NSE: MFSL · BSE: 500271
MAX FINANCIAL SERV LTD
Sells life insurance almost entirely through its 80.98%-owned subsidiary Axis Max Life Insurance, which generated Rs 47,671.49 crore, or 99.9% of FY26 segment revenue. The remaining 0.1% came from Business Investments at Rs 38.71 crore. The subsidiary runs the insurance business with 28,159 employees and processed 3,554 customer complaints in FY26. Costs are dominated by other operating expenses, which represent 99.5% of revenue, with employee costs at 0.1% and capex 0.5%. The board has approved an in-principle merger of the holding company with the subsidiary. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Life Insurance (100%), Business Investments (0%). Holding company whose sole material subsidiary is a life insurer; financial services
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 31,181 | 31,413 | 46,576 | 46,469 | 47,674 |
| EBITDA (ex other income) | 412 | 551 | 420 | 472 | 212 |
| margin % | 1.3 | 1.8 | 0.9 | 1.0 | 0.4 |
| Owners' profit | 253 | 378 | 340 | 327 | 84 |
| EPS, as reported (₹) | 7.34 | 10.97 | 9.85 | 9.53 | 2.45 |
| ROE % · ROCE % | 7.1 · — | 11.4 · — | 9.0 · — | 6.3 · — | 1.6 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 8,496 | 9,922 | 6,107 | 8,352 | 11,473 |
| Capex | (128) | (2) | (223) | (218) | (244) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 | 14,259 | 10,802 | 14,970 |
| Profit before tax | 162 | 81 | 24 | 101 | 6 | 50 | (38) | 138 |
| Net profit | 139 | 70 | 38 | 86 | 6 | 45 | (32) | 118 |
| EPS (₹) | 3.26 | 1.62 | 0.91 | 2.03 | 0.12 | 1.07 | (0.77) | 2.78 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Life Insurance | 47,671 | 99.9 |
| Business Investments | 26 | 0.1 |
| Business Investment | 13 | 0.0 |
| Total, before eliminations | 47,710 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD ◆ | 42,261 | 382.7 | 6.58 | — | 1.6 | — | 8.8 | 1.2 |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| HDFC LIFE INS CO LTD | — | — | — | — | — | — | — | — |
| ICICI LIFE INSURANCE LTD | — | — | — | — | — | 0.6 | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — | — | — | — | — | — |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 382.7 | 203.0 | 2 of 2 | 0% |
| P/B | 6.6 | 4.6 | 2 of 2 | 0% |
| ROE | 1.6 | 6.1 | 2 of 2 | 0% |
| EBITDA margin | 1.2 | 12.9 | 2 of 2 | 0% |
| Revenue growth | 16.8 | 20.4 | 2 of 2 | 0% |
| Profit growth | 36.8 | 21.9 | 4 of 12 | 73% |
| Market cap | 42261 | 22235 | 1 of 2 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Audio recording of Q2 FY27 earnings call submitted | investor communications | low | — | — |
| 27 Oct 2026 · H1 FY27 profit up 137%, value of new business up 21% and margins improve | investor communications | medium | — | — |
| 27 Oct 2026 · H1 FY27 profit rises as Axis Max Life growth and margins improve | compliance | low | — | — |
| 27 Oct 2026 · Q2 profit after tax jumps to Rs 100.30 crore | results | high | — | — |
| 27 Oct 2026 · Q2 profit after tax jumps to Rs 100.30 crore; revenue rises 18.5% | results | high | — | — |
| 19 Oct 2026 · Earnings call scheduled for Q2 and H1 FY27 results on October 28, 2026 | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Max Financial Services gets ESG rating of 71 from NSE SRA | general | low | — | — |
| 6 Oct 2026 · Routine quarterly confirmation certificate from registrar filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Axis Max Life allots 686 crore debentures via private placement | general | medium | — | — |
| 25 Sept 2026 · Board meeting on October 27 for Q2 FY26 results, trading window closed Oct 1 to 29 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.