MAX FINANCIAL SERV LTD (MFSL) financials

MAX FINANCIAL SERV LTD (MFSL) NSE/BSE financials on Fincrux: quarterly results, profit and loss, cash flow, balance sheet, ratios, and shareholding.

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 4t…

Market Cap: ₹44,209Cr.
Current Price: ₹1,281
Stock P/E: 4,832
ROE: 0.00%
ROCE: 0.05%
Book Value: ₹196
Dividend Yield: 0.00%
52W High / Low: ₹1,892/1,263

In Jun 2026, MAX FINANCIAL SERV LTD (MFSL) reported sales ₹3.05 Cr and net profit ₹0.73 Cr.

Annual TTM: sales ₹25.85 Cr, net profit ₹9.15 Cr.

Shareholding: Promoters 1.25% (Sep 2026), FIIs 48.61% (Sep 2026), DIIs 43.70% (Sep 2026), Public 6.43% (Sep 2026), No. of Shareholders 85,147% (Sep 2026).

MFSL quarterly results (₹ Cr.)
Category	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	3.69	4.32	3.74	2.99	2.87	2.93	17.00	3.05
Expenses	5.93	5.89	6.14	5.26	6.03	5.87	4.98	4.80
Operating Profit	-2.24	-1.57	-2.40	-2.27	-3.16	-2.94	12.02	-1.75
OPM %	-60.70%	-36.34%	-64.17%	-75.92%	-110.10%	-100.34%	70.71%	-57.38%
Other Income	0.07	0.39	0.10	0.05	0.00	4.72	0.12	2.59
Interest	0.02	0.02	0.02	0.01	0.01	0.01	0.00	0.00
Depreciation	0.31	0.29	0.32	0.29	0.23	0.12	0.11	0.11
Profit before tax	-2.50	-1.49	-2.64	-2.52	-3.40	1.65	12.03	0.73
Tax %	-1.60%	5.37%	-1.89%	0.00%	0.00%	0.00%	15.46%	0.00%
Net Profit	-2.46	-1.57	-2.59	-2.52	-3.40	1.65	10.17	0.73
EPS in Rs	-0.07	-0.05	-0.08	-0.07	-0.10	0.05	0.29	0.02
Raw PDF	—	—	—	—	—	—	—	—

MFSL profit and loss (₹ Cr.)
Category	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	494.94	306.99	200.27	57.85	21.45	15.90	25.89	25.85
Expenses	88.60	174.22	51.35	35.78	31.54	23.72	22.14	21.68
Operating Profit	406.34	132.77	148.92	22.07	-10.09	-7.82	3.75	4.17
OPM %	82.10%	43.25%	74.36%	38.15%	-47.04%	-49.18%	14.48%	16.13%
Other Income	0.08	0.71	1.78	0.39	0.23	0.18	4.79	7.43
Interest	0.20	0.22	0.14	0.11	0.11	0.09	0.03	0.02
Depreciation	9.89	3.80	3.48	3.10	1.59	1.23	0.75	0.57
Profit before tax	396.33	129.46	147.08	19.25	-11.56	-8.96	7.76	11.01
Tax %	31.23%	23.36%	30.23%	27.90%	-2.77%	3.01%	23.97%	—
Net Profit	272.55	99.23	102.62	13.87	-11.23	-9.22	5.91	9.15
EPS in Rs	10.11	2.88	2.97	0.40	-0.33	-0.27	0.17	0.26
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	—

MFSL balance sheet (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	53.88	53.90	69.02	69.02	69.02	69.02	69.02	69.02
Reserves	1,946.15	2,226.42	6,576.45	6,680.57	6,694.38	6,683.05	6,673.77	6,679.79
Borrowings	0.00	2.73	3.46	1.54	1.97	1.87	0.87	0.25
Other Liabilities	195.56	242.51	27.62	25.89	15.04	15.66	15.70	15.02
Total Liabilities	2,195.59	2,525.56	6,676.55	6,777.02	6,780.41	6,769.60	6,759.36	6,764.08
Fixed Assets	30.45	25.50	25.12	4.31	3.85	2.91	2.41	1.20
CWIP	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	2,131.32	2,468.40	6,616.37	6,723.17	6,695.14	6,698.53	6,689.05	6,695.08
Other Assets	33.82	31.66	35.06	49.54	81.42	68.16	67.90	67.80
Total Assets	2,195.59	2,525.56	6,676.55	6,777.02	6,780.41	6,769.60	6,759.36	6,764.08

