Max Financial Services share price
NSE: MFSLBSE: 500271InsuranceMid Cap
Share price at the NSE close on 28 Oct 2026. Previous close ₹1,231.30.
28 Oct: open ₹1,247.00, high ₹1,284.00, low ₹1,193.40
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹42,263 Cr180th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 7.39
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 4.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.29
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 11,74,48738.9% delivered
About Max Financial Services
Max Financial Services Limited is the holding company of Axis Max Life Insurance Limited, a life insurer in India.12 Axis Max Life offers protection, savings, investment, health and retirement plans to individual and institutional customers, sold through its own sales channels, partner banks, digital platforms and alliances.3
The company itself is engaged mainly in growing business investments and providing management advisory services to group companies.4 Max Financial Services reports its results in a life insurance segment and a business investments segment.5 In the year to Mar 2026, the company and Axis Max Life together had 462 branches, 461 in India and 1 in Dubai; Axis Max Life's office at GIFT City, Gandhinagar, began operating in April 2026, selling US dollar policies.678
Max Financial Services was incorporated on 24 Feb 1988.4 Axis Max Life was incorporated on 11 Jul 2000 and received its life insurance licence from IRDAI, the insurance regulator, on 15 Nov 2000.2 The company's registered office moved from Punjab to Gurugram, Haryana, effective 13 Apr 2026.9
Analjit Singh chairs the board and signs the annual report's letter to shareholders as founder and chairman.1011 Max Financial Services held 80.98% of Axis Max Life on 31 Mar 2026.1 In the quarter to Jun 2026, Axis Bank invested ₹381 crore in Axis Max Life, taking the Axis group's holding to 19.99%.12
Max Financial Services key points
Results
- Max Financial Services' consolidated revenue was ₹47,696 crore in the year to Mar 2026, up 3%; excluding investment income it grew 17%. its consolidated profit after tax was ₹106 crore, affected mainly by GST-related adjustments and fair value changes.13
- In the quarter to Jun 2026, Max Financial Services' consolidated revenue was ₹14,977 crore, up 17%; excluding investment income, ₹7,289 crore, up 18%. its consolidated profit after tax was ₹118 crore.14
- Axis Max Life's post-tax shareholders' profit (the part of profit that belongs to shareholders rather than policyholders) was ₹277 crore in the year to Mar 2026. Axis Max Life's profit before tax was ₹91 crore in the quarter to Jun 2026, up 22%.1516
Market position
- Axis Max Life's share of the private life insurance market was 10.1% in the quarter to Jun 2026, against 10.0% a year earlier. Its individual adjusted first-year premium (new individual premiums, single premiums counted at a tenth) grew 17% to ₹1,810 crore.17
- Axis Max Life holds rank 3 among private life insurers in individual new business sum assured (the total cover on new policies), which grew 32% in the quarter to Jun 2026.1819
- Axis Max Life is the 4th largest manager of assets among private life insurers, on public disclosures as of Mar 2026.20
Premiums and assets
- Axis Max Life's gross written premium was ₹38,877 crore in the year to Mar 2026, up 17% from ₹33,223 crore; first-year premium was ₹9,783 crore, up 19%, and renewal premium ₹24,374 crore, up 16%.21
- Axis Max Life's APE (annualised premium equivalent: new sales, single premiums counted at a tenth), excluding group term life, grew 15% in the quarter to Jun 2026; retail protection and health APE grew 44% to ₹314 crore, annuity APE 116% to ₹246 crore.2223
- Axis Max Life's renewal premium grew 20% to ₹4,639 crore in the quarter to Jun 2026.24
- Axis Max Life's assets under management were ₹2,02,621 crore at the end of June 2026, up 11% from ₹1,83,211 crore; over 95% of debt investments are in sovereign papers and AAA-rated (highest credit rating) securities.2526
Value and capital
- Axis Max Life's value of new business (expected profit, in today's money, from policies sold) was ₹446 crore in the quarter to Jun 2026, up 33% from ₹335 crore; new business margin (that value over new sales) rose to 23.2% from 20.1%.27
- Axis Max Life's embedded value (net worth plus the present value of profits expected from policies in force) was ₹30,415 crore at the end of June 2026, up 15%; annualised operating return on embedded value was 14.9%.28
