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Max Financial Services is the listed holding company for Axis Max Life Insurance (formerly Max Life Insurance), one of India's largest private life insurers, in which Axis Bank holds a significant co-promoter stake. The underlying life insurance business sells participating, non-participating savings, protection, annuity and ULIP products distributed through the Axis Bank bancassurance channel, proprietary agency and online channels. Consolidated financials are effectively driven by the life insurance subsidiary's premium growth, VNB margin and embedded value.
Axis Max Life is among the top four private life insurers in India by new business premium.
Max Financial Services Ltd. is a constituent of NIFTY 200, NIFTY 500, NIFTY FIN SERVICE, NIFTY MIDCAP 100, NIFTY MIDCAP 150, NIFTY MIDCAP 50. See where it sits on the market heatmap →
Consolidated annual figures taken from Max Financial Services Ltd.'s own filed statements — not estimates, and not restated by us. The most recent period shown is FY26 (year ended 31 Mar 2026).
| Metric | FY26 | FY25 | FY24 |
|---|---|---|---|
| EPS (basic, ₹) | 2.45 | 9.53 | 9.85 |
| Book value / share (₹) | 187.01 | 186.44 | 127.15 |
| Return on equity | 1.3% | 5.1% | 7.8% |
| Operating margin | 0.4% | 1.0% | 0.9% |
| Net margin | 0.2% | 0.9% | 0.8% |
| EBITDA | ₹212 Cr | ₹472 Cr | ₹420 Cr |
| Free cash flow | ₹11,228 Cr | ₹8,134 Cr | ₹5,884 Cr |
| Interest coverage | 1.9 | 9.9 | 9.5 |
| Shares outstanding | 34,33,00,000 | 34,34,50,000 | 34,36,50,000 |
Open the full income statement, balance sheet and cash flow for MFSL →
As disclosed for the quarter ended 30 Jun 2026.
Institutional ownership changes quarter to quarter. See daily FII and DII flows across the market →
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