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Max Financial Services Limited (MFSL.NS)
INR1,611.10
-0.50 (-0.03%)
IN NSE Financial Services Insurance - Life
Address
L20M, Max Towers 201301
Noida, IN
Noida, IN
CEO
Tara Singh Vachani
Website
maxfinancialservices.com
IPO
1996-01-01
ISIN INE180A01020
Also trades on
Bombay Stock Exchange · MFSL.BO (INR)
National Stock Exchange of India · MFSL.NS (INR)
Description
Max Financial Services Limited, an Indian enterprise, delivers life insurance offerings principally through its subsidiary. Its operational structure is bifurcated into two main divisions: Life Insurance and Business Investments. The company provides a comprehensive suite of financial protection products, encompassing participating, non-participating, and linked policies. These solutions are tailored for both individual and group customers, covering aspects such as life coverage, retirement planning, and health benefits, frequently with optional riders. Additionally, the firm conducts treasury investment management and offers management advisory services. Its products reach clients through a diverse distribution network, including independent and corporate agents, banking collaborations, brokerage houses, and various other channels. Founded in 1984 and based in Noida, India, the company was formerly known as Max India Limited, adopting its current name, Max Financial Services Limited, in January 2016.
Market Cap & Enterprise Value
Merger & Acquisition History
No mergers or acquisitions recorded for this company.
Technical Outlook
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Signal Summary
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| Indicator | 1D | 1W | 2W | 3W | 1M |
|---|
Each column is computed on that timeframe's candles (1D = daily, 1W ≈ weekly, 1M ≈ monthly), not on the same last day. ▲ bullish · ▼ bearish · — neutral. The Net row counts signals per column; hover any cell (or the indicator name) to see the exact rule behind it.
Day Score & sub-scores
Statistical fingerprint & regime detail
Conditional historical analysis
Customize analysis (advanced)
Indicative levels generated algorithmically. Not financial advice.
Risk Profile
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Price Chart
INR1,611.10
-0.50 (-0.03%)
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Volume Profile
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Liquidity & share structure
Average Volume
765.5K
Beta
0.63
Float Shares
263.21M
Free Float %
76.3%
Price Performance
| 1D | 5D | 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Max |
|---|---|---|---|---|---|---|---|---|---|---|
| -3.37% | -7.03% | -2.95% | -12.44% | -6.41% | -4.42% | +23.86% | +137.82% | +81.27% | +327.53% | +749.45% |
Rolling Volatility
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Drawdown
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Relative Strength
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Monthly Returns Heatmap
From
To
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Annual Monthly Returns
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Daily Returns Distribution
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Revenue flow
Revenue by geography
Revenue by segment
From
To
Revenue composition
From
To
By product
By geography
Financial Statements
Select metrics from the tables below to build your comparison.
Income Statement
Balance Sheet
Cash Flow Statement
Key Metrics
Financial Ratios
Employees
Financial Growth (CAGR)
Market Data
Price Targets & DCF
Current price
1,611.10
DCF (Unlevered)
428.04
-73.4%
DCF (Levered)
9,759.16
+505.7%
DCF figures are point estimates: small changes in growth or discount-rate assumptions move them materially. Read them as a reference, not a precise target.
Ratings Trend (MoM)
100% Bullish
| Rating | 2026-05 | Change |
|---|---|---|
| Strong Buy | 6 | -1 |
| Buy | 18 | 0 |
| Hold | 0 | 0 |
| Sell | 0 | 0 |
| Strong Sell | 0 | 0 |
Quality scores
Altman Z-Score
0.44
Distress
Piotroski F-Score
2 / 9
Weak
MOAT Score
2 / 10
No MOAT
Composite Rating
D+
Overall Score
1 / 5
Low
DCF Score
1 / 5
Low
ROE Score
1 / 5
Low
ROA Score
1 / 5
Low
D/E Score
1 / 5
Low
P/E Score
1 / 5
Low
P/Book Score
1 / 5
Low
Operational MOAT
✗ Below peers
-
Revenue growth Insurance - Life: +10.6%+2.8% Q1'26: -12.2% (vs Q1'25)
-
EPS growth Insurance - Life: +13.4%-74.3% Q1'26: -145.1% (vs Q1'25)
-
FCF margin FCF growth · Insurance - Life: +31.7%+0.7% Q1'26: +0.0% (vs Q1'25)
-
EBIT margin Insurance - Life: +12.4%+0.3% Q1'26: -0.4% (vs Q1'25)
-
ROIC Insurance - Life: +1.0%+1.6% ★ Q1'26: -2.1% (vs Q1'25)
-
Share dilution Insurance - Life: +0.4%-0.4% Q1'26: +85.5% (vs Q1'25)
-
Debt / EBITDA Net debt/EBITDA · Insurance - Life: -1.05×5.15× Q1'26: 8.99× (vs Q1'25)
Valuation Multiples
From
To
Price Forecast (3Y)
From
To
Theoretical Return — If Invested Today
* These projections are based on analyst consensus estimates and user-defined valuation multiples. This table is for informational purposes only and does not constitute a recommendation to buy or sell any security. Past performance is not indicative of future results.
