Max Financial Services Ltd
MFSLMax Financial Services Ltd's price has outrun its earnings. −0.1% in a year against EPS −74.4% — the market is paying now for delivery later.
The sharpest disagreement: the price moved −0.1% in a year while annual EPS moved −74.4% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (65 weeks in) while the P/BV sits at the 79th percentile of its own 10-year range. Underneath, the last four quarters read deteriorating — profit −184.2% year on year, with the the net margin at −0.3%. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Max Financial Services Ltd trades at ₹1,538, in a confirmed uptrend and 65 weeks into that stage. That is −4.3% against its own 200-day average. It sits at 6% of a 52-week range of ₹1,518 to ₹1,849. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (3 weeks and counting).
Today the stock is in a confirmed uptrend — week 65 of stage 2. At ₹1,538 it trades −4.3% versus its 200-day average and sits at 6% of its 52-week range (₹1,518–₹1,849).
Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +370% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (3 weeks and counting; last ahead the week of 2026-07-01) — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/BV sits at the 79th percentile of its own range.
Valuation For a bank we price the book, not the earnings: P/BV is what the market pays for each ₹1 of the bank's net worth. A bank below 1× book is priced below the value of what it owns, net of what it owes.
Max Financial Services Ltd trades at 9.9× P/BV, at the pricey end of its own range (79th percentile). Its long-run median P/BV is 7.5×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/BV of 9.9× is at the pricey end of its own range (79th percentile), against a long-run median of 7.5× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
The honest context for that discount: a bank earning about 2% on its equity is worth less per rupee of book, and the market has priced that in rather than overlooked it. The discount closes only if the returns themselves improve.
🚨 Why the multiple sits where it does: over the past year book value grew while the price moved −0.1% — the price ran ahead of the book, pushing the multiple up its own range.
The price move, decomposed: over 5y, of the +7.6%/yr price move, ~+13.8%/yr came from book-value growth and ~−6.2 pp from the multiple (compressing); over 10y, of the +11.6%/yr price move, ~+2.2%/yr came from book-value growth and ~+9.4 pp from the multiple (expanding). The split is the honest approximate (price return minus book-value growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the book-value line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Deteriorating Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Max Financial Services Ltd reads as deteriorating on its fundamental arc. Deteriorating — revenue and profit growth are shrinking (revenue growth −12.7% latest (single-quarter readings) against +49.9% at its 12-quarter best), ROE slipping at 1.6%. The read is built from 11 quarters across 3 curves, on partial evidence.
🚨 Why it matters: falling curves mean every cheap-looking ratio below needs a discount for direction.
One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +2.6% | +14.9% | +8.8% | +15.1% |
| Profit | −73.7% | −38.3% | −28.3% | −12.3% |
| EPS | −74.4% | −39.5% | −27.7% | −12.7% |
| Share price | −0.1% | +23.1% | +7.6% | +11.6% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
29.6/100 — rank 16 of 18 in Finance - Holding Company · 78% evidence confidence
Max Financial Services Ltd scores 29.6 out of 100 against the 18 companies it is compared with in Finance - Holding Company, ranking 16. Price leads the evidence: RS versus the benchmark is -6.6%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
The four contributions add to the total exactly: 9.6 + 6.6 + 0.4 + 13 = 29.6. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if ROA rolls over or gross NPA rises while sector-relative strength deteriorates.
Revenue For a bank, revenue is everything the franchise earns — interest on the loan book plus fee and other income.
Max Financial Services Ltd reported ₹10,802 Cr of income in the Mar 26 quarter, −12.7% year on year. Over 10 years it has compounded at 15.1% a year. The last full year, FY26, came in at ₹47,674 Cr. The last four reported quarters add to ₹47,675 Cr.
Max Financial Services Ltd reported ₹10,802 Cr of income in the Mar 26 quarter, −12.7% year on year. Over 10 years it has compounded at 15.1% a year. The last full year, FY26, came in at ₹47,674 Cr. The last four reported quarters add to ₹47,675 Cr.
FY26 revenue came in at ₹47,674 Cr (+2.6% on the year), capping 10 years at 15.1% compound. The latest quarter (Mar 26) printed ₹10,802 Cr, −12.7% year on year.
Pace check: the last four quarters averaged +7.2% growth against the decade's 15.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +2.6% over the last 4 quarters against +1.2%/yr over the last 8 — stabilising; TTM profit −73.9% vs −48.2%/yr — rolling over.
