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
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 8,496 | 9,922 | 6,107 | 8,352 | 11,473 |
| Capex | (128) | (2) | (223) | (218) | (244) |
| ₹ 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 |
| 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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MAX FINANCIAL SERV LTD ◆ | 50,971 | 461.6 | 7.94 | 208.8 | 1.6 | — | 8.8 | 1.2 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Max Financial Services gets ESG rating of 70 from Crisil | business updates | medium | — | — |
| 9 Sept 2026 · Senior management to attend Jefferies India Forum on 18 Sep | board shareholder meetings | low | — | — |
| 25 Aug 2026 · SEBI disposes off proceedings without any penalty against Max Financial | regulatory legal | high | — | — |
| 25 Aug 2026 · Public notice for loss of 10300 share certificates by shareholder | compliance | minimal | — | — |
| 20 Aug 2026 · Max Financial Q1 FY27 earnings call - VNB margin up to 23.2% | investor communications | low | — | — |
| 20 Aug 2026 · Max Financial Services 38th AGM: All 5 resolutions passed | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · 38th AGM of Max Financial Services held on Aug 19, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 13 Aug 2026 · Earnings call recording for Q1FY27 uploaded on website | investor communications | low | — | — |
| 13 Aug 2026 · Board comments on exchange fine for temporary NRC composition gap | regulatory legal | high | — | — |
| 13 Aug 2026 · Board notes temporary NRC composition deviation, pays fine to BSE and NSE | regulatory legal | high | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| LIFE INSURA CORP OF INDIA | — | — | — | — | — | — | — | — |
| HDFC LIFE INS CO LTD | — | — | — | — | — | — | — | — |
| ICICI PRU LIFE INS CO LTD | — | — | — | — | — | 0.6 | — | — |
| SBI LIFE INSURANCE CO LTD | — | — | — | — | — | — | — | — |
| CANARA HSBC LIFE INS CO L | — | — | — | — | — | — | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 461.6 | 243.3 | 2 of 2 | 0% |
| P/B | 7.9 | 5.4 | 2 of 2 | 0% |
| ROE | 1.6 | 6.1 | 2 of 2 | 0% |
| Debt / Equity | 0.0 | 0.0 | 1 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 | 50971 | 26676 | 1 of 2 | 100% |
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| 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 |
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.