Consensus Estimates
| Metric |
Mar 2010 actual |
Mar 2011 actual |
Mar 2012 actual |
Mar 2013 actual |
Mar 2014 actual |
Mar 2015 actual |
Mar 2016 actual |
Mar 2017 actual |
Mar 2018 actual |
Mar 2019 actual |
Mar 2020 actual |
Mar 2021 actual |
Mar 2022 actual |
Mar 2023 actual |
Mar 2024 actual |
Mar 2025 actual |
Mar 2026 13 Rev. Ana. 10 EPS Ana. |
Mar 2027 13 Rev. Ana. 11 EPS Ana. |
Mar 2028 13 Rev. Ana. 10 EPS Ana. |
Mar 2029 9 Rev. Ana. 1 EPS Ana. |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue |
76.49B
est: 4.68B (+1,535.7%)
|
78.53B
est: 43.39B (+81.0%)
|
82.37B
est: 83.86B (-1.8%)
|
106.61B
est: 99.70B (+6.9%)
|
117.24B
est: 105.99B (+10.6%)
|
149.18B
est: 122.17B (+22.1%)
|
106.91B
est: 119.28B (-10.4%)
|
106.92B
est: 143.03B (-25.2%)
|
163.23B
est: 165.19B (-1.2%)
|
194.77B
est: 186.34B (+4.5%)
|
181.32B
est: 195.52B (-7.3%)
|
312.44B
est: 224.00B (+39.5%)
|
311.83B
est: 274.32B (+13.7%)
|
313.28B
est: 302.31B (+3.6%)
|
464.94B
est: 492.50B (-5.6%)
|
463.96B
est: 393.59B (+17.9%)
|
453.22B
424.25B – 479.12B
+15.2% YoY
|
529.38B
497.90B – 565.07B
+16.8% YoY
|
613.15B
576.69B – 654.48B
+15.8% YoY
|
772.65B
726.70B – 824.73B
+26.0% YoY
|
| EBITDA |
1.48B
est: 89.33M (+1,557.2%)
|
3.86B
est: 845.44M (+356.3%)
|
4.15B
est: 25.04B (-83.4%)
|
11.97B
est: 12.73B (-6.0%)
|
4.90B
est: 10.32B (-52.5%)
|
7.34B
est: 3.10B (+136.5%)
|
5.25B
est: 4.90B (+7.1%)
|
7.73B
est: 4.30B (+80.0%)
|
6.08B
est: 6.55B (-7.1%)
|
5.57B
est: 17.69B (-68.5%)
|
6.29B
est: 22.91B (-72.5%)
|
7.76B
est: 5.34B (+45.4%)
|
6.36B
est: 6.02B (+5.7%)
|
7.05B
est: 6.54B (+7.9%)
|
6.58B
est: 9.60B (-31.4%)
|
7.21B
est: 7.71B (-6.5%)
|
8.83B
8.27B – 9.34B
+14.6% YoY
|
10.31B
9.70B – 11.01B
+16.8% YoY
|
11.95B
11.24B – 12.75B
+15.8% YoY
|
15.05B
14.16B – 16.07B
+26.0% YoY
|
| EBIT |
69.49M
est: 65.19M (+6.6%)
|
1.82B
est: -198.31B (+100.9%)
|
3.13B
est: -20.81B (+115.0%)
|
10.60B
est: -6.90B (+253.7%)
|
3.52B
est: 10.39B (-66.1%)
|
5.80B
est: 4.18B (+38.7%)
|
4.65B
est: 5.36B (-13.2%)
|
7.10B
est: 5.28B (+34.4%)
|
5.45B
est: 8.24B (-33.8%)
|
4.81B
est: -6.88B (+169.8%)
|
4.68B
est: -13.32B (+135.1%)
|
6.14B
est: 5.85B (+5.0%)
|
4.56B
est: 6.60B (-31.0%)
|
5.27B
est: 7.17B (-26.4%)
|
4.45B
est: 7.00B (-36.5%)
|
4.83B
est: 5.55B (-12.9%)
|
6.44B
6.03B – 6.81B
+16.1% YoY
|
7.53B
7.08B – 8.04B
+16.8% YoY
|
8.72B
8.20B – 9.31B
+15.8% YoY
|
10.99B
10.33B – 11.73B
+26.0% YoY
|
| Net Income |
-715.75M
est: 22.35M (-3,303.1%)
|
86.76M
est: -2.43B (+103.6%)
|
1.55B
est: 168.14M (+821.7%)
|
7.84B
est: 1.84B (+325.5%)
|
1.39B
est: 8.03B (-82.6%)
|
2.80B
est: 1.74B (+60.9%)
|
2.53B
est: 2.70B (-6.3%)
|
3.95B
est: 2.88B (+37.4%)
|
2.86B
est: 4.65B (-38.4%)
|
2.63B
est: 3.20B (-18.0%)
|
1.45B
est: 2.85B (-49.2%)
|
4.25B
est: 1.77B (+140.3%)
|
2.53B
est: 2.00B (+27.0%)
|
3.78B
est: 4.10B (-7.6%)
|
3.40B
