About
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.
Key Metrics
as of Sep 2026Market Cap53,823 Cr
P/E496.00
Div Yield0.00 %
Book Value₹153.00
52w High₹1,892.00
52w Low₹1,408.00
Face Value₹2.00
Quarterly Results
Rs. Crores · hover row for definition| Metric | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sep 2023 | Jun 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 14,970.00 | 10,802.00 | 14,259.00 | 9,792.00 | 12,822.00 | 12,376.00 | 8,923.00 | 13,372.00 | 11,799.00 | 14,888.00 | 12,356.00 | 10,165.00 | 9,168.00 |
| Expenses | 14,803.00 | 10,808.00 | 14,181.00 | 9,771.00 | 12,703.00 | 12,356.00 | 8,834.00 | 13,199.00 | 11,608.00 | 14,945.00 | 12,146.00 | 10,021.00 | 9,043.00 |
| Operating Profit | 167.00 | -6.00 | 78.00 | 21.00 | 119.00 | 20.00 | 89.00 | 173.00 | 190.00 | -57.00 | 209.00 | 144.00 | 125.00 |
| OPM % | 1.10 | -0.10 | 0.60 | 0.20 | 0.90 | 0.20 | 1.00 | 1.30 | 1.60 | -0.40 | 1.70 | 1.40 | 1.40 |
| Other Income | 7.00 | 5.00 | 9.00 | 7.00 | 3.00 | 18.00 | 3.00 | 2.00 | 1.00 | 10.00 | 4.00 | 25.00 | 3.00 |
| Depreciation | 0.00 | 0.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Interest | 36.00 | 35.00 | 36.00 | 21.00 | 20.00 | 15.00 | 10.00 | 13.00 | 9.00 | 11.00 | 14.00 | 9.00 | 9.00 |
| Profit before tax | 138.00 | -36.00 | 50.00 | 6.00 | 101.00 | 22.00 | 81.00 | 162.00 | 182.00 | -59.00 | 198.00 | 158.00 | 118.00 |
| Tax % | 14.00 | -13.00 | 11.00 | 6.00 | 14.00 | -73.00 | 14.00 | 14.00 | 14.00 | -15.00 | 14.00 | -8.00 | 14.00 |
| Net Profit | 118.00 | -32.00 | 45.00 | 6.00 | 86.00 | 38.00 | 70.00 | 139.00 | 156.00 | -50.00 | 171.00 | 170.00 | 101.00 |
| EPS in Rs | 2.77 | -0.76 | 1.06 | 0.12 | 2.02 | 0.91 | 1.62 | 3.26 | 3.69 | -1.28 | 4.30 | 4.29 | 2.54 |
Profit & Loss
Annual · Rs. Crores| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 47,674.00 | 46,469.00 | 46,576.00 | 31,415.00 | 31,182.00 | 31,275.00 | 18,240.00 | 19,510.00 | 16,338.00 | 15,247.00 | 11,710.00 | 14,907.00 |
| Expenses | 47,462.00 | 45,994.00 | 46,150.00 | 30,862.00 | 30,769.00 | 30,689.00 | 17,788.00 | 19,003.00 | 15,807.00 | 14,476.00 | 11,179.00 | 14,188.00 |
| Operating Profit | 212.00 | 476.00 | 426.00 | 554.00 | 413.00 | 585.00 | 452.00 | 507.00 | 531.00 | 771.00 | 531.00 | 718.00 |
| OPM % | 0.40 | 1.00 | 0.90 | 1.80 | 1.30 | 1.90 | 2.50 | 2.60 | 3.20 | 5.00 | 4.50 | 4.80 |
| Other Income | 23.00 | 21.00 | 36.00 | 16.00 | 6.00 | 13.00 | 2.00 | 3.00 | 1.00 | 2.00 | 2.00 | 30.00 |
| Interest | 112.00 | 47.00 | 44.00 | 37.00 | 25.00 | 0.00 | 0.00 | 27.00 | 0.00 | 9.00 | 8.00 | 82.00 |
| Depreciation | 2.00 | 3.00 | 3.00 | 5.00 | 5.00 | 5.00 | 11.00 | 2.00 | 2.00 | 63.00 | 60.00 | 154.00 |
| Profit before tax | 121.00 | 447.00 | 415.00 | 527.00 | 389.00 | 593.00 | 442.00 | 481.00 | 530.00 | 702.00 | 465.00 | 512.00 |
