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NSE Close — 28 Sep 2026
₹1,444.0
Change
-14.0 (-0.96%)
Open
₹1,452.0
Prev. Close
₹1,458.0
Day High
₹1,460.9
Day Low
₹1,432.1
Volume Analysis
Traded
455,773
Delivered
1,481,000
Delivery %
40.94%
End-of-day NSE price via the official Bhavcopy — updated once daily after market close, not a live tick.
Strengths, Weaknesses, Opportunities & Threats
Strengths (0)
No signal for this stock
Weaknesses (4)
- •Low return on equity (1.52%)
- •Promoter holding is falling
- •Below-average fundamentals quality score (35/100)
- •Low operating margin (0.5%)
Opportunities (0)
No signal for this stock
Threats (1)
- •FII holding has been falling
Rule-based signals from the fundamentals below — not investment advice.
Pivot Levels
| Type | R3 | R2 | R1 | Pivot | S1 | S2 | S3 |
|---|---|---|---|---|---|---|---|
| Classic | ₹1,488.04 | ₹1,474.47 | ₹1,459.24 | ₹1,445.67 | ₹1,430.44 | ₹1,416.87 | ₹1,401.64 |
| Fibonacci | ₹1,474.47 | ₹1,463.47 | ₹1,456.67 | ₹1,445.67 | ₹1,434.67 | ₹1,427.87 | ₹1,416.87 |
| Camarilla | ₹1,451.92 | ₹1,449.28 | ₹1,446.64 | ₹1,445.67 | ₹1,441.36 | ₹1,438.72 | ₹1,436.08 |
Support/resistance levels for today, calculated from the previous trading day's high/low/close.
Absolute Returns
YTD
-13.74%
1 Week
-7.97%
1 Month
-7.7%
3 Months
-8.84%
6 Months
-2.26%
1 Year
-6.57%
2Y/3Y/5Y not shown yet — price history tracking only goes back to mid-2025 so far.
Stock Vitals
Computed from the latest available annual financials.
Graham Number
₹91.46
Current price is above the Graham Number — Benjamin Graham's estimate of fair value based on earnings and book value.
DuPont ROE Breakdown
2.44%
Net margin 0.27% × asset turnover 0.24x × equity multiplier 37.66x
Company Overview
Sector
Financial Services
Market Cap
₹50,318 Cr
P/E (TTM)
464.0
ROE
1.52%
Book Value
₹153.0
Face Value
₹2.0
Source: Screener.in (Consolidated figures) — data as of 26 Sep 2026. Not investment advice.
TopFund Analysis
Max Financial Serv Ltd scores weakly on TopFund's composite fundamentals check within the Financial Services sector, at 35/100. The strongest factor is Cash Flow (100/100), while Valuation (0/100) is the weakest area to weigh before deciding. Notably: Low return on equity (1.52%); promoter holding is falling. FII holding has been falling.
TopFund Score — Fundamentals Quality
35/100 — WeakData confidence: 79/100 (Moderate Confidence) — based on how complete and how fresh the underlying data is.
As of 28 Sep 2026 · How we calculate this →
Growth
Valuation
Cash Flow
Corporate Governance
Momentum
Institutional Ownership
Business Quality
Risk & Volatility
Liquidity
From Screener.in
- −Stock is trading at 9.53 times its book value
- −Though the company is reporting repeated profits, it is not paying out dividend
- −The company has delivered a poor sales growth of 8.80% over past five years.
- −Promoter holding is low: 1.25%
Not investment advice — an automated read of public fundamentals data, for research context only.
Corporate Actions
Board meeting on October 27, 2026 to approve Q2 and half-year unaudited results; trading window closes October 1-29.
Niche assigned Max Financial Services an ESG rating of 71; company voluntarily disclosed it.
Crisil assigned Max Financial ESG rating 70 and Core ESG rating 77 on September 11, 2026.
Source: BSE regulatory filings, via Screener.in.
