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Max Financial Services (MFSL) had a P/E of 239.2× on 6 Nov 2026, and the shares are 32% below their 52-week high. Its ROE of 3.4% is the lowest among the 7 largest Insurance (Life) peers, and net profit fell 39% a year over 3 years. For insurers, ROCE and debt-to-equity are not used; it trades at 7.70× book value. It is a mid-cap company with a market cap of ₹44,327 Cr, ranked 5th of 9 Insurance (Life) companies by market cap; the shares fell 20% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹1,264.00
Day high
₹1,284.40
Day low
₹1,250.00
Prev. close
₹1,273.50
Volume
4.5 L

Health check

6 to check
  • ReturnsBehind

    −20.0% over a year, better than 2 of 7 peers.

  • Price tagPricier

    P/B 7.70 vs peer median 4.35.

  • GrowthShrinking

    Profit −39.5% a year over 3 years.

  • ProfitabilityWeak

    ROE 3.4% vs peer median 12.1%.

  • Balance sheetThin

    Return on assets 0.14%. Bad-loan data isn’t covered.

  • Red flags2 to check

    Return on equity is low at 3.4%.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Insurance - Life

8 listed peers. Screen the industry

Mid cap

₹44,327 Cr, #5 of 9 in its industry by size.

Defensive

Beta 0.74 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹51,658 Cr · profit ₹184 Cr
Market cap
₹44,327 Cr
Mid cap
P/E
239.2
Industry 59.7
Price to book
7.70
Peers 4.35
Dividend yield
0.00%
ROE
3.4%
Peers 12.1%
ROCE
n/m
Not meaningful for lenders
Debt to equity
n/m
Not meaningful for lenders
EPS (TTM)
₹5.37
Face value ₹2
OPM (TTM)
0.8%
Net margin 0.4%
Sales growth
n/m
Not meaningful for lenders
Profit growth
+1839.8%
Latest quarter vs a year ago
Price to sales
0.86
EV/EBITDA 89.6

Strengths and risks

Strengths

  • Quarterly profit up 1839.8% on a year ago.

Risks to check

  • Return on equity is low at 3.4%.
  • 32% below its 52-week high.

Derived automatically from reported figures. Not a recommendation.

About Max Financial Services

Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. It operates through Business Investments and Others, and Life Insurance segments. The company offers participating and nonparticipating and linked products covering life insurance and pension and health benefits, including riders for individual and group through individual agents, corporate agents, banks, brokers, and other channels. It is also involved in…

Headquarters
Noida
Employees
10
Sector
Financial Services
ISIN
INE180A01020
Website
maxfinancialservices.com

Price range

52 weeks

₹1,172.60₹1,892.50

Today

₹1,250.00₹1,284.40
Avg volume (3M)
10.6 L
1-year return
minus 20.0%
From 52-week high
minus 32.1%

Analyst consensus

25 analysts
Strong buyMean target ₹1,839.60 plus 43.2%

Target range, with today’s price

Low ₹1,520.00High ₹2,150.00

Today’s price ₹1,284.40 is below the lowest analyst target.

Consensus from Yahoo Finance. Not a recommendation.

Peers · Insurance - Life

Insurer columns

Compare with peersScreen the whole industry
Company
LICILife Insurance Corporation of India394.00minus 3.43%4,98,4108.02.9537.8%16.9%2.54%minus 9.9%
SBILIFESBI Life Insurance Company1,784.00plus 2.82%1,79,00867.48.7213.7%12.8%0.15%minus 12.0%
HDFCLIFEHDFC Life Insurance Company565.30plus 3.95%1,22,78659.76.4711.3%11.8%0.37%minus 26.8%
ICICILIFEICICI Life Insurance438.90plus 2.63%63,69536.24.3512.9%25.5%0.38%minus 29.6%
MFSLMax Financial Services1,284.40plus 0.86%44,327239.27.703.4%−39.5%0.00%minus 20.0%
STARHEALTHStar Health and Allied Insurance Company564.75plus 4.13%33,23031.63.189.5%−3.4%0.00%plus 11.0%
NIVABUPANiva Bupa Health Insurance Company76.08minus 0.89%14,08026.53.6712.1%118.4%0.00%plus 0.5%
CANHLIFECanara HSBC Life Insurance Company122.05minus 1.79%11,54586.67.088.4%–0.33%plus 4.9%
Median of 7 peers–2.63%63,69536.24.3512.1%14.8%0.33%−9.9%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
9,79414,25910,80114,97011,601
9,71114,20810,83914,77711,389
83.250.5−37.6193212
0.8%0.4%−0.3%1.3%1.8%
34.93635.139.854.6
35.735.935.14054.6
76.90.50.555.3104
0.9––0.2–
6.350.1−38.1138109
6.2%10.6%12.8%14.2%7.8%
4.136.6−26.495.679.9
0.121.07-0.772.782.33

Profit & loss

Yearly, ₹ crore
Profit CAGR 3Y
−39.5%
EPS CAGR 3Y
−39.3%
ROE
3.4%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
31,32846,49446,39647,591
–+48.4%minus 0.2%+2.6%
30,62345,86545,70847,136
705629688454
2.3%1.4%1.5%1.0%
−7.225.83231.3
0.128.933.236.9
178213238335
7.33.11.25.6
527416450120
14.3%5.4%9.6%12.8%
37834032784
–minus 10.1%minus 3.8%minus 74.3%
10.979.909.532.45

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
68.768.768.768.7
3,4503,7975,2065,213
8318441,4422,349
1,27,4751,58,0641,83,4631,91,305
1,31,8241,62,7731,90,1801,98,936
386407511585
0.823.10.8
6,1937,1999,90710,869
2,6983,4344,7664,909
1,22,5461,51,7311,74,9931,82,572
1,31,8241,62,7731,90,1801,98,936

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
9,9226,1048,35211,473
−11,555−5,001−9,703−11,125
−233−1171,961567
−1,866986610915
−174−223−218−244
9,7485,8828,13411,228

Shareholding pattern

Source: NSE filings
1.3%
promoters
  • Promoters1.25%
  • Public98.75%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 20261.25%98.75%0.00
30 Jun 20261.25%98.75%0.00
31 Mar 20261.25%98.75%0.00
31 Dec 20251.25%98.75%minus 0.46
30 Sep 20251.71%98.29%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you