| Tax % | 13.00 | 10.00 | 5.00 | 14.00 | 18.00 | 6.00 | 38.00 | 13.00 | 17.00 | 15.00 | 15.00 | 29.00 |
| Net Profit | 106.00 | 403.00 | 393.00 | 452.00 | 318.00 | 560.00 | 273.00 | 416.00 | 442.00 | 593.00 | 393.00 | 365.00 |
| EPS in Rs | 2.43 | 9.48 | 9.85 | 10.97 | 7.34 | 12.33 | 5.38 | 9.75 | 10.67 | 14.79 | 9.47 | 10.49 |
| Dividend Payout % | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 38.00 | 48.00 |
Balance Sheet
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 69.00 | 69.00 | 69.00 | 69.00 | 69.00 | 69.00 | 54.00 | 54.00 | 54.00 | 53.00 | 53.00 | 53.00 |
| Reserves | 5,213.00 | 5,206.00 | 3,797.00 | 3,450.00 | 3,866.00 | 3,274.00 | 2,093.00 | 2,005.00 | 1,766.00 | 2,281.00 | 1,912.00 | 3,249.00 |
| Borrowings | 1,859.00 | 1,026.00 | 523.00 | 523.00 | 522.00 | 3.00 | 3.00 | 0.00 | 0.00 | 0.00 | 0.00 | 543.00 |
| Other Liabilities | 191,795.00 | 183,879.00 | 158,383.00 | 127,783.00 | 113,291.00 | 94,710.00 | 72,377.00 | 65,097.00 | 54,022.00 | 44,405.00 | 36,181.00 | 31,658.00 |
| Total Liabilities | 198,936.00 | 190,180.00 | 162,771.00 | 131,824.00 | 117,747.00 | 98,057.00 | 74,526.00 | 67,156.00 | 55,842.00 | 46,739.00 | 38,147.00 | 35,503.00 |
| Fixed Assets | 607.00 | 610.00 | 612.00 | 614.00 | 616.00 | 639.00 | 641.00 | 556.00 | 556.00 | 740.00 | 349.00 | 1,200.00 |
| CWIP | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3.00 | 37.00 | 39.00 |
| Investments | 186,014.00 | 179,841.00 | 152,959.00 | 123,355.00 | 109,794.00 | 91,766.00 | 68,566.00 | 63,245.00 | 52,683.00 | 44,059.00 | 36,102.00 | 32,015.00 |
| Other Assets | 12,314.00 | 9,729.00 | 9,201.00 | 7,854.00 | 7,337.00 | 5,652.00 | 5,320.00 | 3,356.00 | 2,602.00 | 1,938.00 | 1,660.00 | 2,249.00 |
| Total Assets | 198,936.00 | 190,180.00 | 162,771.00 | 131,824.00 | 117,747.00 | 98,057.00 | 74,526.00 | 67,156.00 | 55,842.00 | 46,739.00 | 38,147.00 | 35,503.00 |
Cash Flows
Annual · Rs. Crores — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity | 11,473.00 | 8,352.00 | 6,104.00 | 9,922.00 | 8,496.00 | 6,892.00 | 5,452.00 | 8,826.00 | 7,534.00 | 6,526.00 | 3,802.00 | 2,579.00 |
| Cash from Investing Activity | -11,125.00 | -9,703.00 | -5,001.00 | -11,555.00 | -8,835.00 | -6,852.00 | -4,991.00 | -8,789.00 | -6,951.00 | -6,290.00 | -3,541.00 | -2,311.00 |
| Cash from Financing Activity | 567.00 | 1,961.00 | -117.00 | -233.00 | 388.00 | -92.00 | -383.00 | -174.00 | -116.00 | -215.00 | -187.00 | -388.00 |
| Net Cash Flow | 915.00 | 610.00 | 986.00 | -1,866.00 | 48.00 | -51.00 | 78.00 | -137.00 | 466.00 | 20.00 | 74.00 | -119.00 |
| Free Cash Flow | 11,235.00 | 8,136.00 | 5,883.00 | 9,750.00 | 8,369.00 | 6,810.00 | 5,329.00 | 8,728.00 | 7,485.00 | 6,447.00 | 3,714.00 | 2,258.00 |
