Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Max Financial Services Limited (MFSL)
Mid CapFinancial Services stocks · Mid cap · NSE
Max Financial Services Limited (MFSL) is a holding company whose primary operating asset is Axis Max Life Insurance. It provides life insurance products across various categories including protection, savings, annuity, and ULIPs, distributed through proprietary and partnership channels.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result13 Aug, 06:36 pm IST
Score20 Oct, 05:15 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
28Bearishfull bear SMA stack · SMA20 -9.9% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
MFSLD candles · FIT view-19.3%Latest close ₹1281.00 on 2026-10-19
Bar
-0.5%
RSI
33
MACD hist
-5.59
52W pos
3%
2026-10-19O ₹1287.40H ₹1293.10L ₹1262.60C ₹1281.00Vol 9.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
MFSLNifty Financial ServicesNifty 500
- MFSL
- -17.0%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -11.4 pp
Chart stats
19 Oct 2026- From 52W high
- -32.3%
- 52W range position
- 3%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.56x
- Avg traded value
- ₹225 Cr
- 20D price channel
- ₹1,262.6 - ₹1,591.8
₹1,892.5
₹1,262.6 - ₹1,892.5
₹44.9
Latest completed session
20-session average
44.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED11
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good67
Revenue +16.8% · PAT +37.2% YoY
Technical
Bearish28
Price trend and sector-relative-strength timing.
Valuation
Legacy model-23112.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Weak Trust54
medium confidence · 3/6 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 67/100Rev +17% YoY · PAT +37% YoY · +39% QoQ · operating leverage · margin compression
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹14,970 Cr | +16.8% | +38.6% |
| EBITDA | ₹167 Cr | +40.3% | +2883.3% |
| Operating margin | 1.1% | +20 bps | +120 bps |
| PAT | ₹118 Cr | +37.2% | NDF |
| PAT margin | 0.8% | +12 bps | +109 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 407.00
- P/B
- 8.37
- EV/EBITDA
- 175.83
- Market Cap
- 44209.00Cr
Profitability
- ROE
- 1.52%
- ROCE
- 2.87%
- ROA
- 0.07%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -28.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- -40.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 2.03×
- Altman Z
- 0.44
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.79%
- FCF Positive Y
- 9/5
- OCF
- 11473.00 Cr
- EPS TTM
- 3.19
Shareholding
- Promoter Hold
- 1.25%
- Promoter Pledge
- 43.70%
- Momentum 52W
- 3%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 47.7k+2.6% vs prev
Net Profit
₹ CrLatest: 106-73.7% vs prev
Return on Equity
%Latest: 154-73.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 33.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~11.0% over last month) — short-term momentum negative.
- RSI(14) at 33 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
27
RS percentile
Stage 4 Downtrend
1M return
-17.8%
3M return
-17.0%
6M return
-21.3%
1Y return
-16.0%
RS 1D
+1
RS 20D
-15
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 17.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 85.41-0.05%
RS vs Nifty 50085
Valuation & peers
U-Score 11 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 11 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth3/25
Quality0/20
Balance Sheet0/15
Cash Flow4/10
Piotroski
5/9 (+3)
Penalties
1
Raw sum
11
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
11/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 3/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 0.4, in distress territory.
- Promoter pledge is 43.7%.
- Fair-value margin of safety is negative at -23112.1%.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
407.0
PB
8.4
EV/EBITDA
175.8
ROE
1.5%
ROCE
2.9%
FCF Yield
0.8%
Debt/Equity
0.3
MoS
-23112.1%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
11
Previous: 11
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-23112.1%
Previous: -23112.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
11
11
11
11
11
11
11
11
11
11
11
11
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹104.79
-1122.4% MoS
Growth-justified P/E
1.7
Growth-justified Value
₹5.52
-23112.1% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ICICIPRULI
Large
ICICI Prudential Life Insurance Company Limited
Insurance
match 152
23
37.3
10.0%
-18%
OVERVALUED
CANHLIFE
Large
Canara HSBC Life Insurance Company Limited
Insurance
match 150
20
95.7
8.1%
-545%
OVERVALUED
HDFCLIFE
Large
HDFC Life Insurance Company Limited
Insurance
match 141
19
59.8
11.3%
-264%
OVERVALUED
LICI
Large
Life Insurance Corporation Of India
Insurance
match 135
67
8.3
37.8%
+68%
UNDERVALUED
MANAPPURAM
Small
Manappuram Finance Limited
Insurance
match 126
21
21.0
7.0%
-510%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-14T08:53:55.432Z
Management commentary snapshot
MFSL's consolidated revenue (ex-investment income) grew 17% YoY in FY26, with Axis Max Life Insurance reporting strong VNB growth of 26% and NBM expansion to 25.2%. Individual Adjusted First Year Premium rose 19%, outpacing private industry growth.
Axis Max Life Insurance demonstrated robust performance in FY26, with strong VNB growth, NBM expansion, and market share gains. Proprietary channels and specific product segments like Annuity and Retail Protection showed significant momentum, supporting the overall growth trajectory.
Current business mix
Axis Max Life APE Channel Mix
Latest issuer-disclosed distribution across 2 reported categories.
Proprietary45.0%
Partnership55.0%
Growth engines
Proprietary Channels
Proprietary channels APE grew by 28% on YoY basis driven by secular growth momentum within Offline and Online proprietary channels.
Annuity APE
Annuity APE grew by 113% to Rs 1,050 cr during FY’26 vs Rs 492 cr during FY’25.
Retail Protection and Health APE
Retail Protection and Health APE grew by 53% to Rs 1,373 cr during FY’26 vs Rs 896 cr last year.
New Partnerships
New partnership APE grew by 90% YoY during FY’26, contributing >5% of Individual APE.
