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Last Updated: April 2, 2026, 3:19 am
Author: Getaka|Social: XLinkedIn

Max Financial Services Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹3,238.74Undervalued by 119.28%vs CMP ₹1,477.00

P/E (355.0) × ROE (7.3%) × BV (₹154.00) × DY (2.00%)

₹875.41Overvalued by 40.73%vs CMP ₹1,477.00
MoS: -68.7% (Negative)Confidence: 54/100 (Moderate)Models: 1 Under, 1 Fair, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹2,884.0626%Under (+95.3%)
Graham NumberEarnings₹119.3418%Over (-91.9%)
Earnings PowerEarnings₹45.8715%Over (-96.9%)
Net Asset ValueAssets₹153.658%Over (-89.6%)
EV/EBITDAEnterprise₹113.5310%Over (-92.3%)
Earnings YieldEarnings₹41.108%Over (-97.2%)
ROCE CapitalReturns₹10.338%Over (-99.3%)
Revenue MultipleRevenue₹1,346.126%Fair (-8.9%)
Consensus (8 models)₹875.41100%Overvalued
Key Drivers: P/E of 355 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | Wide model spread (₹10–₹2,884) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -11.0%

*Investments are subject to market risks

Investment Snapshot

52
Max Financial Services Ltd scores 52/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health66/100 · Strong
ROCE 8.1% AverageROE 7.3% AverageD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.38% (6mo) Slight increasePromoter holding at 1.3% Stable
Earnings Quality60/100 · Moderate
OPM stable around 1% SteadyWorking capital: -1,368 days (improving) Efficient
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 1% YoY FlatProfit (4Q): -44% YoY Declining
Industry Rank20/100 · Weak
P/E 355.0 vs industry 111.2 Premium to peersROCE 8.1% vs industry 19.3% Below peersROE 7.3% vs industry 17.9% Below peers3Y sales CAGR: 14% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:19 am

Market Cap 50,987 Cr.
Current Price 1,477
Intrinsic Value₹875.41
High / Low 1,892/1,085
Stock P/E355
Book Value 154
Dividend Yield0.00 %
ROCE8.13 %
ROE7.26 %
Face Value 2.00
PEG Ratio-32.42

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

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 ⇩
Max Financial Services Ltd 50,987 Cr. 1,477 1,892/1,085355 1540.00 %8.13 %7.26 % 2.00
ICICI Prudential Life Insurance Company Ltd 74,399 Cr. 513 707/50654.3 92.90.17 %11.9 %10.4 % 10.0
HDFC Life Insurance Company Ltd 1,23,632 Cr. 573 821/56965.4 81.60.37 %6.58 %10.8 % 10.0
SBI Life Insurance Company Ltd (SBILIFE) 1,79,590 Cr. 1,790 2,133/1,43172.4 1900.15 %16.9 %15.1 % 10.0
Life Insurance Corporation of India 4,71,845 Cr. 746 980/7228.90 2241.61 %53.1 %45.7 % 10.0
Industry Average180,090.60 Cr1,019.80111.20148.500.46%19.32%17.85%8.40

All Competitor Stocks of Max Financial Services Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 8,8969,9299,16810,16512,35614,88811,79913,3728,92312,37612,8229,79214,259
Expenses 8,5739,8659,04310,02112,14614,94511,60813,1998,83412,35612,7039,77114,181
Operating Profit 32264125144209-5719017389201192178
OPM % 4%1%1%1%2%-0%2%1%1%0%1%0%1%
Other Income 3532541012318379
Interest 999914119131015202136
Depreciation 1111111111111
Profit before tax 31558118158198-591821628122101650
Tax % 14%10%14%-8%14%-15%14%14%14%-73%14%6%11%
Net Profit 26952101170171-50156139703886645
EPS in Rs 6.521.332.544.294.30-1.283.693.261.620.912.020.121.06

