MFSL
Max Financial Services Limited (MFSL) Stock Analysis
Max Financial Services Limited is the holding company for Max Life Insurance and related financial ventures in the Max group. It earns from insurance underwriting profits and investment returns on float. Protection and savings product mix shapes growth. It is listed on Indian stock exchanges.
Financial Services › Insurance - Life
₹1,375.00
+7.34% 1W | -26.80% 52W
Market Cap
47.5k CR
P/E Ratio
256.1
52W High
₹1892.5
52W Low
₹1172.6
Div. Yield
0%
Beta
0.7
50 DMA
₹1366.5
200 DMA
₹1562.9
Profit Margin
0.4%
Inst. Own.
81.9%
📉 CONSOLIDATING DOWN
📉 CONSOLIDATING DOWN
Fundamentals
Profit & Loss
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 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 | 11,601 |
| YoY Sales growth | +9% | +39% | +50% | +29% | +32% | -28% | -17% | +9% | -27% | +60% | -13% | +17% | +18% |
| 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 | 11,466 |
| Operating Profit | 144 | 209 | -57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 | 135 |
| OPM % | 1.4% | 1.7% | -0.4% | 1.6% | 1.3% | 1.0% | 0.2% | 0.9% | 0.2% | 0.6% | -0.1% | 1.1% | 1.2% |
| Other Income | 25 | 4 | 10 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 | 4 |
| Interest | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 | 30 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 | 1 |
| Profit before tax | 158 | 198 | -59 | 182 | 162 | 81 | 22 | 101 | 6 | 50 | -36 | 138 | 109 |
| Tax % | -8% | 14% | -15% | 14% | 14% | 14% | -73% | 14% | 6% | 11% | -13% | 14% | 8% |
| Net Profit | 170 | 171 | -50 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 | 100 |
| EPS in Rs | 4.29 | 4.30 | -1.28 | 3.69 | 3.26 | 1.62 | 0.91 | 2.02 | 0.12 | 1.06 | -0.76 | 2.77 | 2.32 |
| Metric | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,907 | 11,710 | 15,247 | 16,338 | 19,510 | 18,240 | 31,275 | 31,182 | 31,415 | 46,576 | 46,469 | 47,674 | 51,631 |
| Sales growth | +28% | -21% | +30% | +7% | +19% | -7% | +71% | -0% | +1% | +48% | -0% | +3% | +18% |
| Expenses | 14,188 | 11,179 | 14,476 | 15,807 | 19,003 | 17,788 | 30,689 | 30,769 | 30,862 | 46,150 | 45,994 | 47,462 | 51,257 |
| Operating Profit | 718 | 531 | 771 | 531 | 507 | 452 | 585 | 413 | 554 | 426 | 476 | 212 | 374 |
| OPM % | 4.8% | 4.5% | 5% | 3.2% | 2.6% | 2.5% | 1.9% | 1.3% | 1.8% | 0.9% | 1.0% | 0.4% | 0.7% |
| Other Income | 30 | 2 | 2 | 1 | 3 | 2 | 13 | 6 | 16 | 36 | 21 | 23 | 25 |
| Interest | 82 | 8 | 9 | 0 | 27 | 0 | 0 | 25 | 37 | 44 | 47 | 112 | 137 |
| Depreciation | 154 | 60 | 63 | 2 | 2 | 11 | 5 | 5 | 5 | 3 | 3 | 2 | 2 |
| Profit before tax | 512 | 465 | 702 | 530 | 481 | 442 | 593 | 389 | 527 | 415 | 447 | 121 | 260 |
| Tax % | 29% | 15% | 15% | 17% | 13% | 38% | 6% | 18% | 14% | 5% | 10% | 13% | |
| Net Profit | 365 | 393 | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 393 | 403 | 106 | 232 |
| EPS in Rs | 10.49 | 9.47 | 14.79 | 10.67 | 9.75 | 5.38 | 12.33 | 7.34 | 10.97 | 9.85 | 9.48 | 2.43 | 5.39 |
| Dividend Payout % | 48% | 38% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Growth — CAGR
| Metric | 3Y | 5Y | 10Y |
|---|---|---|---|
| Revenue CAGR | 15.0% | 9.0% | 15.0% |
| Profit CAGR | -40.0% | -28.0% | -11.0% |
Shareholding Pattern
Promoters1.71%
FIIs44.78%
DIIs47.26%
Public6.24%
Promoters1.25%
FIIs45.13%
DIIs47.35%
Public6.26%
Promoters1.25%
FIIs47.88%
DIIs44.74%
Public6.11%
Promoters1.25%
FIIs48.06%
DIIs44.34%
Public6.35%
Promoters1.25%
FIIs48.61%
DIIs43.70%
Public6.43%
Promoters10.14%
FIIs47.70%
DIIs34.06%
Public8.09%
Promoters6.52%
FIIs47.70%
DIIs39.92%
Public5.84%
Promoters1.74%
FIIs44.75%
DIIs47.29%
Public6.21%
Promoters1.25%
FIIs47.88%
DIIs44.74%
Public6.11%
Promoters1.25%
FIIs48.61%
DIIs43.70%
Public6.43%
MFSL
Holdings Analysis
Key strengths & risk signals
53
Overall
57
Fundamental
50
Technical
Risks (3)
Cannot calculate PEG - insufficient growth data.
