Share price at the NSE close on 23 Oct 2026. Previous close ₹1,223.30.
- Next results date: the board meets on 27 Oct 2026 to consider: financial results.
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies.
- ₹41,804 Cr180th largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit.
- Earlier quarters restated in the year
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. The filing of 13 Jul 2026
- 7.9
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- Nonein the last 12 months
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet. The filing of 13 Aug 2026
- 3.1%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Mar 2026. The filing of 13 Jul 2026
- 0.29
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day.
- 4,06,50255.6% delivered
Results
Standalone, as consolidated accounts are on record for only 9 of the last ten years; ₹ crore, the charts by years to March, the table by quarter.Quarterly results
Quarter to Jun 2026, against the quarter beforeFiled 13 Aug
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹3.05 Crdown 82.06%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹0.73 Crdown 92.82%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax.
- 23.9%
Revenue by year
Net profit by year, a loss in red
- Net profit
- Loss
The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹306 Cr, differs from its quarters added, ₹326 Cr. From the year to Mar 2026, the company's revenue for that year, ₹26 Cr, differs from its quarters added, ₹31 Cr.
| ₹ crore | Sep 2024Filed 23 Oct | Dec 2024Filed 5 Feb | Mar 2025Filed 13 May | Jun 2025Filed 7 Aug | Sep 2025Filed 13 Jul | Dec 2025Filed 11 Feb | Mar 2026Filed 13 Jul | Jun 2026Filed 13 Aug |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.7 | 4.7 | 3.7 | 3.0 | 2.9 | 7.7 | 17.0 | 3.1 |
| Net profit | −2.5 | −1.6 | −2.6 | −2.5 | −3.4 | 1.7 | 10.2 | 0.7 |
| Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. | −66.7% | −33.3% | −69.3% | −84.3% | −118.5% | 21.6% | 59.8% | 23.9% |
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.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- Life InsuranceLife Insurance, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹47,671 Crup 2.60%99.9%
- Business InvestmentsBusiness Investments, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹39 Cr0.1%
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 years to Mar 2021 and Mar 2026: days before it are of the company before the change.PE ratio and valuation history
At or below today's level on 36% of 1,240 trading days over the last 5 years.
At or below today's level on 81% of 1,240 trading days over the last 5 years.
At or below today's level on 91% of 2,480 trading days over the last 10 years.
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend 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% |
Mutual funds holding it
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.Mutual fund holdings
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- Bought againBought again. Funds that held it at the month's end, had not held it the month before, and held it in an earlier month.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 78
- CutCut. Funds that held fewer shares than at the end of the month before.
- 91
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 111
- Sold outSold out. Funds that held it at the end of the month before and hold none at this month's end.
- 22
| Fund | |||
|---|---|---|---|
 HDFC Mid Cap FundHDFC Mutual Fund | 2,61,14,231 | 3.52% | ₹3,586.5 Cr |
 Nippon India Multi Cap FundNippon India Mutual Fund | 59,00,000 | 1.51% | ₹810.3 Cr |
 Kotak Mid Cap FundKotak Mahindra Mutual Fund | 57,15,067 | 1.18% | ₹784.9 Cr |
| Nippon India Growth Mid Cap FundNippon India Mutual Fund | 49,02,907 | 1.34% | ₹673.4 Cr |
 Invesco India Mid Cap FundInvesco Mutual Fund | 36,12,007 | 3.15% | ₹496.1 Cr |
 DSP Midcap FundDSP Mutual Fund | 35,15,987 | 2.48% | ₹482.9 Cr |
| Kotak Flexi Cap FundKotak Mahindra Mutual Fund | 27,00,000 | 0.70% | ₹370.8 Cr |
| HDFC Large & Mid Cap FundHDFC Mutual Fund | 26,02,017 | 1.25% | ₹357.4 Cr |
| DSP Large & Mid Cap FundDSP Mutual Fund | 24,88,531 | 1.98% | ₹341.8 Cr |
| DSP ELSS Tax Saver FundDSP Mutual Fund | 23,30,668 | 2.06% | ₹320.1 Cr |
Peers and competitors
Insurance, 13 listed companies, priced on 23 Oct 2026. The table lists the 8 companies closest to Max Financial Services in market cap.
