MFSL
Max Financial Services share price & financials
- Price
- ₹1,538
- Market cap
- ₹54.1k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Max Financial Services Limited Q1 FY27
What went well
- Individual adjusted first year premium grew by 17%, outperforming both the private sector and the overall industry growth.
- APE grew by 15% during the quarter, with online business growing 27% and Group Credit Life segment growing 57%.
- VNB margin expanded significantly from 20.3% in Q1 FY26 to 23.2% in Q1 FY27, driving 33% VNB growth.
What to watch
- Offline proprietary sales grew only 9% in Q1, attributed to specific, consciously thought-through cancellations.
- A persistency drop was observed in a specific product variant, leading to its discontinuation in March.
What Max Financial Services Limited does
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
Guidance record · Q1 FY27
what the last two calls moved 11 tracked 2 delivered 4 missed 5 open- ULIP Share in Product Mix went quiet said Q3 FY25 Promised: range bound in the range of about 35 to 40% Q1 FY27: The product mix for the quarter was not disclosed.
- Operating ROEV at risk said Q2 FY26 Promised: range of 18%, 19% over next 2-3 years Q1 FY27: Annualized Operating ROEV declined to 14.9%, moving away from the target range.
- Growth vs Market on track said Q3 FY25 Promised: 300 to 500 basis points faster than the market Q1 FY27: Individual adjusted first year premium grew by 17%, outperforming both the private sector and the overall industry growth. Specific outperformance bps not provided.
All 11 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 16.8%, net profit up 37.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 −27% | 14,259 +60% | 10,802 −13% | 14,970 +17% |
| EBITDA | 173 | 89 | 20 | 119 | 21 −88% | 78 −12% | -6 −130% | 167 +40% |
| Net profit | 139 | 70 | 38 | 86 | 6 −96% | 45 −36% | -32 −184% | 118 +37% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.2% 1Y
1Y: ₹1,609.4 on 10 Sept 2025 → ₹1,477. High ₹1,870 (23 Feb 2026), low ₹1,464.2 (2 Apr 2026).
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.
Financials, as filed
Revenue grew 14.9% a year over 3 years, FY23 to FY26. Operating margin narrowed to 0.4%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹31.4k Cr | ₹46.6k Cr | ₹46.5k Cr | ₹47.7k Cr |
| Operating profit | ₹551 Cr | ₹421 Cr | ₹472 Cr | ₹212 Cr |
| Operating margin | 1.8% | 0.9% | 1.0% | 0.4% |
| Interest | ₹36 Cr | ₹43 Cr | ₹47 Cr | ₹112 Cr |
| Depreciation | ₹4 Cr | ₹4 Cr | ₹4 Cr | ₹3 Cr |
| Net profit | ₹451 Cr | ₹392 Cr | ₹403 Cr | ₹105 Cr |
| Net margin | 1.4% | 0.8% | 0.9% | 0.2% |
| Cash from operations | ₹9.9k Cr | ₹6.1k Cr | ₹8.4k Cr | ₹11.5k Cr |
| Free cash flow | ₹9.8k Cr | ₹5.9k Cr | ₹8.1k Cr | ₹11.2k Cr |
| ROCE | 12.0% | 10.0% | 8.0% | 3.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹69 Cr | ₹69 Cr | ₹69 Cr | ₹69 Cr | ₹69 Cr | ₹69 Cr |
| Reserves | ₹3.3k Cr | ₹3.9k Cr | ₹3.5k Cr | ₹3.8k Cr | ₹5.2k Cr | ₹5.2k Cr |
| Borrowings | ₹3 Cr | ₹522 Cr | ₹523 Cr | ₹523 Cr | ₹1.8k Cr | ₹1.9k Cr |
| Other liabilities | ₹94.7k Cr | ₹113.3k Cr | ₹127.8k Cr | ₹158.4k Cr | ₹189.7k Cr | ₹191.8k Cr |
| Total liabilities | ₹98.1k Cr | ₹117.7k Cr | ₹131.8k Cr | ₹162.8k Cr | ₹196.9k Cr | ₹198.9k Cr |
| Fixed assets | ₹639 Cr | ₹616 Cr | ₹614 Cr | ₹612 Cr | ₹608 Cr | ₹607 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹91.8k Cr | ₹109.8k Cr | ₹123.4k Cr | ₹153.0k Cr | ₹10.2k Cr | ₹186.0k Cr |
| Other assets | ₹5.7k Cr | ₹7.3k Cr | ₹7.9k Cr | ₹9.2k Cr | ₹186.1k Cr | ₹12.3k Cr |
| Total assets | ₹98.1k Cr | ₹117.7k Cr | ₹131.8k Cr | ₹162.8k Cr | ₹196.9k Cr | ₹198.9k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs added +3.35 pp while DIIs trimmed −2.95 pp.