Last Updated: March 3, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 11,61914,90711,71015,24716,33819,51018,24031,27531,18231,41546,57646,46949,248
Expenses 11,16714,18811,17914,47615,80719,00317,78830,68930,76930,86246,15045,99449,011
Operating Profit 452718531771531507452585413554426476237
OPM % 4%5%5%5%3%3%2%2%1%2%1%1%0%
Other Income 54302213213616362137
Interest 938289027002537444792
Depreciation 13815460632211555333
Profit before tax 274512465702530481442593389527415447179
Tax % 24%29%15%15%17%13%38%6%18%14%5%10%
Net Profit 209365393593442416273560318452393403175
EPS in Rs 5.2410.499.4714.7910.679.755.3812.337.3410.979.859.484.11
Dividend Payout % 69%48%38%0%0%0%0%0%0%0%0%0%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 53535353545454696969696969
Reserves 2,9313,2491,9122,2811,7662,0052,0933,2743,8663,4503,7975,2065,235
Borrowings 7675430000335225235231,0261,829
Other Liabilities 25,36631,65836,18144,40554,02265,09772,37794,710113,291127,783158,383183,698189,739
Total Liabilities 29,11735,50338,14746,73955,84267,15674,52698,057117,747131,824162,771189,999196,872
Fixed Assets 1,5921,200349740556556641639616614612610608
CWIP 5539373000000000
Investments 25,13432,01536,10244,05952,68363,24568,56691,766109,794123,355152,959179,84110,174
Other Assets 2,3362,2491,6601,9382,6023,3565,3205,6527,3377,8549,2019,548186,089
Total Assets 29,11735,50338,14746,73955,84267,15674,52698,057117,747131,824162,771189,999196,872

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 2,1602,5793,8026,5267,5348,8265,4526,8928,4969,9226,1048,352
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 + -213-388-187-215-116-174-383-92388-233-1171,961
Net Cash Flow 39-1197420466-13778-5148-1,866986610
Free Cash Flow 1,8552,2583,7146,4477,4858,7285,3296,8108,3699,7505,8838,136
CFO/OP 496%375%730%860%1,435%1,754%1,219%1,202%2,076%1,809%1,436%1,757%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-315.00175.00531.00771.00531.00507.00449.00582.00-109.0031.00-97.00475.00

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

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2117161300000000
Inventory Days 7384
Days Payable 374424
Cash Conversion Cycle -281-324161300000000
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

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 10.14%10.14%6.52%6.52%6.52%6.52%3.34%3.34%1.74%1.74%1.71%1.25%
FIIs 47.70%48.46%51.54%50.89%47.70%46.60%46.23%47.50%44.75%44.71%44.78%45.13%
DIIs 34.06%34.34%35.09%36.89%39.92%40.74%43.99%42.69%47.29%47.29%47.26%47.35%
Public 8.09%7.05%6.85%5.69%5.84%6.14%6.42%6.47%6.21%6.25%6.24%6.26%
No. of Shareholders 81,46367,70863,96659,68265,26067,02165,80468,53168,06280,46776,23975,636

