Max Financial Services Ltd.

NSE: MFSL · Financial Services

₹1,284.40+0.86%06 Nov 2026

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Instant answers about Max Financial Services Ltd. — computed from its filings, no language model

Market cap₹44,106 cr

Current price₹1,284.40

High / Low₹1,870 / ₹1,177

P/E—

P/B—

Book value—

ROE—

ROCE—

Debt / equity—

Dividend yield—

EPS (TTM)—

Face value₹2

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

	FY20	FY21	FY22	FY23	FY24	FY26
Total income	18,242	31,288	31,188	31,431	46,618	47,696
Tax	170	33	70	75	22	15
Operating cash flow	—	—	8,496	9,922	6,107	11,473
Capex	—	—	128	-2	223	244
Dividend paid	—	—	32	0	0	0
Total assets	74,526	98,066	1,17,749	1,31,824	1,62,773	1,98,936
Equity	2,147	3,343	3,935	—	—	—

Quarterly performance

last 25 quarters · ₹ crore

showing latest 8 of 25 periods

	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	DEC '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	JUN '25	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Total income	5,366	4,266	5,517	7,020	8,990	9,760	5,943	9,327	6,955	8,962	8,898	9,934	9,171	10,189	12,359	14,899	11,802	13,376	8,927	12,825	9,799	14,267	10,805	14,977	11,605
Other income	0	2	13	0	1	1	1	2	1	3	3	5	3	25	4	11	3	4	4	3	7	8	4	7	4
Tax	30	124	-31	14	52	-3	49	2	10	9	45	6	17	-12	27	-9	26	23	11	14	0	5	-5	20	8
Revenue YoY	—	—	—	—	67.5%	128.8%	7.7%	32.9%	-22.6%	-8.2%	27.9%	10.8%	—	—	38.9%	50.0%	28.7%	31.3%	-27.8%	8.7%	-26.7%	59.8%	—	16.8%	18.4%

Earlier results (standalone, Sep '07 – Dec '18)

₹ crore · from BSE, before the NSE XBRL filings begin

Max Financial Services Ltd. reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 10 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†	FY18†
Total income	394	359	462	752	1,515	996	582	226	255	229
Pre-provision op. profit	33	44	20	37	678	213	471	133	155	124
Operating margin	8.4%	12.3%	4.3%	5.0%	44.8%	21.4%	80.9%	58.9%	60.6%	54.3%
Other income	28	4	27	3	13	12	3	1	1	1
Interest	16	15	67	31	17	22	0	—	—	—
Depreciation	12	31	15	23	24	24	4	3	2	2
Profit before tax	10	3	-35	-13	650	180	469	131	154	123
Tax	-11	3	7	2	88	-5	78	0	0	0
Net profit	22	-1	-42	-15	561	185	391	131	154	123

