Max Financial Services Ltd: Intrinsic Value & Share Price Analysis

Share Price and Basic Stock Data

Last Updated: February 2, 2026, 4:05 pm

Market Cap	56,654 Cr.
Current Price	1,642
Intrinsic Value	₹2,892.02
High / Low	1,765/950
Stock P/E	347
Book Value	154
Dividend Yield	0.00 %
ROCE	8.13 %
ROE	7.26 %
Face Value	2.00
PEG Ratio	-40.13

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for Max Financial Services Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
Life Insurance Corporation of India	5,07,360 Cr.	802	980/715	9.93	224	1.50 %	53.1 %	45.7 %	10.0
SBI Life Insurance Company Ltd (SBILIFE)	2,00,666 Cr.	2,001	2,116/1,380	80.9	190	0.13 %	16.9 %	15.1 %	10.0
Max Financial Services Ltd	56,654 Cr.	1,642	1,765/950	347	154	0.00 %	8.13 %	7.26 %	2.00
ICICI Prudential Life Insurance Company Ltd	92,867 Cr.	642	707/517	67.8	92.9	0.13 %	11.9 %	10.4 %	10.0
HDFC Life Insurance Company Ltd	1,55,624 Cr.	718	821/600	82.3	81.6	0.29 %	6.58 %	10.8 %	10.0
Industry Average	202,634.20 Cr	1,161.00		117.59	148.50	0.41%	19.32%	17.85%	8.40

All Competitor Stocks of Max Financial Services Ltd

Quarterly Result

Metric	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	9,316.09	8,895.52	9,929.37	9,168.12	10,164.62	12,355.68	14,887.50	11,798.61	13,371.86	8,922.67	12,375.76	12,821.65	9,791.59
Expenses	9,238.12	8,573.27	9,865.44	9,043.15	10,020.76	12,146.32	14,944.62	11,608.35	13,198.73	8,833.84	12,355.99	12,703.06	9,770.58
Operating Profit	77.97	322.25	63.93	124.97	143.86	209.36	-57.12	190.26	173.13	88.83	19.77	118.59	21.01
OPM %	0.84%	3.62%	0.64%	1.36%	1.42%	1.69%	-0.38%	1.61%	1.29%	1.00%	0.16%	0.92%	0.21%
Other Income	6.50	2.83	4.86	3.34	24.52	3.52	9.56	1.46	2.21	2.93	18.37	2.72	6.99
Interest	9.47	9.40	9.24	9.32	9.36	14.15	10.81	9.28	12.55	10.23	15.30	19.68	21.12
Depreciation	1.17	1.14	1.11	0.99	0.78	0.76	0.68	0.69	0.69	0.78	0.71	0.68	0.62
Profit before tax	73.83	314.54	58.44	118.00	158.24	197.97	-59.05	181.75	162.10	80.75	22.13	100.95	6.26
Tax %	16.55%	14.37%	10.25%	14.30%	-7.63%	13.52%	-15.19%	14.20%	14.04%	13.55%	-72.98%	14.36%	6.23%
Net Profit	61.61	269.35	52.45	101.13	170.32	171.21	-50.08	155.94	139.34	69.81	38.28	86.45	5.87
EPS in Rs	1.49	6.52	1.33	2.54	4.29	4.30	-1.28	3.69	3.26	1.62	0.91	2.02	0.12

Last Updated: December 30, 2025, 12:37 am

Below is a detailed analysis of the quarterly data for Max Financial Services Ltd based on the most recent figures (Sep 2025) and their trends compared to the previous period:

