Max Financial Services logo

Max Financial Services share price

NSE: MFSLBSE: 500271InsuranceMid Cap

Max Financial Services Limited · Formerly Max India · Face value ₹2 · Listed Nov 1989 on BSE, May 2000 on NSE
Last close ₹1,224.60down ₹6.70 (0.54%)BSE ₹1,222.60

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

52-week range of traded prices to 28 Oct 2026
₹1,193.40Low, 28 Oct 2026₹1,892.50High, 23 Feb 2026
Market cap
₹42,263 Cr180th largest listed
P/E
Earlier quarters restated in the year
P/B
7.39
Dividend yield
Nonein the last 12 months
ROCE
4.1%
Debt to equity
0.29
Volume, NSE
11,74,48738.9% delivered

Max Financial Services share price chart

Daily closes since Jan 2007, adjusted for splits and bonuses, with the demerger of Jan 2016 reinvested. Reinvested means the value of the shares of the company that was split off is treated as put back into this share at its opening price on the ex-date.

−19.7%over a year · Nifty 500 −8.8%

Results20-session average 10,26,495 shares a day, 54.8% 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

  • On 16 Oct 2026, NSE Sustainability Ratings & Analytics, unengaged by the company, assigned Max Financial Services an ESG rating (score of environmental, social and governance practices) of 71 on a scale of 0 to 100, against 65 on 19 Feb 2026.3839

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. 1. Annual report, 27 Jul 2026, page 37
  2. 2. Annual report, 27 Jul 2026, page 271
  3. 3. Annual report, 27 Jul 2026, page 52
  4. 4. Annual report, 27 Jul 2026, page 271
  5. 5. Exchange filing, 13 Aug 2026, page 6
  6. 6. Annual report, 27 Jul 2026, page 188
  7. 7. Annual report, 27 Jul 2026, page 136
  8. 8. Annual report, 27 Jul 2026, page 54
  9. 9. Annual report, 27 Jul 2026, page 110
  10. 10. Annual report, 27 Jul 2026, page 121
  11. 11. Annual report, 27 Jul 2026, page 23
  12. 12. Investor presentation, 13 Aug 2026, page 4
  13. 13. Annual report, 27 Jul 2026, page 38
  14. 14. Investor presentation, 13 Aug 2026, page 4
  15. 15. Annual report, 27 Jul 2026, page 54
  16. 16. Investor presentation, 13 Aug 2026, page 5
  17. 17. Investor presentation, 13 Aug 2026, page 4
  18. 18. Investor presentation, 13 Aug 2026, page 4
  19. 19. Investor presentation, 13 Aug 2026, page 10
  20. 20. Investor presentation, 13 Aug 2026, page 13
  21. 21. Annual report, 27 Jul 2026, page 63
  22. 22. Investor presentation, 13 Aug 2026, page 4
  23. 23. Investor presentation, 13 Aug 2026, page 4
  24. 24. Investor presentation, 13 Aug 2026, page 5
  25. 25. Investor presentation, 13 Aug 2026, page 5
  26. 26. Investor presentation, 13 Aug 2026, page 13
  27. 27. Investor presentation, 13 Aug 2026, page 4
  28. 28. Earnings call, 13 Aug 2026, page 5
  29. 29. Earnings call, 13 Aug 2026, page 6
  30. 30. Earnings call, 13 Aug 2026, page 7
  31. 31. Earnings call, 13 Aug 2026, page 13
  32. 32. Earnings call, 13 Aug 2026, page 16
  33. 33. Investor presentation, 13 Aug 2026, page 4
  34. 34. Annual report, 27 Jul 2026, page 367
  35. 35. Annual report, 27 Jul 2026, page 367
  36. 36. Annual report, 27 Jul 2026, page 367
  37. 37. Earnings call, 13 Aug 2026, page 7
  38. 38. Exchange filing, 16 Oct 2026, page 1
  39. 39. Exchange filing, 19 Feb 2026, page 1
  40. 40. Exchange filing, 25 Aug 2026, page 1
  41. 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 months
+17.6%
Net profit growth, 12 months
–

Quarter to Sep 2026, against the quarter before

Revenue
₹3.18 Crup 4.26%
Net profit
−₹1.65 CrQuarter to Jun 2026: ₹0.73 Cr
Net margin
−51.9%

Revenue by quarter

₹4.71 CrDec 24₹3.74 CrMar 25₹2.99 CrJun 25₹2.87 CrSep 25₹7.65 CrDec 25₹17 CrMar 26₹3.05 CrJun 26₹3.18 CrSep 26

Net profit by quarter, a loss in red

  • Net profit
  • Loss
−₹1.57 CrDec 24−₹2.59 CrMar 25−₹2.52 CrJun 25−₹3.40 CrSep 25₹1.65 CrDec 25₹10 CrMar 26₹0.73 CrJun 26−₹1.65 CrSep 26
A loss in the quarter to Sep 2026, −₹1.65 CrA loss in 5 of the 8 quarters shown

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.

