Max Financial Services enterprise value

Share price at each year-end

Tap a line for its trend	Currentlast 12M	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024	FY23Mar 2023	FY22 and earlierAlpha Plus


41,608	—	—	—	—	FY22 and earlierEvery year the company has filed comes with Alpha Plus.
515	2,137	1,071	858	987
1,318	1,138	1,129	—	—
1,858	1,858	1,025	521	521
44,269	—	—	—	—
1,343	−279	−45.1	−337	−466
₹1,289.51	—	—	—	—

8,894	8,278	7,429	4,890	4,489
20.9%	22.4%	13.8%	10.6%	11.6%
0.04×	—	—	—	—

0.86×	—	—	—	—
118.26×	—	—	—	—
118.91×	—	—	—	—
3.94×	—	—	—	—
51,631	47,674	46,469	46,576	31,413
374	212	472	420	551
372	209	469	416	546
—	11,473	8,352	6,107	9,922
11,228	11,228	8,134	5,884	9,920
—	11,218	8,130	5,882	9,915
—	244	218	223	2.1

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

alphave

MFSL₹1,212.00

Max Financial Services Ltd.

· Banking & Finance

₹ CrorePeersHDFCLIFE SBILIFE ICICIPRULI INDIANB IDFCFIRSTB ICICIGI FEDERALBNK PAYTMMcap ₹41,608 Cr

HighlightsEnterprise Value Multiples Per 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	—	—	—	—	41,608.0
- Cash, Equiv & ST Investments	987.0	858.1	1,070.6	2,137.2	515.2
+ Minority Interest	—	—	1,128.7	1,138.2	1,317.6
+ Total Debt	520.7	520.7	1,025.5	1,858.4	1,858.4
Enterprise Value	—	—	—	—	44,268.8
Net Debt (memo)	-466.3	-337.4	-45.1	-278.8	1,343.2
EV per Share	—	—	—	—	1,289.51

Total Capital	4,489.2	4,890.2	7,428.7	8,278.4	8,894.2
Total Debt/Total Capital	11.60	10.65	13.80	22.45	20.89
Total Debt/EV	—	—	—	—	0.04

EV/Sales	—	—	—	—	0.86
EV/EBITDA	—	—	—	—	118.26
EV/EBIT	—	—	—	—	118.91
EV/Free Cash Flow	—	—	—	—	3.94
Reference Items — Trailing FY Values
Sales	31,412.7	46,576.2	46,468.9	47,674.1	51,631.5
EBITDA	550.9	419.6	472.0	211.6	374.3
EBIT	546.3	416.4	469.1	209.3	372.3
Operating Cash Flow	9,922.3	6,107.0	8,351.8	11,472.7	—
Free Cash Flow	9,920.2	5,884.1	8,133.7	11,228.3	11,228.3
FCFF (free cash flow to the firm)	9,914.9	5,882.1	8,130.1	11,217.8	—
Capital Expenditure	2.1	222.9	218.1	244.4	—

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.

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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%.