MFSL cash flows (₹ Cr.)
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity	141.34	393.30	-0.74	85.91	-34.07	-10.25	-6.95	-12.68
Cash from Investing Activity	-165.51	-394.56	2.40	-84.67	35.85	11.17	8.12	13.37
Cash from Financing Activity	24.19	1.12	-1.72	-1.08	-1.76	-1.14	-1.09	-0.65
Net Cash Flow	0.01	-0.14	-0.06	0.16	0.02	-0.22	0.08	0.04
Free Cash Flow	140.39	393.25	-2.01	86.02	-34.21	-9.98	-7.65	-7.67
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	181%	97%	118%	79%	-103%	83%	89%	-313%

MFSL shareholding pattern (%)
Category	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Promoters	3.34%	1.74%	1.74%	1.71%	1.25%	1.25%	1.25%	1.25%
FIIs	47.50%	44.75%	44.71%	44.78%	45.13%	47.88%	48.06%	48.61%
DIIs	42.69%	47.29%	47.29%	47.26%	47.35%	44.74%	44.34%	43.70%
Public	6.47%	6.21%	6.25%	6.24%	6.26%	6.11%	6.35%	6.43%
No. of Shareholders	68,531	68,062	80,467	76,239	75,636	77,069	80,336	85,147

MFSL key ratios
Category	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	25.08	14.20	22.80	27.48	109.03	208.79	259.86	121.95
Inventory Days	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—
Cash Conversion Cycle	25.08	14.20	22.80	27.48	109.03	208.79	259.86	121.95
Working Capital Days	-189.72	-156.93	-3.44	-6.42	44.42	42.54	-22.73	739.87
ROCE %	3.92%	18.52%	2.91%	2.20%	0.29%	-0.17%	-0.13%	0.05%

MFSLUpdated 21 Oct 2026, 0:52

Max Financial Serv Ltd

MFSLUpdated 21 Oct 2026, 0:52

Market Cap

₹44,209Cr.

Current Price

₹1,281

High / Low

₹1,892/1,263

Stock P/E

4,832

ROE0.00%

ROCE0.05%

Book Value₹196

Face Value₹2.00

Dividend Yield0.00%

About

Quarterly results

Last reported quarters₹ Cr.

Quarter	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Jun 2023	5.08	0.03	6.67	0.04	0.59	-2.17	9.22	-2.37	-0.07
Sep 2023	6.32	0.02	8.73	0	0.37	-2.8	-2.86	-2.72	-0.08
Dec 2023	5.52	0.02	7.82	0	0.32	-2.64	-6.44	-2.47	-0.07
Mar 2024	4.51	0.04	8.36	0.25	0.31	-3.95	-6.84	-3.68	-0.11
Jun 2024	3.72	0.03	5.75	0.05	0.31	-2.32	12.07	-2.6	-0.08
Sep 2024	3.69	0.02	5.93	0.07	0.31	-2.5	-1.6	-2.46	-0.07
Dec 2024	4.32	0.02	5.89	0.39	0.29	-1.49	5.37	-1.57	-0.05
Mar 2025	3.74	0.02	6.14	0.1	0.32	-2.64	-1.89	-2.59	-0.08
Jun 2025	2.99	0.01	5.26	0.05	0.29	-2.52	0	-2.52	-0.07
Sep 2025	2.87	0.01	6.03	0	0.23	-3.4	0	-3.4	-0.1
Dec 2025	2.93	0.01	5.87	4.72	0.12	1.65	0	1.65	0.05
Mar 2026	17	0	4.98	0.12	0.11	12.03	15.46	10.17	0.29
Jun 2026	3.05	0	4.8	2.59	0.11	0.73	0	0.73	0.02

Profit & loss

Annual statement₹ Cr.