- Axis Max Life's solvency ratio (available capital over required minimum) was 198% at the end of June 2026, against a regulatory threshold of 150%.2930
- On its earnings call of 13 Aug 2026, the company said it intends to grow value of new business faster than APE, and to re-raise the subordinated debt (ranking below other creditors) repaid on 31 July, plus the added capacity from the Axis infusion.3132
Branches and reach
- In the quarter to Jun 2026, Axis Max Life's APE from its own channels grew 15%, online up 27%; APE from partners grew 16%, Axis Bank up 14% and other partners up 21%.33
Proposed merger
- On 28 Jan 2026, the board approved in principle to amalgamate Max Financial Services into Axis Max Life, subject to approvals including IRDAI's. The Axis group's in-principle no-objection is conditional, including its written consent once the scheme is finalised.34
- The merger would list Axis Max Life. If it misses agreed timelines, the Axis group may swap its Axis Max Life shares for the company's; failing that, it may require an IPO, a purchase by the company at fair market value, then a forced sale.3536
- On its earnings call of 13 Aug 2026, the company said it was consulting internally and with shareholders, and the tribunal process takes 6 to 12 months once a scheme document is filed.37
Recent events
Litigation and regulatory matters
- SEBI issued a show cause notice on 24 Oct 2024 to the company, Axis Max Life and some current and former directors and key managerial personnel. Its final order of 24 Aug 2026 closed proceedings against unnamed noticees 1 to 12 without direction or penalty.40
- As of the company's filing of 25 Aug 2026, settlement applications by 13 present or former non-executive and independent directors were under process, with a final order awaited.41
Last updated
All 41 sources, each with its page
- 1. Annual report, 27 Jul 2026, page 37
- 2. Annual report, 27 Jul 2026, page 271
- 3. Annual report, 27 Jul 2026, page 52
- 4. Annual report, 27 Jul 2026, page 271
- 5. Exchange filing, 13 Aug 2026, page 6
- 6. Annual report, 27 Jul 2026, page 188
- 7. Annual report, 27 Jul 2026, page 136
- 8. Annual report, 27 Jul 2026, page 54
- 9. Annual report, 27 Jul 2026, page 110
- 10. Annual report, 27 Jul 2026, page 121
- 11. Annual report, 27 Jul 2026, page 23
- 12. Investor presentation, 13 Aug 2026, page 4
- 13. Annual report, 27 Jul 2026, page 38
- 14. Investor presentation, 13 Aug 2026, page 4
- 15. Annual report, 27 Jul 2026, page 54
- 16. Investor presentation, 13 Aug 2026, page 5
- 17. Investor presentation, 13 Aug 2026, page 4
- 18. Investor presentation, 13 Aug 2026, page 4
- 19. Investor presentation, 13 Aug 2026, page 10
- 20. Investor presentation, 13 Aug 2026, page 13
- 21. Annual report, 27 Jul 2026, page 63
- 22. Investor presentation, 13 Aug 2026, page 4
- 23. Investor presentation, 13 Aug 2026, page 4
- 24. Investor presentation, 13 Aug 2026, page 5
- 25. Investor presentation, 13 Aug 2026, page 5
- 26. Investor presentation, 13 Aug 2026, page 13
- 27. Investor presentation, 13 Aug 2026, page 4
- 28. Earnings call, 13 Aug 2026, page 5
- 29. Earnings call, 13 Aug 2026, page 6
- 30. Earnings call, 13 Aug 2026, page 7
- 31. Earnings call, 13 Aug 2026, page 13
- 32. Earnings call, 13 Aug 2026, page 16
- 33. Investor presentation, 13 Aug 2026, page 4
- 34. Annual report, 27 Jul 2026, page 367
- 35. Annual report, 27 Jul 2026, page 367
- 36. Annual report, 27 Jul 2026, page 367
- 37. Earnings call, 13 Aug 2026, page 7
- 38. Exchange filing, 16 Oct 2026, page 1
- 39. Exchange filing, 19 Feb 2026, page 1
- 40. Exchange filing, 25 Aug 2026, page 1
- 41. Exchange filing, 25 Aug 2026, page 1
Results
Standalone, as consolidated accounts are on record for only 9 of the last ten years; ₹ crore.Max Financial Services quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +17.6%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- –
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹3.18 Crup 4.26%
- Net profitNet profit. Under it, net profit in the quarter before. A change in per cent is not worked out where either period is a loss or nothing. Net profit in the glossary
- −₹1.65 CrQuarter to Jun 2026: ₹0.73 Cr
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- −51.9%
Revenue by quarter
Net profit by quarter, a loss in red
- Net profit
- Loss
The quarters either side of a change of basis do not compare. From the quarter to Mar 2026, the company's revenue for the year to Mar 2026, ₹26 Cr, differs from its quarters added, ₹31 Cr.