est: 3.80B (-10.4%)
|
3.27B
est: 3.57B (-8.4%)
|
2.56B
1.17B – 3.94B
-28.4% YoY
|
3.29B
1.78B – 4.81B
+28.7% YoY
|
4.06B
2.34B – 5.79B
+23.4% YoY
|
2.68B
2.48B – 2.92B
-34.0% YoY
|
| SGA |
893.79M
est: 4.07B (-78.0%)
|
16.00B
est: 549.84M (+2,809.2%)
|
4.24B
est: 1.06B (+299.2%)
|
4.35B
est: 60.63B (-92.8%)
|
4.84B
est: 64.97B (-92.5%)
|
4.98B
est: 86.49B (-94.2%)
|
1.57B
est: 29.67B (-94.7%)
|
2.53B
est: 26.05B (-90.3%)
|
2.85B
est: 18.87B (-84.9%)
|
3.45B
est: 9.73B (-64.5%)
|
3.89B
est: 10.64B (-63.4%)
|
3.92B
est: 947.47M (+314.2%)
|
6.02B
est: 1.07B (+464.1%)
|
5.88B
est: 1.16B (+406.4%)
|
6.45B
est: 8.10B (-20.4%)
|
8.23B
est: 6.42B (+28.2%)
|
7.45B
6.98B – 7.88B
+16.1% YoY
|
8.71B
8.19B – 9.29B
+16.8% YoY
|
10.08B
9.49B – 10.76B
+15.8% YoY
|
12.71B
11.95B – 13.56B
+26.0% YoY
|
| EPS |
-2.66
est: 0.07 (-4,174.8%)
|
0.15
est: -2.03 (+107.4%)
|
5.95
est: 9.75 (-39.0%)
|
29.48
est: 7.16 (+311.7%)
|
5.21
est: 11.27 (-53.8%)
|
10.50
est: 10.28 (+2.1%)
|
9.47
est: 16.35 (-42.1%)
|
14.80
est: 13.79 (+7.3%)
|
11.02
est: 14.41 (-23.5%)
|
7.61
est: 14.83 (-48.7%)
|
5.38
est: 13.63 (-60.5%)
|
14.51
est: 15.88 (-8.6%)
|
7.34
est: 10.17 (-27.8%)
|
10.97
est: 9.81 (+11.8%)
|
9.90
est: 11.00 (-10.0%)
|
9.53
est: 10.34 (-7.8%)
|
7.81
3.41 – 11.47
-24.4% YoY
|
9.88
5.16 – 13.98
+26.4% YoY
|
11.85
6.79 – 16.83
+20.0% YoY
|
7.80
7.20 – 8.48
-34.2% YoY
|
Historical Ratings (3M)
| Date | Rating | Overall | DCF | ROE | ROA | D/E | P/E | P/B |
|---|---|---|---|---|---|---|---|---|
| 2026-05-12 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-11 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-08 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-07 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-06 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-05 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-05-04 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-30 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-29 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-28 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-27 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-24 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-23 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-22 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-21 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-20 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-17 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
| 2026-04-16 | D+ | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 | 1/5 |
Owner Earnings
Owner's Earnings (history)
From
To
Owner alignment
Owner's Earnings TTM
69.36M
OE per share TTM
0.21
Owner's Yield
0.01%
Maintenance CapEx ratio
10.09%
Maint CapEx / Avg PPE
0.7%
Ownership Overview
Ownership breakdown
Ownership breakdown not available.
