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Max Financial Services share price & results

Max Financial Services Limited· Financial Services

Results to
Jun 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Holding company with an 81% stake in Axis Max Life Insurance, India's 4th-largest private life insurer.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue3.1 ₹ crore+2.0% YoYQuarterly, as filedQuarter to Jun 2026Revenue from operations as filed.
Operating margin-57.4 %+18.5 pts YoYOperating profit / revenueQuarter to Jun 2026For the quarter; a change is in percentage points.
Net profit0.73 ₹ crore—Quarterly, as filedQuarter to Jun 2026Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown.
Return on equity2.03 %−5.7 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin23.57 %+6.1 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)4.91 %+2.8 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Jun 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Jun 2026

Guidance

What management said, and what became of it

2 of 6 judged targets kept · 5 open · verdicts reflect calls analysed to Q1 FY27.

Max Financial Services Limited management guidance track record on Inve: 11 targets tracked across analysed earnings calls (2 achieved, 4 missed, 5 open).

TargetOriginal wordingSaidLatest callVerdict
ULIP Share in Product Mixrange bound in the range of about 35 to 40%
Call transcript, Q3 FY25 · 5 Feb 2025		Q3 FY25Q1 FY27:The product mix for the quarter was not disclosed.
Call transcript, Q1 FY27 · 13 Aug 2026		Ghosted
Operating ROEVrange of 18%, 19% over next 2-3 years
Call transcript, Q2 FY26 · 12 Nov 2025		Q2 FY26Q1 FY27:Annualized Operating ROEV declined to 14.9%, moving away from the target range.
Call transcript, Q1 FY27 · 13 Aug 2026		At Risk
Growth vs Market300 to 500 basis points faster than the market
Call transcript, Q3 FY25 · 5 Feb 2025		Q3 FY25Q1 FY27:Individual adjusted first year premium grew by 17%, outperforming both the private sector and the overall industry growth. Specific outperformance bps not provided.
Call transcript, Q1 FY27 · 13 Aug 2026		On Track

Source: Inve Guidance Tracker for Max Financial Services Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

4 of Max Financial Services Limited's 11 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 8 more targets are in the full ledger.

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Price

₹1,240.1 +2.38% · +₹28.8

Last close 26 Oct 2026 · NSE · INR · Source: Inve

Performance −18.3% 1Y

₹1.2k₹1.4k₹1.6k₹1.8kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q2 FY26 — 12 Nov 2025Q3 FY26 — 12 Feb 2026Q1 FY27 — 13 Aug 2026

1Y: ₹1,518 on 24 Oct 2025 → ₹1,240.1. High ₹1,870 (23 Feb 2026), low ₹1,211.3 (23 Oct 2026).

Previous close
₹1,211.3
Market cap
₹42.8k Cr
52-week range
₹1,211.3 – ₹1,870
One year
−18.07%
Price to earnings (TTM to Jun 2026)
398.76×
Return on equity (TTM to Jun 2026)
2.03%

Overview

Symbol
NSE:MFSL
Exchange
NSE
Currency
INR

What Max Financial Services Limited does

Based on the company's own presentations, annual report and earnings calls.

Max Financial Services Limited (MFSL) is a Max Group holding company whose core business is life insurance, conducted entirely through its material subsidiary Axis Max Life Insurance Limited (AMLI, formerly Max Life Insurance) — a joint venture with Axis Bank in which MFSL holds an 81% (80.98%) equity stake and Axis Bank/Axis entities hold ~19%. AMLI underwrites and distributes individual and group life insurance across participating and non-participating savings, ULIP, annuity, protection, health and group credit/term life products. It sells through a multichannel network combining its own proprietary agency and direct/online force with bancassurance (led by Axis Bank), corporate agents and brokers, and is ranked India's fourth-largest private life insurer.

Segments

  • Par (Participating savings)
  • Non-Par (NPAR) Savings
  • ULIP
  • Protection & Health
  • Annuity
  • Group
Stake in Axis Max Life Insurance
81% (80.98% equity); Axis Bank/Axis entities hold ~19%
Market position
India's 4th-largest private life insurer
Branch network (Axis Max Life)
405 branch units across India (as of Mar 31, 2025)
Individual product range
39 individual plans across protection, income, endowment, ULIP, annuity, whole life, child, health and rider categories
Distribution channels
Proprietary agency & online/direct, bancassurance (led by Axis Bank), corporate agents and brokers
Parent group
Part of the Max Group
Headquarters Gurugram, Haryana, India Company website

How the price took the results

close before → close after

Q1 FY27
−0.2%
13 Aug
Q3 FY26
+4.6%
12 Feb
Q2 FY26
+5.1%
12 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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