Max Financial Services is not on the chart: it has no P/E or return on equity today
| Company | |||||||
|---|---|---|---|---|---|---|---|
 HDFC Life Insurance CompanyHDFCLIFE | 1,13,789 | 55.5 | 5.8 | +17.8% | +8.2% | 11.2% | 0.40% |
 ICICI Lombard General Insurance CompanyICICIGI | 79,539 | 31.1 | 4.4 | +14.3% | −8.8% | 15.2% | 0.88% |
 ICICI Life InsuranceICICILIFE | 61,271 | 34.8 | 4.2 | +15.2% | +34.0% | 12.9% | 0.39% |
 General Insurance Corporation of IndiaGICRE | 56,799 | 6.4 | 0.9 | +4.3% | +4.0% | 15.8% | 4.09% |
 Star Health and Allied Insurance CompanySTARHEALTH | 31,218 | 37.0 | 4.1 | – | +43.2% | 11.6% | 0.00% |
 The New India Assurance CompanyNIACL | 26,335 | 36.7 | 1.1 | +10.5% | −36.6% | 3.0% | 0.94% |
 Go Digit General InsuranceGODIGIT | 24,933 | 50.6 | 5.3 | +8.3% | +6.6% | 11.0% | 0.00% |
 Niva Bupa Health Insurance CompanyNIVABUPA | 13,304 | – | – | – | – | – | 0.00% |
Dividends
Per share, by the year it was paid for, and the latest payments.Dividend history and dates
| Ex-date | Type | Per share |
|---|---|---|
| 19 Sep 2016 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹1.80 |
| 19 Nov 2015 | Interim | ₹1.80 |
| 15 Sep 2015 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. | ₹1.00 |
| 25 Nov 2014 | Interim | ₹4.00 |
| 12 Sep 2014 | Final | ₹1.80 |
| 21 Nov 2013 | Interim | ₹1.80 |
Latest announcements
Routine notices left out.Share news and announcements
Oct 2026
19 Oct · Analysts
Sep 2026
Max Financial Services share price by year
Each calendar year to 2025.Max Financial Services share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,671.80 | +50.1% | 1,736.70 | 986.50 |
| 2024 | 1,113.90 | +16.7% | 1,287.80 | 865.00 |
| 2023 | 954.30 | +40.9% | 1,056.85 | 608.95 |
| 2022 | 677.50 | −30.9% | 1,068.80 | 642.65 |
| 2021 | 980.35 | +45.2% | 1,130.85 | 673.65 |
| 2020 | 675.05 | +26.3% | 695.50 | 288.55 |
| 2019 | 534.45 | +19.8% | 540.15 | 368.00 |
| 2018 | 446.00 | −24.7% | 597.05 | 359.35 |
| 2017 | 592.50 | +8.0% | 676.70 | 529.75 |
| 2016Demerger | 548.75 | +8.0% | 606.80 | 311.85 |
Recent sessions
The last 10 trading days to 23 Oct 2026, as traded on NSE.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 23 Oct 2026 | 1,220.60 | 1,230.90 | 1,197.30 | 1,211.30 | 1,208.94 | 4,06,502 | 55.6% |
| 22 Oct 2026 | 1,245.00 | 1,255.00 | 1,223.30 | 1,223.30 | 1,230.92 | 9,74,819 | 64.0% |
| 21 Oct 2026 | 1,283.90 | 1,288.30 | 1,247.60 | 1,255.00 | 1,261.71 | 4,09,727 | 59.0% |
| 19 Oct 2026 | 1,287.40 | 1,293.10 | 1,262.60 | 1,281.00 | 1,273.23 | 9,11,205 | 55.1% |
| 16 Oct 2026 | 1,276.00 | 1,305.00 | 1,263.30 | 1,294.90 | 1,289.97 | 11,75,448 | 55.7% |
| 15 Oct 2026 | 1,280.00 | 1,305.00 | 1,272.20 | 1,277.00 | 1,283.91 | 13,13,957 | 63.2% |
| 14 Oct 2026 | 1,325.40 | 1,332.40 | 1,280.20 | 1,284.00 | 1,293.62 | 7,92,686 | 56.6% |
| 13 Oct 2026 | 1,300.00 | 1,340.80 | 1,297.70 | 1,325.40 | 1,324.38 | 11,52,671 | 57.0% |
| 12 Oct 2026 | 1,315.20 | 1,330.00 | 1,295.10 | 1,306.50 | 1,305.61 | 4,42,492 | 54.0% |
| 9 Oct 2026 | 1,316.00 | 1,332.20 | 1,301.00 | 1,309.70 | 1,318.25 | 8,09,621 | 49.2% |
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Stock split history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 23 Mar 2020 | Price 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 2016 | Demerger | 0.7040 | Part 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 2007 | Split | 0.2000 | Each share became 5. |
About Max Financial Services
Max Financial Services Limited is a holding company in the life insurance sector. Its business is its majority stake in Axis Max Life Insurance Limited, its only material subsidiary. It also provides management advisory services to that subsidiary, and it had 10 employees of its own as of March 2026.
Axis Max Life Insurance offers protection and long-term savings life insurance solutions. It sells them through a multichannel network of agents and third-party distribution partners. It is a joint venture between Max Financial Services and Axis Bank Limited, whose group companies hold the minority stake. It operates across India through 462 branch units as of March 2026 and had 25,779 employees on that date.
Max Financial Services was incorporated in 1988. Its registered office is in Gurugram, Haryana, after a shift from Punjab approved during the year to March 2026. Its shares are listed on the NSE and BSE. Its corporate office is in Noida.
The company is part of the Max Group, a multi-business Indian group with interests in life insurance, senior living and real estate. The senior living and real estate businesses sit in separate companies, Antara and Max Estates. Analjit Singh is the Founder and Chairman of the Max Group and a promoter director of the company. A promoter is the person or group that set up a company or controls it. He is also chairman of the group's other listed companies, Max India Limited and Max Estates Limited.
- Legal name
- Max Financial Services Limited
- NSE symbol
- MFSL
- BSE code
- 500271
- ISIN
- INE180A01020
- Industry
- Insurance
- Listed
- Nov 1989 on BSE, May 2000 on NSE
- Face value
- ₹2
- Former symbols
- MAX
- CIN
- L24223PB1988PLC008031
- Corporate identity number, the registrar of companies' code for it