Quarterly Results
Last several quarters
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 9,168 | 10,165 | 12,356 | 14,888 | 11,799 | 13,372 | 8,923 | 12,376 | 12,822 | 9,792 | 14,259 | 10,802 | 14,970 |
| Expenses + | 9,043 | 10,021 | 12,146 | 14,945 | 11,608 | 13,199 | 8,834 | 12,356 | 12,703 | 9,771 | 14,181 | 10,808 | 14,803 |
| Operating Profit | 125 | 144 | 209 | -57 | 190 | 173 | 89 | 20 | 119 | 21 | 78 | -6 | 167 |
| OPM % | 1.4% | 1.4% | 1.7% | -0.4% | 1.6% | 1.3% | 1.0% | 0.2% | 0.9% | 0.2% | 0.6% | -0.1% | 1.1% |
| Other Income + | 3 | 25 | 4 | 10 | 1 | 2 | 3 | 18 | 3 | 7 | 9 | 5 | 7 |
| Interest | 9 | 9 | 14 | 11 | 9 | 13 | 10 | 15 | 20 | 21 | 36 | 35 | 36 |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0 | 0 |
| Profit before tax | 118 | 158 | 198 | -59 | 182 | 162 | 81 | 22 | 101 | 6 | 50 | -36 | 138 |
| Tax % | 14.0% | -8.0% | 14.0% | -15.0% | 14.0% | 14.0% | 14.0% | -73.0% | 14.0% | 6.0% | 11.0% | -13.0% | 14.0% |
| Net Profit + | 101 | 170 | 171 | -50 | 156 | 139 | 70 | 38 | 86 | 6 | 45 | -32 | 118 |
| EPS in Rs | 3 | 4 | 4 | -1 | 4 | 3 | 2 | 1 | 2 | 0 | 1 | -1 | 3 |
| Raw PDF | — | — | — | — | — | — | — | — | — | — | — | — | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Profit & Loss (Yearly)
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 14,907 | 11,710 | 15,247 | 16,338 | 19,510 | 18,240 | 31,275 | 31,182 | 31,415 | 46,576 | 46,469 | 47,674 | 49,822 |
| Expenses + | 14,188 | 11,179 | 14,476 | 15,807 | 19,003 | 17,788 | 30,689 | 30,769 | 30,862 | 46,150 | 45,994 | 47,462 | 49,562 |
| Operating Profit | 718 | 531 | 771 | 531 | 507 | 452 | 585 | 413 | 554 | 426 | 476 | 212 | 260 |
| OPM % | 4.8% | 4.5% | 5.0% | 3.2% | 2.6% | 2.5% | 1.9% | 1.3% | 1.8% | 0.9% | 1.0% | 0.4% | 0.5% |
| Other Income + | 30 | 2 | 2 | 1 | 3 | 2 | 13 | 6 | 16 | 36 | 21 | 23 | 28 |
| Interest | 82 | 8 | 9 | 0 | 27 | 0 | 0 | 25 | 37 | 44 | 47 | 112 | 128 |
| Depreciation | 154 | 60 | 63 | 2 | 2 | 11 | 5 | 5 | 5 | 3 | 3 | 2 | 2 |
| Profit before tax | 512 | 465 | 702 | 530 | 481 | 442 | 593 | 389 | 527 | 415 | 447 | 121 | 158 |
| Tax % | 29.0% | 15.0% | 15.0% | 17.0% | 13.0% | 38.0% | 6.0% | 18.0% | 14.0% | 5.0% | 10.0% | 13.0% | — |
| Net Profit + | 365 | 393 | 593 | 442 | 416 | 273 | 560 | 318 | 452 | 393 | 403 | 106 | 137 |
| EPS in Rs | 10 | 9 | 15 | 11 | 10 | 5 | 12 | 7 | 11 | 10 | 9 | 2 | 3 |
| Dividend Payout % | 48.0% | 38.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
Source: Screener.in — figures in ₹ Crores unless marked %.