For Sales, as of Sep 2025, the value is 9,791.59 Cr.. The value appears to be declining and may need further review. It has decreased from 12,821.65 Cr. (Jun 2025) to 9,791.59 Cr., marking a decrease of 3,030.06 Cr..
For Expenses, as of Sep 2025, the value is 9,770.58 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 12,703.06 Cr. (Jun 2025) to 9,770.58 Cr., marking a decrease of 2,932.48 Cr..
For Operating Profit, as of Sep 2025, the value is 21.01 Cr.. The value appears to be declining and may need further review. It has decreased from 118.59 Cr. (Jun 2025) to 21.01 Cr., marking a decrease of 97.58 Cr..
For OPM %, as of Sep 2025, the value is 0.21%. The value appears to be declining and may need further review. It has decreased from 0.92% (Jun 2025) to 0.21%, marking a decrease of 0.71%.
For Other Income, as of Sep 2025, the value is 6.99 Cr.. The value appears strong and on an upward trend. It has increased from 2.72 Cr. (Jun 2025) to 6.99 Cr., marking an increase of 4.27 Cr..
For Interest, as of Sep 2025, the value is 21.12 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 19.68 Cr. (Jun 2025) to 21.12 Cr., marking an increase of 1.44 Cr..
For Depreciation, as of Sep 2025, the value is 0.62 Cr.. The value appears to be improving (decreasing) as expected. It has decreased from 0.68 Cr. (Jun 2025) to 0.62 Cr., marking a decrease of 0.06 Cr..
For Profit before tax, as of Sep 2025, the value is 6.26 Cr.. The value appears to be declining and may need further review. It has decreased from 100.95 Cr. (Jun 2025) to 6.26 Cr., marking a decrease of 94.69 Cr..
For Tax %, as of Sep 2025, the value is 6.23%. The value appears to be improving (decreasing) as expected. It has decreased from 14.36% (Jun 2025) to 6.23%, marking a decrease of 8.13%.
For Net Profit, as of Sep 2025, the value is 5.87 Cr.. The value appears to be declining and may need further review. It has decreased from 86.45 Cr. (Jun 2025) to 5.87 Cr., marking a decrease of 80.58 Cr..
For EPS in Rs, as of Sep 2025, the value is 0.12. The value appears to be declining and may need further review. It has decreased from 2.02 (Jun 2025) to 0.12, marking a decrease of 1.90.

Overall, while many items appear to show a positive trend, any significant downward movement warrant further investigation.

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: December 15, 2025, 4:59 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	11,619	14,907	11,710	15,247	16,338	19,510	18,240	31,275	31,182	31,415	46,576	46,469	43,912
Expenses	11,167	14,188	11,179	14,476	15,807	19,003	17,788	30,689	30,769	30,862	46,150	45,994	43,663
Operating Profit	452	718	531	771	531	507	452	585	413	554	426	476	248
OPM %	4%	5%	5%	5%	3%	3%	2%	2%	1%	2%	1%	1%	1%
Other Income	54	30	2	2	1	3	2	13	6	16	36	21	31
Interest	93	82	8	9	0	27	0	0	25	37	44	47	66
Depreciation	138	154	60	63	2	2	11	5	5	5	3	3	3
Profit before tax	274	512	465	702	530	481	442	593	389	527	415	447	210
Tax %	24%	29%	15%	15%	17%	13%	38%	6%	18%	14%	5%	10%
Net Profit	209	365	393	593	442	416	273	560	318	452	393	403	200
EPS in Rs	5.24	10.49	9.47	14.79	10.67	9.75	5.38	12.33	7.34	10.97	9.85	9.48	4.67
Dividend Payout %	69%	48%	38%	0%	0%	0%	0%	0%	0%	0%	0%	0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	74.64%	7.67%	50.89%	-25.46%	-5.88%	-34.38%	105.13%	-43.21%	42.14%	-13.05%	2.54%
Change in YoY Net Profit Growth (%)	0.00%	-66.97%	43.22%	-76.35%	19.58%	-28.49%	139.50%	-148.34%	85.35%	-55.19%	15.60%

Max Financial Services Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	12%
5 Years:	21%
3 Years:	14%
TTM:	-3%

