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  4. MAX FINANCIAL SERVICES LTD.
Max Financial Services Ltd.
NSE: MFSL | BSE: 500271
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NSE 01 Oct, 2026 3:31 PM (IST)

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Max Financial quarterly and annual financials: results, revenue, profit, P&L, balance sheet, cash flow, financial ratios, revenue mix, peer comparison, and financial documents

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Forecaster Analyst Estimates for Max Financial share price target, revenues, EPS, net income and more

Max Financial quarterly results: revenue, profit, and P&L – 13 quarter history

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  • POSITIVE

    Quarterly Revenue Max Financial Jun-2026 Quarterly Revenue is Rs 6 Cr which is growth of 85.5% YoY.

  • POSITIVE

    Quarterly Net Profit Max Financial Jun-2026 Quarterly Net Profit is Rs 1 Cr which is growth of 129.0% YoY.

Max Financial Services Ltd., Quarterly, standalone, All financials are in INR Cr and price data in INR
IndicatorGraphJun '26Mar '26Dec '25Sep '25Jun '25Mar '25Dec '24Sep '24Jun '24Mar '24Dec '23Sep '23Jun '23
⌄
5.617.17.72.933.84.73.83.84.85.56.35.1
Operating Exp.
4.855.965.36.15.95.95.88.47.88.76.7
Operating Profit
-1.812-2.9-3.2-2.3-2.4-1.6-2.2-2-3.9-2.3-2.4-1.6
Operating Profit Margin %
-57.38%70.71%-100.34%-110.10%-75.92%-64.17%-36.34%-60.70%-54.57%-85.37%-41.67%-38.13%-31.30%
Depr.
0.10.10.10.20.30.30.30.30.30.30.30.40.6
Interest
00000000000
Profit Before Tax
0.7121.7-3.4-2.5-2.6-1.5-2.5-2.3-4-2.6-2.8-2.2
Tax
1.9-0.10.1-00.3-0.3-0.2-0.10.2
Net Profit
0.710.21.7-3.4-2.5-2.6-1.6-2.5-2.6-3.7-2.5-2.7-2.4
EPS Adj. latest
00.30.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1-0.1
Net profit TTM
9.25.9-6.9-10.1-9.1-9.2-10.3-11.2-11.5-11.2-5.62.29.8
Basic EPS TTM
0.30.2-0.2-0.3-0.3-0.3-0.3-0.3-0.3-0.3-0.20.10.3
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*All financials are in INR Cr and price data in INR
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Max Financial competitor comparison and performance snapshot within industry

Max Financial revenue mix: sales, profit, and capital employed breakups by segment

Max Financial annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history

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  • POSITIVE

    Annual Revenue Max Financial Mar-2026 Annual Revenue is Rs 31 Cr which is growth of 90.8% YoY.

  • POSITIVE

    Annual Net Profit Max Financial Mar-2026 Annual Net Profit is Rs 6 Cr which is growth of 164.0% YoY.

Max Financial Services Ltd., Annual, standalone, All financials are in INR Cr and price data in INR
IndicatorGraphCAGR 3 YrsCAGR 5 YrsTTMMar '26Mar '25Mar '24Mar '23Mar '22Mar '21Mar '20Mar '19Mar '18Mar '17Mar '16
⌄
-19.2%
-36.9%
33.330.716.121.758.2202.1307.8495317.8264.2256.3201.2
Operating Exp. Ann.
-14.9%
-33.8%
21.722.123.731.635.851.4174.388.6239.4118.4100.383.8
Operating Profit Ann.
-44.8%
-51.1%
4.23.7-8.3-10.222148.3132.1406.377.2145.1154.6116.9
OPM Ann. %
-32%
-22.6%
 11.91%-51.30%-46.74%37.85%73.41%42.90%82.08%24.30%54.93%60.32%58.11%
⌄
-16.3%
-33.7%
 22.92533.33955178.398.7268.4120.3102.386
EBITDA Ann.
-27.7%
-42.4%
 8.5-7.6-9.922.5150.7133.5406.478.4145.9156117.4
EBITDA Ann. margin %
-10.3%
-8.5%
 27.85%-47.51%-45.42%38.56%74.58%43.37%82.10%24.67%55.20%60.85%58.36%
Interest Ann.
-
-
000.10.10.10.10.20.227.3
Depr.
-36.3%
-26.8%
0.60.81.21.63.13.53.89.91.81.922.2
PBT Ann.
-26.1%
-43%
117.8-9-11.619.3147.1129.5396.349.4143.9154115.2
Tax Ann.
-29.4%
-42.5%
1.91.90.3-0.35.444.530.2123.8
⌄
-24.8%
-43.1%
 5.9-9.2-11.213.9102.699.2272.649.4143.9154115.2
Net Profit Ann.
-24.8%
-43.1%
9.25.9-9.2-11.213.9102.699.2272.649.4143.9154115.2
NPM Ann. %
-1.5%
-6.7%
 22.89%-59.62%-52.42%23.98%51.38%32.38%55.06%15.59%54.62%60.41%57.39%
EPS Adj. latest Ann.
-20.6%
-41.4%
 0.2-0.3-0.30.432.97.91.44.24.53.3
Result Notes
         
