Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.[1]It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company.[2]
Axis Max Life Insurance[1]Axis Max Life Insurance is a Joint Venture between Max Financial Services Limited (MFSL) and Axis Bank Limited. MFSL is part of India’s leading business conglomerate - the Max Group. Focused on Life Insurance, MFSL actively manages an 81% majority stake in Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited).
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | Life Insurance | 823.50 | 10.17 | 520863.60 | 1.44 | 10095.92 | 30.66 | 241524.29 | 4.50 | 53.13 | 913081.59 | 5.85 | 51102.85 | 10098.48 | 3.71 | 0.87 | 0.00 |
| 2. | SBI Life Insuran | 2076.50 | 84.83 | 208237.57 | 0.13 | 494.59 | -6.58 | 23115.32 | -42.64 | 16.88 | 104044.75 | 1.28 | 2453.29 | 494.59 | 11.35 | 0.56 | 0.00 |
| 3. | HDFC Life Insur. | 732.20 | 83.55 | 157924.25 | 0.29 | 418.19 | -0.74 | 29427.61 | 70.10 | 6.58 | 103732.12 | 1.35 | 1890.19 | 418.19 | 8.95 | 0.51 | 0.18 |
| 4. | ICICI Pru Life | 679.45 | 71.88 | 98375.34 | 0.13 | 387.15 | 19.16 | 22834.07 | 403.35 | 11.94 | 75858.66 | 1.78 | 1369.25 | 387.15 | 7.33 | 0.39 | 0.19 |
| 5. | Max Financial | 1651.05 | – | 56980.15 | 0.00 | -3.40 | -38.21 | 2.87 | -22.22 | -0.13 | 13.92 | -67.53 | -10.08 | -3.40 | 8.50 | -0.14 | 0.00 |
| 6. | Canara HSBC | 141.60 | 111.43 | 13452.00 | 0.00 | 40.81 | 10.69 | 2347.94 | -29.35 | 8.73 | 10709.57 | 1.22 | 116.75 | 40.81 | – | 0.29 | 0.00 |
| – | Median: 6 Co. | 777.85 | 83.55 | 128149.79 | 0.13 | 402.67 | 4.97 | 22974.69 | -8.86 | 10.34 | 89795.39 | 1.31 | 1629.72 | 402.67 | 8.5 | 0.45 | 0.0 |
Standalone figures in ₹ crores
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 17.64 | 16.98 | 10.46 | 5.08 | 6.32 | 5.52 | 4.51 | 3.72 | 3.69 | 4.32 | 3.74 | 2.99 | 2.87 |
Expenses | 9.45 | 8.97 | 8.23 | 6.67 | 8.73 | 7.82 | 8.36 | 5.75 | 5.93 | 5.89 | 6.14 | 5.26 | 6.03 |
Operating Profit | 8.19 | 8.01 | 2.23 | -1.59 | -2.41 | -2.30 | -3.85 | -2.03 | -2.24 | -1.57 | -2.40 | -2.27 | -3.16 |
Other Income | 0.21 | 0.01 | 0.13 | 0.04 | 0.00 | 0.00 | 0.25 | 0.05 | 0.07 | 0.39 | 0.10 | 0.05 | 0.00 |
Profit before tax | 7.59 | 7.23 | 1.60 | -2.17 | -2.80 | -2.64 | -3.95 | -2.32 | -2.50 | -1.49 | -2.64 | -2.52 | -3.40 |
Tax % | 36.89% | 26.14% | -24.38% | 9.22% | -2.86% | -6.44% | -6.84% | 12.07% | -1.60% | 5.37% | -1.89% | 0.00% | 0.00% |
Net Profit | 4.79 | 5.34 | 1.99 | -2.37 | -2.72 | -2.47 | -3.68 | -2.60 | -2.46 | -1.57 | -2.59 | -2.52 | -3.40 |
EPS in Rs | 0.14 | 0.15 | 0.06 | -0.07 | -0.08 | -0.07 | -0.11 | -0.08 | -0.07 | -0.05 | -0.08 | -0.07 | -0.10 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 990 | 582 | 201 | 256 | 264 | 317 | 495 | 307 | 200 | 58 | 21 | 16 | 14 |
Expenses | 775 | 111 | 84 | 100 | 118 | 239 | 89 | 174 | 51 | 36 | 32 | 24 | 23 |
Operating Profit | 215 | 470 | 117 | 155 | 145 | 78 | 406 | 133 | 149 | 22 | -10 | -8 | -9 |
Other Income | 10 | 3 | 0 | 1 | 0 | 0 | 0 | 1 | 2 | 0 | 0 | 0 | 1 |
Interest | 22 | 0 | 0 | 0 | 0 | 27 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 24 | 4 | 2 | 2 | 2 | 2 | 10 | 4 | 3 | 3 | 2 | 1 | 1 |
Profit before tax | 180 | 469 | 115 | 154 | 144 | 49 | 396 | 129 | 147 | 19 | -12 | -9 | -10 |
Net Profit | 185 | 391 | 115 | 154 | 144 | 49 | 273 | 99 | 103 | 14 | -11 | -9 | -10 |
EPS in Rs | 6.96 | 14.67 | 4.31 | 5.76 | 5.36 | 1.83 | 10.11 | 2.88 | 2.97 | 0.40 | -0.33 | -0.27 | -0.30 |
Dividend Payout % | 52% | 34% | 83% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 53 | 53 | 53 | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
