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Holding company primarily owning a majority stake in Axis Max Life Insurance, one of India's leading private life insurers.
Holding company primarily owning a majority stake in Axis Max Life Insurance, one of India's leading private life insurers.
In one line: A holding company akin to a US insurance holding structure.
Moat: narrow (brand, distribution). Its value derives from its stake in Axis Max Life, which benefits from Axis Bank's bancassurance distribution.
Headquarters: New Delhi, India · Founded: 2000 · Employees: 25,789
Size Max Financial Services (MFSL.NS) is an India Financials company (Life/Health Insurance) with a market value of $4.68B, the 220th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,284 on 6 Nov 2026.
Performance Over six months the shares fell 24.8%, against +8.4% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 17.5% over the last twelve months (peer median +13.7%); the operating margin is 0.5% (peer median 6.7%).
Valuation It trades at 7.71× book value against a peer median of 2.17× (2nd most expensive of 21).
Price implies The share price implies a return on equity of about 78.7%; Max Financial Services delivers 3.3%, so the price asks more than the business earns today.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹517B | ₹479B | ₹479B | ₹393B | ₹314B |
| Revenue growth | — | 0% | +22% | +25% | — |
| Gross profit | ₹413B | ₹434B | ₹445B | ₹367B | ₹296B |
| EBITDA | ₹6.05B | ₹6.96B | ₹8.54B | ₹7.94B | ₹8.17B |
| Net income | ₹1.86B | ₹840M | ₹3.27B | ₹3.40B | ₹3.78B |
| Free cash flow | n/a | ₹112B | ₹81.3B | ₹58.8B | ₹97.5B |
| Capital expenditure | n/a | ₹2.44B | ₹2.18B | ₹2.23B | ₹1.74B |
| Total debt | ₹25.3B | ₹23.4B | ₹14.4B | ₹8.36B | ₹8.21B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Max Financial Services MFSL.NS | $4.68B | -25% | +18% | 3% | 7.71× | 78.7% |
| SBI Life Insurance SBILIFE.NS | $18.9B | -5% | +18% | 14% | 8.72× | 105.4% |
| ICICI Life Insurance ICICILIFE.NS | $6.77B | -22% | -8% | 13% | 4.67× | 65.0% |
| HDFC Life Insurance HDFCLIFE.NS | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% |
| Life Insurance Corp. of India LICI.NS | $53.0B | -3% | +11% | 7% | 0.68× | 11.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MFSL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | +2.2% | 6th lowest of 21 |
| 6-month return | -24.8% | +8.4% | 2nd lowest of 21 |
| Return on equity | 3.3% | 10.4% | 3rd lowest of 21 |
| Price / book | 7.71× | 2.17× | 2nd most expensive of 21 |
| Trailing P/E | 237.5× | 15.9× | most expensive of 19 |
| ROE the price implies | 78.7% | 15.8% | 2nd most demanding of 20 |
| ROE delivered | 3.3% | 10.3% | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Max Financial Services MFSL.NS | India | $4.68B | -25% | +18% | 3% | 7.71× | 78.7% | 3.3% |
| E-L Financial ELF.TO | Canada | $4.74B | +10% | +32% | 20% | 0.68× | 6.4% | 20.2% |
| Challenger CGF.AX | Australia | $5.59B | +36% | -25% | 13% | 2.01× | 15.8% | 13.3% |
| Star Health & Allied Insurance STARHEALTH.NS | India | $3.52B | +9% | +21% | 12% | 3.19× | 47.7% | 11.7% |
| ICICI Life Insurance ICICILIFE.NS | India | $6.77B | -22% | -8% | 13% | 4.67× | 65.0% | 12.6% |
| COFCO Capital 002423.SZ | China | $3.15B | -11% | -31% | 6% | 0.85× | 6.2% | 5.6% |
| Privia Health PRVA | United States | $3.12B | +6% | +24% | 4% | 3.94× | 25.4% | 3.8% |
| St. James's Place STJ.L | United Kingdom | $7.48B | -3% | +164% | 38% | 3.64× | 43.3% | 38.4% |
| Clover Health Investments CLOV | United States | $2.56B | +54% | +54% | -5% | 6.32× | 94.7% | -5.1% |
| Jackson Financial Incorporation JXN | United States | $8.70B | +17% | +34% | 9% | 1.10× | 12.5% | 9.5% |
| Voya Financial VOYA | United States | $8.91B | +21% | -3% | 14% | 2.34× | 17.2% | 14.3% |
| Brighthouse Financial BHF | United States | $2.45B | -31% | +3% | 14% | 0.37× | 5.2% | 13.6% |
| Primerica PRI | United States | $8.94B | +6% | +8% | 33% | 3.56× | 24.9% | 32.9% |
| Medibank Private MPL.AX | Australia | $9.94B | +14% | +9% | 27% | 5.90× | 23.8% | 26.8% |
| Hanwha Life 088350.KS | South Korea | $2.16B | -20% | +18% | 8% | 0.22× | 3.8% | 7.7% |
| JAPAN POST INSURANCE 7181.T | Japan | $11.2B | +8% | -6% | 4% | 0.38× | 2.9% | 4.2% |
| Mirae Asset Life Insurance 085620.KS | South Korea | $1.78B | +17% | +22% | 5% | 1.05× | 5.6% | 5.2% |
| Standard Life SDLF.L | United Kingdom | $12.5B | +25% | +135% | -179% | 38.09× | n/a | -179.3% |
| HDFC Life Insurance HDFCLIFE.NS | India | $13.0B | -10% | +19% | 11% | 6.31× | 72.0% | 11.2% |
| Nuernberger Beteiligungs NBG6.DE | Germany | $1.58B | +1% | -1% | 5% | 1.58× | 6.0% | 5.1% |
| T&d 8795.T | Japan | $14.0B | +21% | +6% | 9% | 1.32× | 5.6% | 9.3% |