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.7 | 3.7 | 3.0 | 2.9 | 7.7 | 17.0 | 3.1 | 3.2 |
| Net profit | −1.6 | −2.6 | −2.5 | −3.4 | 1.7 | 10.2 | 0.7 | −1.7 |
| Net margin | −33.3% | −69.3% | −84.3% | −118.5% | 21.6% | 59.8% | 23.9% | −51.9% |
Year to Mar 2026
- Revenue
- ₹26 Cr
- Net profit
- ₹5.90 Cr
- Net margin
- 22.9%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2026, the company's revenue for that year, ₹26 Cr, differs from its quarters added, ₹31 Cr.
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 255 | 229 | 317 | 495 | 306 | 200 | 58 | 21 | 15 | 26 |
| Net profit | 154 | 123 | 49 | 273 | 99 | 103 | 14 | −11 | −9 | 6 |
| Net margin | 60.4% | 53.8% | 15.6% | 55.1% | 32.4% | 51.4% | 24.0% | −52.4% | −59.6% | 22.9% |
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Life InsuranceLife Insurance, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹47,671 Crup 2.60%99.9%
- Business InvestmentsBusiness Investments, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹39 Cr0.1%
Valuation
Today, against the company's own history. Not shown, P/E: a results filing in the last twelve months restated the quarters before it inside its year to date, so the four quarters as the company reported them do not add to a twelve-month profit; the ratio returns once the trailing year no longer holds a quarter from before the restatement. Its history crosses a change of basis in the accounts in the year to Mar 2026: days before it are of the company before the change.Max Financial Services PE ratio and valuation
At or below today's level on 29% of 1,239 trading days over the last 5 years.
At or below today's level on 91% of 2,478 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | +29.9% | – | – | 0.0% |
| 3 years | +32.9% | −24.8% | +76.8% | 0.0% |
| 5 years | +11.6% | −43.1% | +96.3% | 0.0% |
Mutual fund holdings
287 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 103 of the 169 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future. 3 more funds filed their first portfolio on record, holding it.All 287 funds holding Max Financial Services
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 78
- CutCut. Funds that held fewer shares than at the end of the month before.
- 91
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 111
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end. Sold out in the glossary
- 22
| Fund | |||
|---|---|---|---|
| 2,61,14,231 | 3.52% | ₹3,586.5 Cr | |
| 59,00,000 | 1.51% | ₹810.3 Cr | |
| 57,15,067 | 1.18% | ₹784.9 Cr | |
| 49,02,907 | 1.34% | ₹673.4 Cr | |
| 36,12,007 | 3.15% | ₹496.1 Cr | |
| 35,15,987 | 2.48% | ₹482.9 Cr | |
| 27,00,000 | 0.70% | ₹370.8 Cr | |
| 26,02,017 | 1.25% | ₹357.4 Cr | |
| 24,88,531 | 1.98% | ₹341.8 Cr | |
| 23,30,668 | 2.06% | ₹320.1 Cr |
Promoter and insider buying and selling
Trades made since 29 Oct 2025.Max Financial Services insider trading
- Promoters and promoter group0 purchases, 1 saleNo purchase₹269 CrNetNet. The value bought on the market less the value sold, over the trades whose filers stated a value.−₹269 Cr26 pledge filings of unclear kind
- Others: no market trade · 5 pledge filings of unclear kind
Max Financial Services competitors and peers
Insurance, 13 listed companies, priced on 28 Oct 2026. The table lists the 8 companies closest to Max Financial Services in market cap.Finance companies
Max Financial Services is not on the chart: it has no P/E or return on equity today
| Company | |||||||
|---|---|---|---|---|---|---|---|
