Max Financial Services Ltd: Intrinsic Value & Share Price Analysis

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

Max Financial Services Ltd is trading at 1,562.00 as of 24 June 2026, with a FY2026-2027 high of 1,892 and low of 1,408. The stock is currently in the middle of its 52-week range. Market cap stands at 53,910 Cr..

Q: Is Max Financial Services Ltd financially healthy?

Key indicators: ROCE of 2.95 % is on the lower side. Dividend yield is 0.00 %.

Q: 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.

Fair Value

₹1,272.11Overvalued by 18.56%vs CMP ₹1,562.00

P/E (649.0) × ROE (1.6%) × BV (₹153.00) × DY (2.00%)

₹428.61Overvalued by 72.56%vs CMP ₹1,562.00

MoS: -264.4% (Negative)Confidence: 65/100 (Moderate)Models: All 8: Overvalued

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹1,132.80	26%	Over (-27.5%)
Graham Number	Earnings	₹118.95	18%	Over (-92.4%)
Earnings Power	Earnings	₹45.88	15%	Over (-97.1%)
Net Asset Value	Assets	₹153.68	8%	Over (-90.2%)
EV/EBITDA	Enterprise	₹113.55	10%	Over (-92.7%)
Earnings Yield	Earnings	₹41.10	8%	Over (-97.4%)
ROCE Capital	Returns	₹10.33	8%	Over (-99.3%)
Revenue Multiple	Revenue	₹1,346.40	6%	Over (-13.8%)
Consensus (8 models)		₹428.61	100%	Overvalued

Key Drivers: P/E of 649 makes PE-ROE unreliable — asset/earnings models are better benchmarks. | ROE 1.6% is below cost of equity.

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

Analyst Summary

Max Financial Services Ltd operates in the Finance - Life Insurance segment, current market price is ₹1,562.00, market cap is 53,910 Cr.. At a glance, stock P/E is 649, ROE is 1.57 %, ROCE is 2.95 %, book value is 153, dividend yield is 0.00 %. The latest intrinsic value estimate is ₹428.61, around 72.6% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹46,469 Cr versus the prior period change of -0.2%, while latest net profit is about ₹403 Cr with a prior-period change of 2.5%. The 52-week range shown on this page is 1,892/1,408, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisMax 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…

This summary is generated from the stock page data available for Max Financial Services Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

Max Financial Services Ltd scores 49/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health58/100 · Moderate

ROCE 3.0% WeakROE 1.6% WeakD/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 649.0 vs industry 166.1 Premium to peersROCE 3.0% vs industry 14.7% Below peersROE 1.6% vs industry 15.4% 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.

Share Price and Basic Stock Data

Last Updated: June 12, 2026, 7:07 am

Market Cap	53,910 Cr.
Current Price	1,562
Intrinsic Value	₹428.61
High / Low	1,892/1,408
Stock P/E	649
Book Value	153
Dividend Yield	0.00 %
ROCE	2.95 %
ROE	1.57 %
Face Value	2.00
PEG Ratio	-59.26

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 ⇩
Max Financial Services Ltd	53,910 Cr.	1,562	1,892/1,408	649	153	0.00 %	2.95 %	1.57 %	2.00
ICICI Prudential Life Insurance Company Ltd	66,789 Cr.	460	707/460	41.5	94.0	0.36 %	10.1 %	12.6 %	10.0
HDFC Life Insurance Company Ltd	1,17,662 Cr.	545	821/543	61.5	82.3	0.39 %	10.3 %	11.3 %	10.0
SBI Life Insurance Company Ltd (SBILIFE)	1,72,429 Cr.	1,719	2,133/1,704	69.8	190	0.16 %	15.0 %	13.7 %	10.0
Life Insurance Corporation of India	4,97,398 Cr.	393	490/361	8.66	140	2.54 %	35.1 %	37.8 %	10.0
Industry Average	181,637.60 Cr	935.80		166.09	131.86	0.69%	14.69%	15.39%	8.40