Balance Sheet
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Reserves | 3,249 | 1,912 | 2,281 | 1,766 | 2,005 | 2,093 | 3,274 | 3,866 | 3,450 | 3,797 | 5,206 | 5,213 |
| Borrowings + | 543 | 0 | 0 | 0 | 0 | 3 | 3 | 522 | 523 | 523 | 1,026 | 1,859 |
| Other Liabilities + | 31,658 | 36,181 | 44,405 | 54,022 | 65,097 | 72,377 | 94,710 | 113,291 | 127,783 | 158,383 | 183,879 | 191,795 |
| Total Liabilities | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 162,771 | 190,180 | 198,936 |
| Fixed Assets + | 1,200 | 349 | 740 | 556 | 556 | 641 | 639 | 616 | 614 | 612 | 610 | 607 |
| CWIP | 39 | 37 | 3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | 32,015 | 36,102 | 44,059 | 52,683 | 63,245 | 68,566 | 91,766 | 109,794 | 123,355 | 152,959 | 179,841 | 186,014 |
| Other Assets + | 2,249 | 1,660 | 1,938 | 2,602 | 3,356 | 5,320 | 5,652 | 7,337 | 7,854 | 9,201 | 9,729 | 12,314 |
| Total Assets | 35,503 | 38,147 | 46,739 | 55,842 | 67,156 | 74,526 | 98,057 | 117,747 | 131,824 | 162,771 | 190,180 | 198,936 |
| Equity Capital | 53 | 53 | 53 | 54 | 54 | 54 | 69 | 69 | 69 | 69 | 69 | 69 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Cash Flow
| 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 |
| CFO/OP | 375 | 730 | 860 | 1,435 | 1,754 | 1,219 | 1,202 | 2,076 | 1,809 | 1,436 | 1,757 | 5,438 |
| 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 |
Source: Screener.in — figures in ₹ Crores unless marked %.
Shareholding Pattern
Quarter-by-quarter — Promoters, FII, DII & public holding trend
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Public | 6.85% | 5.69% | 5.84% | 6.14% | 6.42% | 6.47% | 6.21% | 6.25% | 6.24% | 6.26% | 6.11% | 6.35% |
| Promoters | 6.52% | 6.52% | 6.52% | 6.52% | 3.34% | 3.34% | 1.74% | 1.74% | 1.71% | 1.25% | 1.25% | 1.25% |
| FII | 51.54% | 50.89% | 47.7% | 46.6% | 46.23% | 47.5% | 44.75% | 44.71% | 44.78% | 45.13% | 47.88% | 48.06% |
| DII | 35.09% | 36.89% | 39.92% | 40.74% | 43.99% | 42.69% | 47.29% | 47.29% | 47.26% | 47.35% | 44.74% | 44.34% |
Source: Screener.in — quarterly shareholding disclosures.
Peers Comparison
Financial Services — ranked by market cap
| Company | Market Cap (Cr) | P/E | P/B | ROE |
|---|---|---|---|---|
| Max Financial Serv Ltd (this stock) | 50,318 | 464.0 | 9.53 | 1.52% |
| Sundaram Finance Ltd | 50,086 | 22.0 | 3.36 | 15.0% |
| Piramal Finance Limited | 50,703 | 113.0 | 1.73 | 0.86% |
| Authum Invest & Infra Ltd | 47,692 | 22.8 | 3.25 | 12.8% |
| Pb Fintech Limited | 53,957 | 72.1 | 7.38 | 9.75% |
| M&m Fin. Services Ltd | 46,294 | 13.8 | 1.73 | 12.3% |
| Hdb Financial Services L | 55,061 | 25.3 | — | 14.7% |
Which Mutual Funds Hold Max Financial Serv Ltd?
Frequently Asked Questions about Max Financial Serv Ltd
Max Financial Serv Ltd (MFSL) closed at ₹1,444.0 on NSE on 28 September 2026, down 14.0 (0.96%) from the previous close.
Max Financial Serv Ltd trades on the NSE (National Stock Exchange of India) under the symbol MFSL.
Max Financial Serv Ltd has a trailing twelve-month P/E (price-to-earnings) ratio of 464.0.
Max Financial Serv Ltd has a dividend yield of 0.0%.
Max Financial Serv Ltd's 52-week high is ₹1,892.0 and its 52-week low is ₹1,360.0.
Max Financial Serv Ltd has a market capitalisation of ₹50,318 crore.
Max Financial Serv Ltd has a TopFund Quality Score of 35/100 (Weak), a composite of profitability, balance-sheet health, growth and valuation. This is an analytical score based on public data, not personalized investment advice — see the full breakdown below before deciding.
Community Sentiment
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