Max Financial Services
- Market cap
- ₹ 41,887 Cr.
- P/E
- 386x
- P/B
- 7.91x
- 52-week range
- 1,193.4 – 1,892.5
- ROE
- 2%
- ROCE
- 3%
- Dividend yield
- 0%
- Debt / equity
- 0.44
- Sector
- Insurance
- Industry
- Life Insurance
- Listed on
- NSE, BSE
About
Max Financial Services Limited is an India-based holding company. The Company is primarily engaged in growing and nurturing business investments and providing management advisory services to its group companies. Its business is categorized into two segments: Life Insurance and Business Investments and Others. The Life Insurance segment represents the life insurance business conducted across India by the Company’s subsidiary. The Business Investments and others segment is represented by treasury investments. The Company has an investment in its subsidiary, Axis Max Life Insurance Limited, which is a non-bank private life insurance company engaged in the business of life insurance and annuities. The subsidiary offers participating, non-participating, and linked products covering life insurance, pensions, and health benefits, including riders for individual and group segments. These products are distributed through individual agents, corporate agents, banks, brokers, and other channels.
Quick check
The five things to look at first. Open one for more.
Compared with its industry
Life Insurance: 6 companies →Max Financial Services against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.
- Valuation (P/E)386 against a typical 59.4: pricier than most peers (1st = cheapest).6th of 6
- Sales growth+16.8% against a typical +12.8% from a year earlier.3rd of 6
- Profit growth+37.2% against a typical +23% from a year earlier.1st of 6
- Share price, 3 months−19.2% against a typical −14%.5th of 6
- Size₹ 41,886.6 Cr. market value against a typical ₹ 77,810.8 Cr. (1st = largest).3rd of 4
Latest announcements
Exchange filings and their impact on the company.
- Strong H1 with profit more than doubling and SEBI case closed with no penalty supports higher revenue and earnings over next year.
Max Financial Services reported Q2 FY27 consolidated net profit of Rs 100.3 crore versus Rs 5.9 crore a year ago on total revenue of Rs 11,601 crore, up about 18.5%. For the first half, profit was Rs 218.6 crore versus Rs 92.3 crore on revenue of Rs 26,571 crore. SEBI closed its investigation with no penalty in August 2026, and subsidiary Axis Max Life raised Rs 686 crore via NCDs after redeeming Rs 496 crore, strengthening capital for growth.
Board meetings
Results dates and other board meetings. Full calendar
| Details | ||
|---|---|---|
| 27 Oct 2026 | Financial Results | To consider and approve the financial results for the period ended September 30, 2026 |
| 13 Aug 2026 | Financial Results | Board Meeting for consideration of un-audited financial results of the Company for the quarter ending June 30, 2026 |
| 12 May 2026 | Financial Results | To consider and approve the financial results for the period ended March 31, 2026 |
| 12 Mar 2026 | Fund Raising | To consider Fund Raising |
| 11 Feb 2026 | Financial Results | To consider and approve the financial results for the period ended December 31, 2025 |
| 11 Nov 2025 | Financial Results | To consider and approve the financial results for the period ended September 30, 2025 |
Financials
Consolidated figures in ₹ crore.
| ₹ Cr. | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 10,165 | 12,356 | 14,888 | 11,799 | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 | 14,259 | 10,802 | 14,970 |
| Expenses | 10,021 | 12,146 | 14,945 | 11,608 | 13,199 | 8,834 | 12,356 | 12,703 | 9,771 | 14,181 | 10,808 | 14,803 |
| Operating Profit | 144 | 209 | −57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | −6 | 167 |
| OPM % | 1.4% | 1.7% | −0.4% | 1.6% | 1.3% | 1% | 0.2% | 0.9% | 0.2% | 0.6% | −0.1% | 1.1% |
| Other Income | 25 | 4 | 10 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 |
| Interest | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | 158 | 198 | −59 | 182 | 162 | 81 | 22 | 101 | 6 | 50 | −36 | 138 |
| Tax % | −8% | 14% | −15% | 14% | 14% | 14% | −73% | 14% | 6% | 11% | −13% | 14% |
| Net Profit | 170 | 171 | −50 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | −32 | 118 |
| EPS in Rs | 4.29 | 4.3 | −1.28 | 3.69 | 3.26 | 1.62 | 0.91 | 2.02 | 0.12 | 1.06 | −0.76 | 2.77 |
Growth and returns
Compounded yearly rates over each period.
- 10 Years
- 15%
- 5 Years
- 9%
- 3 Years
- 15%
- TTM
- 5%
- 10 Years
- −11%
- 5 Years
- −28%
- 3 Years
- −40%
- TTM
- −60%
- 10 Years
- 12%
- 5 Years
- 9%
- 3 Years
- 21%
- TTM
- —
- 10 Years
- 9%
- 5 Years
- 7%
- 3 Years
- 6%
- TTM
- —
P/E and EPS over time
Daily P/E and trailing 12-month EPS. EPS updates with each result.
Peers
Listed companies in the same business.
| Max Financial Services | ₹ 1,224.60 | ₹ 41,887 Cr. | 386x | 7.9x | 2% | — |
| Max India | ₹ 150.30 | ₹ 844 Cr. | — | 2.1x | −31.5% | −63.9% |
Management
- Nishant Kumar Gehlawat
- Chief Financial Officer
- Siddhi Suneja
- Compliance Officer, Company Secretary
- V. Krishnan
- Manager
Prices are delayed and for information only. Nothing on this page is investment advice.