→ Revenue slipped — did the net margin hold as it scaled? Next: −0.3% this quarter (−0.6 pp YoY).
Net margin Net margin — what the bank keeps of every ₹100 of revenue after every cost, provision and tax. It is the cleanest single margin we can read for a lender.
Max Financial Services Ltd's net margin is −0.3% in the Mar 26 quarter, −0.6 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 0.2% to 3.9%. The current quarter is running below every full year in that window.
Max Financial Services Ltd's net margin is −0.3% in the Mar 26 quarter, −0.6 percentage points against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 0.2% to 3.9%. The current quarter is running below every full year in that window.
The latest quarter's net margin is −0.3%, −0.6 pp against the same quarter a year ago. Across 13 fiscal years the net margin has ranged 0.2%–3.9%.
Why: the numbers show the net margin move clearly, but the cost lines behind it sit below what we hold — so we state the move without inventing its driver.
→ The net margin slipped — did that reach the bottom line? Next: profit −184.2% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Max Financial Services Ltd posted a net loss of ₹32.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹106 Cr. The 10-year compound rate is −12.3%. That loss is 0.3% of the quarter's revenue. The same quarter a year earlier earned ₹38.0 Cr. 2 of the last 12 reported quarters were loss-making.
Max Financial Services Ltd posted a net loss of ₹32.0 Cr in the Mar 26 quarter. Full-year FY26 profit was ₹106 Cr. The 10-year compound rate is −12.3%. That loss is 0.3% of the quarter's revenue. The same quarter a year earlier earned ₹38.0 Cr. 2 of the last 12 reported quarters were loss-making.
Mar 26 profit was ₹−32.0 Cr, −184.2% year on year. On the full year, FY26 printed ₹106 Cr (−73.7%), and the 10-year compound rate is −12.3%.
🚨 Why profit moved: revenue contributed −12.7% and the margin −0.6 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit −90.1% vs revenue +7.2%. Profit is growing slower than sales — costs are eating the growth before it reaches the bottom line.
→ Profit is up — how clean is the loan book behind it? Next: we hold no quarterly loan-book numbers — the section says so plainly.
Asset quality — the ladder Gross NPA is the slice of the loan book where repayments have stopped. Net NPA is what remains after the money already set aside against those loans. Falling is healing; rising is damage arriving.
Loan-book quality history is not available for Max Financial Services Ltd, so this section names the gap rather than estimating a ratio. No gross or net non-performing-asset series is filed in a form this page can read, and none is inferred from the profit line. The income, margin and return sections above carry the evidence this business does report.
We do not hold quarterly loan-book quality numbers for this bank, so this section states that plainly rather than working around it.
Why: loan-book quality is the engine room of a bank, and its drivers — slippages, recoveries, provisioning — sit below what we hold for this name; the sections around it carry the reads we can stand behind.
→ Behind the profits — is the book itself still growing? Next: revenue grew +2.6% in FY26.
The loan book We read the loan book through revenue — when the book grows, revenue grows with it. It is a rough proxy, and we say so: rate moves and fee swings can shift it a few points in any one year.
Max Financial Services Ltd's revenue grew +2.6% in FY26 to ₹47,674 Cr, so the book is growing. The latest quarter ran −12.7% year on year. The net margin on that income is −0.3%, −0.6 percentage points against a year ago. Interest income is a proxy for the book; rate moves can shift it a few points in any one year.
FY26 revenue was ₹47,674 Cr, +2.6% on the year, and the latest quarter ran −12.7% year on year. The net margin on that revenue is −0.3% this quarter (−0.6 pp YoY) — growth with a narrowing margin on it.
The synthesis: a lender compounds when the book grows while the margin holds and the loan book stays clean — gross NPA is the loan-quality read we carry here.
→ Does all of this actually earn its keep on equity? Next: ROE is 2%.
Returns on equity and assets Two numbers usually rate a lender: ROE — what it earns on shareholder money — and ROA — what it earns on everything it deploys.
A clean annual return-on-equity ladder is not held for Max Financial Services Ltd. For an insurer especially the standard bank ratios are not the right lens, so this page does not force them onto the filings rather than estimating a series it cannot support. The revenue, margin and ownership sections above and below are the reads this page stands behind.
We do not hold a clean annual return-on-equity series for Max Financial Services Ltd — for an insurer especially, the standard bank ratios are not the right lens, so this page does not force them. The revenue, margin and ownership sections above and below are the reads we stand behind.
