Max Financial Services Ltd

₹1,446.1▼ -0.34%28 Sept

📊 Stock Analysis

Market Data

Market Cap₹49,907.05 Cr.

52W High₹1,891.35

Current Price₹1,446.1

52W Low₹1,360

Down from 52W High23.5 %

Face Value₹2

Performance

ROCE3.98 %

ROE2.08 %

EPS (TTM)₹2.78

EPS Prev Qtr₹-0.77

EPS Last Year₹0.12

EBITDA Qtr₹130.82 Cr.

Book Value₹153

Financial Health

Debt/Equity0.35

Debt/Profit13.53

Total Assets₹1,98,935.55 Cr.

Promoter Holding1.25 %

Earning Power0.09 %

Valuation

Stock P/E451.91

Industry P/E18.22

Price to Book9.45

Price to Sales1

Graham Number₹104.97

Key Metrics

__derived

Face Value

₹2

About Max Financial Services Ltd

Financial Services · Finance

Max Financial Services Ltd is listed on NSE in the Financial Services / Finance sector. Face value ₹2. Market cap ₹49,907.05 Cr.

Price Chart

Strengths & Weaknesses

Strengths

Debt to Equity ratio of 0.35 indicates a relatively low leverage position.
Promoter holding at 1.25% suggests a professionally-managed structure.

Weaknesses

P/E ratio of 462.03 indicates the stock is significantly overvalued relative to earnings.
P/B ratio of 9.66 suggests the market values the company at a premium compared to its book value.
ROCE of 3.98% and ROE of 2.6% show weak returns on capital employed and equity invested.
Net Profit of ₹137.4 Cr is very low compared to Revenue of ₹49821.97 Cr, indicating thin profitability.

Peer Comparison

Name	CMP	P/E	Market Cap	Div Yield	NP Qtr	Qtr Profit Var%	Sales Qtr	Qtr Sales Var%	ROCE%	Debt/Eq
Bajaj Finance Ltd	-	30.16	₹6,13,256.5 Cr	0.61%	₹20,647.67 Cr	-	₹85,963.63 Cr	-	10.43%	3.82
Bajaj Finserv Ltd	-	27.52	₹2,80,096.25 Cr	0.09%	₹20,636.97 Cr	-	₹1,57,641.68 Cr	-	11.43%	5.5
Shriram Finance Ltd	-	17.28	₹2,30,350.39 Cr	1.1%	₹11,295.71 Cr	-	₹49,997.06 Cr	-	11.48%	3.8
ICICI Prudential Asset Management Co Ltd	-	31.77	₹1,58,506.24 Cr	-	₹3,485.73 Cr	-	₹6,040.44 Cr	-	111.52%	0
Jio Financial Services Ltd	-	68.4	₹1,45,434.19 Cr	0.27%	₹2,066.49 Cr	-	₹4,905.27 Cr	-	2.33%	0.17
Cholamandalam Investment & Finance Company Ltd	-	24.17	₹1,39,794.37 Cr	0.12%	₹5,751 Cr	-	₹32,662.59 Cr	-	9.35%	6.93
Tata Capital Ltd	-	25.45	₹1,39,274.15 Cr	0.17%	₹5,478.16 Cr	-	₹32,695.45 Cr	-	8.42%	5.28
Bajaj Holdings & Investment Ltd	-	13.63	₹1,20,749.01 Cr	1.8%	₹8,993.16 Cr	-	₹1,139.25 Cr	-	12.4%	0
Muthoot Finance Ltd	-	9.76	₹1,11,046.18 Cr	1.08%	₹11,457.46 Cr	-	₹33,430.7 Cr	-	14.43%	3.88
Power Finance Corporation Ltd	-	4.18	₹1,08,952.86 Cr	5.62%	₹33,641.82 Cr	-	₹1,15,431.43 Cr	-	9.81%	7.62
SBI Funds Management Ltd	-	-	₹1,06,475.16 Cr	-	-	-	-	-	-	0
Aditya Birla Capital Ltd	-	25.05	₹1,04,186.93 Cr	-	₹4,118.85 Cr	-	₹48,185.84 Cr	-	8.39%	5.2
Indian Railway Finance Corporation Ltd	-	14.28	₹1,02,653.11 Cr	1.34%	₹7,190.69 Cr	-	₹28,630.42 Cr	-	5.78%	7.69
HDFC Asset Management Company Ltd	-	26.91	₹98,766 Cr	2.34%	₹2,947.64 Cr	-	₹4,253.73 Cr	-	41.46%	0
REC Ltd	-	4.99	₹79,918.35 Cr	6.11%	₹16,035.21 Cr	-	₹59,202.49 Cr	-	9.42%	6.09
L&T Finance Ltd	-	22.07	₹70,266.92 Cr	0.98%	₹3,198.02 Cr	-	₹18,897.97 Cr	-	8.23%	3.93
Nippon Life India Asset Management Ltd	-	42.74	₹70,191.49 Cr	1.96%	₹1,635.54 Cr	-	₹2,869 Cr	-	45.49%	0
Bajaj Housing Finance Ltd	-	25.54	₹68,733.43 Cr	-	₹2,692.32 Cr	-	₹11,604.2 Cr	-	8.35%	4.6
SBI Cards & Payment Services Ltd	-	24.73	₹56,249.93 Cr	0.42%	₹2,275.15 Cr	-	₹20,063.29 Cr	-	10.14%	2.8
HDB Financial Services Ltd	-	23.24	₹52,882.54 Cr	0.16%	₹2,175.9 Cr	-	₹16,300.3 Cr	-	9.03%	5.52

