Max Financial Services Limited (MFSL) AI Stock Analysis

• Market Cap: ₹533.93B
• Dividend Yield: N/A
• Average Volume (3M): 13.30K
• Price to Earnings (P/E): 197.1
• Beta (1Y): 0.64
• Revenue Growth: -3.50%
• EPS Growth: -28.98%
• Country: IN
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: Insurance - Life
• EPS (TTM): 0.89
• 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: ₹1,790.33
• Price Target Upside: 15.72% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 3

• Rating: 57 Neutral
• Price Target: ₹1,606.00 ▲(3.81% Upside)

The overall stock score of 57 reflects a stable financial position with strong cash flow and a conservative balance sheet, but is offset by a bearish technical outlook and high valuation. The lack of earnings call data and corporate events further limits the score.

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 products covering life insurance, pension, and health benefits, including riders for individual and group segments. The company also engages in treasury investment activities; and the provision of management advisory services. Its products are distributed through individual and corporate agents, banks, brokers, and other channels. The company was formerly known as Max India Limited and changed its name to Max Financial Services Limited in January 2016. Max Financial Services Limited was founded in 1984 and is based in Noida, India.

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 2022	Dec 2021
Income Statement
Total Revenue	464.94B	464.97B	464.95B	314.13B	310.35B	312.41B
Gross Profit	464.90B	464.97B	465.81B	313.28B	311.83B	312.44B
EBITDA	6.86B	6.86B	7.93B	8.17B	7.56B	7.14B
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	26.98B	7.95B	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: 1547.10
• 50DMA: Negative
• 100DMA: Negative
• 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 1547.1 is below the 20-day moving average (MA) of 1581.07, below the 50-day MA of 1588.65, and above the 200-day MA of 1360.55, indicating a neutral trend. The MACD of -1.35 indicates Positive momentum. The RSI at 42.27 is Neutral, neither overbought nor oversold. The STOCH value of 29.08 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	72 Outperform	₹996.00B	35.45	―	0.62%	14.43%	25.13%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
ABCAPITAL	64 Neutral	₹781.57B	22.88	―	―	14.14%	-1.33%
MFSL	57 Neutral	₹533.93B	197.06	―	―	-3.50%	-28.98%
SUNDARMFIN	55 Neutral	₹498.48B	25.76	―	0.77%	17.12%	28.35%
ICICIPRULI	54 Neutral	₹861.79B	65.89	―	0.14%	-42.13%	48.75%
LICHSGFIN	53 Neutral	₹312.52B	5.68	―	1.76%	4.57%	15.87%