₹ croreDec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Revenue4.73.73.02.97.717.03.13.2
Net profit−1.6−2.6−2.5−3.41.710.20.7−1.7
Net margin−33.3%−69.3%−84.3%−118.5%21.6%59.8%23.9%−51.9%
Standalone. The last eight quarters. The latest is shaded.

Business segments

Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit

  • Life Insurance₹47,671 Crup 2.60%99.9%
  • Business Investments₹39 Cr0.1%
The pill is the change in revenue on the year before; the share is of all the businesses together.

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

Price to book

At or below today's level on 29% of 1,239 trading days over the last 5 years.

LowestHighest
Its median8.74Industry median4.09
Dividend yield

At or below today's level on 91% of 2,478 trading days over the last 10 years.

LowestHighest
Its median0.00%Industry median0.67%

Where the return came from

Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.

OverReturn a yearEarnings growthChange in P/EDividend 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%
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add. Earnings growth and the change in P/E are left empty where earnings per share at either end of the window was a loss or is not on record. Earnings growth over 5 years is on profit divided by shares in issue at both ends: the earnings per share stated for one end does not match that year's profit and share count.

Shareholding

Per cent of the company's shares, from the filing for Sep 2026. Foreign institutions include 21.86% held as foreign direct investment: a stake taken in the company directly, such as a foreign parent's, not bought by portfolio investors.Max Financial Services shareholding pattern

Shareholding by group

  • Promoters1.25%
  • Foreign institutions48.62%
  • Indian institutions43.70%
  • Individuals and others6.44%
Holder
MITSUI SUMITOMO INSURANCE COMPANY LIMITEDForeign direct investment21.86%
SMALLCAP WORLD FUND, INCForeign portfolio investors, category I3.00%
SBI LIFE INSURANCE CO. LTDInsurance companies2.32%
PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUNDForeign portfolio investors, category I1.96%
HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACCInsurance companies1.85%
GOVERNMENT PENSION FUND GLOBALForeign portfolio investors, category I1.62%
Holders are named in the company's own words: an insurer's holding can carry one of its funds' names. Mutual funds are left out here and listed fund by fund below.

Promoters have pledged 43.71% of their shares. Since Jun 2026: promoters unchanged, foreign institutions +0.56 pts, Indian institutions −0.64 pts, mutual funds −1.27 pts.

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 time
2
Bought again
2
Added
78
Cut
91
Held unchanged
111
Sold out
22
Fund
HDFC Mutual Fund logoHDFC Mid Cap FundHDFC Mutual Fund2,61,14,2313.52%₹3,586.5 Cr
Nippon India Mutual Fund logoNippon India Multi Cap FundNippon India Mutual Fund59,00,0001.51%₹810.3 Cr
Kotak Mahindra Mutual Fund logoKotak Mid Cap FundKotak Mahindra Mutual Fund57,15,0671.18%₹784.9 Cr
Nippon India Mutual Fund logoNippon India Growth Mid Cap FundNippon India Mutual Fund49,02,9071.34%₹673.4 Cr
Invesco Mutual Fund logoInvesco India Mid Cap FundInvesco Mutual Fund36,12,0073.15%₹496.1 Cr
DSP Mutual Fund logoDSP Midcap FundDSP Mutual Fund35,15,9872.48%₹482.9 Cr
Kotak Mahindra Mutual Fund logoKotak Flexi Cap FundKotak Mahindra Mutual Fund27,00,0000.70%₹370.8 Cr
HDFC Mutual Fund logoHDFC Large & Mid Cap FundHDFC Mutual Fund26,02,0171.25%₹357.4 Cr
DSP Mutual Fund logoDSP Large & Mid Cap FundDSP Mutual Fund24,88,5311.98%₹341.8 Cr
DSP Mutual Fund logoDSP ELSS Tax Saver FundDSP Mutual Fund23,30,6682.06%₹320.1 Cr
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.