Notes
Notes
 
Annual Reports
 
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
90.7%
2Y CAGR
18.9%
3Y CAGR
-19.2%
5Y CAGR
-36.9%
7Y CAGR
-28.4%
10Y CAGR
-17.1%
Total Revenue Annual growth is higher than historical averages.
Net Profit Ann.
3Y CAGR
-24.8%
5Y CAGR
-43.1%
7Y CAGR
-26.2%
10Y CAGR
-25.7%
Net Profit Annual growth is higher than historical averages.
Operating Exp. Ann.
1Y CHG
-6.8%
2Y CAGR
-16.4%
3Y CAGR
-14.9%
5Y CAGR
-33.8%
7Y CAGR
-28.8%
10Y CAGR
-12.5%
Operating Expenses Annual Cr is falling slower than historical averages.

Max Financial balance sheet as of Mar 2026: assets, liabilities, reserves, and borrowings – 11 year history

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  • POSITIVE

    Total Shareholders Fund Max Financial Mar-2026 Total Shareholders Fund is Rs 6,749 Cr which is growth of 0.1% YoY.

  • POSITIVE

    Total Assets Max Financial Mar-2026 Total Assets is Rs 6,764 Cr which is growth of 0.1% YoY.

Max Financial Services Ltd., Balance Sheet, standalone, All financials are in INR Cr and price data in INR
IndicatorGraphCAGR 3 YrsCAGR 5 YrsMar '26Mar '25Mar '24Mar '23Mar '22Mar '21Mar '20Mar '19Mar '18Mar '17Mar '16
⌄
-0.1%
0.3%
6,748.86,742.86,752.16,763.46,749.66,645.52,280.32,0001,919.61,828.31,669.9
Minority Interest Liability Ann.
-
-
-----------
⌄
3.5%
-5.1%
12.412.211.711.217.116.1140.89.110.53.32.7
⌄
-20.6%
-28%
2.94.45.95.810.315104.4186.5140.825.366.7
Total Capital Plus Liabilities Ann.
-0.1%
0.3%
6,764.16,759.46,769.66,780.46,7776,676.62,525.62,195.62,070.91,856.91,739.3
⌄
-32.5%
-45.6%
1.22.42.93.94.325.125.530.531.46.58.7
⌄
53.4%
-3.2%
33.25.210.29.273935.338.239.41,807.61,452.2
⌄
-0.2%
0.3%
6,730.96,754.26,759.46,771.36,7706,637.62,490.32,157.42,031.549.3287.1
Total Assets Ann.
-0.1%
0.3%
6,764.16,759.46,769.66,780.46,7776,676.62,525.62,195.62,070.91,856.91,739.3
Contingent Liabilities plus Commitments Ann.
-23.6%
-14.7%
3.76.58.58.38.48.28.29.69.8764.6
Bonus Equity Share Capital Ann.
0%
0%
11.511.511.511.511.511.511.511.511.511.511.5
Non Current Investments Unquoted Book Value Ann.
-
-
1,767.31,434.8
Current Investments Unquoted Book Value Ann.
0%
0.2%
6,695.16,689.16,698.56,695.16,723.26,616.42,468.42,131.31,964.328.4270
*All financials are in INR Cr and price data in INR
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Total Assets Ann.
1Y CHG
0.1%
2Y CAGR
0%
3Y CAGR
-0.1%
5Y CAGR
0.3%
7Y CAGR
17.4%
10Y CAGR
14.5%
Total Assets Annual growth is stable compared to historical averages.
Total Current Liabilities Ann.
1Y CHG
-34.1%
2Y CAGR
-29.9%
3Y CAGR
-20.6%
5Y CAGR
-28%
7Y CAGR
-44.8%
10Y CAGR
-26.9%
Total Current Liabilities Annual Cr is falling faster than historical averages.
Total ShareHolders Funds Ann.
1Y CHG
0.1%
2Y CAGR
0%
3Y CAGR
-0.1%
5Y CAGR
0.3%
7Y CAGR
19%
10Y CAGR
15%
Total ShareHolders Funds Annual growth is stable compared to historical averages.