Quarters

showing latest 8 of 46 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†	MAR '18†	JUN '18†	SEP '18†	DEC '18†
Total income	72	77	86	92	122	90	91	84	90	88	97	102	108	124	128	191	187	179	194	900	183	252	181	279	211	292	214	112	15	416	39	46	31	136	13	132	13	103	7	92	6	120	12	129	8	176
Pre-provision op. profit	-1	1	4	-6	20	10	9	6	8	24	7	5	1	10	3	21	-1	8	9	697	-12	21	-28	109	9	83	12	91	-8	389	-1	26	12	119	-23	107	-13	81	-20	67	-19	89	-13	103	-56	140
Operating margin	-1.0%	0.7%	5.0%	-6.1%	16.4%	10.8%	10.0%	6.6%	8.7%	27.7%	6.9%	5.3%	1.4%	7.9%	2.4%	11.0%	-0.5%	4.6%	4.7%	77.5%	-6.6%	8.4%	-15.3%	39.2%	4.3%	28.4%	5.4%	81.4%	-55.5%	93.3%	-1.7%	56.4%	37.8%	87.3%	-181.1%	81.6%	-103.5%	78.2%	-286.6%	73.1%	-347.7%	74.5%	-106.5%	79.8%	-724.1%	79.4%
Other income	26	27	25	27	0	0	0	1	0	1	2	19	3	3	2	0	0	0	2	5	2	2	3	2	4	3	3	2	0	0	1	0	0	0	0	0	1	0	0	0	0	0	0	0	0	0
Interest	4	4	4	4	4	4	4	3	3	3	6	18	17	16	17	17	5	5	5	5	4	4	4	5	5	6	5	0	0	0	0	—	—	—	—	—	—	—	—	—	—	—	—	27	—	—
Depreciation	3	3	3	3	3	3	3	3	3	22	3	4	4	4	4	6	6	6	6	6	6	6	6	6	6	6	6	1	1	1	1	1	1	1	1	1	0	0	0	0	0	0	0	0	0	0
Profit before tax	18	21	22	15	13	3	-20	0	2	1	-1	3	-16	-7	-16	-1	-11	-2	1	692	-20	13	-35	101	1	74	4	92	-9	387	-1	25	11	119	-24	107	-13	80	-20	67	-19	89	-13	75	-56	140
Tax	1	0	2	1	2	-0	-14	0	0	1	2	6	3	0	-2	1	-0	-0	2	155	-3	-14	-51	-1	-1	1	-5	10	2	58	7	0	8	-9	0	0	0	0	0	0	0	0	0	0	0	0
Net profit	17	21	20	14	12	3	-7	0	2	-0	-2	-3	-19	-7	-13	-2	-10	-2	-1	537	-17	27	16	101	2	74	8	81	-11	329	-8	25	3	127	-24	107	-13	80	-20	67	-19	89	-13	75	-56	140
EPS ₹	0.76	0.94	0.91	0.61	0.53	0.15	-0.30	0.01	0.08	-0.02	-0.10	-0.12	-0.82	-0.29	-0.58	-0.07	-0.40	-0.07	-0.05	20.27	-0.66	1.00	0.59	3.81	0.07	2.77	0.31	3.05	-0.42	12.35	-0.31	0.92	0.10	4.77	-0.89	4.01	-0.49	3.01	-0.77	2.49	-0.72	3.31	-0.48	2.81	-2.10	5.21
Revenue YoY	—	—	—	—	68.6%	16.2%	5.2%	-8.4%	-25.6%	-2.8%	7.0%	21.3%	19.1%	41.8%	31.7%	87.8%	73.8%	44.1%	51.7%	371.0%	-2.4%	40.6%	-6.8%	-69.0%	15.2%	16.2%	18.3%	-59.9%	-92.9%	42.5%	-81.9%	-59.3%	107.1%	-67.2%	-66.6%	189.5%	-58.0%	-24.3%	-45.7%	-30.4%	-57.3%	16.0%	68.2%	40.7%	40.3%	47.3%
Profit YoY	—	—	—	—	-30.7%	-84.4%	-133.4%	-98.5%	-83.2%	-112.3%	—	-1447.6%	-1061.9%	—	—	—	—	—	—	—	—	—	—	-81.1%	—	176.7%	-46.9%	-19.7%	-667.8%	346.8%	-198.7%	-69.7%	—	-61.3%	—	335.6%	-578.8%	-36.8%	—	-37.8%	—	10.3%	—	13.3%	—	57.5%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 16 periods

	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	MAR '26	JUN '26	SEP '26
Asset turnover	0.30	0.35	0.32	0.32	0.35	0.33	0.26	0.27	0.29	0.29	0.30	0.29	0.27	0.24	0.25	0.24

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 16 periods

	MAR '14‡	MAR '15‡	MAR '16‡	MAR '17‡	MAR '18‡	MAR '19‡	MAR '20‡	MAR '21‡	MAR '22‡	MAR '23	SEP '23	MAR '24	SEP '24	SEP '25	MAR '26	SEP '26
Share capital	53	53	53	53	54	54	54	69	69	—	—	—	—	—	—	—
Reserves	2,931	3,249	1,912	2,281	1,766	2,005	2,093	3,274	3,866	—	—	—	—	—	—	—
Total equity	2,984	3,302	1,966	2,335	1,819	2,059	2,147	3,343	3,935	—	—	—	—	—	—	—
Deposits	—	—	—	—	—	—	—	—	—	0	0	0	0	0	0	0
Borrowings	652	518	—	—	—	—	—	—	—	0	0	0	0	0	0	0
Total assets	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,066	1,17,749	1,31,824	1,42,837	1,62,773	1,82,791	1,96,872	1,98,936	2,12,718
Advances	694	618	339	393	1	0	0	—	—	—	—	—	—	—	—	—
Investments	25,134	32,015	36,102	44,108	3,069	3,493	3,372	4,063	6,021	5,431	5,036	5,881	7,613	10,174	9,716	10,893
Fixed assets	1,203	766	61	62	31	30	22	22	3	—	—	—	—	—	—	—
Cash & bank balances	394	—	336	356	613	508	449	508	600	—	—	—	—	—	—	—

