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Max Financial Services Limited
(MFSL)
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Rating:52Neutral
Price Target:
₹1,234.00
▼(-18.64% Downside)
Action:Reiterated
Date:08/17/26
The score is held back primarily by very high valuation risk (P/E 627.795) and weakening profitability despite revenue growth, alongside a recent rise in leverage. Offsetting these are strong cash generation and generally stable financial position historically, while technical indicators are mixed-to-neutral with longer-term trend weakness (below 50/100/200-day averages and negative MACD).
Positive Factors
Strong Cash Generation
Strong and generally rising operating and free cash flow indicate that the business converts operations into cash effectively. This supports financial resilience, provides capacity for investment or distributions, and can help sustain strategic flexibility over the next several quarters despite earnings volatility.
Negative Factors
Profitability Compression
Revenue growth has not translated into comparable bottom-line performance, as net and operating margins have weakened materially. Persistent margin pressure would reduce earnings quality, limit internal capital generation, and make future results more sensitive to expenses, claims, pricing, or one-off effects.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Generation
Strong and generally rising operating and free cash flow indicate that the business converts operations into cash effectively. This supports financial resilience, provides capacity for investment or distributions, and can help sustain strategic flexibility over the next several quarters despite earnings volatility.
Read all positive factors
Max Financial Services Limited (MFSL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹421.73B
Dividend Yield0.63%
Average Volume (3M)101.60K
Price to Earnings (P/E)224.0
Beta (1Y)1.06
Revenue Growth17.54%
EPS Growth15.23%
CountryIN
Employees10
SectorGeneral
Sector StrengthN/A
IndustryInsurance - Life
Share Statistics
EPS (TTM)5.41
Shares Outstanding345,114,780
10 Day Avg. Volume62,472
30 Day Avg. Volume101,599
Financial Highlights & Ratios
PEG Ratio-8.19
Price to Book (P/B)9.67
Price to Sales (P/S)1.07
P/FCF Ratio4.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹2,150.00Price Target Upside41.76% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.52
Revenue Forecast (FY)₹446.05B
Max Financial Services Limited Business Overview & Revenue Model
Company Description
Max Financial Services Limited, an Indian enterprise, delivers life insurance offerings principally through its subsidiary. Its operational structure is bifurcated into two main divisions: Life Insurance and Business Investments. The company provi...
How the Company Makes Money
MFSL makes money primarily through returns linked to its ownership interest in Max Life Insurance Company Limited. These returns can include dividends or distributions received from Max Life (when declared and paid) and changes in the value of its...
Max Financial Services Limited Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
60
Neutral
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 516.46B | 476.96B | 463.96B | 464.94B | 313.28B | 311.83B |
| Gross Profit | 463.34B | 372.80B | 432.16B | 440.95B | 297.14B | 297.80B |
| EBITDA | 4.29B | 4.54B | 7.21B | 6.58B | 7.05B | 6.36B |
| Net Income | 1.86B | 839.70M | 3.27B | 3.40B | 3.78B | 2.53B |
Balance Sheet | ||||||
| Total Assets | 2.13T | 1.99T | 1.90T | 1.63T | 1.32T | 1.18T |
| Cash, Cash Equivalents and Short-Term Investments | 6.48B | 24.03B | 15.07B | 34.35B | 26.98B | 26.18B |
| Total Debt | 25.29B | 23.40B | 14.42B | 8.36B | 8.21B | 7.78B |
| Total Liabilities | 2.06T | 1.93T | 1.84T | 1.58T | 1.28T | 1.13T |
| Stockholders Equity | 57.18B | 52.82B | 52.75B | 38.66B | 35.18B | 39.35B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 112.28B | 81.34B | 58.84B | 97.48B | 83.68B |
| Operating Cash Flow | 0.00 | 114.73B | 83.52B | 61.07B | 99.22B | 84.96B |
| Investing Cash Flow | 0.00 | -111.25B | -97.03B | -50.04B | -92.28B | -88.35B |
| Financing Cash Flow | 0.00 | 5.67B | 19.61B | -1.17B | -2.33B | 3.88B |
Max Financial Services Limited Technical Analysis
Negative
1516.65
Price Trends
1430.21
Negative
1501.72
Negative
1584.20
Negative
Market Momentum
-61.59
Positive
29.09
Positive
26.51
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MFSL, the sentiment is Negative. The current price of 1516.65 is above the 20-day moving average (MA) of 1289.90, above the 50-day MA of 1430.21, and below the 200-day MA of 1584.20, indicating a bearish trend. The MACD of -61.59 indicates Positive momentum. The RSI at 29.09 is Positive, neither overbought nor oversold. The STOCH value of 26.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MFSL.
Max Financial Services Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | ₹1.12T | 54.54 | ― | 0.77% | 18.53% | 7.81% | |
69 Neutral | ₹1.67T | 62.41 | ― | 0.16% | 17.87% | 8.15% | |
68 Neutral | ₹244.57B | 24.73 | ― | 3.02% | 4.05% | 1.49% | |
65 Neutral | ₹5.00T | 8.34 | ― | 2.53% | 10.53% | 23.28% | |
56 Neutral | ₹597.91B | 33.61 | ― | 0.40% | -8.37% | 35.27% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
52 Neutral | ₹421.73B | 224.03 | ― | 0.63% | 17.54% | 15.23% |
* General Sector Average
IN:MFSL
Max Financial Services Limited
1,203.00
-342.95
-22.18%
IN:ABSLAMC
Aditya Birla Sun Life Amc Limited
804.85
63.44
8.56%
IN:HDFCLIFE
HDFC Life Insurance Co. Ltd.
523.15
-206.05
-28.26%
IN:ICICIPRULI
ICICI Prudential Life Insurance Co. Ltd.
409.00
-180.35
-30.60%
IN:LICI
Life Insurance Corp. of India
384.00
-53.10
-12.15%
IN:SBILIFE
SBI Life Insurance Co. Ltd.
1,655.95
-296.09
-15.17%
Max Financial Services Limited Corporate Events
Max Financial Publishes Unaudited Q2 and Half-Year FY27 Results in Newspapers
Oct 29, 2026
Max Financial Services Limited, a leading Indian financial services holding company focused on life insurance through its subsidiary Max Life, operates primarily in the domestic market with a portfolio of protection and long-term savings products....
Max Financial Services Publishes Q1 FY27 Unaudited Results in Newspapers
Aug 15, 2026
Max Financial Services Limited has published unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 in newspapers, in line with regulatory disclosure requirements for its BSE and NSE listings. The release signal...
Max Financial Services Posts Q1 FY27 Earnings Call Audio for Investors
Aug 13, 2026
Max Financial Services Limited has notified stock exchanges that it hosted an earnings conference call with investors and analysts on August 13, 2026, to discuss its financial and operating performance for the quarter ended June 30, 2026. The comp...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.