Compounded Profit Growth
10 Years:	2%
5 Years:	18%
3 Years:	9%
TTM:	-29%

Stock Price CAGR
10 Years:	14%
5 Years:	22%
3 Years:	26%
1 Year:	43%

Return on Equity
10 Years:	11%
5 Years:	9%
3 Years:	9%
Last Year:	7%

Last Updated: Unknown

Balance Sheet

Last Updated: December 4, 2025, 1:38 am

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	53	53	53	53	54	54	54	69	69	69	69	69	69
Reserves	2,931	3,249	1,912	2,281	1,766	2,005	2,093	3,274	3,866	3,450	3,797	5,206	5,235
Borrowings	767	543	0	0	0	0	3	3	522	523	523	1,026	1,829
Other Liabilities	25,366	31,658	36,181	44,405	54,022	65,097	72,377	94,710	113,291	127,783	158,383	183,698	189,739
Total Liabilities	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	162,771	189,999	196,872
Fixed Assets	1,592	1,200	349	740	556	556	641	639	616	614	612	610	608
CWIP	55	39	37	3	0	0	0	0	0	0	0	0	0
Investments	25,134	32,015	36,102	44,059	52,683	63,245	68,566	91,766	109,794	123,355	152,959	179,841	10,174
Other Assets	2,336	2,249	1,660	1,938	2,602	3,356	5,320	5,652	7,337	7,854	9,201	9,548	186,089
Total Assets	29,117	35,503	38,147	46,739	55,842	67,156	74,526	98,057	117,747	131,824	162,771	189,999	196,872

Below is a detailed analysis of the balance sheet data for Max Financial Services Ltd based on the most recent figures (Sep 2025) and their trends compared to the previous period:

For Equity Capital, as of Sep 2025, the value is 69.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 69.00 Cr..
For Reserves, as of Sep 2025, the value is 5,235.00 Cr.. The value appears strong and on an upward trend. It has increased from 5,206.00 Cr. (Mar 2025) to 5,235.00 Cr., marking an increase of 29.00 Cr..
For Borrowings, as of Sep 2025, the value is 1,829.00 Cr.. The value appears to be increasing, which may not be favorable. Additionally, since Reserves exceed Borrowings, this is considered a positive sign. It has increased from 1,026.00 Cr. (Mar 2025) to 1,829.00 Cr., marking an increase of 803.00 Cr..
For Other Liabilities, as of Sep 2025, the value is 189,739.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 183,698.00 Cr. (Mar 2025) to 189,739.00 Cr., marking an increase of 6,041.00 Cr..
For Total Liabilities, as of Sep 2025, the value is 196,872.00 Cr.. The value appears to be increasing, which may not be favorable. It has increased from 189,999.00 Cr. (Mar 2025) to 196,872.00 Cr., marking an increase of 6,873.00 Cr..
For Fixed Assets, as of Sep 2025, the value is 608.00 Cr.. The value appears to be declining and may need further review. It has decreased from 610.00 Cr. (Mar 2025) to 608.00 Cr., marking a decrease of 2.00 Cr..
For CWIP, as of Sep 2025, the value is 0.00 Cr.. The value remains steady. There is no change compared to the previous period (Mar 2025) which recorded 0.00 Cr..
For Investments, as of Sep 2025, the value is 10,174.00 Cr.. The value appears to be declining and may need further review. It has decreased from 179,841.00 Cr. (Mar 2025) to 10,174.00 Cr., marking a decrease of 169,667.00 Cr..
For Other Assets, as of Sep 2025, the value is 186,089.00 Cr.. The value appears strong and on an upward trend. It has increased from 9,548.00 Cr. (Mar 2025) to 186,089.00 Cr., marking an increase of 176,541.00 Cr..
For Total Assets, as of Sep 2025, the value is 196,872.00 Cr.. The value appears strong and on an upward trend. It has increased from 189,999.00 Cr. (Mar 2025) to 196,872.00 Cr., marking an increase of 6,873.00 Cr..

Notably, the Reserves (5,235.00 Cr.) exceed the Borrowings (1,829.00 Cr.), indicating a solid financial buffer.