Cash flow

annual · ₹ crore · line = free cash flow

showing latest 5 of 11 periods

	FY15‡	FY16‡	FY17‡	FY18‡	FY19‡	FY20‡	FY21‡	FY22	FY23	FY24	FY26
Cash from operations	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,107	11,473
Cash from investing	-2,311	-3,503	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-9,228	-5,004	-11,125
Cash from financing	-388	-187	-215	-116	-174	-383	-92	388	-233	-117	567
Capex	—	—	—	—	—	—	—	128	-2	223	244
Free cash flow	—	—	—	—	—	—	—	8,368	9,924	5,884	11,228
Dividends paid	209	122	114	—	—	—	—	32	0	0	0

Where the assets sit

Sep '26 · ₹ crore

Investments

₹10,893 cr5%

Other assets

₹2,01,825 cr95%

Peer comparison

largest in Financial Services · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
HDFC Bank Ltd.	12,15,371	788.25	15.2	2.01	13.3%
ICICI Bank Ltd.	11,28,090	1,571.20	19.1	2.75	14.4%
State Bank of India	9,40,157	1,018.50	10.4	1.36	13.1%
Bajaj Finance Ltd.	6,77,005	1,087.75	—	—	—
Kotak Mahindra Bank Ltd.	4,77,499	480.00	22.2	2.45	11.0%
Axis Bank Ltd.	4,11,911	1,322.90	13.8	1.79	13.0%
Shriram Finance Ltd.	2,26,163	961.15	—	—	—
BSE Ltd.	1,55,002	3,800.00	50.3	19.49	38.8%
Cholamandalam Investment and Finance Company Ltd.	1,53,126	1,785.00	—	—	—
Jio Financial Services Ltd.	1,52,665	231.20	—	—	—
Max Financial Services Ltd.	44,106	1,284.40	—	—	—

StoxGud checklist: Bearish setup · 2/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-4.5%

6 months-24.8%

1 year-15.4%

3Y CAGR+12.4%

5Y CAGR+5.1%

10Y CAGR+8.8%

50-day avg₹1,389.47

200-day avg₹1,570.58

RSI (14)48

Long-term financials (FY16–FY16)

from published annual reports

Year	Revenue	Profit before tax	Net profit
FY16	₹11,696 Cr	—	₹-140 Cr

Years before FY17 follow the older Indian GAAP standard, so they are not exactly comparable with recent years.

Compare Max Financial Services Ltd. with

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FAQs

What is the share price of Max Financial Services Ltd.?

Max Financial Services Ltd. (MFSL) closed at ₹1,284.40 on NSE on 06 Nov 2026.

What is the market cap of Max Financial Services Ltd.?

₹44,106 crore at the latest close.

How fast is Max Financial Services Ltd. growing?

Max Financial Services Ltd.: revenue has compounded at 15.2% a year over three years. Latest-quarter revenue is up 18.4% year on year.

How profitable is Max Financial Services Ltd.?

Profitability ratios for Max Financial Services Ltd. aren't available yet.

How much debt does Max Financial Services Ltd. have?

Debt to equity isn't meaningful for Max Financial Services Ltd. (banks borrow as part of their business) or isn't filed yet.

Financials parsed from Max Financial Services Ltd.'s own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from DEC '19, annual from FY20, balance sheet from Mar '14. * = derived (full year or half year minus earlier quarters). ‡ = balance sheet / cash flow read from the company's published annual report (same basis), for years before the NSE filings carry them; each one checked to add up. Information only, not investment advice.