Year	Sales	Interest	Expenses	Other Income	Depreciation	Profit Before Tax	Tax	Net Profit	EPS (₹)
Mar 2015	581.83	0	111.47	2.67	4.38	468.65	16.58	390.94	14.67
Mar 2016	200.76	0	83.79	0.46	2.22	115.21	0	115.21	4.31
Mar 2017	255.74	0	100.32	0.53	1.96	153.99	0	154	5.76
Mar 2018	263.78	0	118.29	0.37	1.92	143.94	0	143.94	5.36
Mar 2019	317.3	27.25	239.21	0.3	1.75	49.39	0	49.39	1.83
Mar 2020	494.94	0.2	88.6	0.08	9.89	396.33	31.23	272.55	10.11
Mar 2021	306.99	0.22	174.22	0.71	3.8	129.46	23.36	99.23	2.88
Mar 2022	200.27	0.14	51.35	1.78	3.48	147.08	30.23	102.62	2.97
Mar 2023	57.85	0.11	35.78	0.39	3.1	19.25	27.9	13.87	0.4
Mar 2024	21.45	0.11	31.54	0.23	1.59	-11.56	-2.77	-11.23	-0.33
Mar 2025	15.9	0.09	23.72	0.18	1.23	-8.96	3.01	-9.22	-0.27
Mar 2026	25.89	0.03	22.14	4.79	0.75	7.76	23.97	5.91	0.17
TTM	25.85	0.02	21.68	7.43	0.57	11.01	—	9.15	0.26

Shareholding pattern

As of Sep 2026%

Holder	Share
Promoters	1.25%
FIIs	48.61%
DIIs	43.7%
Public	6.43%

Shareholding trend

Ownership over time%

Quarter	Promoters	FIIs	DIIs	Public
Dec 2023	6.52%	50.89%	36.89%	5.69%
Mar 2024	6.52%	47.7%	39.92%	5.84%
Jun 2024	6.52%	46.6%	40.74%	6.14%
Sep 2024	3.34%	46.23%	43.99%	6.42%
Dec 2024	3.34%	47.5%	42.69%	6.47%
Mar 2025	1.74%	44.75%	47.29%	6.21%
Jun 2025	1.74%	44.71%	47.29%	6.25%
Sep 2025	1.71%	44.78%	47.26%	6.24%
Dec 2025	1.25%	45.13%	47.35%	6.26%
Mar 2026	1.25%	47.88%	44.74%	6.11%
Jun 2026	1.25%	48.06%	44.34%	6.35%
Sep 2026	1.25%	48.61%	43.7%	6.43%

Balance sheet

Assets & liabilities₹ Cr.

Period	Equity Capital	Reserves	Borrowings	Other Liabilities	Total Liabilities	Fixed Assets	CWIP	Investments	Other Assets	Total Assets
Mar 2015	53.3	3400.34	0	55.95	3509.59	13.12	0.02	3318.54	177.91	3509.59
Mar 2016	53.4	1616.53	0	69.35	1739.28	8.73	0	1704.78	25.77	1739.28
Mar 2017	53.45	1774.84	0	28.61	1856.9	32.65	0	1795.72	28.53	1856.9
Mar 2018	53.68	1865.87	0	151.35	2070.9	31.19	0.24	1964.32	75.15	2070.9
Mar 2019	53.88	1946.15	0	195.56	2195.59	30.45	0	2131.32	33.82	2195.59
Mar 2020	53.9	2226.42	2.73	242.51	2525.56	25.5	0	2468.4	31.66	2525.56
Mar 2021	69.02	6576.45	3.46	27.62	6676.55	25.12	0	6616.37	35.06	6676.55
Mar 2022	69.02	6680.57	1.54	25.89	6777.02	4.31	0	6723.17	49.54	6777.02
Mar 2023	69.02	6694.38	1.97	15.04	6780.41	3.85	0	6695.14	81.42	6780.41
Mar 2024	69.02	6683.05	1.87	15.66	6769.6	2.91	0	6698.53	68.16	6769.6
Mar 2025	69.02	6673.77	0.87	15.7	6759.36	2.41	0	6689.05	67.9	6759.36
Mar 2026	69.02	6679.79	0.25	15.02	6764.08	1.2	0	6695.08	67.8	6764.08

Cash flows

Operating, investing & financing₹ Cr.

