN/A
Average Volume (3M)13.30K
Price to Earnings (P/E)390.6
Beta (1Y)0.92
Revenue Growth0.58%
EPS Growth-43.74%
CountryIN
Employees10
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)1.50
Shares Outstanding345,114,780
10 Day Avg. Volume18,952
30 Day Avg. Volume13,298
Financial Highlights & Ratios
PEG Ratio-31.79
Price to Book (P/B)7.37
Price to Sales (P/S)0.84
P/FCF Ratio4.78
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)9.88
Revenue Forecast (FY)₹526.44B
Max Financial Services Limited Business Overview & Revenue Model
Company Description
Max Financial Services Limited, through its subsidiary, provides life insurance products in India. The company operates through Life Insurance and Business Investments segments. It offers a range of participating, non-participating, and linked pro...
How the Company Makes Money
MFSL primarily makes money through income and value appreciation linked to its ownership interest in Max Life Insurance Company Limited. Key sources typically include: (1) dividends and other distributions received from Max Life when declared; and...
Max Financial Services Limited Financial Statement Overview
Summary
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
75
Positive
| Breakdown | TTM | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 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
Positive
1677.95
Price Trends
1695.50
Negative
1684.05
Negative
1633.05
Positive
Market Momentum
-5.19
Negative
56.68
Neutral
84.26
Negative
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 1677.95 is above the 20-day moving average (MA) of 1593.97, below the 50-day MA of 1695.50, and above the 200-day MA of 1633.05, indicating a neutral trend. The MACD of -5.19 indicates Negative momentum. The RSI at 56.68 is Neutral, neither overbought nor oversold. The STOCH value of 84.26 is Negative, 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
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
81 Outperform | ₹308.40B | 26.02 | ― | 3.09% | 3.71% | 4.64% | |
71 Outperform | ₹5.13T | 10.45 | ― | 1.40% | 4.97% | 23.13% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | ₹1.77T | 72.13 | ― | 0.13% | -3.31% | 2.28% | |
61 Neutral | ₹1.27T | 66.58 | ― | 0.28% | 3.27% | 5.50% | |
59 Neutral | ₹548.25B | 390.61 | ― | ― | 0.58% | -43.74% | |
53 Neutral | ₹745.97B | 29.58 | ― | 0.13% | -8.37% | 35.33% |
* Financial Sector Average
IN:MFSL
Max Financial Services Limited
1,609.80
301.55
23.05%
IN:ABSLAMC
Aditya Birla Sun Life Amc Limited
1,065.90
410.07
62.53%
IN:HDFCLIFE
HDFC Life Insurance Co. Ltd.
589.95
-122.38
-17.18%
IN:ICICIPRULI
ICICI Prudential Life Insurance Co. Ltd.
520.50
-83.80
-13.87%
IN:LICI
Life Insurance Corp. of India
817.45
27.51
3.48%
IN:SBILIFE
SBI Life Insurance Co. Ltd.
1,808.05
81.55
4.72%
Max Financial Services Limited Corporate Events
Max Financial arm Axis Max Life to raise Rs 389 crore from Axis Bank via preferential issue
Apr 2, 2026
Max Financial Services has disclosed that the board of its subsidiary, Axis Max Life Insurance, has approved a proposal to raise up to Rs 389 crore by issuing equity shares on a preferential basis to Axis Bank. The shares will be issued at fair ma...
Max Financial Services Independent Director to Retire After Shareholders Reject Second Term
Mar 29, 2026
Max Financial Services has announced that independent director K. Narasimha Murthy will retire from the board upon completion of his first five-year term on March 29, 2026. His proposed re-appointment for a second five-year term failed to secure t...
Max Financial Sets Board Meet for FY26 Results, Closes Trading Window Under SEBI Norms
Mar 26, 2026
Max Financial Services Limited has scheduled a board meeting on May 12, 2026 to consider and approve its audited standalone and consolidated financial results for the year ended March 31, 2026, in compliance with SEBI’s listing regulations. ...
Max Financial Services Shareholders Clear Appointment of Independent Director via Postal Ballot
Mar 21, 2026
Max Financial Services Limited has announced the results of a postal ballot conducted to seek shareholder approval for key board-related resolutions dated February 11, 2026. The exercise was carried out through electronic voting in line with India...
Max Financial Services files new investor presentation with exchanges
Mar 18, 2026
Max Financial Services Limited has released an investor presentation and notified stock exchanges in compliance with SEBI’s disclosure regulations. The filing, addressed to BSE and NSE, indicates the company’s ongoing engagement with t...
Max Financial Plans Capital Raise to Fund Axis Max Life, Closes Trading Window
Mar 7, 2026
Max Financial Services Limited has called a board meeting on March 12, 2026 to consider raising additional capital for its material subsidiary, Axis Max Life Insurance Limited. The board will evaluate various instruments and structures, including ...
Max Financial Services Seeks Shareholder Nod Via Fully Digital Postal Ballot
Feb 19, 2026
Max Financial Services Limited has launched a postal ballot process conducted exclusively through remote e-voting to seek shareholder approval on certain corporate matters, in line with the Companies Act and SEBI listing regulations. The company i...
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.