Quarterly Results

📊 Jun 2026: Revenue grew 16.8% YoY, Profit grew 36.8% YoY

	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales	12,821.65	9,791.59	14,258.93	10,801.94	14,969.51
↳ QoQ Growth	-	-23.6%	+45.6%	-24.2%	+38.6%
Expenses	12,703.74	9,771.2	14,181.44	10,843.55	14,838.69
Operating Profit	117.91	20.39	77.49	-41.61	130.82
OPM %	0.92%	0.21%	0.54%	-0.39%	0.87%
Other Income	3.25	7.03	8.5	3.54	7.1
Interest	19.68	21.12	35.93	35.13	35.53
Depreciation	0.68	0.62	0.52	0.49	0.5
EBITDA	118.59	21.01	78.01	-41.12	131.32
EBITDA Margin %	0.92%	0.21%	0.55%	-0.38%	0.88%
Profit Before Tax	101.48	6.3	50.06	-38.07	137.92
Tax %	14.29%	6.19%	10.61%	12.79%	14.23%
Net Profit	86.45	5.87	44.76	-31.52	118.29
↳ QoQ Growth	-	-93.2%	+662.5%	-170.4%	+475.3%
EPS	2.03	0.12	1.07	-0.77	2.78

Profit & Loss

	Mar 2026	TTM
Sales	47674.11	49821.97
Expenses	47499.93	49634.88
Operating Profit	174.18	187.09
OPM %	0.37%	0.38%
Other Income	22.32	26.17
Interest	111.86	127.71
Depreciation	2.31	2.13
Profit Before Tax	119.77	156.21
Tax %	12.8%	13.1%
Net Profit	105.56	137.4
EPS	2.45	3.2

Compounded Sales Growth

10Y

TTM

Compounded Profit Growth

10Y

TTM

Stock Price CAGR

10Y

-7.34%

Return on Equity

10Y

Last Year

2.6%

Balance Sheet

	Mar 2025	Mar 2026
Equity Capital	68.69	68.6598
Reserves	5205.83	5213.1265
Borrowings	1026.33	1858.4
Other Liabilities	183878.8	191795.36
Total Liabilities	190179.64	198935.55
Fixed Assets	84.7	526.4536
CWIP	0	0
Investments	9135.32	186094.8
Other Assets	180959.63	12314.31
Total Assets	190179.64	198935.55

Cash Flows

	Mar 2026
Cash from Operating Activity	11472.695
Cash from Investing Activity	-11124.611
Cash from Financing Activity	566.6818
Net Cash Flow	914.7662

Ratios

	Mar 2026
Debtor Days	-
Inventory Days	-
Days Payable	-
Cash Conversion Cycle	-
Working Capital Days	1508.85
ROCE %	0.09%

Shareholding Pattern

	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters %	1.71%	1.25%	1.25%	1.25%
FIIs %	44.78%	45.14%	47.88%	48.06%
DIIs %	47.26%	47.35%	44.74%	44.34%
Public %	4.56%	4.53%	4.46%	4.65%
No. of Shareholders	76,239	75,636	77,069	80,336