Overall, while many items appear to show a positive trend, any significant downward movement or items where Borrowings exceed Reserves warrant further investigation.

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	2,160	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,104	8,352
Cash from Investing Activity +	-1,908	-2,311	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-11,555	-5,001	-9,703
Cash from Financing Activity +	-213	-388	-187	-215	-116	-174	-383	-92	388	-233	-117	1,961
Net Cash Flow	39	-119	74	20	466	-137	78	-51	48	-1,866	986	610

Free Cash Flow

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Free Cash Flow	-315.00	175.00	531.00	771.00	531.00	507.00	449.00	582.00	-109.00	31.00	-97.00	475.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	21	17	16	13	0	0	0	0	0	0	0	0
Inventory Days	73	84
Days Payable	374	424
Cash Conversion Cycle	-281	-324	16	13	0	0	0	0	0	0	0	0
Working Capital Days	-100	-74	-101	-93	-1,158	-1,149	-1,338	-1,042	-1,241	-1,402	-1,172	-1,368
ROCE %	8%	13%	13%	25%	19%	19%	16%	18%	10%	12%	10%	8%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	11.45%	10.14%	10.14%	6.52%	6.52%	6.52%	6.52%	3.34%	3.34%	1.74%	1.74%	1.71%
FIIs	44.80%	47.70%	48.46%	51.54%	50.89%	47.70%	46.60%	46.23%	47.50%	44.75%	44.71%	44.78%
DIIs	36.00%	34.06%	34.34%	35.09%	36.89%	39.92%	40.74%	43.99%	42.69%	47.29%	47.29%	47.26%
Public	7.74%	8.09%	7.05%	6.85%	5.69%	5.84%	6.14%	6.42%	6.47%	6.21%	6.25%	6.24%
No. of Shareholders	70,914	81,463	67,708	63,966	59,682	65,260	67,021	65,804	68,531	68,062	80,467	76,239