Tailwinds
Balanced Product Mix
VNB growth and NBM expansion driven by a balanced product mix and higher business volumes.
Focus on Longer Term Products
Focus is on selling longer term products along with improving penetration of pure protection & Health offerings.
Customer Measures
Focus towards customer measures has helped deliver performance across health parameters and will continue to remain a priority.
Headwinds
Non-Operating Variance
Non-operating variance is Rs -714 cr in FY26.
Solvency Ratio Decline
Solvency ratio at 194% as of Mar’26, down from 201% in FY25.
Policyholder Expense to GWP Ratio Increase
Policyholder Expense to GWP Ratio increased to 14.6% in FY26 from 13.6% in FY25.
Risk radar
Mortality Risk
10% increase in mortality leads to a 3.1% decrease in EV and 7.2% decrease in VNB.
Expense Risk
10% increase in expenses leads to a 0.9% decrease in EV and 9.1% decrease in VNB.
Corporate Tax Rate Increase
2% increase in corporate tax rate leads to a 2.4% decrease in EV and 3.5% decrease in VNB. Increase to 25% leads to 10.5% EV fall.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The investor release provides annual financial performance for FY26, with comparisons explicitly stated on a Year-on-Year basis against FY25, making YoY the most relevant comparison for assessing long-term trends and growth.
Sector KPIs management disclosed
MFSL Consolidated Revenue (ex-investment income)
MFSL revenue* excluding investment income at Rs 38,039 cr, grows 17% in FY’26.
Axis Max Life Individual Adjusted First Year Premium
Individual Adjusted first year Premium is at Rs 9,885 cr grew by 19% on YoY basis, ahead of the private industry which grew by 12% YoY.
Axis Max Life Private Market Share
Private Market share at 10.4% during FY’26 expanded by 56 bps from 9.8% during FY’25.
Axis Max Life Value of New Business (VNB)
FY’26 VNB at Rs 2,647 cr grew by 26% YoY.
Management forward view
Strategic Focus
Axis Max Life has focused on ensuring growth in both its Proprietary and Bancassurance channels.
Product Innovation
Launched Online Savings Plan Plus, Corporate Advantage in Retirement and Employee Benefit Smart Plan, and Group Smart Health Insurance Plan.
Protection and Retirement Focus
Protection and Retirement remains a key focus area for Axis Max life due to the long-term structural opportunity within the segment.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New Business Margin (NBM) | 25.2% in FY26 | Sustained expansion or stability, indicating profitable growth and effective product mix management. |
| Proprietary Channels APE Growth | 28% YoY in FY26 | Continued outperformance relative to partnership channels, supporting margin bias. |
| Solvency Ratio | 194% as of Mar’26 | Maintenance above regulatory requirements and stability, indicating capital adequacy. |
| Policyholder Expense to GWP Ratio | 14.6% in FY26 | Trends in operational efficiency, as the ratio increased YoY. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
revenue outlooknot yet verifiablequantified
Max Life aims for 3-4 times sales growth in protection and health.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"3-4x sales in 5 years"
revenue outlookpartially deliveredquantified
Max Life aims for 3-4 times sales growth in protection and health.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"3-4x sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
revenue outlookpartially deliveredquantified
Max Life aims for approximately 8-9 times annuity sales growth.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"~8-9x annuity sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
revenue outlooknot yet verifiablequantified
Max Life aims for approximately 8-9 times annuity sales growth.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"~8-9x annuity sales in 5 years"
revenue outlooknot yet verifiablequantified
Max Life aims for approximately 2.5 times sales growth in offline proprietary distribution.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"~2.5x sales in 5 years"
revenue outlookpartially deliveredquantified
Max Life aims for approximately 2.5 times sales growth in offline proprietary distribution.
Timeframe: 5 years (by FY26)Direction: increaseConfidence: aspiration
"~2.5x sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
market share expansionnot yet verifiable
Max Life aims to be among the top 3 players in protection and health.
Timeframe: FY26Direction: improvementConfidence: aspiration
"Among top 3 players in protection and health"
market share expansionnot yet verifiable
Max Life aims to be among the top 3 players in protection and health.
Timeframe: FY26Direction: improvementConfidence: aspiration
"Among top 3 players in protection and health"
Trust Score
54Weak Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Weak Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 13th percentile of the scored universe and 21st percentile within Financial Services. Main check: financial discipline is weak at 10/100.
Mixed Trust: 3/6 extracted management claims have outcome checks; 0% were fully delivered and 3 were partially delivered.
Computed 20 Oct 2026
management-trust-v1
29 extracted concalls · 3/6 claims matched
Score band
Weak Trust
Management or financial behaviour needs caution. Demand stronger valuation compensation.
Relative rank
13th percentile
overall median 67 · Financial Services: 21st pctile, median 62 · Mid: 6th pctile, median 76
Evidence depth
Early sample
3/6 claims checked. Use as directional, not final.
Claim delivery
100% delivered or partly delivered
3/6 claims checked · No contradicted claim yet
How to read this Trust Score
Weak Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
23
weak · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
10
weak · capital discipline
Results
35
weak · quarterly consistency
Trust positives
- ▸FCF yield is positive at 0.8%.
- ▸9 years of positive FCF.
- ▸OPM spread across recent quarters is 1.4%.
Trust risks
- ▸Promoters have pledged 43.7% of holding.
- ▸Altman Z is 0.44.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 1.3%.
Continue researching Max Financial Services Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Aug
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Aug - Newspaper publications of unaudited financial results for the quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 13 Aug - Axis Max Life Q1 FY27: Individual FYP up 17%, PAT up 37%, AUM crosses ₹2 lakh crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jun
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 May
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 May
Source: Bse
Announcement
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.
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.