Max Financial Services share price today

Max Financial Services Ltd's share price was ₹1,244.30 at the close on 4 November 2026. It has been falling for 13 weeks. That is 18.0% below its average price over the last 200 trading days. In the last 52 weeks it traded between ₹1,203 and ₹1,858, and at that close it sat 6% of the way up from that low.

A share price tends to move through four phases: moving sideways (stage 1), rising (stage 2), stalling near a high (stage 3) and falling (stage 4). Today Max Financial Services Ltd is in stage 4. The phase helps read everything below.

Over the past 13 weeks it has done worse than the NIFTY 500, and it has been behind for 19 weeks running.

Over the last 11 years the share price moved +280% while the NIFTY 500 moved +257%, so it is ahead of the index over that whole period. It was last ahead over 13 weeks in the week of 1 July 2026. The chart above shows the 13-week comparison for every week.

This page treats a rise as over when the price closes below its 200-day average on two Fridays in a row.

Two changes stood out: foreign funds (FIIs) raised their stake for 5 quarters in a row and indian funds and insurers (DIIs) cut their stake for 3 quarters in a row.

1. Foreign funds (FIIs) raised their stake for 5 quarters in a row

   From 44.7% to 48.6% of the company by the September 2026 quarter.

2. Indian funds and insurers (DIIs) cut their stake for 3 quarters in a row

   From 47.4% to 43.7% of the company by the September 2026 quarter.

For July to September 2026 (the quarter ended 30 September 2026), Max Financial Services reported total income of ₹11,601 crore, up 18.5% from ₹9,792 crore a year earlier, and a profit of ₹100 crore, up 1,566.7% from ₹6.00 crore.

Max Financial Services results: July to September 2026 against a year earlier

The next results, for October to December 2026, are due by 14 February 2027: listed companies must publish quarterly results within 45 days of the quarter's end (60 days for the January to March quarter).

Max Financial Services' management discussed these results on a call held on 28 October 2026; what it said is further down this page.

From the company's reported quarterly results (quarter ended 30 September 2026). Income and profit in ₹ crore.

Max Financial Services closed at ₹1,244.30 on 4 November 2026, down 23.1% from ₹1,618.10 a year earlier (7 November 2025) and up 27.0% over five years. Its highest weekly close since February 2016 was ₹1,849.30 on 20 February 2026.

Max Financial Services share price: then and now

Weekly closing prices. Each change is the move from that price to the 4 Nov 2026 close. A day's intraday high or low can go beyond these weekly closes.

564 weekly closes from 26 February 2016 to 4 November 2026.

4 Nov 2026: Max Financial Services closed at ₹1,244.30, up 3.4% on the week and down 10.2% on the month. 28 Oct 2026: Max Financial Services held its results call for July to September 2026. Management guided: FY27 VNB margin 25-26% with confidence now closer to top end.

Earlier

• Results for July to September 2026: Total income up 18.5% and profit up 1,566.7% on a year earlier.

Max Financial Services has paid no dividend on the NSE since 1 April 2021, the start of the period we checked.

Not in its latest year. Max Financial Services Ltd paid out 0% of its profit as dividends in FY26. It did pay a dividend in 3 of its last 13 reported years, so there is a history but no current dividend.

From the NSE corporate-actions record, read 5 November 2026.

On the call for July to September 2026, held on 28 October 2026, Max Financial Services' management guided: FY27 VNB margin 25-26% with confidence now closer to top end.

“We are confident that, as with previous industry transitions, we will adapt successfully to these reforms and emerge much stronger.”Sumit Madan, on the call for July to September 2026

What management guided

• H2 APE growth to accelerate versus H1 on kinder base plus transition opportunity.
• Seasonal margin expansion in Q3-Q4 on operating leverage despite protection moderation.
• FY27 total expense to premium to stay near prior-year level despite GST absorption with core opex growth in high single to low double digits.
• EOM journey to 15% then 12.5% via commission realignment to renewal plus efficiency with around 7% optimization over two years.

Management’s own plans and goals, from our notes of the call. A plan is not a result.

Source: the call transcript.

From the call for July to September 2026, 28 October 2026.