Shareholding Pattern Chart

No. of Shareholders

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

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Mid Cap Fund 25,792,853 4.51 4161.93N/AN/AN/A
Nippon India Multi Cap Fund 6,953,107 2.3 1121.957,196,3312026-02-23 05:37:36-3.38%
Kotak Midcap Fund 5,693,576 1.56 918.725,472,3572026-02-23 05:37:364.04%
Nippon India Growth Mid Cap Fund 5,100,000 1.97 822.94N/AN/AN/A
SBI Midcap Fund 3,000,000 2.16 484.08N/AN/AN/A
DSP Mid Cap Fund 2,946,419 2.5 475.43N/AN/AN/A
SBI Flexicap Fund 2,711,600 1.89 437.54N/AN/AN/A
Kotak Flexicap Fund 2,700,000 0.77 435.67N/AN/AN/A
HDFC Large and Mid Cap Fund 2,602,017 1.49 419.86N/AN/AN/A
Invesco India Midcap Fund 2,468,180 3.96 398.27N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.002.00
Basic EPS (Rs.) 9.539.8510.977.3414.51
Diluted EPS (Rs.) 9.539.8510.977.3414.51
Cash EPS (Rs.) 11.8311.5213.299.3716.37
Book Value[Excl.RevalReserv]/Share (Rs.) 153.58112.50115.49129.95104.47
Book Value[Incl.RevalReserv]/Share (Rs.) 153.58112.50115.49129.95104.47
Revenue From Operations / Share (Rs.) 1353.021355.44914.19903.50906.25
PBDIT / Share (Rs.) 14.5713.4416.5712.1217.34
PBIT / Share (Rs.) 14.4813.3416.4311.9817.19
PBT / Share (Rs.) 13.1112.0715.3411.2617.18
Net Profit / Share (Rs.) 11.7511.4313.159.2316.22
NP After MI And SOA / Share (Rs.) 9.539.9011.017.3412.33
PBDIT Margin (%) 1.070.991.811.341.91
PBIT Margin (%) 1.070.981.791.321.89
PBT Margin (%) 0.960.891.671.241.89
Net Profit Margin (%) 0.860.841.431.021.78
NP After MI And SOA Margin (%) 0.700.731.200.811.36
Return on Networth / Equity (%) 6.208.7910.756.4312.72
Return on Capital Employeed (%) 6.547.9310.597.750.60
Return On Assets (%) 0.170.200.280.210.43
Long Term Debt / Equity (X) 0.000.130.140.000.00
Total Debt / Equity (X) 0.190.130.140.000.00
Asset Turnover Ratio (%) 0.260.310.000.000.01
Current Ratio (X) 1.031.021.021.032109.36
Quick Ratio (X) 1.031.021.021.032109.36
Interest Coverage Ratio (X) 10.5610.5815.2016.912239.83
Interest Coverage Ratio (Post Tax) (X) 9.5910.0013.0613.872095.87
Enterprise Value (Cr.) 40446.3934539.3521745.7325968.9729409.01
EV / Net Operating Revenue (X) 0.870.740.690.830.94
EV / EBITDA (X) 80.8474.8138.2062.0749.14
MarketCap / Net Operating Revenue (X) 0.840.730.690.830.94
Price / BV (X) 7.478.906.206.618.87
Price / Net Operating Revenue (X) 0.840.730.690.830.94
EarningsYield 0.010.010.010.010.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

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.
INDUSTRYADDRESSCONTACT
Finance & InvestmentsBhai Mohan Singh Nagar, Nawanshahr Dist Punjab 144533Contact not found
Management
NamePosition Held
Mr. Analjit SinghFounder & Chairman
Mr. Mitsuru YasudaNon Executive Director
Mr. Sahil VachaniNon Executive Director
Mr. Hideaki NomuraNon Executive Director
Mr. K Narasimha MurthyIndependent Director
Mr. Jai AryaIndependent Director
Mr. Richard StaggIndependent Director
Ms. Malini ThadaniIndependent Director

FAQ

What is the intrinsic value of Max Financial Services Ltd and is it undervalued?

As of 18 April 2026, Max Financial Services Ltd's intrinsic value is ₹875.41, which is 40.73% lower than the current market price of ₹1,477.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (7.26 %), book value (₹154), dividend yield (0.00 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Max Financial Services Ltd?

Max Financial Services Ltd is trading at ₹1,477.00 as of 18 April 2026, with a FY2026-2027 high of ₹1,892 and low of ₹1,085. The stock is currently in the middle of its 52-week range. Market cap stands at ₹50,987 Cr..

How does Max Financial Services Ltd's P/E ratio compare to its industry?

Max Financial Services Ltd has a P/E ratio of 355, which is above the industry average of 111.20. This significantly elevated P/E suggests the market expects strong future growth, or the stock may be overpriced relative to current earnings.

Is Max Financial Services Ltd financially healthy?

Key indicators for Max Financial Services Ltd: ROCE of 8.13 % is on the lower side compared to the industry average of 19.32%; ROE of 7.26 % is below ideal levels (industry average: 17.85%). Dividend yield is 0.00 %.

Is Max Financial Services Ltd profitable and how is the profit trend?

Max Financial Services Ltd reported a net profit of ₹403 Cr in Mar 2025 on revenue of ₹46,469 Cr. Compared to ₹318 Cr in Mar 2022, the net profit shows an improving trend.

Does Max Financial Services Ltd pay dividends?

Max Financial Services Ltd has a dividend yield of 0.00 % at the current price of ₹1,477.00. The company is currently not paying meaningful dividends.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Max Financial Services Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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