MFSL
Max Financial Services Limited (MFSL) Stock Analysis
Max Financial Services Limited is the holding company for Max Life Insurance and related financial ventures in the Max group. It earns from insurance underwriting profits and investment returns on float. Protection and savings product mix shapes growth. It is listed on Indian stock exchanges.
Financial Services › Insurance - Life
₹1,294.90
-1.13% 1W | -17.00% 52W
Market Cap
44.7k CR
P/E Ratio
409.8
52W High
₹1892.5
52W Low
₹1263.3
Div. Yield
0%
Beta
0.7
50 DMA
₹1483
200 DMA
₹1600.3
Profit Margin
0.2%
Inst. Own.
79%
⚠️ BREAKDOWN
⚠️ BREAKDOWN
Fundamentals
Profit & Loss
| Metric | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 9,168 | 10,165 | 12,356 | 14,888 | 11,799 | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 | 14,259 | 10,802 | 14,970 |
| Expenses | 9,043 | 10,021 | 12,146 | 14,945 | 11,608 | 13,199 | 8,834 | 12,356 | 12,703 | 9,771 | 14,181 | 10,808 | 14,803 |
| Operating Profit | 125 | 144 | 209 | -57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 |
| OPM % | 1.4% | 1.4% | 1.7% | -0.4% | 1.6% | 1.3% | 1.0% | 0.2% | 0.9% | 0.2% | 0.6% | -0.1% | 1.1% |
| Other Income | 3 | 25 | 4 | 10 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 |
| Interest | 9 | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | 118 | 158 | 198 | -59 | 182 | 162 | 81 | 22 | 101 | 6 | 50 | -36 | 138 |
| Tax % | 14% | -8% | 14% | -15% | 14% | 14% | 14% | -73% | 14% | 6% | 11% | -13% | 14% |
| Net Profit | 101 | 170 | 171 | -50 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 |
| EPS in Rs | 2.54 | 4.29 | 4.30 | -1.28 | 3.69 | 3.26 | 1.62 | 0.91 | 2.02 | 0.12 | 1.06 | -0.76 | 2.77 |
| Metric | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,907 | 11,710 | 15,247 | 16,338 | 19,510 | 18,240 | 31,275 | 31,182 | 31,415 | 46,576 | 46,469 | 47,674 | 49,822 |
| Expenses | 14,188 | 11,179 | 14,476 | 15,807 | 19,003 | 17,788 | 30,689 | 30,769 | 30,862 | 46,150 | 45,994 | 47,462 | 49,562 |
| Operating Profit | 718 | 531 | 771 | 531 | 507 | 452 | 585 | 413 | 554 | 426 | 476 | 212 | 260 |
| OPM % | 4.8% | 4.5% | 5% | 3.2% | 2.6% | 2.5% | 1.9% | 1.3% | 1.8% | 0.9% | 1.0% | 0.4% | 0.5% |
| Other Income | 30 | 2 | 2 | 1 | 3 | 2 | 13 | 6 | 16 | 36 | 21 | 23 | 28 |
| Interest | 82 | 8 | 9 | 0 | 27 | 0 | 0 | 25 | 37 | 44 | 47 | 112 | 128 |
| Depreciation | 154 | 60 | 63 | 2 | 2 | 11 | 5 | 5 | 5 | 3 | 3 | 2 | 2 |
| Profit before tax | 512 | 465 | 702 | 530 | 481 | 442 | 593 | 389 | 527 | 415 | 447 | 121 | 158 |
| Tax % | 29% | 15% | 15% | 17% | 13% | 38% | 6% | 18% | 14% | 5% | 10% | 13% | |
| Net Profit | 365 | 393 | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 393 | 403 | 106 | 137 |
| EPS in Rs | 10.49 | 9.47 | 14.79 | 10.67 | 9.75 | 5.38 | 12.33 | 7.34 | 10.97 | 9.85 | 9.48 | 2.43 | 3.19 |
| Dividend Payout % | 48% | 38% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Growth — CAGR
| Metric | 3Y | 5Y | 10Y |
|---|---|---|---|
| Revenue CAGR | 15.0% | 9.0% | 15.0% |
| Profit CAGR | -40.0% | -28.0% | -11.0% |
Shareholding Pattern
Promoters1.71%
FIIs44.78%
DIIs47.26%
Public6.24%
Promoters1.25%
FIIs45.13%
DIIs47.35%
Public6.26%
Promoters1.25%
FIIs47.88%
DIIs44.74%
Public6.11%
Promoters1.25%
FIIs48.06%
DIIs44.34%
Public6.35%
Promoters1.25%
FIIs48.61%
DIIs43.70%
Public6.43%
Promoters10.14%
FIIs47.70%
DIIs34.06%
Public8.09%
Promoters6.52%
FIIs47.70%
DIIs39.92%
Public5.84%
Promoters1.74%
FIIs44.75%
DIIs47.29%
Public6.21%
Promoters1.25%
FIIs47.88%
DIIs44.74%
Public6.11%
Promoters1.25%
FIIs48.61%
DIIs43.70%
Public6.43%
MFSL
Holdings Analysis
Key strengths & risk signals
51
Overall
57
Fundamental
45
Technical
Risks (4)
Cannot calculate PEG - insufficient growth data.