Shareholding Pattern Chart

No. of Shareholders

Max Financial Services Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
HDFC Mid Cap Fund	25,792,853	4.65	4312.05	N/A	N/A	N/A
Nippon India Multi Cap Fund	7,196,331	2.39	1203.08	7,281,109	2026-01-26 07:03:01	-1.16%
Kotak Midcap Fund	5,472,357	1.51	914.87	5,396,216	2026-01-26 00:42:09	1.41%
Nippon India Growth Mid Cap Fund	5,100,000	2.02	852.62	N/A	N/A	N/A
ICICI Prudential Value Fund	3,106,142	0.85	519.28	3,224,406	2026-01-26 07:03:01	-3.67%
SBI Midcap Fund	3,000,000	2.15	501.54	N/A	N/A	N/A
DSP Mid Cap Fund	2,946,419	2.52	492.58	N/A	N/A	N/A
SBI Flexicap Fund	2,711,600	1.91	453.33	N/A	N/A	N/A
Kotak Flexicap Fund	2,700,000	0.8	451.39	N/A	N/A	N/A
HDFC Large and Mid Cap Fund	2,602,017	1.5	435.01	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	2.00	2.00	2.00	2.00	2.00
Basic EPS (Rs.)	9.53	9.85	10.97	7.34	14.51
Diluted EPS (Rs.)	9.53	9.85	10.97	7.34	14.51
Cash EPS (Rs.)	11.83	11.52	13.29	9.37	16.37
Book Value[Excl.RevalReserv]/Share (Rs.)	153.58	112.50	115.49	129.95	104.47
Book Value[Incl.RevalReserv]/Share (Rs.)	153.58	112.50	115.49	129.95	104.47
Revenue From Operations / Share (Rs.)	1353.02	1355.44	914.19	903.50	906.25
PBDIT / Share (Rs.)	14.57	13.44	16.57	12.12	17.34
PBIT / Share (Rs.)	14.48	13.34	16.43	11.98	17.19
PBT / Share (Rs.)	13.11	12.07	15.34	11.26	17.18
Net Profit / Share (Rs.)	11.75	11.43	13.15	9.23	16.22
NP After MI And SOA / Share (Rs.)	9.53	9.90	11.01	7.34	12.33
PBDIT Margin (%)	1.07	0.99	1.81	1.34	1.91
PBIT Margin (%)	1.07	0.98	1.79	1.32	1.89
PBT Margin (%)	0.96	0.89	1.67	1.24	1.89
Net Profit Margin (%)	0.86	0.84	1.43	1.02	1.78
NP After MI And SOA Margin (%)	0.70	0.73	1.20	0.81	1.36
Return on Networth / Equity (%)	6.20	8.79	10.75	6.43	12.72
Return on Capital Employeed (%)	6.54	7.93	10.59	7.75	0.60
Return On Assets (%)	0.17	0.20	0.28	0.21	0.43
Long Term Debt / Equity (X)	0.00	0.13	0.14	0.00	0.00
Total Debt / Equity (X)	0.19	0.13	0.14	0.00	0.00
Asset Turnover Ratio (%)	0.26	0.31	0.00	0.00	0.01
Current Ratio (X)	1.03	1.02	1.02	1.03	2109.36
Quick Ratio (X)	1.03	1.02	1.02	1.03	2109.36
Interest Coverage Ratio (X)	10.56	10.58	15.20	16.91	2239.83
Interest Coverage Ratio (Post Tax) (X)	9.59	10.00	13.06	13.87	2095.87
Enterprise Value (Cr.)	40446.39	34539.35	21745.73	25968.97	29409.01
EV / Net Operating Revenue (X)	0.87	0.74	0.69	0.83	0.94
EV / EBITDA (X)	80.84	74.81	38.20	62.07	49.14
MarketCap / Net Operating Revenue (X)	0.84	0.73	0.69	0.83	0.94
Price / BV (X)	7.47	8.90	6.20	6.61	8.87
Price / Net Operating Revenue (X)	0.84	0.73	0.69	0.83	0.94
EarningsYield	0.01	0.01	0.01	0.01	0.01

After reviewing the key financial ratios for Max Financial Services Ltd, here is a detailed analysis based on the latest available data and recent trends:

