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.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
medium confidence · 3/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 67/100Rev +17% YoY · PAT +37% YoY · +39% QoQ · operating leverage · margin compression
| 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.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
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.
Axis Max Life APE Channel Mix
Latest issuer-disclosed distribution across 2 reported categories.
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.
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.
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.
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
Management accountability
What management said, and what results must prove
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.
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.
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.
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.
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
Max Life aims for 3-4 times sales growth in protection and health.
"3-4x sales in 5 years"
Max Life aims for 3-4 times sales growth in protection and health.
"3-4x sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
Max Life aims for approximately 8-9 times annuity sales growth.
"~8-9x annuity sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
Max Life aims for approximately 8-9 times annuity sales growth.
"~8-9x annuity sales in 5 years"
Max Life aims for approximately 2.5 times sales growth in offline proprietary distribution.
"~2.5x sales in 5 years"
Max Life aims for approximately 2.5 times sales growth in offline proprietary distribution.
"~2.5x sales in 5 years"
Outcome check: Revenue YoY averaged 7.2% across 4 later quarter(s).
Max Life aims to be among the top 3 players in protection and health.
"Among top 3 players in protection and health"
Max Life aims to be among the top 3 players in protection and health.
"Among top 3 players in protection and health"
Trend score and candlestick chart
32Bearishfull bear SMA stack · MACD −
Technical chart
MFSLdaily · 1Y · AUTO-11.4%Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 49.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 49 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 18% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 4.7% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -0.7%.
- Both 3-month and 6-month returns are negative.
Valuation & score drivers
U-Score 10 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 10 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
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 0.5, in distress territory.
- Promoter pledge is 26.9%.
- Fair-value margin of safety is negative at -27957.2%.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
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.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 16th percentile of the scored universe and 29th 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.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 29th pctile, median 62 · Mid: 7th pctile, median 76
3/6 claims checked. Use as directional, not final.
3/6 claims checked · No contradicted claim yet
How to read this Trust Score
Mixed Trust · medium confidenceRead 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.
Trust positives
- ▸FCF yield is positive at 0.7%.
- ▸9 years of positive FCF.
- ▸OPM spread across recent quarters is 1.4%.
Trust risks
- ▸Promoter pledge is elevated at 26.9%.
- ▸Altman Z is 0.47.
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 1.3%.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 492.00
- P/B
- 10.12
- EV/EBITDA
- 211.06
- Market Cap
- 53438.00Cr
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
- 0.47
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.65%
- FCF Positive Y
- 9/5
- OCF
- 11473.00 Cr
- EPS TTM
- 3.19
Shareholding
- Promoter Hold
- 1.25%
- Promoter Pledge
- 26.90%
- Momentum 52W
- 29%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
Business-comparable names in Financial Services, ranked by similarity
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.