Max Financial Services financials

·Banking & FinanceChart ›
Latest results Q2 FY27 · Jul–Sep 2026
Revenue
₹11,601cr+18.5% on Q2 FY26
Net profit
₹100cr+1,608.7% on Q2 FY26
EBITDA margin
1.2%+1.0 pts on Q2 FY26
EPS
₹2.33+1,841.7% on Q2 FY26

Quarterly results

Every quarter ›
₹ croreQ2 FY27Q2 FY26Change
Revenue11,6019,792+18.5%
EBITDA13521.0+544.7%
EBITDA margin1.2%0.2%+1.0 pts
Profit before tax1096.3+1,626.5%
Net profit1005.9+1,608.7%
EPS₹2.33₹0.12+1,841.7%

Over time

Q2 FY27 · Jul–Sep 2026latest
Revenue₹11,601 crNet profit₹100 crNet margin0.9%

Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.

Key numbersby financial year

₹ crore except per share
Tap a line for its trendCurrentlast 12MFY26Mar 2026FY25Mar 2025FY24Mar 2024FY23Mar 2023FY22 and earlierAlpha Plus
42,041————
FY22 and earlierEvery year the company has filed comes with Alpha Plus.
5152,1371,071858987
1,3181,1381,129——
1,8581,8581,025521521
44,701————
51,63147,67446,46946,57631,413
—+2.6%−0.2%+48.3%—
374212472420551
0.7%0.4%1.0%0.9%1.8%
372209469416546
232106403393452
0.4%0.2%0.9%0.8%1.4%
₹5.65₹2.45₹9.53₹9.91₹11.02
—−74.3%−3.8%−10.1%—
—11,4738,3526,1079,922
—−244−218−223−2.1
11,22811,2288,1345,8849,920
Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

MFSL₹1,224.60

Max Financial Services Ltd.

· Banking & Finance
₹ CrorePeersHDFCLIFESBILIFEICICIPRULIINDIANBIDFCFIRSTBICICIGIFEDERALBNKPAYTMMcap ₹42,041 Cr
HighlightsEnterprise ValueMultiplesPer ShareAnnuals · FY-end closes
In ₹ Crore except Per Share
12 Months Ending
FY23
31/03/2023
FY24
31/03/2024
FY25
31/03/2025
FY26
31/03/2026
Current/LTM
TTM · last close
Market Capitalization————42,040.5
- Cash, Equiv & ST Investments987.0858.11,070.62,137.2515.2
+ Minority Interest——1,128.71,138.21,317.6
+ Total Debt520.7520.71,025.51,858.41,858.4
Enterprise Value————44,701.3
Revenue31,412.746,576.246,468.947,674.151,631.5
Growth %, YoY—+48.3-0.2+2.6—
EBITDA550.9419.6472.0211.6374.3
Margin %1.750.901.020.440.72
EBIT546.3416.4469.1209.3372.3
Net Income451.9392.6403.4105.6231.8
Margin %1.440.840.870.220.45
EPS, Adj (current shares)11.029.919.532.455.65
Growth %, YoY—-10.1-3.8-74.3—
Cash from Operations9,922.36,107.08,351.811,472.7—
Capital Expenditures-2.1-222.9-218.1-244.4—
Free Cash Flow9,920.25,884.18,133.711,228.311,228.3
Market Cap/EV/multiples pair each (split/bonus-adjusted) FY-end close with the latest filed share count; Current column uses the last close. Market Capitalization is a market-level figure — identical across Consolidated/Standalone (the accounting rows below differ). No consensus estimates → no Est columns. Click any row to chart it.
« ‹ › »Latest: FY26 · ConsolidatedFA Financial Analysis · alphave
Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

Max Financial Services financials and key ratios

Prices at the 29 October 2026 close · figures from the company's filings with NSE

Max Financial Services (NSE: MFSL) had a market capitalisation of ₹41,620 crore at the 29 October 2026 close (₹1,212.00 a share), a PE ratio of 214.7 on the last four quarters' profit and a price-to-book ratio of 7.28. In FY26 its consolidated net profit attributable to shareholders was ₹84 crore on revenue of ₹47,674 crore; in Q2 FY27 (July–September 2026) it was ₹79.9 crore. Its debt-to-equity ratio was 0.29 on 30 September 2026. Promoters held 1.25% of the shares on 30 September 2026.

Share price used
₹1,212.00 · 29 October 2026 close
Latest balance sheet
30 September 2026
Shareholding pattern
30 September 2026

Max Financial Services at a glance · consolidated

Market cap
₹41,620 Crat ₹1,212.00 · 29 Oct close
PE ratio (last 4 quarters)
214.7495.7 on FY26 profit
Price to book (PB)
7.28book value ₹166.52 a share
ROE (FY26)
1.6%
Debt to equity
0.29net debt ₹1,498 Cr
Promoter holding
1.25%unchanged vs 30 Jun 202630 September 2026
Net worth
₹5,718 Cr+7.8% vs 30 Sep 202530 September 2026
Free cash flow (FY26)
₹11,228 Cr+38.0% vs FY25
EPS (FY26)
₹2.45

Questions

What is the Max Financial Services PE ratio today?

