Max Financial Services Ltd
Max Financial Services Ltd (MFSL) is scheduled to report results on 27 Oct 2026. Max Financial Services Ltd last reported results for the quarter ended Jun 2026, with sales of ₹14,970 crore and net profit of ₹118 crore. The stock last traded at ₹1,310, a market capitalisation of ₹45,280 crore, on a P/E of 417. Over the past 52 weeks the stock has ranged between ₹1,301 and ₹1,892. Figures are as of 9 Oct 2026 and are not real time.
Max Financial Services Ltd share price and key metrics
- Current price
- ₹1,310
- Market cap
- ₹45,280 cr
- Stock P/E
- 417
- Book value
- ₹153
- ROE
- 1.52%
- ROCE
- 2.87%
- Dividend yield
- 0.00%
- 52w high / low
- 1892/1301
Metrics as of 9 Oct 2026. Not real time.
Track Max Financial Services Ltd
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Max Financial Services Ltd growth and returns
- 10 Years
- 15%
- 5 Years
- 9%
- 3 Years
- 15%
- TTM
- 5%
- 10 Years
- -11%
- 5 Years
- -28%
- 3 Years
- -40%
- TTM
- -60%
- 10 Years
- 9%
- 5 Years
- 6%
- 3 Years
- 14%
- 1 Year
- -18%
- 10 Years
- 9%
- 5 Years
- 7%
- 3 Years
- 6%
- Last Year
- 2%
Max Financial Services Ltd quarterly results
In the quarter ended Jun 2026, sales were ₹14,970 cr, up 16.8% from ₹12,822 cr a year earlier. Net profit was ₹118 cr, up 37.2% year on year.
| ₹ crore | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 | 14,259 | 10,802 | 14,970 |
| Expenses | 13,199 | 8,834 | 12,356 | 12,703 | 9,771 | 14,181 | 10,808 | 14,803 |
| Operating profit | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 |
| OPM % | 1.3% | 1.0% | 0.2% | 0.9% | 0.2% | 0.6% | -0.1% | 1.1% |
| Other income | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 |
| Interest | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | 162 | 81 | 22 | 101 | 6 | 50 | -36 | 138 |
| Tax % | 14% | 14% | -73% | 14% | 6% | 11% | -13% | 14% |
| Net profit | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 |
| EPS (₹) | 3.26 | 1.62 | 0.91 | 2.02 | 0.12 | 1.06 | -0.76 | 2.77 |
Consolidated figures as reported by the company. Percentages are as published; totals may not sum exactly.
Max Financial Services Ltd annual results
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 15,247 | 16,338 | 19,510 | 18,240 | 31,275 | 31,182 | 31,415 | 46,576 | 46,469 | 47,674 | 49,822 |
| Operating profit | 771 | 531 | 507 | 452 | 585 | 413 | 554 | 426 | 476 | 212 | 260 |
| OPM % | 5% | 3.2% | 2.6% | 2.5% | 1.9% | 1.3% | 1.8% | 0.9% | 1.0% | 0.4% | 0.5% |
| Net profit | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 393 | 403 | 106 | 137 |
| EPS (₹) | 14.79 | 10.67 | 9.75 | 5.38 | 12.33 | 7.34 | 10.97 | 9.85 | 9.48 | 2.43 | 3.19 |
TTM is the trailing twelve months to the most recent quarter.
Max Financial Services Ltd balance sheet
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity capital | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
| Reserves | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,797 | 5,206 | 5,213 |
| Borrowings | 0 | 0 | 0 | 3 | 3 | 522 | 523 | 523 | 1,026 | 1,859 |
| Other liabilities | 44,405 | 54,022 | 65,097 | 72,377 | 94,710 | 113,291 | 127,783 | 158,383 | 183,879 | 191,795 |
| Total liabilities | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 162,771 | 190,180 | 198,936 |
| Fixed assets | 740 | 556 | 556 | 641 | 639 | 616 | 614 | 612 | 610 | 607 |
| CWIP | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 44,059 | 52,683 | 63,245 | 68,566 | 91,766 | 109,794 | 123,355 | 152,959 | 179,841 | 186,014 |
| Other assets | 1,938 | 2,602 | 3,356 | 5,320 | 5,652 | 7,337 | 7,854 | 9,201 | 9,729 | 12,314 |
| Total assets | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 162,771 | 190,180 | 198,936 |
As reported by the company. Total assets equal total liabilities by construction.
Max Financial Services Ltd cash flow
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | 6,526 | 7,534 | 8,826 | 5,452 | 6,892 | 8,496 | 9,922 | 6,104 | 8,352 | 11,473 |
| Cash from investing | -6,290 | -6,951 | -8,789 | -4,991 | -6,852 | -8,835 | -11,555 | -5,001 | -9,703 | -11,125 |
| Cash from financing | -215 | -116 | -174 | -383 | -92 | 388 | -233 | -117 | 1,961 | 567 |
| Net cash flow | 20 | 466 | -137 | 78 | -51 | 48 | -1,866 | 986 | 610 | 915 |
| Free cash flow | 6,447 | 7,485 | 8,728 | 5,329 | 6,810 | 8,369 | 9,750 | 5,883 | 8,136 | 11,235 |
| CFO / operating profit | 860% | 1,435% | 1,754% | 1,219% | 1,202% | 2,076% | 1,809% | 1,436% | 1,757% | 5,438% |
Negative figures are outflows. CFO / operating profit is a ratio, not an amount.
