HDFC Bank Limited
NSE: HDFCBANK
Financial Services · Banks - Regional
₹692.80 last close on 23 Oct 2026 −0.18%
Research updated
Max Financial Services Ltd.
NSE: MFSLFinancial ServicesInsurance - Life
- Last close
- ₹1,211.30
- Day change
- −₹12.00 (−0.98%)vs
- Market cap
- ₹45,501 crIndian rupees
- Research updated
- 1 report
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About Max Financial Services
Max Financial Services Ltd. is a prominent company operating in the financial services sector, primarily focusing on life insurance products. It serves as a holding company for Max Life Insurance Company, which is its major subsidiary and a key player in the life insurance industry in India. The company offers a comprehensive portfolio of life insurance policies, retirement plans, and other financial solutions catering to individuals' security and investment needs. Through its strategic approach, Max Financial Services Ltd. plays a crucial role in managing risk and supporting financial planning for its clients. This company is noteworthy in the financial markets due to its commitment to sustainable growth and its contribution to enhancing the insurance penetration rate in India, strengthening financial security for a large demographic.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: MFSL
- Next results
- Chief executive
- Mr. Sumit Madan
- Employees
- 10
- Headquarters
- Noida, India
- ISIN
- INE180A01020
- Website
- maxfinancialservices.com
Public research · Report of
Business model & financial foundation
MFSL (NSE: MFSL), Life Insurance: revenue of ₹47,696 crore in FY26 (+2.6% on FY25) and net profit of ₹84.0 crore.
- Revenue, FY26 (₹ crore)
- 47,696
- consolidated
- Revenue growth, FY26
- +2.6%
- on FY25
- Net profit, FY26 (₹ crore)
- 84.0
- to owners
- Return on equity, FY26
- 1.6%
- on average equity
- Market capitalisation (₹ crore)
- 53,654
- at the close of 13 Oct 2026
Company profile
MFSL is the listed Max Group holding company controlling Axis Max Life Insurance Limited, offering protection, savings, annuity and related life-insurance products in India. Consolidated insurer performance is primary; holdco cash/liabilities are separate. Proposed amalgamation into AMLI not established as completed by13Oct2026. CIN uses FY26 BRSR current Haryana number; older Punjab CIN printed elsewhere is flagged.
| Item | Value |
|---|---|
| Legal name | Max Financial Services Limited |
| Exchange and ticker | NSE: MFSL; BSE: 500271 |
| ISIN | INE180A01020 |
| CIN | L24223HR1988PLC145368 |
| Sector | Financial Services |
| Industry | Life Insurance |
| Headquarters | Noida, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP (since 2023-05-12) |
| Market capitalisation | ₹53,654 crore (13 Oct 2026) |
| Shares outstanding | 34.51 crore shares (FY26) |
| Price | ₹1,307 (close, 13 Oct 2026) |
| 52-week range | ₹1,295 - ₹1,893 (to 13 Oct 2026) |
| Website | https://maxfinancialservices.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Axis Max Life Insurance Limited | 80.01% | Life insurance; current stake after1Jun2026 Axis infusion;80.98% at31Mar2026. |
| Max Life Pension Fund Management Limited | n.d. | Indirect subsidiary100% owned by AMLI; pension business discontinued; voluntary liquidation underway. |
AMLI controlled throughout.80.01%1Jun2026 vs80.98%31Mar2026. MFSL Employees Welfare Trust consolidated; not conventional equity subsidiary. No listed corporate parent identified.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 1.25% | 1.25% | 1.25% | |
| Promoter holding pledged | 0.00% | 42.07% | 26.92% | |
| Foreign institutions | 23.27% | 26.02% | 26.20% | |
| Domestic institutions | 47.35% | 44.75% | 44.34% | |
| of which mutual funds | 39.49% | 36.99% | 36.76% | 35.49% |
| Retail | 4.52% | 4.45% | 4.66% | |
| Other | 23.60% | 23.53% | 23.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
MFSL (NSE: MFSL) is a listed holding company controlling Axis Max Life Insurance (AMLI), with 80.01% economic ownership after the June 2026 Axis infusion, versus 80.98% at 31 March 2026. AMLI sells protection, savings and annuity policies through bancassurance (especially Axis Bank), proprietary agency/digital and new bank partners. Value creation is APE × VNB margin plus the unwind of the in-force book; statutory Ind AS 104 PAT is not that value creation. Policyholder investment gains, premiums, reserves and AUM cannot be treated as holdco free cash. Segments are Life Insurance and Business Investments & others. The small latter segment and unallocated expense reconcile to consolidated PBT.
