Max Financial Services Limited share price
NSE: MFSL · ISIN INE180A01020
Key numbers
- Market cap
- ₹ 50,053 Cr
- Current price
- ₹ 1,458.00
- 52-week high / low
- ₹ 1,893 / 1,360
- Stock P/E
- 454.2
- Book value
- ₹ 153.9
- Dividend yield
- 0.00%
- ROCE
- 2.2%
- ROE
- 1.6%
- Debt to equity
- 0.44
- Sales growth (3 yrs)
- 15.0%
- Profit growth (3 yrs)
- -39.5%
- 1-year return
- -8.0%
About Max Financial Services Limited
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 treasury investment activities; and provision of management advisory services. Max Financial Services Limited was incorporated in 1988 and is based in Noida, India.
Quarterly results
Consolidated figures in ₹ crores
| Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|
| Sales | 12,822 | 9,793 | 14,259 | 10,801 | 14,970 |
| Operating profit | 204 | 119 | 87 | -2 | 233 |
| Net profit | 70 | 4 | 37 | -26 | 96 |
| EPS (₹) | 2.03 | 0.12 | 1.07 | -0.77 | 2.78 |
Concall summary (2026-08-20)
AI summary of the earnings call transcript · tone: Positive · source document
Guidance & outlook
- In quarter 1 FY27, our individual adjusted first year premium grew by 17%, outperforming both the private sector and the overall industry growth.
- Consequently, our VNB margin expanded from 20.3% in Q1 of FY26 to 23.2% in Q1 FY27, driving a robust 33% growth in the value of new business or VNB.
Growth & demand
- More importantly, our growth remains consistent and sustainable with a 2 -year CAGR of 20%, which is well ahead of the private industry CAGR of 12% and double the overall industry growth rate of 10%.
- Within partnerships, APE growth of 16% was driven by 14% growth from Axis Bank and 21% growth from other partners, again underscoring the breadth and the resilience of our distribution franchise.
Margins & costs
- Product Innovation Driving Margin Expansion At Axis Max Life, innovation remains a core strategic lever, enabling us to address evolving customer needs while driving the long-term value creation for all our stakeholders.
- Our focus continues to be on building a balanced and diversified portfolio mix that supports sustainable growth, improves the product mix, and enhances the margins.
Capex & expansion
- To begin with, we achieved a key milestone during the quarter with the completion of Axis Bank's acquisition of an additional 0.98% stake in Axis Max Life Insurance through an equity infusion of INR381 crore, increasing its shareholding to 19.99%.
- In digital commerce and acquisition, we continue to strengthen our D2C franchise through superior proposition discovery, AI -led marketing and lead nurturing and optimized onboarding journeys.
Balance sheet & cash
- As you are aware, on a VNB computation basis, we use the actual expense of the quarter to compute the VNB, and we do have an effect where the VNB improves along as operating leverage kicks in during the quarter.
- Now, in this 3% approximate increase, you can say 30% is linked to mix around protection and some bit of operating leverage and around 70%, you can say is the yield curve, which actually has also helped offset the GST impact.
Peers in Insurance - Life
Data for information only, not investment advice. Prices end of day.