→ Who owns Max Financial Services Ltd, and are they adding or leaving? Next: Promoters cut 5.3 points over 8 quarters.
Debt
For a bank, borrowings are raw material, not a warning sign — solvency is read through the returns and the loan book. A manufacturer’s debt is a claim against its profits, so the debt-to-equity lens that works everywhere else misleads on a lender and is not applied here.
A manufacturer’s debt is a claim against its profits; a bank’s borrowings are its inventory — money taken in to be lent out. The debt lens that works everywhere else misleads here, so this page does not apply it. The solvency questions for a bank — is the loan book sound, is the equity earning — are read through the loan-book and returns sections above.
→ Who owns this, and are they adding or leaving? Next: Promoters cut 5.3 points over 8 quarters.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
Promoters cut 5.3 points of Max Financial Services Ltd over 8 quarters, the biggest move on the register. That takes promoters to 1.3% of the company. Domestic institutions moved +3.6 points over the same window, to 44.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Promoters: −5.3 points over 8 quarters to 1.3%; Domestic institutions: +3.6 points over 8 quarters to 44.3%; Foreign institutions: +1.5 points over 8 quarters to 48.1%. Note the structure: promoters hold under 20% — this is a widely-held company where institutions, not a family, set the direction.
🚨 Why the register moved: promoters drove it (−5.3 points), absorbed on the other side by domestic institutions (+3.6 points) — distribution into the market’s bid.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Max Financial Services Ltd: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre. The Z-score was built for manufacturers and is not applied to banks and lenders, so solvency here is read from the capital and asset-quality lines instead.
The safety line in one sentence: the Z-score is omitted — it was built for manufacturers, not banks, and applying it here would be theatre.
| Company | P/BV | Mkt cap | Revenue | EPS | ROE | Stage |
|---|---|---|---|---|---|---|
| Max Financial Services Ltd this page | 9.9× | ₹52,302 Cr | — | Deteriorating | ||
| Bajaj Finserv Ltd | 3.9× | ₹3L Cr | — | Mixed | ||
| Bajaj Holdings & Investment Ltd | 1.6× | ₹1.2L Cr | — | No read | ||
| Godrej Industries Ltd | 4.0× | ₹44,875 Cr | — | Improving | ||
| Tata Investment Corporation Ltd | 1.1× | ₹31,913 Cr | — | No read | ||
| TVS Holdings Ltd | 4.6× | ₹29,606 Cr | — | Mixed | ||
| Cholamandalam Financial Holdings Ltd | 1.8× | ₹28,480 Cr | Consistent | |||
| Maharashtra Scooters Ltd | 0.5× | ₹14,482 Cr | — | Mixed | ||
| JSW Holdings Ltd | 0.4× | ₹12,060 Cr | — | Improving | ||
| Kama Holdings Ltd | 1.0× | ₹8,155 Cr | — | Mixed | ||
| Kama Holdings Ltd | 1.0× | ₹8,112 Cr | — | Mixed | ||
| Pilani Investment & Industries Corporation Ltd | 0.3× | ₹4,774 Cr | — | Deteriorating | ||
| Rane Holdings Ltd | 2.1× | ₹2,482 Cr | — | Turning around | ||
| Kalyani Investment Company Ltd | 0.2× | ₹2,315 Cr | — | Mixed | ||
| Alembic Ltd | 0.9× | ₹2,258 Cr | — | No read | ||
| Elcid Investments Ltd | 0.3× | ₹2,190 Cr | — | No read | ||
| Vardhman Holdings Ltd | 0.3× | ₹1,118 Cr | — | Deteriorating | ||
| Jindal Poly Investment & Finance Company Ltd | 0.7× | ₹1,082 Cr | — | Mixed | ||
| Max India Ltd | 2.3× | ₹958 Cr | — | No read |
Frequently asked questions
What is Max Financial Services Ltd's share price today?
Max Financial Services Ltd trades at ₹1,538, −0.1% over the past year. The company is valued at ₹52,302 Cr. The stock sits at 6% of its 52-week range of ₹1,518–₹1,849, −4.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 65 weeks in. — as of 24 July 2026.
What were Max Financial Services Ltd's latest quarterly results?