POOR YEAR! Stock declined 26.8% in the last year.
LOWER HALF! Trading at 28.1% of 52W range - weakness visible.
Strengths (4)
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
LOW VOLATILITY! Beta of 0.70 - stable stock, less market risk.
MIXED POSITION! Current price (1375.0) above 50-day but below 200-day.
NEUTRAL! RSI at 51.1 - balanced momentum.
Fundamental & Technical Analysis
53Overall
57Fundamental
50Technical
Fundamental Breakdown
Growth Quality
13/30
Revenue CAGR: 15.0% (GOOD, 11/15). Profit CAGR: -39.5% (DECLINING, 2/15).
Profit Margin
2/10
LOW MARGIN! 0.4% profit margin - thin profits.
PEG Valuation
1/10
Cannot calculate PEG - insufficient growth data.
Dividend Yield
3/10
NEGLIGIBLE DIVIDEND! 0% yield - little to no income.
Debt to Equity
10/10
VERY LOW DEBT! D/E of 0.28 - excellent financial health.
Public Holding
20/20
VERY LESS PUBLIC HOLDING! 7.05% public ownership - strong promoter/institutional control.
Stability Index
8/10
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
Technical Breakdown
Moving Averages
5/10
BEARISH TREND! 50-day average (1366.5) is below 200-day average (1562.9) - negative signal.
Price Position
6/10
MIXED POSITION! Current price (1375.0) above 50-day but below 200-day.
Trend Pattern
10/20
Current trend: CONSOLIDATING DOWN
52W Performance
1/10
POOR YEAR! Stock declined 26.8% in the last year.
Volume Sentiment
15/30
BEARISH SENTIMENT! In last 30 days: 14 up days, 16 down days. Avg volume on up days: 1,300,833 vs down days: 1,432,278. Ratio: 0.91x
RSI
3/5
NEUTRAL! RSI at 51.1 - balanced momentum.
52W Range
2/5
LOWER HALF! Trading at 28.1% of 52W range - weakness visible.
Momentum
3/5
MIXED MOMENTUM! Price growth is inconsistent - 7.3% (1 week), 3.7% (1 month), -10.6% (3 months).
Beta
5/5
LOW VOLATILITY! Beta of 0.70 - stable stock, less market risk.
MFSL
Concall / Investor Presentation
Earnings call transcripts & AI summaries
| Quarter | Concall | Summary |
|---|---|---|
| Q3FY262026-02-18 | Concall PDF | |
| Q2FY262025-11-18 | Concall PDF |
Peer Comparison
Financial Services · Insurance - Life · 8 stocks
| Stock | Price | P/E | Profit Margin | Revenue CAGR 5Y | Profit CAGR 5Y | 52W Change | Stock Strength | Trendline | YoY Profit | QoQ Profit | YoY Revenue | QoQ Revenue |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MFSL | ₹1,375.00 | 256.1 | 0.4% | 15.0% | -39.5% | -26.8% | 53 | CONSOLIDATING DOWN | +1,848.8% | -16.4% | +18.4% | -22.5% |
| STARHEALTH | ₹571.00 | 31.9 | 4.4% | 14.0% | -3.4% | +10.2% | 74 | BREAKOUT | +232.7% | -51.8% | +17.6% | -4.8% |
| ICICIPRULI | ₹431.00 | 35.6 | 2.7% | 8.5% | 25.5% | -31.9% | 58 | HIT RESISTANCE | +25.0% | -3.1% | +0.8% | -57.8% |
| HDFCLIFE | ₹597.80 | 63.1 | 1.9% | 9.3% | 11.8% | -27.8% | 60 | BREAKOUT | – | -14.7% | – | -27.4% |
| SBILIFE | ₹1,819.50 | 68.8 | 2.2% | 11.1% | 12.8% | -12.5% | 61 | BREAKOUT | – | -24.2% | – | -47.3% |
| LICI | ₹404.00 | 8.2 | 6.6% | 7.3% | 16.9% | -11.3% | 64 | BREAKOUT | – | -10.8% | – | +10.7% |
| NIVABUPA | ₹78.20 | 27.7 | 4.8% | 36.4% | 118.5% | -1.0% | 65 | APPROACHING RESISTANCE | +124.1% | -1.6% | +24.8% | +2.5% |
| CANHLIFE | ₹132.10 | 93.7 | 1.1% | 7.3% | 8.2% | -1.4% | 50 | BREAKDOWN | +5.4% | +53.0% | +8.9% | -41.3% |
Data from TradeAlone · Updated daily
MFSL News
Max Financial Services Limited (mfsl) Reports 21% Yoy Growth in Axis Max Life’s VNB2026-10-27Max Financial Services Limited (mfsl) Reports 17% Yoy Growth in Axis Max Life Insurance’s Individual Adjusted First Year Premium2026-08-13Max Financial Services Limited (mfsl) Reports 19% Yoy Growth in Individual Adjusted First Year Premium in FY’262026-05-13