| CFO/OP % | 5,438.00 | 1,757.00 | 1,436.00 | 1,809.00 | 2,076.00 | 1,202.00 | 1,219.00 | 1,754.00 | 1,435.00 | 860.00 | 730.00 | 375.00 |
Ratios
Annual · Days / % — latest first| Metric | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 | Mar 2021 | Mar 2020 | Mar 2019 | Mar 2018 | Mar 2017 | Mar 2016 | Mar 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.00 | 16.00 | 17.00 |
| Inventory Days | — | — | — | — | — | — | — | — | — | — | — | 84.00 |
| Days Payable | — | — | — | — | — | — | — | — | — | — | — | 424.00 |
| Cash Conversion Cycle | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13.00 | 16.00 | -324.00 |
| Working Capital Days | -1,382.00 | -1,368.00 | -1,172.00 | -1,402.00 | -1,241.00 | -1,042.00 | -1,338.00 | -1,149.00 | -1,158.00 | -93.00 | -101.00 | -74.00 |
| ROCE % | 3.00 | 8.00 | 10.00 | 12.00 | 10.00 | 18.00 | 16.00 | 19.00 | 19.00 | 25.00 | 13.00 | 13.00 |
Corporate Actions
28 records| Action | Ex Date | Record Date | Ratio | Amount (₹) | Notes |
|---|---|---|---|---|---|
| Other | 16 Aug 2024 | — | — | — | Annual General Meeting |
| Other | 14 Aug 2023 | — | — | — | Annual General Meeting |
| Other | 17 Aug 2022 | — | — | — | Annual General Meeting |
| Other | 15 Sep 2021 | — | — | — | Annual General Meeting |
| Other | 22 Dec 2020 | — | — | — | Annual General Meeting |
| Other | 16 Sep 2019 | — | — | — | Annual General Meeting |
| Other | 17 Sep 2018 | — | — | — | Annual General Meeting |
| Other | 18 Sep 2017 | — | — | — | Annual General Meeting |
| Dividend | 19 Sep 2016 | — | — | 1.80 | |
| Other | 27 Jan 2016 | 28 Jan 2016 | — | — | Spin Off |
| Other | 27 Jan 2016 | 28 Jan 2016 | — | — | Scheme Of Arrangement |
| Dividend | 19 Nov 2015 | 20 Nov 2015 | — | 1.80 | |
| Dividend | 15 Sep 2015 | — | — | 1.00 | |
| Dividend | 25 Nov 2014 | 26 Nov 2014 | — | 4.00 | |
| Dividend | 12 Sep 2014 | — | — | 1.80 | |
| Dividend | 21 Nov 2013 | 22 Nov 2013 | — | 1.80 | |
| Dividend | 10 Sep 2013 | — | — | 2.20 | |
| Dividend | 22 Nov 2012 | 23 Nov 2012 | — | 10.00 | |
| Other | 28 Aug 2012 | — | — | — | Annual General Meeting |
| Other | 16 Sep 2011 | — | — | — | Annual General Meeting |
| Other | 06 Sep 2010 | — | — | — | Annual General Meeting |
| Other | 14 Sep 2009 | — | — | — | Annual General Meeting |
| Other | 04 Sep 2008 | — | — | — | Annual General Meeting |
| Other | 05 Sep 2007 | — | — | — | Agm |
| Split | 12 Mar 2007 | 19 Mar 2007 | 10:2 | — | |
| Other | 05 Sep 2006 | — | — | — | Agm |
| Other | 15 Sep 2005 | — | — | — | Agm |
| Dividend | 23 Aug 2001 | — | — | 3.50 |
Announcements
5 filingsShareholding Pattern
Open on BSEFinancial Results — Filings
Open on BSEBoard Filings
Open on BSEAnnual Reports
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