For FaceValue, as of Mar 25, the value is 2.00. This value is within the healthy range. There is no change compared to the previous period (Mar 24) which recorded 2.00.
For Basic EPS (Rs.), as of Mar 25, the value is 9.53. This value is within the healthy range. It has decreased from 9.85 (Mar 24) to 9.53, marking a decrease of 0.32.
For Diluted EPS (Rs.), as of Mar 25, the value is 9.53. This value is within the healthy range. It has decreased from 9.85 (Mar 24) to 9.53, marking a decrease of 0.32.
For Cash EPS (Rs.), as of Mar 25, the value is 11.83. This value is within the healthy range. It has increased from 11.52 (Mar 24) to 11.83, marking an increase of 0.31.
For Book Value[Excl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 153.58. It has increased from 112.50 (Mar 24) to 153.58, marking an increase of 41.08.
For Book Value[Incl.RevalReserv]/Share (Rs.), as of Mar 25, the value is 153.58. It has increased from 112.50 (Mar 24) to 153.58, marking an increase of 41.08.
For Revenue From Operations / Share (Rs.), as of Mar 25, the value is 1,353.02. It has decreased from 1,355.44 (Mar 24) to 1,353.02, marking a decrease of 2.42.
For PBDIT / Share (Rs.), as of Mar 25, the value is 14.57. This value is within the healthy range. It has increased from 13.44 (Mar 24) to 14.57, marking an increase of 1.13.
For PBIT / Share (Rs.), as of Mar 25, the value is 14.48. This value is within the healthy range. It has increased from 13.34 (Mar 24) to 14.48, marking an increase of 1.14.
For PBT / Share (Rs.), as of Mar 25, the value is 13.11. This value is within the healthy range. It has increased from 12.07 (Mar 24) to 13.11, marking an increase of 1.04.
For Net Profit / Share (Rs.), as of Mar 25, the value is 11.75. This value is within the healthy range. It has increased from 11.43 (Mar 24) to 11.75, marking an increase of 0.32.
For NP After MI And SOA / Share (Rs.), as of Mar 25, the value is 9.53. This value is within the healthy range. It has decreased from 9.90 (Mar 24) to 9.53, marking a decrease of 0.37.
For PBDIT Margin (%), as of Mar 25, the value is 1.07. This value is below the healthy minimum of 10. It has increased from 0.99 (Mar 24) to 1.07, marking an increase of 0.08.
For PBIT Margin (%), as of Mar 25, the value is 1.07. This value is below the healthy minimum of 10. It has increased from 0.98 (Mar 24) to 1.07, marking an increase of 0.09.
For PBT Margin (%), as of Mar 25, the value is 0.96. This value is below the healthy minimum of 10. It has increased from 0.89 (Mar 24) to 0.96, marking an increase of 0.07.
For Net Profit Margin (%), as of Mar 25, the value is 0.86. This value is below the healthy minimum of 5. It has increased from 0.84 (Mar 24) to 0.86, marking an increase of 0.02.
For NP After MI And SOA Margin (%), as of Mar 25, the value is 0.70. This value is below the healthy minimum of 8. It has decreased from 0.73 (Mar 24) to 0.70, marking a decrease of 0.03.
For Return on Networth / Equity (%), as of Mar 25, the value is 6.20. This value is below the healthy minimum of 15. It has decreased from 8.79 (Mar 24) to 6.20, marking a decrease of 2.59.
For Return on Capital Employeed (%), as of Mar 25, the value is 6.54. This value is below the healthy minimum of 10. It has decreased from 7.93 (Mar 24) to 6.54, marking a decrease of 1.39.
For Return On Assets (%), as of Mar 25, the value is 0.17. This value is below the healthy minimum of 5. It has decreased from 0.20 (Mar 24) to 0.17, marking a decrease of 0.03.
For Long Term Debt / Equity (X), as of Mar 25, the value is 0.00. This value is below the healthy minimum of 0.2. It has decreased from 0.13 (Mar 24) to 0.00, marking a decrease of 0.13.
For Total Debt / Equity (X), as of Mar 25, the value is 0.19. This value is within the healthy range. It has increased from 0.13 (Mar 24) to 0.19, marking an increase of 0.06.
For Asset Turnover Ratio (%), as of Mar 25, the value is 0.26. It has decreased from 0.31 (Mar 24) to 0.26, marking a decrease of 0.05.
For Current Ratio (X), as of Mar 25, the value is 1.03. This value is below the healthy minimum of 1.5. It has increased from 1.02 (Mar 24) to 1.03, marking an increase of 0.01.
For Quick Ratio (X), as of Mar 25, the value is 1.03. This value is within the healthy range. It has increased from 1.02 (Mar 24) to 1.03, marking an increase of 0.01.
For Interest Coverage Ratio (X), as of Mar 25, the value is 10.56. This value is within the healthy range. It has decreased from 10.58 (Mar 24) to 10.56, marking a decrease of 0.02.
For Interest Coverage Ratio (Post Tax) (X), as of Mar 25, the value is 9.59. This value is within the healthy range. It has decreased from 10.00 (Mar 24) to 9.59, marking a decrease of 0.41.
For Enterprise Value (Cr.), as of Mar 25, the value is 40,446.39. It has increased from 34,539.35 (Mar 24) to 40,446.39, marking an increase of 5,907.04.
For EV / Net Operating Revenue (X), as of Mar 25, the value is 0.87. This value is below the healthy minimum of 1. It has increased from 0.74 (Mar 24) to 0.87, marking an increase of 0.13.
For EV / EBITDA (X), as of Mar 25, the value is 80.84. This value exceeds the healthy maximum of 15. It has increased from 74.81 (Mar 24) to 80.84, marking an increase of 6.03.
For MarketCap / Net Operating Revenue (X), as of Mar 25, the value is 0.84. This value is below the healthy minimum of 1. It has increased from 0.73 (Mar 24) to 0.84, marking an increase of 0.11.
For Price / BV (X), as of Mar 25, the value is 7.47. This value exceeds the healthy maximum of 3. It has decreased from 8.90 (Mar 24) to 7.47, marking a decrease of 1.43.
For Price / Net Operating Revenue (X), as of Mar 25, the value is 0.84. This value is below the healthy minimum of 1. It has increased from 0.73 (Mar 24) to 0.84, marking an increase of 0.11.
For EarningsYield, as of Mar 25, the value is 0.01. This value is below the healthy minimum of 5. There is no change compared to the previous period (Mar 24) which recorded 0.01.

