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Max Financial Services Ltd.

FinanceFinance - Others

www.maxfinancialservices.com BSE: 500271NSE: MFSL

₹1,224.00BSE2.47%

22 Oct, 4:01 PM

₹1,224.00

₹42.24K Cr

384.40

7.87

1.99%

₹1,255.00

₹1,223.75

₹1,891.35

₹1,223.75

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Price Performance

Peer Comparison

Name
BSE BSE	3,265.00	47.03	1,33,174.15	0.31	872.66	62.15%	1,566.02	63.48%	49.47
Max Financial Services Ltd. MFSL	1,224.00	384.40	42,242.05	0.00	118.29	36.83%	14,969.51	16.75%	4.32
ANANDRATHI ANANDRATHI	2,215.00	80.90	36,778.14	0.29	89.26	-10.65%	343.99	15.68%	64.48
PRUDENT PRUDENT	2,861.00	48.60	11,846.45	0.12	74.76	44.38%	347.63	18.34%	39.05
CENTRUM CAP CENTRUM	18.65		929.73	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

384.40

7.87

145.74

63.49

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	Sep '26
	6.52	3.34	3.34	1.74	1.74	1.71	1.25	1.25	1.25	1.25
	87.34	90.24	90.19	92.05	92.01	92.04	92.49	92.62	92.40	92.32
	6.14	6.43	6.47	6.21	6.25	6.24	6.27	6.12	6.35	6.44
	93.48	96.66	96.66	98.26	98.26	98.29	98.75	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	85,147

Mutual Funds Invested(291)

Based on each fund's latest monthly portfolio · Sep 2026

A total of 205 active funds hold 34.78% in Max Financial Services Ltd., contributing to ₹16.48K Cr of holdings

Fund				As of
HD HDFC Mid Cap Fund - Growth - Direct PlanMid Cap Fund	3,586.53	3.52	2,61,14,231	Sep '26
NI Nippon India Multi Cap Fund - Growth - Direct PlanMulti Cap Fund	810.31	1.51	59,00,000	Sep '26
KO Kotak Mid Cap Fund - Growth - Direct PlanMid Cap Fund	784.91	1.18	57,15,067	Sep '26
NI Nippon India Growth Mid Cap Fund - Growth Option - Direct PlanMid Cap Fund	673.37	1.34	49,02,907	Sep '26
IN Invesco India Midcap Fund - Growth - Direct PlanMid Cap Fund	496.07	3.15	36,12,007	Sep '26
DS DSP Midcap Fund - Growth - Direct PlanMid Cap Fund	482.89	2.48	35,15,987	Sep '26
KO Kotak Flexi Cap Fund - Growth - Direct PlanFlexi Cap Fund	370.82	0.70	27,00,000	Sep '26
HD HDFC Large & Mid Cap Fund - Growth - Direct PlanLarge & Mid Cap	357.36	1.25	26,02,017	Sep '26
DS DSP Large & Mid Cap Fund - Growth - Direct PlanLarge & Mid Cap	341.77	1.98	24,88,531	Sep '26
DS DSP ELSS Tax Saver Fund - Growth - Direct PlanEquity - ELSS - Tax Saver Fund	320.09	2.06	23,30,668	Sep '26

Corporate Actions

Showing: All

Date	Type	Details
2026-09-25	Board Meeting	Quarterly Results
2026-07-27	AGM
2026-06-25	Board Meeting	Quarterly 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.