- Promoters
- 1.3%
- FIIs
- 48.1%
- DIIs
- 44.3%
- Public
- 6.3%
Since Jun 2025
- FIIs +3.35 pp
- DIIs −2.95 pp
- Promoters −0.49 pp
How it drifted, 12 quarters
Over this window DIIs went from 35.1% to 44.3% — +9.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 6.5%, FIIs 51.5%, DIIs 35.1%, Public 6.8%.Dec '23: Promoters 6.5%, FIIs 50.9%, DIIs 36.9%, Public 5.7%.Mar '24: Promoters 6.5%, FIIs 47.7%, DIIs 39.9%, Public 5.8%.Jun '24: Promoters 6.5%, FIIs 46.6%, DIIs 40.7%, Public 6.1%.Sep '24: Promoters 3.3%, FIIs 46.2%, DIIs 44.0%, Public 6.4%.Dec '24: Promoters 3.3%, FIIs 47.5%, DIIs 42.7%, Public 6.5%.Mar '25: Promoters 1.7%, FIIs 44.8%, DIIs 47.3%, Public 6.2%.Jun '25: Promoters 1.7%, FIIs 44.7%, DIIs 47.3%, Public 6.3%.Sep '25: Promoters 1.7%, FIIs 44.8%, DIIs 47.3%, Public 6.2%.Dec '25: Promoters 1.3%, FIIs 45.1%, DIIs 47.4%, Public 6.3%.Mar '26: Promoters 1.3%, FIIs 47.9%, DIIs 44.7%, Public 6.1%.Jun '26: Promoters 1.3%, FIIs 48.1%, DIIs 44.3%, Public 6.3%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Nippon Life India Trustee Ltd-A/C Nippon India Nifty 500 Equal Weight Index Fund - 2 Mutual fund newly disclosed 5.01% held
- Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Alpha Low-Volatility 30 Index Fund Mutual fund newly disclosed 3.19% held
- SBI Nifty Midcap 150 ETF Mutual fund newly disclosed 2.09% held
- Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Quant Fund Mutual fund newly disclosed 1.71% held
- Invesco India Financial Services Fund Mutual fund newly disclosed 1.43% held
- Canara Robeco Mutual Fund A/C Canara Robeco Multi Asset Allocation Fund Mutual fund newly disclosed 1.03% held
- Smallcap World Fund, Inc Global fund house +0.44 pp 2.96% held
- SBI Life Insurance Co. Ltd Insurer +0.18 pp 2.03% held
The same filing shows 1 holder trimming and 9 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Max Financial Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Mitsui Sumitomo Insurance Company Limited Insurer | 21.86% | unchanged |
| HDFC Mutual Fund - HDFC Nifty Midcap 150 Index Fund Mutual fund | 9.27% | +0.15 pp |
| Nippon Life India Trustee Ltd-A/C Nippon India Nifty 500 Equal Weight Index Fund - 2 Mutual fund | 5.01% | newly disclosed |
| DSP Nifty 500 Index Fund Mutual fund | 3.21% | unchanged |
| Kotak Mahindra Trustee Co Ltd A/C Kotak Nifty Alpha Low-Volatility 30 Index Fund Mutual fund | 3.19% | newly disclosed |
| Smallcap World Fund, Inc Global fund house | 2.96% | +0.44 pp |
| SBI Nifty Midcap 150 ETF Mutual fund | 2.09% | newly disclosed |
| SBI Life Insurance Co. Ltd Insurer | 2.03% | +0.18 pp |
| HDFC Life Insurance Companylimited -Shareholders Solvency Margin Account - 2 Insurer | 1.95% | −0.16 pp |
| Aditya Birla Sun Life Trustee Private Limited A/C - Aditya Birla Sun Life Quant Fund Mutual fund | 1.71% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.55% | unchanged |
| Invesco India Financial Services Fund Mutual fund | 1.43% | newly disclosed |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in MFSL
Filings to Aug 2026
1 new, 10 added, 3 trimmed, 2 sold out — net −22.94 L shares (−8.9%).
- Held by funds
- ₹3.7k Cr
- 31 schemes
- Biggest holder
- Nippon India Multi Cap Fund
- ₹968 Cr · 1.7% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| Nippon India Multi Cap Fund Nippon India Mutual Fund | ₹968 Cr | held | Sep '12 |
| Nippon India Growth Mid Cap Fund Nippon India Mutual Fund | ₹771 Cr | held | Sep '12 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹390 Cr | held | Dec '22 |
| Nippon India ELSS Tax Saver Fund Nippon India Mutual Fund | ₹189 Cr | +0.02 L | Oct '22 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹176 Cr | held | Sep '12 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹161 Cr | −0.57 L | Mar '23 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹150 Cr | held | May '23 |
| HDFC Multi Cap Fund HDFC Mutual Fund | ₹150 Cr | held | Jan '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
10 added, 3 trimmed — net −22.94 L shares (−8.9%)
- Funds are sitting on
- +64%
- vs est. average cost
- Held by funds
- ₹3.7k Cr
- 31 schemes · ≈ 6.7% of the company
- Biggest holder
- Nippon India Multi Cap Fund
- ₹968 Cr · 1.7% of that fund
Shares held by these funds −22%
Aug '23 2.60 cr shares Jul '26
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Max Financial Services Limited
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