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Max Financial Services Ltd.

FinanceFinance - Others

www.maxfinancialservices.com BSE: 500271NSE: MFSL

₹1,525.60BSE0.49%

07 Sep, 4:01 PM

₹1,525.60

₹52.65K Cr

479.12

9.81

1.99%

₹1,544.85

₹1,511.00

₹1,891.35

₹1,408.05

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Price Performance

Peer Comparison

Name
BSE BSE	3,446.20	49.64	1,40,565.01	0.29	872.66	62.15%	1,566.02	63.48%	49.47
Max Financial Services Ltd. MFSL	1,525.60	479.12	52,650.71	0.00	118.29	36.83%	14,969.51	16.75%	4.32
ANANDRATHI ANANDRATHI	2,227.55	79.50	36,986.52	0.29	163.01	73.58%	321.99	17.51%	64.48
PRUDENT PRUDENT	3,345.50	56.53	13,852.60	0.10	74.76	44.38%	347.63	18.34%	39.05
CENTRUM CAP CENTRUM	22.52		1,096.34	0.00	-148.80	-39.11%	911.98	7.76%	9.28

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	14,887.50	11,798.61	13,371.86	8,922.67	12,375.76	12,821.65	9,791.59	14,258.93	10,801.94	14,969.51
Expenses	14,944.62	11,608.35	13,198.73	8,833.84	12,355.99	12,703.06	9,770.58	14,180.92	10,807.93	14,802.66
	-57.12	190.26	173.13	88.83	19.77	118.59	21.01	78.01	-5.99	166.85
	-0.38%	1.61%	1.29%	1.00%	0.16%	0.92%	0.21%	0.55%	-0.06%	1.11%
	9.68	2.17	2.72	3.12	20.32	3.25	7.03	8.50	3.54	7.10
Interest	10.81	9.28	12.55	10.23	15.30	19.68	21.12	35.93	35.13	35.53
	0.68	0.69	0.69	0.78	0.71	0.68	0.62	0.52	0.49	0.50
	-58.93	182.46	162.61	80.94	24.08	101.48	6.30	50.06	-38.07	137.92
	15.22%	14.15%	14.00%	13.50%	-67.07%	14.29%	6.19%	10.61%	12.79%	14.23%
	-44.05	127.29	112.56	56.04	31.31	69.64	4.12	36.56	-26.35	95.56
	-1.28	3.71	3.28	1.63	0.91	2.03	0.12	1.07	-0.77	2.78

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
Operating Income	31,156.49	31,384.04	46,572.32	46,459.58	47,664.34
Operating Income (Net)	31,156.49	31,384.04	46,572.32	46,459.58	47,664.34
EXPENDITURE :
Employee Cost	1,693.80	2,071.61	2,388.96	2,646.56	3,090.81
Operating & Establishment Expenses	27,504.50	27,225.64	42,134.80	41,457.59	41,726.70
Administrations & Other Expenses	1,090.64	1,184.55	1,242.34	1,419.33	1,850.81
Provisions and Contingencies	265.32	187.89	136.48	188.43	410.36
	30,554.26	30,669.69	45,902.58	45,711.91	47,078.67
Operating Profit (Excl OI)	602.23	714.35	669.75	747.68	585.67
	33.65	47.86	52.32	42.16	39.04
	635.88	762.22	722.07	789.84	624.72
Interest	67.00	57.24	93.13	102.21	170.28
	180.22	177.77	212.83	237.52	334.65
Profit Before Taxation & Exceptional Items	388.66	527.21	416.11	450.11	119.79
	388.66	527.21	416.11	450.11	119.79
Provision for Tax	70.25	75.31	22.56	43.36	15.33
	318.40	451.89	393.55	406.76	104.46
Extra items				-3.36	1.12
Minority Interest	-65.03	-73.41	-52.50	-76.17	-21.59
Consolidated Net Profit	253.37	378.49	340.11	327.23	83.99
Profit Balance B/F	-1,601.86	-1,010.66	-1,312.43	-982.34	394.83
Appropriations	-1,348.49	-632.18	-972.32	-655.12	478.82
	7.34	11.02	9.90	9.53	2.45
Adjusted EPS	7.34	11.02	9.90	9.53	2.45