Overall, while many metrics show healthy performance, any figures highlighted in red or significant downward trends warrant further investigation.

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Fair Value

Fair Value of Max Financial Services Ltd as of February 5, 2026 is: ₹3,165.75

Calculation basis:

Fair value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.

This formula allows us to gauge the fair value of the stock by analyzing its fundamental indicators.

As of February 5, 2026, Max Financial Services Ltd is Undervalued by 92.80% compared to the current share price ₹1,642.00

Intrinsic Value of Max Financial Services Ltd as of February 5, 2026 is: ₹2,892.02

Calculation basis:

Intrinsic value = P/E Ratio * (Return on Equity / 100) * Book Value * (1 + Dividend Yield / 100) * (1 + EPS CAGR for Last 5 Years)
P/E Ratio (Price-to-Earnings Ratio): Represents the price of the stock relative to its earnings per share. A higher P/E ratio indicates that investors are willing to pay a higher price for the stock.
Return on Equity (ROE): Measures a company's profitability relative to its shareholder equity. It showcases the company's ability to generate profits using the investment made by its shareholders, offering valuable insight into its operational efficiency and financial performance.
Book Value: Represents the net asset value of the company per share. It is calculated as the total assets minus intangible assets and liabilities, divided by the number of outstanding shares.
Dividend Yield: The ratio of the annual dividend per share to the current market price per share. It offers valuable insights into the profitability of an investment through dividends.
EPS CAGR (Compound Annual Growth Rate): Represents the geometric mean growth rate of earnings per share over the last 5 years. It provides insight into the historical growth trajectory of the company's earnings.

This formula allows us to gauge the intrinsic value of the stock by analyzing its fundamental indicators along with EPS growth.

As of February 5, 2026, Max Financial Services Ltd is Undervalued by 76.13% compared to the current share price ₹1,642.00

Last 5 Year EPS CAGR: -8.65%

*Investments are subject to market risks

Strength and Weakness

Strength	Weakness
The stock has a low average Working Capital Days of -31.33, which is a positive sign. The stock has a low average Cash Conversion Cycle of -48.00, which is a positive sign. The company has higher reserves (3,158.85 cr) compared to borrowings (441.46 cr), indicating strong financial stability. The company has shown consistent growth in sales (25.54 cr) and profit (460.54 cr) over the years.	The stock has a low average ROCE of 14.25%, which may not be favorable.