Period	Operating	Investing	Financing	Net cash flow
Mar 2015	117.19	40.21	-156.58	0.81
Mar 2016	-57.47	121.19	-74.66	-10.93
Mar 2017	159.68	-105.06	-48.01	6.61
Mar 2018	126.19	-160.69	27.63	-6.87
Mar 2019	141.34	-165.51	24.19	0.01
Mar 2020	393.3	-394.56	1.12	-0.14
Mar 2021	-0.74	2.4	-1.72	-0.06
Mar 2022	85.91	-84.67	-1.08	0.16
Mar 2023	-34.07	35.85	-1.76	0.02
Mar 2024	-10.25	11.17	-1.14	-0.22
Mar 2025	-6.95	8.12	-1.09	0.08
Mar 2026	-12.68	13.37	-0.65	0.04

Key ratios

Historical financial ratios

Category	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	0.00	16.78	10.98	9.26	25.08	14.20	22.80	27.48	109.03	208.79	259.86	121.95
Inventory Days	—	—	—	—	—	—	—	—	—	—	—	—
Days Payable	—	—	—	—	—	—	—	—	—	—	—	—
Cash Conversion Cycle	0.00	16.78	10.98	9.26	25.08	14.20	22.80	27.48	109.03	208.79	259.86	121.95
Working Capital Days	-13.26	-95.96	-20.32	-113.37	-189.72	-156.93	-3.44	-6.42	44.42	42.54	-22.73	739.87
ROCE %	13.75%	4.50%	8.80%	7.68%	3.92%	18.52%	2.91%	2.20%	0.29%	-0.17%	-0.13%	0.05%

Frequently asked questions

Quick answers about this company's financials on Fincrux

What is the market cap of MAX FINANCIAL SERV LTD (MFSL)?

The reported market capitalisation for MAX FINANCIAL SERV LTD (MFSL) is ₹44,209Cr. on Fincrux. Figures may update with market data and filings.

What is the current share price of MFSL?

The current price shown for MAX FINANCIAL SERV LTD (MFSL) on Fincrux is ₹1,281 with a 52-week high/low of ₹1,892/1,263.

What is the P/E ratio of MAX FINANCIAL SERV LTD (MFSL)?

The stock P/E for MAX FINANCIAL SERV LTD (MFSL) is 4,832 on Fincrux, with ROE at 0.00% and ROCE at 0.05%.

What were MFSL latest quarterly results?

For Jun 2026, MAX FINANCIAL SERV LTD (MFSL) reported sales ₹3.05 Cr and net profit ₹0.73 Cr (figures in ₹ crore unless noted).

What are MFSL annual sales and net profit?

For TTM, MAX FINANCIAL SERV LTD (MFSL) shows sales of ₹25.85 Cr and net profit of ₹9.15 Cr on the Fincrux profit & loss statement.

Who owns MAX FINANCIAL SERV LTD (MFSL)?

Latest shareholding for MAX FINANCIAL SERV LTD (MFSL) on Fincrux: Promoters 1.25% (Sep 2026), FIIs 48.61% (Sep 2026), DIIs 43.70% (Sep 2026), Public 6.43% (Sep 2026), No. of Shareholders 85,147% (Sep 2026).

Where can I find MAX FINANCIAL SERV LTD (MFSL) financials?

MAX FINANCIAL SERV LTD (MFSL) financials on Fincrux include quarterly results, profit and loss, cash flow, balance sheet, key ratios, and shareholding patterns for NSE/BSE research.

Does Fincrux show MFSL balance sheet and cash flow?

Yes. The MAX FINANCIAL SERV LTD (MFSL) page on Fincrux includes balance sheet, cash flow statements, historical ratios, and ownership trends alongside quarterly and annual results.

Figures in ₹ crore unless noted. Data sourced for research and may lag filings.

Last updated 21 October 2026 at 0:52