| 1,11,693 | 54.53 | 5.74 | +17.8% | +8.2% | 11.2% | 0.41% | |
| 79,129 | 30.97 | 4.40 | +14.3% | −8.8% | 15.2% | 0.88% | |
| 59,791 | 33.98 | 4.09 | +15.2% | +34.0% | 12.9% | 0.40% | |
| 57,036 | 6.41 | 0.93 | +4.3% | +4.0% | 15.8% | 4.08% | |
| 30,564 | 29.00 | 4.03 | – | +97.7% | 14.4% | 0.00% | |
| 27,100 | 37.78 | 1.11 | +10.5% | −36.6% | 3.0% | 0.91% | |
| 24,248 | 49.24 | 5.12 | +8.3% | +6.6% | 11.0% | 0.00% | |
| 13,462 | – | – | – | – | – | 0.00% |
Dividends
Per share, by the year it was paid for, and the latest payments.Max Financial Services dividend history
| Ex-date | Type | Per share |
|---|---|---|
| 19 Sep 2016 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹1.80 |
| 19 Nov 2015 | Interim | ₹1.80 |
| 15 Sep 2015 | Final | ₹1.00 |
| 25 Nov 2014 | Interim | ₹4.00 |
| 12 Sep 2014 | Final | ₹1.80 |
| 21 Nov 2013 | Interim | ₹1.80 |
Latest announcements
Routine notices left out.Max Financial Services announcements
Oct 2026
27 Oct · Business
27 Oct · Results
19 Oct · Analysts
Sep 2026
Max Financial Services share price by year
Each calendar year to 2025.Max Financial Services share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,671.80 | +50.1% | 1,736.70 | 986.50 |
| 2024 | 1,113.90 | +16.7% | 1,287.80 | 865.00 |
| 2023 | 954.30 | +40.9% | 1,056.85 | 608.95 |
| 2022 | 677.50 | −30.9% | 1,068.80 | 642.65 |
| 2021 | 980.35 | +45.2% | 1,130.85 | 673.65 |
| 2020 | 675.05 | +26.3% | 695.50 | 288.55 |
| 2019 | 534.45 | +19.8% | 540.15 | 368.00 |
| 2018 | 446.00 | −24.7% | 597.05 | 359.35 |
| 2017 | 592.50 | +8.0% | 676.70 | 529.75 |
| 2016Demerger | 548.75 | +8.0% | 606.80 | 311.85 |
Recent sessions
The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 27 Oct 2026 | 1,230.70 | 1,249.00 | 1,214.40 | 1,231.30 | 1,225.05 | 12,58,451 | 58.3% |
| 26 Oct 2026 | 1,205.00 | 1,244.90 | 1,193.50 | 1,240.10 | 1,233.60 | 4,93,773 | 53.7% |
| 23 Oct 2026 | 1,220.60 | 1,230.90 | 1,197.30 | 1,211.30 | 1,208.94 | 4,06,502 | 55.6% |
| 22 Oct 2026 | 1,245.00 | 1,255.00 | 1,223.30 | 1,223.30 | 1,230.92 | 9,74,819 | 64.0% |
| 21 Oct 2026 | 1,283.90 | 1,288.30 | 1,247.60 | 1,255.00 | 1,261.71 | 4,09,727 | 59.0% |
| 19 Oct 2026 | 1,287.40 | 1,293.10 | 1,262.60 | 1,281.00 | 1,273.23 | 9,11,205 | 55.1% |
| 16 Oct 2026 | 1,276.00 | 1,305.00 | 1,263.30 | 1,294.90 | 1,289.97 | 11,75,448 | 55.7% |
| 15 Oct 2026 | 1,280.00 | 1,305.00 | 1,272.20 | 1,277.00 | 1,283.91 | 13,13,957 | 63.2% |
| 14 Oct 2026 | 1,325.40 | 1,332.40 | 1,280.20 | 1,284.00 | 1,293.62 | 7,92,686 | 56.6% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 23 Mar 2020 | Price move | – | Between two trading sessions the price moved by a fifth or more. The Nifty 500 moved 5% or more the same way over the same sessions. Not adjusted for. |
| 27 Jan 2016 | Demerger | 0.7040 | Part of the business became a separate company. The factor is the opening price on the ex-date divided by the previous close. The chart shows earlier prices with the demerger reinvested. |
| 12 Mar 2007 | Split | 0.2000 | Each share became 5. |
Company details
- NSE symbol
- MFSL
- BSE code
- 500271
- ISIN
- INE180A01020
- Industry
- Insurance
- Former symbols
- MAX
- Website
- www.maxfinancialservices.com
- CIN
- L24223PB1988PLC008031
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1988
- Registered office
- Plot no. 90-C, Sector - 18, Urban Estate, Gurugram 122015, Haryana
- Share registrar
- MAS Services Ltd
- Keeps the register of shareholders and handles transfers and dividend payments