Reserves | 3,133 | 3,400 | 1,617 | 1,775 | 1,866 | 1,946 | 2,226 | 6,576 | 6,681 | 6,694 | 6,683 | 6,674 | 6,668 |
Borrowings | 181 | 0 | 0 | 0 | 0 | 0 | 3 | 3 | 2 | 2 | 2 | 1 | 0 |
Other Liabilities | 157 | 56 | 69 | 29 | 151 | 196 | 243 | 28 | 26 | 15 | 16 | 16 | 14 |
Total Liabilities | 3,524 | 3,510 | 1,739 | 1,857 | 2,071 | 2,196 | 2,526 | 6,677 | 6,777 | 6,780 | 6,770 | 6,759 | 6,751 |
Fixed Assets | 300 | 13 | 9 | 33 | 31 | 30 | 26 | 25 | 4 | 4 | 3 | 2 | 2 |
Gross Block | 468.30 | 29.25 | 19.77 | 45.86 | 33.07 | 33.98 | 38.54 | 39.79 | 13.39 | 10.58 | 7.66 | 7.71 | – |
Accumulated Depreciation | 168.28 | 16.13 | 11.04 | 13.21 | 1.88 | 3.53 | 13.04 | 14.67 | 9.08 | 6.73 | 4.75 | 5.30 | – |
CWIP | 25 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Investments | 2,744 | 3,319 | 1,705 | 1,796 | 1,964 | 2,131 | 2,468 | 6,616 | 6,723 | 6,695 | 6,699 | 6,689 | 6,700 |
Other Assets | 455 | 178 | 26 | 29 | 75 | 34 | 32 | 35 | 50 | 81 | 68 | 68 | 50 |
Total Assets | 3,524 | 3,510 | 1,739 | 1,857 | 2,071 | 2,196 | 2,526 | 6,677 | 6,777 | 6,780 | 6,770 | 6,759 | 6,751 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | -53 | 117 | -57 | 160 | 126 | 141 | 393 | -1 | 86 | -34 | -10 | -7 |
Cash from Investing Activity | 158 | 40 | 121 | -105 | -161 | -166 | -395 | 2 | -85 | 36 | 11 | 8 |
Cash from Financing Activity | -102 | -157 | -75 | -48 | 28 | 24 | 1 | -2 | -1 | -2 | -1 | -1 |
Net Cash Flow | 3 | 1 | -11 | 7 | -7 | 0 | -0 | -0 | 0 | 0 | -0 | 0 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 57 | 0 | 17 | 11 | 9 | 25 | 14 | 23 | 27 | 109 | 209 | 260 |
Inventory Days | 46 | – | – | – | – | – | – | – | – | – | – | – |
Days Payable | 51 | – | – | – | – | – | – | – | – | – | – | – |
Cash Conversion Cycle | 52 | 0 | 17 | 11 | 9 | 25 | 14 | 23 | 27 | 109 | 209 | 260 |
Working Capital Days | 18 | -13 | -96 | -20 | -113 | -190 | -157 | -3 | -6 | 44 | 43 | -23 |
ROCE % | 6% | 14% | 4% | 9% | 8% | 4% | 19% | 3% | 2% | 0% | -0% | -0% |
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Stock Analysis
Max Financial Services Limited (MFSL) is part of India's Max Group, primarily functioning as a holding company for business investments and providing management advisory services. It holds a significant majority stake in Axis Max Life Insurance.
Based on the provided old short description and company data, key growth triggers identified include the strong performance of its subsidiary, Axis Max Life Insurance, which reported robust growth in premiums and Value of New Business (VNB) with improved margins in recent quarters. Strategic focus on digital initiatives, product innovation like 'Smart VIBE', and expansion of distribution channels are also driving growth. The anticipated positive impact from the GST exemption on individual life insurance policies, which is expected to improve affordability and reduce the protection gap, is another potential growth driver.
Currently no data available for Order Book.
Based on the provided old short description, there have been instances of shareholder dissent on board appointments, with shareholders rejecting the appointment of two independent directors. Historical company data also indicates periods of negative operational profitability (OPM) and low return on equity, suggesting potential underlying financial vulnerabilities.
A Board Meeting is scheduled for February 11, 2026, to approve the unaudited financial results for the third quarter and nine months ending December 31, 2025. The trading window for designated persons will remain closed until 48 hours after the announcement of these results.
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