Max Financial Services Limited
Max Financial Services Limited operates in Life Insurance, part of the Financial Services sector. It booked ₹11,601 cr of revenue in its latest quarter (Q2 FY27) and kept 0.7% of sales as profit. It is the largest of 1 Life Insurance companies we track, by market value.
| Segment | FY21 | FY22 | FY24 | FY25 | FY26 | Share |
|---|---|---|---|---|---|---|
| Life Insurance | 31,260 | 31,142 | 46,566 | 46,464 | 47,671 | 99% → 100% |
| Business Investment | — | — | 7 | — | — | — |
| Business Investments | 325 | 200 | 24 | 26 | 39 | 1% → 0% |
| Total | 31,585 | 31,342 | 46,597 | 46,490 | 47,710 |
From the company's consolidated segment filings (Ind AS 108). Margin is segment operating profit (before interest & tax) over segment revenue; reconciliation rows like inter-segment eliminations are excluded from the mix.
“The Company is primarily value measurements are categorised into Level 1, engaged in the business of growing and nurturing business 2, or 3 based on the degree to which the inputs investments and providing management advisory services to the fair value measurements are observable to group companies in India.”
“The Company is primarily engaged in the business of growing and nurturing business investments in its subsidiary.”
“To be the most admired company for protecting and enhancing the financial future of its customers.”
Healthier than 28% of companies in Financial Services, on the 5 of 6 measures we could read for it. Each measure is ranked against the 25–253 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 29
At close. Not part of the score.
How much profit it earns on the money it employs
Whether reported profit actually arrives as cash · highest in its sector on what we could measure
Whether sales and profit have grown, and how steadily
What today's price implies, against our models or its peers
How much of the promoters' stake is pledged, and how much they hold
Not measurable for this company: balance sheet. Those pillars are left out of the score rather than counted as zero.
What if I invest in MFSL?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-11-04.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹11,601 cr |
| Other Income | ₹4 cr |
| Total Income | ₹11,605 cr |
| Cost of Materials | ₹0 cr |
| Purchases of Stock-in-Trade | ₹0 cr |
| Employee Benefit Expense | ₹11 cr |
| Finance Costs | ₹30 cr |
| Depreciation & Amortisation | ₹51 L |
| Other Expenses | ₹11,455 cr |
| Total Expenses | ₹11,496 cr |
| Profit before Tax | ₹109 cr |
| Tax Expense | ₹8 cr |
| Net Profit | ₹100 cr |
| Net margin on total income | 0.9% |
| Metric | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| Revenue | 10,802 cr | 14,970 cr | 11,601 cr |
| Total income | 10,805 cr | 14,977 cr | 11,605 cr |
| Expenses | 10,844 cr | 14,839 cr | 11,496 cr |
| Profit before tax | -38 cr | 138 cr | 109 cr |
| Tax | -5 cr | 20 cr | 8 cr |
| Net profit (owners' share) | -26 cr | 96 cr | 80 cr |
| Net margin (owners' share, on revenue) | -0.2% | 0.6% | 0.7% |
| EPS (₹) | -0.81 | 2.78 | 2.33 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Max Financial Services Limitedthis company | ₹1,185 | ₹40,696 cr | 127.2 | 5.6% | 0.7% | — |
| Life Insurance Corporation Of India | ₹396 | — | — | — | — | — |
| Canara HSBC Life Insurance Company Limited | ₹121 | — | — | — | — | — |
| HDFC Life Insurance Company Limited | ₹526 | — | — | — | — | — |
| SBI Life Insurance Company Limited | ₹1,683 | — | — | — | — | — |
| ICICI Life Insurance Limited | ₹410 | — | — | — | — | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹1.8 / share | 19 Sep 2016 |
| Dividend | ₹1.8 / share | 19 Nov 2015 |
| Dividend | ₹1 / share | 15 Sep 2015 |
| Dividend | ₹4 / share | 25 Nov 2014 |
| Dividend | ₹1.8 / share | 12 Sep 2014 |
| Dividend | ₹1.8 / share | 21 Nov 2013 |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
The company also transacted with 17 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.