Max Financial Services Ltd
Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.[1] It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company. [2]
Strengths
- +Company has reduced debt.
- +Company is almost debt free.
- +Company is expected to give good quarter
- +Debtor days have improved from 197 to 123 days.
Weaknesses
- −Stock is trading at 8.18 times its book value
- −The company has delivered a poor sales growth of -39.1% over past five years.
- −Promoter holding is low: 1.25%
- −Company has a low return on equity of -0.07% over last 3 years.
- −Promoters have pledged 42.1% of their holding.
- −Earnings include an other income of Rs.4.89 Cr.
- −Promoter holding has decreased over last 3 years: -8.90%
- −Working capital days have increased from 112 days to 315 days
Shareholding Pattern
| Category | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters | 6.52% | 3.34%▼3.2 | 3.34% | 1.74%▼1.6 | 1.74% | 1.71%▼0.0 | 1.25%▼0.5 | 1.25% |
| FIIs | 46.6% | 46.23%▼0.4 | 47.5%▲1.3 | 44.75%▼2.8 | 44.71%▼0.0 | 44.78%▲0.1 | 45.13%▲0.4 | 47.88%▲2.8 |
| DIIs | 40.74% | 43.99%▲3.3 | 42.69%▼1.3 | 47.29%▲4.6 | 47.29% | 47.26%▼0.0 | 47.35%▲0.1 | 44.74%▼2.6 |
| Public | 6.14% | 6.42%▲0.3 | 6.47%▲0.0 | 6.21%▼0.3 | 6.25%▲0.0 | 6.24%▼0.0 | 6.26%▲0.0 | 6.11%▼0.1 |
Financial Statements
| Metric | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 6 | 5 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 17 |
| Expenses | 8 | 8 | 6 | 6 | 6 | 6 | 5 | 6 | 6 | 5 |
| Operating Profit | -2 | -4 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | 12 |
| OPM % | -42% | -85% | -55% | -61% | -36% | -64% | -76% | -110% | -100% | 71% |
| Net Profit | -2 | -4 | -3 | -2 | -2 | -3 | -3 | -3 | 2 | 10 |
| EPS ₹ | -0.07 | -0.11 | -0.08 | -0.07 | -0.05 | -0.08 | -0.07 | -0.1 | 0.05 | 0.29 |
AI Insights
Mar 2026 revenue at ₹25.79Cr, up 62.2% YoY. OPM at 14.15%.
Borrowings at ₹0.25Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.
DIIs: 44.74% (+10.40pp change). FIIs: 47.88% (-0.58pp change). Promoters hold 1.25%.
ROCE declining from 13.75% (Mar 2015) to 0.12% (Mar 2026). Working capital days: 315.47.
PE 9388x with 0.12% ROCE. Price is 719% above book value of ₹196. Dividend yield: 0%.
Recent Announcements
- Announcement under Regulation 30 (LODR)-Newspaper Publication 14 May
- Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - Intimation Of Change In CIN 13 May - CIN changed to L24223HR1988PLC145368 after registered office state changed to Haryana.
- Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 May - Max Financial Services reported FY26 PAT of ₹106 crore; Axis Max Life grew Individual APE 19% and VNB 26%.
- Announcement under Regulation 30 (LODR)-Investor Presentation 12 May - As per the Investor Presentation is attached
- Independent Actuarial Opinion On Embedded Value 12 May - WTW issued opinion on Axis Max Life embedded value of INR 28,870.5 crore as at 31 March 2026.
- Financial Year 2025 from bse
- Financial Year 2024 from bse
- Financial Year 2023 from bse