Max Financial ROE, ROCE, book value, and debt-to-equity ratio as of Mar 2026 – 11 year history

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  • POSITIVE

    Book Value Per Share Max Financial Mar-2026 Book Value Per Share is 196 Rs which is growth of 0.1% YoY.

  • POSITIVE

    ROE Max Financial Mar-2026 ROE is 0% which is growth of 0.2% YoY.

Max Financial Services Ltd., Ratios, standalone, All financials are in INR Cr and price data in INR
IndicatorGraphCAGR 3 YrsCAGR 5 YrsMar '26Mar '25Mar '24Mar '23Mar '22Mar '21Mar '20Mar '19Mar '18Mar '17Mar '16
BVSH Ann.
-0.1%
0.3%
195.6195.4195.7196195.6192.684.674.271.568.462.6
RoA Ann. %
-26.3%
-44.2%
0.08%-0.13%-0.16%0.20%1.51%1.48%10.79%2.24%6.95%8.29%6.62%
ROE Ann. %
-26.3%
-44.3%
0.08%-0.13%-0.16%0.20%1.52%1.49%11.95%2.46%7.49%8.42%6.89%
ROCE Ann. %
-26.8%
-43.7%
0.11%-0.13%-0.16%0.28%2.17%1.94%16.37%3.81%7.45%8.40%6.88%
⌄
           
⌄
           
⌄
           
Total Debt to Total Equity Ann.
           
*All financials are in INR Cr and price data in INR
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ROE Ann. %
3Y CAGR
-26.3%
5Y CAGR
-44.3%
7Y CAGR
-38.7%
10Y CAGR
-36%
ROE Annual % is growing faster than historical averages.
RoA Ann. %
3Y CAGR
-26.3%
5Y CAGR
-44.2%
7Y CAGR
-37.9%
10Y CAGR
-35.7%
RoA Annual % is growing faster than historical averages.
Current Ratio Ann.
1Y CHG
52.5%
2Y CAGR
43%
3Y CAGR
26.4%
5Y CAGR
39.6%
7Y CAGR
113.6%
10Y CAGR
87.8%
Current Ratio Annual growth is stable compared to historical averages.

Max Financial cash flow: net, operating, investing, and financing flows as of Mar 2026 – 11 year history

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  • NEGATIVE

    Cash From Operating Activity Max Financial Mar-2026 Cash From Operating Activity is Rs -13 Cr which is growth of -87.7% YoY.

  • NEGATIVE

    Net Cash Flow Max Financial Mar-2026 Net Cash Flow is Rs 0 Cr which is growth of -53.7% YoY.

Max Financial Services Ltd., Cash Flow, standalone, All financials are in INR Cr and price data in INR
IndicatorGraphCAGR 3 YrsCAGR 5 YrsMar '26Mar '25Mar '24Mar '23Mar '22Mar '21Mar '20Mar '19Mar '18Mar '17Mar '16
⌄
-
-
-12.7-6.8-7.7-34.185.9-0.7395.8141.3126.2159.7109.8
Cash from Investing Act. Ann.
-28%
41.1%
13.47.98.635.9-84.72.4-399.4-165.5-160.7-105.1-34.5
Cash from Financing Act. Ann.
-
-
-0.7-1.1-1.1-1.8-1.1-1.73.524.227.6-48-74.7
⌄
-
-
00.1-0.200.2-0.1-0.10-6.96.60.6
*All financials are in INR Cr and price data in INR
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Cash from Investing Act. Ann.
1Y CHG
69.6%
2Y CAGR
24.8%
3Y CAGR
-28%
5Y CAGR
41.1%
Cash from Investing Activity Annual growth is stable compared to historical averages.

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