At a glance
Institutional holders
—
Total invested
—
Insider transactions (90d)
0
Beneficial owners (>5%)
0
Beneficial owners (>5%)
No beneficial ownership filings recorded.
Institutional Activity (13F)
Institutional ownership trend
Institutional history not available.
Top institutional holders
Top holders not available.
ETF Ownership
Top ETFs holding this stock
Held by 21 ETFs in our universe
| # | ETF | Weight | Est. AUM exposure | TER |
|---|---|---|---|---|
| 1 | Matthews India Active ETF INDE INDE | 1.42% | 251.7K | 0.79% |
| 2 | Matthews Emerging Markets Equity Active ETF MEM | 0.65% | 354.4K | 0.79% |
| 3 | Matthews Pacific Tiger Active ETF ASIA ASIA | 0.40% | 213.0K | 0.79% |
| 4 | Vanguard FTSE Emerging Markets UCITS ETF (USD) Accumulating VFEA.L | 0.04% | 2.52M | 0.17% |
| 5 | Vanguard FTSE Emerging Markets UCITS ETF (USD) Distributing VDEM.L | 0.04% | 2.52M | 0.17% |
| 6 | Schwab Emerging Markets Equity ETF SCHE | 0.04% | 5.24M | 0.06% |
| 7 | Vanguard FTSE Emerging Markets Shares ETF VGE.AX | 0.04% | 551.5K | 0.48% |
| 8 | Vanguard FTSE Emerging Markets All Cap Index ETF VEE.TO | 0.04% | 1.24M | 0.26% |
| 9 | Vanguard FTSE Asia ex Japan Shares Index ETF VAE.AX | 0.04% | 229.4K | 0.40% |
| 10 | Vanguard All-World ex-US Shares Index ETF VEU.AX | 0.01% | 499.4K | 0.04% |
Insider Activity
Insider Activity — Latest Quarter
No insider activity available.
Insider buys vs sells (history)
Insider history not available.
Recent insider transactions
No recent insider transactions.
Executive team
Top executives
EBIT / Employee
119.77M
Shares Outstanding
345.11M
Executive compensation
Executive compensation (annual)
Executive compensation not available.
CEO compensation breakdown
No CEO compensation history available.
Proxy statements
Proxy statements (DEF 14A)
No proxy statements available for this company yet.
Recent SEC filings
Recent SEC filings
No SEC filings available for this company yet.
Executive team
| Name | Title | Compensation | Gender |
|---|---|---|---|
| Venkatraman Krishnan | Manager | 19M | male |
| Analjit Singh | Founder & Non-Executive Chairman | 600.0K | male |
| Jyoti Sethi | Secretary & Executive Assistant | — | — |
| Mohini Daljeet Singh | Chief Executive of Max India Foundation | — | female |
| Nishant Kumar | Chief Financial Officer | — | male |
| Ramachandra Vishnu Pai | Manager of Administration | — | — |
| Siddhi Suneja | Company Secretary & Compliance Officer | — | female |
| Simardeep Kaur | General Manager of Human Capital | — | female |
| Tara Singh Vachani | Chief Executive Officer of Antara Senior Living | — | female |
| Vandana Trehan | Executive Assistant to Executive President | — | female |
| Jasrita Dhir | Deputy Director of Brands & Communications | — | female |
ESG Score History
No data available for this company.
Senate Trading Activity
No Senate trading activity found for this company.
House Trading Activity
No House trading activity found for this company.
Market share among peers
Peer comparison — filtered group (TTM)
Your opinion
Share your view on this stock and instantly see how the community has voted over the last 6 months.
Community Opinion for MFSL.NS
Short-term intention
Target Price Distribution
These are community opinions and do not constitute buy or sell advice to act on. The results shown are based on aggregated opinions and are not an investment recommendation, nor do they intend to influence any investment decision.