All Competitor Stocks of Max Financial Services Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	8,896	9,929	9,168	10,165	12,356	14,888	11,799	13,372	8,923	12,376	12,822	9,792	14,259
Expenses	8,573	9,865	9,043	10,021	12,146	14,945	11,608	13,199	8,834	12,356	12,703	9,771	14,181
Operating Profit	322	64	125	144	209	-57	190	173	89	20	119	21	78
OPM %	4%	1%	1%	1%	2%	-0%	2%	1%	1%	0%	1%	0%	1%
Other Income	3	5	3	25	4	10	1	2	3	18	3	7	9
Interest	9	9	9	9	14	11	9	13	10	15	20	21	36
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
Profit before tax	315	58	118	158	198	-59	182	162	81	22	101	6	50
Tax %	14%	10%	14%	-8%	14%	-15%	14%	14%	14%	-73%	14%	6%	11%
Net Profit	269	52	101	170	171	-50	156	139	70	38	86	6	45
EPS in Rs	6.52	1.33	2.54	4.29	4.30	-1.28	3.69	3.26	1.62	0.91	2.02	0.12	1.06

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

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 25, 2026, 12:46 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	49,248
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	49,011
Operating Profit	452	718	531	771	531	507	452	585	413	554	426	476	237
OPM %	4%	5%	5%	5%	3%	3%	2%	2%	1%	2%	1%	1%	0%
Other Income	54	30	2	2	1	3	2	13	6	16	36	21	37
Interest	93	82	8	9	0	27	0	0	25	37	44	47	92
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	179
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	175
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	4.11
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

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	2,579	3,802	6,526	7,534	8,826	5,452	6,892	8,496	9,922	6,104	8,352	11,473
Cash from Investing Activity +	-2,311	-3,541	-6,290	-6,951	-8,789	-4,991	-6,852	-8,835	-11,555	-5,001	-9,703	-11,125
Cash from Financing Activity +	-388	-187	-215	-116	-174	-383	-92	388	-233	-117	1,961	567
Net Cash Flow	-119	74	20	466	-137	78	-51	48	-1,866	986	610	915
Free Cash Flow	2,258	3,714	6,447	7,485	8,728	5,329	6,810	8,369	9,750	5,883	8,136	11,235
CFO/OP	375%	730%	860%	1,435%	1,754%	1,219%	1,202%	2,076%	1,809%	1,436%	1,757%	5,441%

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	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 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	81,463	67,708	63,966	59,682	65,260	67,021	65,804	68,531	68,062	80,467	76,239	75,636

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	4.51	4161.93	N/A	N/A	N/A
Nippon India Multi Cap Fund	6,953,107	2.3	1121.95	7,196,331	2026-02-23 05:37:36	-3.38%
Kotak Midcap Fund	5,693,576	1.56	918.72	5,472,357	2026-02-23 05:37:36	4.04%
Nippon India Growth Mid Cap Fund	5,100,000	1.97	822.94	N/A	N/A	N/A
SBI Midcap Fund	3,000,000	2.16	484.08	N/A	N/A	N/A
DSP Mid Cap Fund	2,946,419	2.5	475.43	N/A	N/A	N/A
SBI Flexicap Fund	2,711,600	1.89	437.54	N/A	N/A	N/A
Kotak Flexicap Fund	2,700,000	0.77	435.67	N/A	N/A	N/A
HDFC Large and Mid Cap Fund	2,602,017	1.49	419.86	N/A	N/A	N/A
Invesco India Midcap Fund	2,468,180	3.96	398.27	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

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. 25.79 Cr. and Equity Capital is Rs. 69.02 Cr. for the Year ended 31/03/2026.

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 and is it undervalued?

As of 24 June 2026, Max Financial Services Ltd's intrinsic value is ₹428.61, which is 72.56% lower than the current market price of ₹1,562.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (1.57 %), book value (₹153), 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 ₹1,562.00 as of 24 June 2026, with a FY2026-2027 high of ₹1,892 and low of ₹1,408. The stock is currently in the middle of its 52-week range. Market cap stands at ₹53,910 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 649, which is above the industry average of 166.09. 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 2.95 % is on the lower side compared to the industry average of 14.69%; ROE of 1.57 % is below ideal levels (industry average: 15.39%). 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 ₹1,562.00. The company is currently not paying meaningful dividends.