| Segment | revenue from operations, FY26 (₹ crore) | Share | segment results pbt, FY26 (₹ crore) | Share | assets before eliminations, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Business Investments and others | 2.65 | 0.0% | -12.2 | -5.8% | 6,941 | 3.4% |
| Life Insurance | 47,671 | 100.0% | 221.6 | 105.8% | 1,98,520 | 96.6% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| HDFC Life Insurance (HDFCLIFE) | Listed life insurer; protection/savings, VNB, EV and bancassurance comparator. |
| SBI Life Insurance (SBILIFE) | Listed bank-distributed life insurer; EV, VNB and growth comparator. |
| ICICI Prudential Life Insurance (ICICIPRULI) | Listed life insurer; bank-linked distribution/product mix comparator. |
| Life Insurance Corporation of India (LICI) | Listed life insurer; scale/agency benchmark, different ownership and mix. |
| Bajaj Finserv (BAJAJFINSV) | Indirect life-insurance holding comparator; diversified group, not pure same-basis life insurer. No pure comparable holdco found. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total statutory income including investment income | 31,183 | 31,318 | 46,618 | 46,497 | 47,696 |
| Other operating costs (vendor classification) * | 40.2 | 1,302 | 1,399 | 1,822 | 2,248 |
| EBIT * | 455.7 | 527.3 | 443.7 | 483.3 | 156.7 |
| Statutory finance costs outside policyholders fund | 67.0 | 0.11 | 43.6 | 47.4 | 111.9 |
| Profit before tax, continuing operations | 388.7 | 527.2 | 414.8 | 450.1 | 119.8 |
| Tax expense, continuing operations | 70.3 | 75.3 | 22.2 | 43.4 | 15.3 |
| Consolidated total PAT including NCI and discontinued operations | 318.4 | 451.9 | 392.6 | 403.4 | 105.6 |
| Diluted EPS, continuing and discontinued operations (₹) | 7.34 | 10.97 | 9.85 | 9.53 | 2.45 |
| Axis Max Life gross written premium | 29,529 | 33,223 | 38,877 | ||
| Statutory Other income outside policyholders fund | 42.1 | 28.3 | 22.3 | ||
| PAT attributable to non-controlling interests | 52.5 | 76.2 | 21.6 | ||
| PAT attributable to MFSL owners | 340.1 | 327.2 | 84.0 | ||
| PAT from discontinued operations | n.a. | -3.36 | 1.12 | ||
| Share of associates and joint ventures profit | n.a. | n.a. | n.a. | ||
| Policyholder benefits payout, net of reinsurance | 13,321 | 16,844 | 19,674 | ||
| Net change in insurance contract liabilities including FFA | 25,970 | 21,011 | 17,757 | ||
| Net change in investment contract liabilities | 16.3 | -1.37 | 294.8 | ||
| Policyholder commission to selling agents | 2,398 | 3,145 | 4,085 | ||
| Policyholder employee benefits expenses | 2,358 | 2,618 | 3,046 | ||
| Policyholder other operating expenses excluding employee cost | 1,783 | 1,971 | 2,442 | ||
| Statutory employee benefits outside policyholders fund | 35.0 | 28.2 | 45.0 | ||
| Statutory depreciation outside policyholders fund | 3.19 | 2.87 | 2.31 | ||
| Statutory other expenses outside policyholders fund | 51.4 | 82.1 | 31.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory equity attributable to MFSL owners, excluding NCI | n.r. | 3,518 | 3,866 | 5,275 | 5,282 |
| Borrowings * | 778.1 | 830.7 | 843.9 | 1,442 | 2,349 |
| Consolidated cash and bank balances incl policyholder fund | 764.0 | 1,226 | 1,698 | 1,454 | 2,403 |
| Consolidated trade receivables, predominantly policyholder fund | n.r. | 681.2 | 915.3 | 1,083 | 1,239 |
| Trade payables * | 1,415 | 1,709 | 1,487 | 1,840 | 2,615 |
| Net property, plant and equipment * | 400.3 | 531.7 | 606.7 | 771.0 | 921.4 |
| Capital work in progress * | 1.59 | 0.81 | 1.98 | 3.13 | 0.83 |
| Total assets * | 1,62,773 | 1,89,999 | 1,98,936 | ||
| Inventories * | 5.08 | ||||
| Consolidated equity including NCI | 4,370 | 6,403 | 6,420 | ||