WEAK POSITION! Current price (1294.9) is below both moving averages.
WEAK YEAR! Stock declined 17.0% in the last year.
WEAK! Trading at 5.0% of 52W range - near yearly lows.
Strengths (3)
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
LOW VOLATILITY! Beta of 0.70 - stable stock, less market risk.
APPROACHING OVERSOLD! RSI at 34.4 - watch for reversal.
Fundamental & Technical Analysis
51Overall
57Fundamental
45Technical
Fundamental Breakdown
Growth Quality
13/30
Revenue CAGR: 15.0% (GOOD, 11/15). Profit CAGR: -39.5% (DECLINING, 2/15).
Profit Margin
2/10
LOW MARGIN! 0.2% profit margin - thin profits.
PEG Valuation
1/10
Cannot calculate PEG - insufficient growth data.
Dividend Yield
3/10
NEGLIGIBLE DIVIDEND! 0% yield - little to no income.
Debt to Equity
10/10
VERY LOW DEBT! D/E of 0.00 - excellent financial health.
Public Holding
20/20
VERY LESS PUBLIC HOLDING! 7.05% public ownership - strong promoter/institutional control.
Stability Index
8/10
GOOD STABILITY! Only 1 revenue dip in history. Strong business fundamentals.
Technical Breakdown
Moving Averages
5/10
BEARISH TREND! 50-day average (1483.0) is below 200-day average (1600.3) - negative signal.
Price Position
2/10
WEAK POSITION! Current price (1294.9) is below both moving averages.
Trend Pattern
10/20
BREAKDOWN! Stock has broken below support levels - weakness present.
52W Performance
2/10
WEAK YEAR! Stock declined 17.0% in the last year.
Volume Sentiment
15/30
BEARISH SENTIMENT! In last 30 days: 13 up days, 17 down days. Avg volume on up days: 1,128,174 vs down days: 1,409,395. Ratio: 0.8x
RSI
4/5
APPROACHING OVERSOLD! RSI at 34.4 - watch for reversal.
52W Range
1/5
WEAK! Trading at 5.0% of 52W range - near yearly lows.
Momentum
1/5
NEGATIVE MOMENTUM! Price declined across timeframes - down 1.1% (1 week), 12.9% (1 month), 15.8% (3 months).
Beta
5/5
LOW VOLATILITY! Beta of 0.70 - stable stock, less market risk.
MFSL
Concall / Investor Presentation
Earnings call transcripts & AI summaries
| Quarter | Concall | Summary |
|---|---|---|
| Q3FY262026-02-18 | Concall PDF | |
| Q2FY262025-11-18 | Concall PDF |
Peer Comparison
Financial Services · Insurance - Life · 8 stocks
| Stock | Price | P/E | Profit Margin | Revenue CAGR 5Y | Profit CAGR 5Y | 52W Change | Stock Strength | Trendline | YoY Profit | QoQ Profit | YoY Revenue | QoQ Revenue |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MFSL | ₹1,294.90 | 409.8 | 0.2% | 15.0% | -39.5% | -17.0% | 51 | BREAKDOWN | +37.4% | -462.1% | +16.8% | +38.6% |
| STARHEALTH | ₹548.90 | 38.3 | 3.6% | 14.0% | -3.4% | +9.9% | 65 | APPROACHING RESISTANCE | +25.4% | +393.9% | +12.6% | +13.7% |
| ICICIPRULI | ₹445.00 | 36.7 | 2.7% | 8.5% | 25.5% | -24.6% | 56 | CONSOLIDATING DOWN | +27.8% | -38.1% | +12.3% | +810.8% |
| HDFCLIFE | ₹553.00 | 58.4 | 1.9% | 9.3% | 11.8% | -25.9% | 52 | APPROACHING RESISTANCE | +11.5% | +22.9% | +14.4% | +70.2% |
| SBILIFE | ₹1,656.80 | 63.9 | 2.1% | 11.1% | 12.8% | -9.5% | 53 | APPROACHING RESISTANCE | +22.0% | -9.9% | +18.8% | +1,031.9% |
| LICI | ₹397.80 | 8.4 | 6.5% | 7.3% | 16.9% | -11.0% | 64 | APPROACHING RESISTANCE | +24.0% | -42.1% | +6.6% | -13.3% |
| NIVABUPA | ₹76.00 | 39 | 4.8% | 36.4% | 118.5% | +0.1% | 69 | APPROACHING RESISTANCE | +93.0% | -60.1% | +27.9% | +15.6% |
| CANHLIFE | ₹130.40 | 92.5 | 1.1% | 5.0% | 6.0% | +21.5% | 53 | BREAKDOWN | – | +53.0% | – | -41.3% |
Data from TradeAlone · Updated daily
MFSL News
Max Financial Services Limited (mfsl) Reports 21% Yoy Growth in Axis Max Life’s VNB2026-10-27Max Financial Services Limited (mfsl) Reports 17% Yoy Growth in Axis Max Life Insurance’s Individual Adjusted First Year Premium2026-08-13Max Financial Services Limited (mfsl) Reports 19% Yoy Growth in Individual Adjusted First Year Premium in FY’262026-05-13
