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Max Financial Services Q1 FY27 Share Price & Earnings Call Analysis

₹1,212.00-1.03% today
Market cap
₹41,825 Cr
P/E
385.46
ROE
1.52%
PEG
-9.55
Price to sales
0.84
Debt to equity
0.35
52W high / low
₹1,870 / ₹1,211
Sales growth (5Y)
8.80%
EBITDA margin
0.52%
Net profit margin
0.21%
Promoter holding
1.25%
Sales (last year)
₹49,822 Cr

Max Financial Services Limited incorporated on 24 February, 1988 is part of India’s leading business conglomerate – the Max Group. Company is primarily engaged in growing and nurturing business investments and providing management advisory services to Indian group companies.[1] It owns and actively manages an 81.83% majority stake in Max Life Insurance, India’s largest non-bank life insurer and 4th largest private life insurance company. [2]

Guidance scorecard · Q1 FY27 call

What Max Financial Services Ltd's management guided
and where it ranks in Insurance

#1of 4 in
Insurance
Revenue20–40%MarginsFlatCapexWhat management saidFundraisingPlannedOrder bookRising

RevenueQ1 FY27 call

20–40%
  • Axis Max Life aims to sustain strong growth with a 2-year CAGR of 20% in individual adjusted first-year premium, outperforming the private industry CAGR of 12% and overall industry growth of 10%.
  • Q1 FY27 saw APE growth of 15%, driven by 15% growth in proprietary channels and 16% in partnerships.
  • Online business continues to lead with 27% APE growth, while group credit life segment grew 57% in Q1 FY27.
  • New channels and strategic partnerships, including recent bank alliances and D2C platform expansion, are expected to drive further growth, especially in Tier 2 and Tier 3 markets.
  • Product innovation, particularly in annuities (116% growth in the quarter) and protection (44% growth), combined with technology and AI integration, supports sustainable volume and revenue expansion.

2 more points from Max Financial Services Ltd's call on revenue

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Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Max Financial Services Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

  • The company has an enabling approval for a QIP of INR 1,600 crore valid until May next year, primarily to support growth capital requirements of Axis Max Life.
  • Capital requirements through FY28 depend on the timing of new regulatory frameworks (new accounting standard adoption and risk-based solvency framework).
  • If the risk-based capital framework (RBC) does not come through timely, the company may eventually utilize the QIP to support growth.
  • Axis Bank is internally evaluating increasing its stake up to 30%, which may influence future capital plans.
  • The company monitors internal solvency risk thresholds and expects to maintain safe solvency margins for 2-3 quarters, leveraging additional debt capacity if needed.

2 more points from Max Financial Services Ltd's call on capex

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Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Max Financial Services Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

Rising

Ask what Max Financial Services Ltd said on the order book →

Full Q1 FY27 analysis
Full Insurance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Insurance
on management's own guidance

  1. Niva Bupa Health Insurance Company LtdGood growth
    2
  2. This stockMax Financial Services LtdGood growth
    1
  3. Medi Assist Healthcare Services LtdGood growth
    3
See all potential multibaggersAll Insurance rankings

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Insurance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Max Financial Services LtdThis stock20–40%Flat₹44,689 Cr411.9
2Niva Bupa Health Insurance Company Ltd20–40%Flat₹14,047 Cr80.6
3Medi Assist Healthcare Services Ltd20–40%Flat₹2,286 Cr23.1
410–20%Flat₹1.20L Cr58.6

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Financials of Max Financial Services Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Max Financial Services Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +6.52%6.52%6.52%3.34%3.34%1.74%1.74%1.71%1.25%1.25%1.25%1.25%
FIIs +50.89%47.70%46.60%46.23%47.50%44.75%44.71%44.78%45.13%47.88%48.06%48.61%
DIIs +36.89%39.92%40.74%43.99%42.69%47.29%47.29%47.26%47.35%44.74%44.34%43.70%
Public +5.69%5.84%6.14%6.42%6.47%6.21%6.25%6.24%6.26%6.11%6.35%6.43%
No. of Shareholders59,68265,26067,02165,80468,53168,06280,46776,23975,63677,06980,33685,147

Pros & Cons

Max Financial Services Ltd

Key positives and risks surfaced from the company insights section.