When Max Financial Services reports October to December 2026, these are the 4 checks that show whether the story is still on course. First: H2 APE acceleration versus H1 pace on kinder base plus transition benefit - check Q3 print for uptick.

Max Financial Services is on 2 of our India lists: 52 week high & low and Small & mid cap stocks.

Max Financial Services Ltd earned ₹100 Cr of net profit in the Sep 2026 quarter, +1,566.7% on the same quarter a year earlier. That is the 2nd quarter in a row of profit growth. Full-year FY26 profit was ₹106 Cr. Over 10 years profit has grown −12.3% a year on average. That is 0.9% of the quarter's revenue.

Net profit is what is left after every cost, interest and tax. Earnings per share, dividends and book value all grow from it.

The same quarter a year earlier earned ₹6.0 Cr. 2 of the last 12 reported quarters were loss-making.

For the full year, FY26 profit was ₹106 Cr (−73.7% on the year before).

Why profit moved: revenue changed +18.5% on a year earlier and the margin moved +0.8 percentage points. Sales did the work, and the margin was about flat.

On average over the last four quarters, profit changed +346.0% and revenue +20.6%. Profit is growing faster than sales: fixed costs are spread over more sales, so each extra rupee of revenue adds more to profit.

Max Financial Services Ltd reported ₹11,601 Cr of income in the Sep 2026 quarter, +18.5% on the same quarter a year earlier. That is the 2nd quarter in a row with growth on the year before. Over 10 years it has grown 15.1% a year on average. The last full year, FY26, came in at ₹47,674 Cr.

For a bank, revenue is everything it earns: interest on its loans plus fees and other income.

The last four reported quarters add to ₹51,632 Cr.

FY26 revenue was ₹47,674 Cr, +2.6% on the year before.

Recent pace: the last four quarters grew +20.6% on average, against 15.1% a year over the longer run, so this year is growing faster than its own long-run rate.

Is growth speeding up? Revenue over the last 12 months grew +17.6%, against −0.7% a year over the last 8 quarters (accelerating); profit over the last 12 months grew +15.5%, against −25.5% a year (accelerating).

Max Financial Services Ltd's net margin was 0.9% in the Sep 2026 quarter, 0.8 percentage points higher than the same quarter a year ago. Across 13 years it has been between 0.2% and 3.9%. The latest quarter is within that range.

Net margin is what the bank keeps from every ₹100 of revenue after every cost, provision for bad loans and tax. It is the clearest single margin we can read for a lender.

Why: the net margin move is clear, but the cost details behind it are not in our data, so we show the move without guessing the reason.

Max Financial Services Ltd does not report loan-quality figures this page can read, so this section says so rather than guess. No bad-loan figures are filed in a form this page can read, and none are guessed from the profit line. The income, margin and return sections carry what this business does report.

Gross NPA is the share of the loan book where repayments have stopped. Net NPA is what is left after the money the lender has already set aside for those loans. Falling is good; rising is a warning.

Why: loan quality drives a lender, but its details (new bad loans, recoveries, money set aside) are not in our data for this company. The sections around this one carry what we can back up.

Max Financial Services Ltd's revenue was ₹47,674 Cr in FY26, +2.6% on the year before, so the loan book is growing. The latest quarter was +18.5% on a year earlier. The net margin on that income is 0.9%, +0.8 percentage points on a year ago.

We read the loan book through revenue: when the book grows, revenue grows with it. It is only a rough guide, because interest-rate changes and fee swings can move it a few points in any year.

Interest income stands in for the size of the loan book; changes in interest rates can move it a few points in any year.

In short: a lender grows well when its loan book grows, its margin stays steady and its loans stay clean. Gross NPA is the loan-quality figure this page uses.

Max Financial Services Ltd's P/BV is 7.5×, in the middle of its own history: higher than 48% of past readings. Its usual P/BV (the middle reading) is 7.5×, over 11 years of weekly prices. This compares the share price with the company’s own past. It does not say what the business is worth.

For a bank or lender we compare the price with book value, the net worth on its balance sheet. P/BV is how many rupees the market pays for each ₹1 of that net worth. Below 1× means the market values it at less than its net worth.

Why the multiple is low: this lender earns about 2% a year on its equity. A lender that earns less on its net worth is valued lower for each rupee of it, and that gap usually closes only if returns improve.