Stock Analysis

Considering all of the following key financial indicators, prospective investors are encouraged to conduct thorough research and seek professional guidance before considering any investment in Max Financial Services Ltd:
1. Net Profit Margin: 0.86%
  - Net Profit Margin: This metric indicates the percentage of profit a company makes from its total revenue. A higher net profit margin is generally desirable as it reflects better profitability.
2. ROCE: 6.54% (Industry Average ROCE: 19.32%)
  - ROCE (Return on Capital Employed): ROCE measures a company's profitability and the efficiency with which its capital is employed. A higher ROCE indicates efficient use of capital.
3. ROE%: 6.2% (Industry Average ROE: 17.85%)
  - ROE (Return on Equity): ROE measures a company's profitability relative to shareholders' equity. A higher ROE indicates efficient use of shareholders' funds.
4. Interest Coverage Ratio (Post Tax): 9.59
  - Interest Coverage Ratio: The interest coverage ratio measures a company's ability to cover its interest payments on outstanding debt. A ratio greater than 2 is generally considered healthy as it indicates the company can meet its interest obligations comfortably.
5. Quick Ratio: 1.03
  - Quick Ratio: The quick ratio assesses a company's ability to cover its short-term liabilities with its most liquid assets. A ratio higher than 1 suggests the company can meet its short-term obligations without relying heavily on inventory.
6. Stock P/E: 347 (Industry average Stock P/E: 117.59)
  - Stock P/E (Price-to-Earnings) Ratio: The P/E ratio compares a company's current share price to its earnings per share. A lower P/E ratio relative to industry peers or historical values may indicate that the stock is undervalued.
7. Total Debt / Equity: 0.19
  - Total Debt / Equity: This ratio measures a company's financial leverage by comparing its total debt to its total equity. A lower ratio indicates lower financial risk and greater financial stability.
The current analysis is available for review. It's important to conduct thorough research and consider consulting with financial professionals before making any investment decisions.
Stock Rating:

About the Company - Qualitative Analysis

Max Financial Services Ltd. is a Public Limited Listed company incorporated on 24/02/1988 and has its registered office in the State of Punjab, India. Company's Corporate Identification Number(CIN) is L24223PB1988PLC008031 and registration number is 008031. Currently Company is involved in the business activities of Activities of holding companies. Company's Total Operating Revenue is Rs. 15.47 Cr. and Equity Capital is Rs. 69.02 Cr. for the Year ended 31/03/2025.

INDUSTRY	ADDRESS	CONTACT
Finance & Investments	Bhai Mohan Singh Nagar, Nawanshahr Dist Punjab 144533	Contact not found

Management
Name	Position Held
Mr. Analjit Singh	Founder & Chairman
Mr. Mitsuru Yasuda	Non Executive Director
Mr. Sahil Vachani	Non Executive Director
Mr. Hideaki Nomura	Non Executive Director
Mr. K Narasimha Murthy	Independent Director
Mr. Jai Arya	Independent Director
Mr. Richard Stagg	Independent Director
Ms. Malini Thadani	Independent Director

FAQ

What is the intrinsic value of Max Financial Services Ltd?

Max Financial Services Ltd's intrinsic value (as of 05 February 2026) is ₹2892.02 which is 76.13% higher the current market price of ₹1,642.00, indicating undervalued. Calculated using the PE ratio method, this valuation considers the company's ₹56,654 Cr. market cap, FY2025-2026 high/low of ₹1,765/950, reserves of ₹5,235 Cr, and liabilities of ₹196,872 Cr.

What is the Market Cap of Max Financial Services Ltd?

The Market Cap of Max Financial Services Ltd is 56,654 Cr..

What is the current Stock Price of Max Financial Services Ltd as on 05 February 2026?

The current stock price of Max Financial Services Ltd as on 05 February 2026 is ₹1,642.

What is the High / Low of Max Financial Services Ltd stocks in FY 2025-2026?

In FY 2025-2026, the High / Low of Max Financial Services Ltd stocks is ₹1,765/950.

What is the Stock P/E of Max Financial Services Ltd?

The Stock P/E of Max Financial Services Ltd is 347.

What is the Book Value of Max Financial Services Ltd?

The Book Value of Max Financial Services Ltd is 154.

What is the Dividend Yield of Max Financial Services Ltd?

The Dividend Yield of Max Financial Services Ltd is 0.00 %.

What is the ROCE of Max Financial Services Ltd?

The ROCE of Max Financial Services Ltd is 8.13 %.

What is the ROE of Max Financial Services Ltd?

The ROE of Max Financial Services Ltd is 7.26 %.

What is the Face Value of Max Financial Services Ltd?

The Face Value of Max Financial Services Ltd is 2.00.