Max Financial Services Ltd (MFSL) — shareholding pattern, promoter holding, financials and share price
About Max Financial Services Ltd (MFSL)
Max Financial Services Ltd operates in the Life Insurance industry, within the Financial Services sector. It trades on the NSE as MFSL and on the BSE under scrip code 500271. Its ISIN is INE180A01020.
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]
Max Financial Services is the listed holding company for Axis Max Life Insurance (formerly Max Life), owning an approximate 81% stake and focused on managing the life-insurance franchise, investments and advisory services while consolidating growth in retail protection, savings and retirement solutions across proprietary and partnership channels.
Axis Max Life delivered 9M FY'26 APE growth of 21% with individual adjusted first year premium at Rs 6,396 crore, expanded private market share to 9.8% and increased VNB by 30% to Rs 1,633 crore, reflecting a balanced product mix and notable margin expansion despite GST and one-off cost pressures.
Listed peers in Life Insurance: ICICI Lombard General Insurance Company Ltd, ICICI Prudential Life Insurance Company Ltd, General Insurance Corporation of India, Star Health & Allied Insurance Company Ltd, New India Assurance Company Ltd, Go Digit General Insurance Ltd.
Valuation & Returns
10 Jul 2026At ₹1,632.05 a share on 10 Jul 2026, Max Financial Services Ltd (MFSL) was valued at a price-to-earnings ratio of 542.05x against an industry P/E of 15.61x and a price-to-book of 10.68x on a book value of ₹152.83 per share as of Mar 2025. Solomo computes return on equity of 1.97% and return on capital employed of 3.68% from filed results. Earnings ratios use consolidated results for the twelve months Jun 2025 to Mar 2026.
- P/E
- 542.05x
- Industry P/E
- 15.61x
- P/B
- 10.68x
- EPS (TTM)
- ₹3.01
- Book value / share
- ₹152.83
- ROE
- 1.97%
- ROCE
- 3.68%
- ROA
- 0.05%
- Debt / equity
- 0.19x
- Dividend yield
- 0%
- EBITDA margin
- 0.49%
- 52-week range
- ₹1,408.05 – ₹1,891.35
Ratios are computed from filed results and the last recorded price. Not investment advice.
Financial Performance
Mar 2026In the year ended Mar 2026, Max Financial Services Ltd (MFSL) reported revenue of ₹47,674 crore, net profit of ₹106 crore and earnings per share of ₹2.43. That compares with revenue of ₹46,469 crore and net profit of ₹403 crore in Mar 2025. Figures are consolidated, as filed with the exchanges.
In the quarter ended Mar 2026, revenue was ₹10,802 crore and net profit ₹-32 crore (consolidated).
| Metric | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 31,182 | 31,415 | 46,576 | 46,469 | 47,674 |
| Net profit (₹ cr) | 318 | 452 | 393 | 403 | 106 |
| EPS (₹) | 7.34 | 10.97 | 9.85 | 9.48 | 2.43 |
| Measure | 10Y | 5Y | 3Y | 1Y |
|---|---|---|---|---|
| Sales growth | -24.78% | -50.00% | -57.37% | -0.23% |
| Profit growth | - | - | - | 2.75% |
| Stock price CAGR | 12% | 8% | 24% | 1% |
Ownership Summary
Jun 2026As of Jun 2026, promoters hold 1.25% of Max Financial Services Ltd (MFSL) (unchanged from the previous quarter), foreign institutional investors (FII) hold 48.06% and domestic institutional investors (DII) hold 44.34%. Promoters have pledged 26.9% of their holding. Market capitalisation was ₹56,324 crore on 10 Jul 2026. Shareholding is filed quarterly with BSE and NSE; Solomo carries every filing back to Mar 2001.
Largest disclosed public shareholders in Jun 2026: MITSUI SUMITOMO INSURANCE COMPANY LIMITED 21.86%, HDFC MUTUAL FUND - HDFC NIFTY LARGE MIDC AP 250 INDEX FUND 9.27%, NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIFTY 500 EQUAL WEIGHT INDEX FUND 5.01%, DSP NIFTY 500 INDEX FUND 3.21%, KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY ALPHA LOW-VOLATILITY 30 INDEX FUND 3.19%, SMALLCAP WORLD FUND, INC 2.96%. Only stakes above the 1% disclosure threshold are named in filings.
| Quarter | Promoter | Pledged | FII | DII | Public |
|---|---|---|---|---|---|
| Jun 2026 | 1.25% | 26.9% | 48.06% | 44.34% | 98.75% |
| Mar 2026 | 1.25% | 42.1% | 47.88% | 44.75% | 98.75% |
| Dec 2025 | 1.25% | - | 45.14% | 47.35% | 98.75% |
| Sep 2025 | 1.71% | - | 44.78% | 47.26% | 98.29% |
| Jun 2025 | 1.74% | - | 44.72% | 47.29% | 98.26% |
| Mar 2025 | 1.74% | 28.7% | 44.75% | 47.3% | 98.26% |
| Dec 2024 | 3.34% | - | 47.5% | 42.69% | 96.66% |
| Sep 2024 | 3.34% | 0.1% | 46.24% | 44% | 96.66% |