Max Financial Services' PE ratio is 214.7 at the 29 October 2026 close (₹1,212.00 a share): a market capitalisation of ₹41,620 crore divided by consolidated net profit attributable to shareholders of ₹194 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit attributable to shareholders (₹84 crore) it is 495.7.

What is the Max Financial Services PB ratio (price to book value)?

Max Financial Services' price-to-book (PB) ratio is 7.28 at the 29 October 2026 close: a market capitalisation of ₹41,620 crore divided by shareholders' equity (book value) of ₹5,718 crore on 30 September 2026. That is a book value of ₹166.52 per share against a share price of ₹1,212.00.

What is the Max Financial Services debt to equity ratio?

Max Financial Services' debt-to-equity ratio was 0.29 on 30 September 2026: borrowings, debt securities, deposits and subordinated debt of ₹2,013 crore against total equity of ₹7,036 crore. A year earlier, on 30 September 2025, it was 0.28.

What is the Max Financial Services market cap?

Max Financial Services' market capitalisation was ₹41,620 crore at the 29 October 2026 close: 34.34 crore shares at ₹1,212.00 each.

Is Max Financial Services debt free?

No. Max Financial Services had borrowings of ₹2,013 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.29. Its cash and current investments were ₹515 crore, so its net debt was ₹1,498 crore.

What is the Max Financial Services EPS?

Max Financial Services' basic earnings per share (EPS) were ₹2.45 in FY26, against ₹9.53 in FY25. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹5.41.

What is the Max Financial Services net worth?

Max Financial Services' net worth — shareholders' equity in its consolidated balance sheet — was ₹5,718 crore on 30 September 2026, up 7.8% from ₹5,303 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹41,620 crore at the 29 October 2026 close.

What is the Max Financial Services book value per share?

Max Financial Services' book value per share was ₹166.52 on 30 September 2026: shareholders' equity of ₹5,718 crore divided by the 34.34 crore shares in issue, up 7.7% from ₹154.55 a year earlier. The share price at the 29 October 2026 close was ₹1,212.00.

What is the Max Financial Services free cash flow?

In FY26, Max Financial Services generated ₹11,473 crore of cash from operations and spent ₹244 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹11,228 crore. In FY25 it was ₹8,134 crore.

What is the Max Financial Services ROE and ROCE?

In FY26, Max Financial Services' return on equity (ROE) was 1.6%. ROE is net profit attributable to shareholders divided by average shareholders' equity (the start and end of the year).

What is the Max Financial Services promoter holding?

Promoters held 1.25% of Max Financial Services on 30 September 2026, unchanged from the previous quarter and down 0.46 percentage points from 1.71% a year earlier, according to the shareholding pattern filed with NSE.

What are the Max Financial Services latest quarterly results?

Max Financial Services' latest results are for Q2 FY27 (July–September 2026), filed on 27 October 2026: consolidated net profit attributable to shareholders ₹79.9 crore; revenue from operations ₹11,601 crore, up 18.5% year on year.

What is the Max Financial Services shareholding pattern?

On 30 September 2026, Max Financial Services' shares were held by promoters 1.25%, foreign portfolio investors (FII/FPI) 48.62%, domestic institutions (DII) 43.70% (including mutual funds at 35.49%) and retail and other non-institutional investors 6.44%. Over the year, FII holding was up 3.84 percentage points from 44.78% and DII holding was down 3.56 percentage points from 47.26%.

How does the Max Financial Services PE ratio compare with its peers?

At the 29 October 2026 closing prices, on FY26 net profit attributable to shareholders, Max Financial Services' PE ratio is 495.7, the highest of the four: HDFC Life 58.5, SBI Life 67.1 and ICICI Prudential Life 37.3, a peer average of 54.3. Each is the company's market capitalisation at that price divided by its FY26 net profit.

Max Financial Services vs HDFC Life: how do they compare?

In FY26, Max Financial Services earned net profit attributable to shareholders of ₹84 crore on revenue of ₹47,674 crore, against ₹1,912 crore for HDFC Life. At the 29 October 2026 close, Max Financial Services' market capitalisation was ₹41,620 crore against ₹1,11,895 crore for HDFC Life, and its PE ratio on FY26 profit 495.7 against 58.5.

What is the Max Financial Services revenue and profit in FY26?

In FY26 (April 2025–March 2026), Max Financial Services' consolidated net profit attributable to shareholders was ₹84 crore, down 74.3% from ₹327 crore in FY25, on revenue from operations of ₹47,674 crore (up 2.6%). Over three years, from FY23, net profit was down 77.8%.

When are the Max Financial Services next results?

Max Financial Services has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.

How does Max Financial Services compare with its peers?

On FY26 consolidated figures, against HDFC Life, SBI Life and ICICI Prudential Life: Max Financial Services' return on equity of 1.6% is the lowest of the four (HDFC Life 11.3%, SBI Life 13.7%, ICICI Prudential Life 12.5%; peer average 12.5%).

Where do these Max Financial Services figures come from?

From Max Financial Services' own consolidated results, balance sheets and shareholding patterns filed with NSE, and NSE prices (the latest used here: the 29 October 2026 close). Ratios are calculated by Alphave from those filings as each answer describes.

Consolidated figures from the company's filings with NSE; prices are NSE closing prices.