Max Financial Services Ltd operating ratios
| Per year | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % | 25% | 19% | 19% | 16% | 18% | 10% | 12% | 10% | 8% | 3% |
| Debtor days | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash conversion cycle | 13 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working capital days | -93 | -1,158 | -1,149 | -1,338 | -1,042 | -1,241 | -1,402 | -1,172 | -1,368 | -1,382 |
Ratios as computed by the source from the reported statements. Rows a company does not report are omitted.
Max Financial Services Ltd shareholding pattern
Promoters held 1.25% at Jun 2026, broadly unchanged since Jun 2025. FIIs 48.06% and DIIs 44.34%.
| % held | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 3.34% | 3.34% | 1.74% | 1.74% | 1.71% | 1.25% | 1.25% | 1.25% |
| FIIs | 46.23% | 47.50% | 44.75% | 44.71% | 44.78% | 45.13% | 47.88% | 48.06% |
| DIIs | 43.99% | 42.69% | 47.29% | 47.29% | 47.26% | 47.35% | 44.74% | 44.34% |
| Public | 6.42% | 6.47% | 6.21% | 6.25% | 6.24% | 6.26% | 6.11% | 6.35% |
| No. of shareholders | 65,804 | 68,531 | 68,062 | 80,467 | 76,239 | 75,636 | 77,069 | 80,336 |
As disclosed by the company to the exchanges. The last row is a count of shareholders, not a percentage.
When is Max Financial Services Ltd’s next results date?
Max Financial Services Ltd’s next results are scheduled for 27 Oct 2026.
- Earnings resultsConsider and approve unaudited financial results for the quarter and half year ending September 30, 2026
See the full results calendar for every Indian company reporting in the next 30 days.
Max Financial Services Ltd corporate filings
- Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Company Updatelow impact
Cruxal's analysis: As per the Certificate is attached
Read the full analysis - Max Financial Services files routine regulatory disclosure regarding material subsidiary Axis Max Life InsuranceCompany Updatelow impact
Cruxal's analysis: Max Financial Services has submitted a routine disclosure under Regulation 30 of SEBI…
Read the full analysis - Closure of Trading WindowInsider Trading / SASTlow impact
Cruxal's analysis: As per the disclosure attached
Read the full analysis - Max Financial Services schedules Board Meeting for Q2 FY27 financial results on October 27, 2026Board Meetinglow impact
Cruxal's analysis: Max Financial Services Limited has formally notified the stock exchanges that a meeting…
Read the full analysis - Max Financial Services Ltd discloses ESG rating updateCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has submitted a disclosure under Regulation 30 of the SEBI…
Read the full analysis - Max Financial Services Ltd discloses ESG rating updateCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has submitted a disclosure regarding its ESG rating in…
Read the full analysis - Max Financial Services Ltd schedules analyst/investor meetingCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has issued an intimation regarding an upcoming…
Read the full analysis - Max Financial Services Limited receives favorable SEBI order disposing of proceedings against 12 noticees without penaltyCompany Updatehigh impact
Cruxal's analysis: Max Financial Services Limited has announced that SEBI has issued a final order dated…
Read the full analysis - Max Financial Services Ltd: Routine Newspaper Publication of Financial ResultsCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has fulfilled its regulatory obligation under Regulation 30 of…
Read the full analysis - Max Financial Services Q1 FY27 Earnings Call: Strong VNB Margin Expansion and Strategic Growth MomentumCompany Updatehigh impact
Cruxal's analysis: Max Financial Services reported a robust Q1 FY27, with individual adjusted first-year…
Read the full analysis - Max Financial Services Limited announces successful passing of all resolutions at 38th Annual General MeetingAGM/EGMlow impact
Cruxal's analysis: Max Financial Services Limited has successfully concluded its 38th Annual General Meeting…
Read the full analysis - Max Financial Services Limited concludes 38th Annual General Meeting; routine business resolutions transactedAGM/EGMlow impact
Cruxal's analysis: Max Financial Services Limited has successfully concluded its 38th Annual General Meeting…
Read the full analysis - Max Financial Services Limited reports unaudited financial results for the quarter ended June 30, 2026Company Updatelow impact
Cruxal's analysis: Max Financial Services Limited has formally published its unaudited standalone and…
Read the full analysis - Max Financial Services Limited Files Audio Recording of Q1 FY27 Earnings Conference CallCompany Updatelow impact
Cruxal's analysis: Max Financial Services Limited has formally submitted the audio recording of its earnings…
Read the full analysis - Max Financial Services Ltd files routine regulatory disclosure under SEBI LODRCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has submitted a disclosure under Regulation 30 of the SEBI…
Read the full analysis - Max Financial Services Ltd releases corporate update via press releaseCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has issued a press release under Regulation 30 of the LODR…
Read the full analysis - Max Financial Services Reports Strong Q1 FY27 Growth with 18% Revenue Increase and 33% VNB GrowthCompany Updatehigh impact
Cruxal's analysis: Max Financial Services Limited (MFSL) reported a strong performance for the quarter ended…
Read the full analysis - Max Financial Services reports Q1 FY27 consolidated net profit of 118.29 crore, turnaround from Q4 FY26 lossBoard Meetinghigh impact
Cruxal's analysis: Max Financial Services Limited reported a consolidated net profit of 118.29 crore for the…
Read the full analysis - Max Financial Services files routine regulatory disclosure regarding material subsidiary Axis Max Life InsuranceCompany Updatelow impact
Cruxal's analysis: Max Financial Services has submitted a routine disclosure under Regulation 30 of SEBI…
Read the full analysis - Max Financial Services Ltd schedules analyst/investor meetCompany Updatelow impact
Cruxal's analysis: Max Financial Services Ltd has issued an intimation regarding an upcoming…
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