Pros
  • Stock is trading at 7.31 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.80% over past five years.
  • Promoter holding is low: 1.25%
  • Tax rate seems low
  • Company has a low return on equity of 5.57% over last 3 years.
  • Promoters have pledged 43.7% of their holding.
  • Promoter holding has decreased over last 3 years: -5.27%
Raw Insights
  • Stock is trading at 7.31 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • The company has delivered a poor sales growth of 8.80% over past five years.
  • Promoter holding is low: 1.25%
  • Tax rate seems low
  • Company has a low return on equity of 5.57% over last 3 years.
  • Promoters have pledged 43.7% of their holding.
  • Promoter holding has decreased over last 3 years: -5.27%

Financials of Max Financial Services Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +10,16512,35614,88811,79913,3728,92312,37612,8229,79214,25910,80214,97011,601
Expenses +10,02112,14614,94511,60813,1998,83412,35612,7039,77114,18110,80814,80311,466
Operating Profit144209-5719017389201192178-6167135
OPM %1.4%1.7%-0.4%1.6%1.3%1.0%0.2%0.9%0.2%0.6%-0.1%1.1%1.2%
Other Income +2541012318379574
Interest914119131015202136353630
Depreciation1111111111001
Profit before tax158198-591821628122101650-36138109
Tax %-8%14%-15%14%14%14%-73%14%6%11%-13%14%8%
Net Profit +170171-50156139703886645-32118100
EPS in Rs4.294.30-1.283.693.261.620.912.020.121.06-0.762.772.32

Financials of Max Financial Services Ltd

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +14,90711,71015,24716,33819,51018,24031,27531,18231,41546,57646,46947,67451,631
Expenses +14,18811,17914,47615,80719,00317,78830,68930,76930,86246,15045,99447,46251,257
Operating Profit718531771531507452585413554426476212374
OPM %4.8%4.5%5%3.2%2.6%2.5%1.9%1.3%1.8%0.9%1.0%0.4%0.7%
Other Income +30221321361636212325
Interest82890270025374447112137
Depreciation154606322115553322
Profit before tax512465702530481442593389527415447121260
Tax %29%15%15%17%13%38%6%18%14%5%10%13%
Net Profit +365393593442416273560318452393403106232
EPS in Rs10.499.4714.7910.679.755.3812.337.3410.979.859.482.435.39
Dividend Payout %48%38%0%0%0%0%0%0%0%0%0%0%

Financials of Max Financial Services Ltd

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital53535354545469696969696969
Reserves3,2491,9122,2811,7662,0052,0933,2743,8663,4503,7975,2065,2135,649
Borrowings +5430000335225235231,0261,8592,013
Other Liabilities +31,65836,18144,40554,02265,09772,37794,710113,291127,783158,383183,879191,795204,986
Total Liabilities35,50338,14746,73955,84267,15674,52698,057117,747131,824162,771190,180198,936212,718
Fixed Assets +1,200349740556556641639616614612610607606
CWIP393730000000000
Investments32,01536,10244,05952,68363,24568,56691,766109,794123,355152,959179,841186,01410,893
Other Assets +2,2491,6601,9382,6023,3565,3205,6527,3377,8549,2019,72912,314201,219
Total Assets35,50338,14746,73955,84267,15674,52698,057117,747131,824162,771190,180198,936212,718

Financials of Max Financial Services Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +2,5793,8026,5267,5348,8265,4526,8928,4969,9226,1048,35211,473
Cash from Investing Activity +-2,311-3,541-6,290-6,951-8,789-4,991-6,852-8,835-11,555-5,001-9,703-11,125
Cash from Financing Activity +-388-187-215-116-174-383-92388-233-1171,961567
Net Cash Flow-1197420466-13778-5148-1,866986610915
Free Cash Flow2,2583,7146,4477,4858,7285,3296,8108,3699,7505,8838,13611,235
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit375%730%860%1,435%1,754%1,219%1,202%2,076%1,809%1,436%1,757%5,438%

Financials of Max Financial Services Ltd

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days171613000000000
Inventory Days84
Days Payable424
Cash Conversion Cycle-3241613000000000
Working Capital Days-74-101-93-1,158-1,149-1,338-1,042-1,241-1,402-1,172-1,368-1,382
ROCE %13%13%25%19%19%16%18%10%12%10%8%3%

Guidance history

How Max Financial Services Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →20–40%Flat—PlannedRising
Q3 FY26 call →20–40%FlatPlanned—Rising
Q2 FY26 call →10–20%FlatPlanned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

12out of 100

Momentum score · price trend

12 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−20.2%36%
Last 6 months−23.6%13%
Last 3 months−19.8%17%

The price is 35.2% below its all-time high of ₹1,870 (23 Feb 2026). Stocks more than 20% below their peak have their score halved, so 23 became 12.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Max Financial Services Ltd: 0.4 × 36 + 0.4 × 13 + 0.2 × 17 = 23, halved to 12 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Max Financial Services Ltd's management said in earlier quarters

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