Promoter and insider buying and selling

Trades made since 29 Oct 2025.Max Financial Services insider trading

Bought on the market Sold on the market
  • Promoters and promoter group0 purchases, 1 saleNo purchase₹269 CrNet−₹269 Cr26 pledge filings of unclear kind
  • Others: no market trade · 5 pledge filings of unclear kind
Bought and sold count trades on the market only. A pledge is shares given to a lender as security for a loan; a lender invokes it by selling them.

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

Return on equity across, P/E up, size is market cap
Company
HDFC Life Insurance Company logoHDFC Life Insurance CompanyHDFCLIFE1,11,69354.535.74+17.8%+8.2%11.2%0.41%
ICICI Lombard General Insurance Company logoICICI Lombard General Insurance CompanyICICIGI79,12930.974.40+14.3%−8.8%15.2%0.88%
ICICI Life Insurance logoICICI Life InsuranceICICILIFE59,79133.984.09+15.2%+34.0%12.9%0.40%
General Insurance Corporation of India logoGeneral Insurance Corporation of IndiaGICRE57,0366.410.93+4.3%+4.0%15.8%4.08%
Star Health and Allied Insurance Company logoStar Health and Allied Insurance CompanySTARHEALTH30,56429.004.03–+97.7%14.4%0.00%
The New India Assurance Company logoThe New India Assurance CompanyNIACL27,10037.781.11+10.5%−36.6%3.0%0.91%
Go Digit General Insurance logoGo Digit General InsuranceGODIGIT24,24849.245.12+8.3%+6.6%11.0%0.00%
Niva Bupa Health Insurance Company logoNiva Bupa Health Insurance CompanyNIVABUPA13,462–––––0.00%
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth.

Dividends

Per share, by the year it was paid for, and the latest payments.Max Financial Services dividend history

Ex-dateTypePer share
19 Sep 2016Final₹1.80
19 Nov 2015Interim₹1.80
15 Sep 2015Final₹1.00
25 Nov 2014Interim₹4.00
12 Sep 2014Final₹1.80
21 Nov 2013Interim₹1.80
Latest payments, as declared, by ex-date.

Latest announcements

Routine notices left out.Max Financial Services announcements

Max Financial Services share price by year

Each calendar year to 2025.Max Financial Services share price history

YearClose at year endChangeHighest closeLowest close
20251,671.80+50.1%1,736.70986.50
20241,113.90+16.7%1,287.80865.00
2023954.30+40.9%1,056.85608.95
2022677.50−30.9%1,068.80642.65
2021980.35+45.2%1,130.85673.65
2020675.05+26.3%695.50288.55
2019534.45+19.8%540.15368.00
2018446.00−24.7%597.05359.35
2017592.50+8.0%676.70529.75
2016Demerger548.75+8.0%606.80311.85
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before. With the demerger of 27 Jan 2016 reinvested, the change in 2016 is +53.5%.

Recent sessions

The 9 trading days to 27 Oct 2026, as traded on NSE; the latest is at the top of the page.

DateOpenHighLowCloseAverage priceVolumeDelivery
27 Oct 20261,230.701,249.001,214.401,231.301,225.0512,58,45158.3%
26 Oct 20261,205.001,244.901,193.501,240.101,233.604,93,77353.7%
23 Oct 20261,220.601,230.901,197.301,211.301,208.944,06,50255.6%
22 Oct 20261,245.001,255.001,223.301,223.301,230.929,74,81964.0%
21 Oct 20261,283.901,288.301,247.601,255.001,261.714,09,72759.0%
19 Oct 20261,287.401,293.101,262.601,281.001,273.239,11,20555.1%
16 Oct 20261,276.001,305.001,263.301,294.901,289.9711,75,44855.7%
15 Oct 20261,280.001,305.001,272.201,277.001,283.9113,13,95763.2%
14 Oct 20261,325.401,332.401,280.201,284.001,293.627,92,68656.6%
Prices in ₹ per share as traded, not adjusted.

Price adjustments

What the price chart is corrected for, so it reads as one share held throughout.Stock split history

Ex-dateEventPrice factorWhat happened
23 Mar 2020Price 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 2016Demerger0.7040Part 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 2007Split0.2000Each share became 5.
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout. Any other event is noted and not adjusted for.

Company details