Max Financial Services Ltd reported total income of ₹10,802 Cr and a net loss of ₹32.0 Cr for the Mar 26 quarter. Income fell 12.7% and profit fell 184.2% year on year. Earnings per share were ₹−0.76. The net margin was −0.3%, 0.6 pp lower than a year earlier. — as of 24 July 2026.
What is Max Financial Services Ltd's revenue?
Max Financial Services Ltd reported revenue of ₹10,802 Cr in the Mar 26 quarter, −12.7% year on year. For the full FY26 fiscal year, revenue was ₹47,674 Cr (+2.6%). Over the last 10 years revenue compounded at 15.1% a year. — as of 24 July 2026.
What is Max Financial Services Ltd's profit?
Max Financial Services Ltd earned ₹−32.0 Cr of net profit in the Mar 26 quarter, −184.2% year on year. Full-year FY26 profit was ₹106 Cr. The net margin ran −0.3% in the latest quarter. — as of 24 July 2026.
What is Max Financial Services Ltd's market cap?
Max Financial Services Ltd's market capitalisation is ₹52,302 Cr at a share price of ₹1,538. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.
What is Max Financial Services Ltd's P/BV ratio?
Max Financial Services Ltd trades at a P/BV of 9.9×, at the 79th percentile of its own 10-year range, against a long-run median of 7.5×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.
Does Max Financial Services Ltd pay a dividend?
Not in its latest year — Max Financial Services Ltd's dividend payout was 0% of profit in FY26. It did record a payout in 3 of its last 13 reported fiscal years, so there is a history but no current dividend. — as of 24 July 2026.
Is Max Financial Services Ltd overvalued?
On its own history, Max Financial Services Ltd looks expensive against its own history: its P/BV of 9.9× sits at the 79th percentile of its 10-year range (long-run median 7.5×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.
Is Max Financial Services Ltd growing?
Not right now — Max Financial Services Ltd's latest numbers are shrinking: latest-quarter revenue −12.7% year on year, profit −184.2%, and the the net margin −0.6 pp at −0.3%. The 10-year compound rates are 15.1% (revenue) and −12.3% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.
How is Max Financial Services Ltd performing?
Max Financial Services Ltd is in a confirmed uptrend, 65 weeks in. Its latest quarter's income fell 12.7% and profit fell 184.2% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 3 weeks. This describes what the data did, not a rating. — as of 24 July 2026.
What stage is Max Financial Services Ltd in?
Deteriorating — revenue and profit growth are shrinking (revenue growth −12.7% latest (single-quarter readings) against +49.9% at its 12-quarter best), ROE slipping at 1.6%. The read comes from the last 12 quarters of growth (revenue growth −12.7% latest, profit growth −184.2% latest) plus the ROE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.
Is Max Financial Services Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 65 of stage 2), trading −4.3% versus its 200-day average and at 6% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.
Is Max Financial Services Ltd beating the market?
Not lately — on a trailing-13-week view Max Financial Services Ltd is currently behind the NIFTY 500 (3 weeks and counting; last ahead the week of 2026-07-01), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +370% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.
Will Max Financial Services Ltd's share price go up?
This page publishes no price forecast for Max Financial Services Ltd. What it measures instead: the share price is ₹1,538, the price is in a confirmed uptrend 65 weeks in. Its P/BV of 9.9× sits at the 79th percentile of its own 10-year range. — as of 24 July 2026.
Who owns Max Financial Services Ltd?
Promoters hold 1.3% of Max Financial Services Ltd, foreign institutions 48.1%, domestic institutions 44.3% and the public 6.3% (latest quarter). The biggest move on the register over the last two years: Promoters cut 5.3 points over 8 quarters. — as of 24 July 2026.
Is Max Financial Services Ltd's loan book healthy?
We do not hold quarterly loan-book quality numbers for Max Financial Services Ltd, so this page says that plainly. The cleanest available reads are revenue growth (+2.6% in FY26) and the net margin on it (−0.3%) — as of 24 July 2026.
Where is Max Financial Services Ltd in its business cycle?
Max Financial Services Ltd's FY26 net margin was 0.2%, against a 13-year band of 0.2%–3.9%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran −0.3%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.
What could break the Max Financial Services Ltd story?
The sharpest disagreement: the price moved −0.1% in a year while annual EPS moved −74.4% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.
Is Max Financial Services Ltd a stock worth studying right now?
This is not investment advice. The machine read: Max Financial Services Ltd's price has outrun its earnings. −0.1% in a year against EPS −74.4% — the market is paying now for delivery later. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.