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	69.02	68.72	68.73	68.69	68.66
Share Warrants & Outstandings		3.64	6.46	15.91	32.31
Total Reserves	3,865.59	3,445.88	3,790.75	5,189.92	5,180.82
Reserve excluding Revaluation Reserve	3,865.59	3,445.88	3,790.75	5,189.92	5,180.82
Revaluation reserve	0.00
	3,934.61	3,518.24	3,865.93	5,274.52	5,281.79
Minority Interest	550.30	450.26	503.61	1,128.72	1,138.20
Unsecured Loans	520.56	520.66	520.70	1,025.46	1,858.40
Deferred Tax Assets / Liabilities	2.52	-3.84	3.85	11.19	-28.71
Other Long Term Liabilities	242.19	285.31	307.51	485.39	455.11
Long Term Provisions	12.05	444.59	58.69	75.49	173.41
Total Non-Current Liabilities	777.32	1,246.72	890.75	1,597.53	2,458.21
Trade Payables	1,414.69	1,709.48	1,484.96	1,839.51	2,615.12
Other Current Liabilities	1,11,033.30	1,25,291.45	1,56,023.91	1,80,336.32	1,87,413.52
Short Term Provisions	37.03	37.72
Total Current Liabilities	1,12,485.02	1,27,038.65	1,57,508.87	1,82,175.83	1,90,028.64
Total Liabilities	1,17,747.25	1,32,253.87	1,62,771.45	1,90,179.65	1,98,906.84
Gross Block	1,559.77	1,860.79	2,111.09	2,532.89	2,897.31
Less: Accumulated Depreciation	594.84	752.55	947.17	1,169.38	1,437.33
Net Block	964.93	1,108.24	1,163.92	1,363.51	1,459.98
Capital Work in Progress	1.59	0.81	1.98	3.13	0.83
Non Current Investments	1,03,773.23	1,17,924.58
Long Term Investment	1,03,773.23	1,17,924.58
Long Term Loans & Advances	805.17	1,316.27	1,029.74	1,131.87	1,339.07
Other Non Current Assets	60.14	109.63	156.30	10.94	8.26
Total Non-Current Assets	1,06,426.31	1,21,275.08	3,170.90	3,277.25	3,559.33
Currents Investments	6,020.93	5,430.88	1,52,958.58	1,79,840.60	1,86,014.02
Sundry Debtors	677.16	681.24	915.21	1,083.08	1,238.73
Cash and Bank	799.73	1,287.77	1,748.93	1,514.51	2,412.89
Other Current Assets	3,820.38	3,459.04	3,801.76	4,076.99	5,412.12
Short Term Loans and Advances	2.75	119.86	119.61	333.36	269.75
Total Current Assets	11,320.94	10,978.79	1,59,544.10	1,86,848.54	1,95,347.51
Net Current Assets (Including Current Investments)	-1,01,164.08	-1,16,059.86	2,035.23	4,672.71	5,318.87
Total Assets	1,17,747.25	1,32,253.87	1,62,771.45	1,90,179.65	1,98,906.84
Contingent Liabilities	225.70	169.88	180.12	211.37	297.35
Total Debt	520.56	520.66	520.70	1,025.46	1,858.40
	114.01	102.28	112.32	153.11	152.91
Adjusted Book Value	114.01	102.28	112.32	153.11	152.91

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	388.66	527.21	416.11	450.11	119.79
Adjustment	8,163.05	8,651.47	6,087.66	7,462.34	11,259.93
Changes In working Capital	14.32	838.73	-378.79	451.04	137.77
Cash Flow after changes in Working Capital	8,566.03	10,017.40	6,124.98	8,363.50	11,517.49
Cash Flow from Operating Activities	8,495.86	9,922.29	6,104.36	8,351.60	11,472.70
Cash Flow from Investing Activities	-8,835.38	-11,555.05	-5,001.31	-9,703.11	-11,124.61
Cash Flow from Financing Activitie	387.97	-232.76	-116.98	1,961.41	566.68
Net Cash Inflow / Outflow	48.45	-1,865.53	986.06	609.90	914.77
Opening Cash & Cash Equivalents	715.57	11,701.53	9,836.00	3,571.90	4,181.80
Closing Cash & Cash Equivalent	764.03	9,836.00	10,822.07	4,181.80	5,096.57

Ratios

Valuation

479.12

9.81

182.12

79.14

3.18

155.55

Profitability

1.99

4.32

0.05

1.23

0.22

Leverage & Liquidity

0.35

1.03

1.70

Returns

0.00

0.25

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	6.52	3.34	3.34	1.74	1.74	1.71	1.25	1.25	1.25
	87.34	90.24	90.19	92.05	92.01	92.04	92.49	92.62	92.40
	6.14	6.43	6.47	6.21	6.25	6.24	6.27	6.12	6.35
	93.48	96.66	96.66	98.26	98.26	98.29	98.75	98.75	98.75
No. of Shareholders	67,021	65,804	68,531	68,062	80,467	76,239	75,636	77,069	80,336

Corporate Actions

Showing: All

Date	Type	Details
2026-07-27	AGM
2026-06-25	Board Meeting	Quarterly Results
2026-03-27	Board Meeting	Audited Results

Insider Trading

Date	Person	Category	Transaction Type	Shares	Value (₹)

No insider trading data available.

Sector Overview

FinanceFinance - Others

Max Financial Services Ltd. operates in the Finance sector under the Finance - Others industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.