| Holdco liabilities less standalone liquid assets | -41.3 | -38.0 | -19.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Consolidated operating cashflow, indirect method | -4,957 | -5,780 | 6,107 | 8,352 | 11,473 |
| Gross cash capital expenditure including capital advances | 0.94 | 2.11 | 222.9 | 218.1 | 244.4 |
| Free cash flow (vendor definition) * | 8,368 | 9,748 | 5,884 | 8,134 | 11,228 |
| Dividends paid (the provider's sign: an outflow is negative) * | -32.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued MFSL shares outstanding, before treasury elimination | 34.52 | 34.51 | 34.51 | 34.51 | 34.51 |
| Consolidated diluted weighted-average shares for EPS | 34.51 | 34.34 | 34.32 | ||
| MFSL standalone cash and cash equivalents | 0.18 | 0.26 | 0.30 | ||
| MFSL standalone bank FD including other financial assets | 47.8 | 52.9 | 26.7 | ||
| MFSL standalone liquid mutual funds excluding AMLI stake | 10.9 | 1.38 | 7.41 | ||
| MFSL standalone total liabilities | 17.5 | 16.6 | 15.3 | ||
| AMLI extreme-mortality reserve retained | 720.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total statutory income including investment income | 13,375 | 8,926 | 12,396 | 12,825 | 9,799 | 14,267 | 10,805 | 14,977 |
| Other operating costs (vendor classification) * | 2.84 | -0.07 | 4.17 | -2.36 | ||||
| EBIT * | 42.0 | 86.0 | -2.94 | 177.9 | ||||
| Statutory finance costs outside policyholders fund | 12.6 | 10.2 | 15.3 | 19.7 | 21.1 | 35.9 | 35.1 | 35.5 |
| Profit before tax, continuing operations | 162.6 | 80.9 | 24.1 | 101.5 | 6.30 | 50.1 | -38.1 | 137.9 |
| Tax expense, continuing operations | 22.8 | 10.9 | -16.1 | 14.5 | 0.39 | 5.31 | -4.87 | 19.6 |
| Consolidated total PAT including NCI and discontinued operations | 139.3 | 69.8 | 38.3 | 86.5 | 5.87 | 44.8 | -31.5 | 118.3 |
| Diluted EPS, continuing and discontinued operations (₹) | 3.26 | 1.62 | 0.91 | 2.03 | 0.12 | 1.07 | -0.77 | 2.78 |
| Axis Max Life gross written premium | 7,738 | 8,223 | 11,863 | 6,397 | 9,093 | 9,705 | 13,682 | 7,607 |
| Statutory Other income outside policyholders fund | 2.72 | 3.12 | 20.3 | 3.25 | 7.03 | 8.50 | 3.54 | 7.10 |
| PAT attributable to non-controlling interests | 26.8 | 13.8 | 6.97 | 16.8 | 1.75 | 8.20 | -5.17 | 22.7 |
| PAT attributable to MFSL owners | 112.6 | 56.0 | 31.3 | 69.6 | 4.12 | 36.6 | -26.3 | 95.6 |
| PAT from discontinued operations | -0.52 | -0.20 | -1.94 | -0.53 | -0.04 | 0.01 | 1.68 | 0.00 |
| Policyholder benefits payout, net of reinsurance | 4,160 | 4,078 | 5,024 | 4,157 | 4,758 | 4,977 | 5,782 | 4,056 |
| Net change in insurance contract liabilities including FFA | 6,929 | 2,819 | 4,808 | 6,506 | 2,671 | 6,346 | 2,234 | 8,650 |
| Net change in investment contract liabilities | 78.9 | -5.65 | -134.5 | 134.7 | -11.0 | 135.4 | 35.7 | 28.8 |
| Policyholder commission to selling agents | 747.7 | 809.2 | 1,136 | 654.3 | 1,005 | 1,085 | 1,340 | 833.6 |
| Policyholder employee benefits and other operating expenses | 1,198 | 1,035 | 1,377 | 1,152 | 1,243 | 1,531 | 1,566 | 1,163 |
| Share of associates and joint ventures profit | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | -0.2% | 0.4% | 48.9% | -0.3% | 2.6% |
| Net margin | 0.7% | 0.7% | 0.2% | ||
| Return on equity | 9.2% | 7.2% | 1.6% | ||
| Return on assets | 0.2% | 0.2% | 0.0% | ||
| EPS, diluted (₹) | 7.34 | 10.97 | 9.85 | 9.53 | 2.45 |
| Book value per share (₹) | 101.9 | 112.0 | 152.8 | 153.0 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued operations).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Max Financial Services includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Max Financial Services
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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