NSE: MFSL | BSE: 500271

Mid-range Performer

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1564.40 -3.60 (-0.23%)

319.1K NSE+BSE Volume

NSE 28 Aug, 2026 3:31 PM (IST)

53,989.8

Market Cap

Low in industry

Beta 1Year

Average volatility

Max Financial Services Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MFSL, BSE:500271 Max Financial Services Ltd.

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Max Financial Services Ltd.

13 Aug 2026

1564.40

-0.23%

VNB – 14% above est.; VNB margin up 310bp YoY

Buy: Max Financial Services Ltd.

Target

Motilal Oswal

Axis Max Life Insurance (MAXLIFE)’s APE grew 15% YoY to INR19.2b (in line). MAXLIFE’s VNB grew 33% YoY to INR4.5b (14% beat), resulting in a VNB margin of 23.2% (MOFSLe of 20.5%) vs. 20.1% in 1QFY26.

Max Financial Services Ltd. is trading above its 30 day SMA of 1536.9

Max Financial Services Ltd.

12 Feb 2026

1564.40

-0.23%

Industry-leading growth trajectory continues; VNB margin up YoY

Buy: Max Financial Services Ltd.

Target

Motilal Oswal

Axis Max Life Insurance’s (MAXLIFE) APE grew 30% YoY to INR27.3b (11% beat due to better-than-expected APE for Dec’25). For 9MFY26, APE grew 21% YoY to INR69.1b.

Max Financial Services Ltd. is trading below its 50 day SMA of 1567.3

Max Financial Services Ltd.

12 Nov 2025

1564.40

-0.23%

Product mix shift drives VNB margin expansion; guidance intact

Buy: Max Financial Services Ltd.

Recommendation Target

Motilal Oswal

Axis Max Life Insurance (MAXLIFE) reported an APE growth of 16% YoY to INR25.1b (in line). For 1HFY26, APE grew 15% YoY to INR41.8b.

Max Financial Servic.. has an average target of 1860.00 from 1 broker.

Max Financial Services Ltd.

08 Aug 2025

1564.40

-0.23%

Beat on VNB margin; industry-leading growth trajectory intact

Neutral: Max Financial Services Ltd.

Target

Motilal Oswal

Axis Max Life Insurance (MAXLIFE) continued to report better-than-industry performance in 1QFY26, with new business APE growth of 15% YoY to INR16.7b (in line).

Max Financial Services Ltd. is trading below its 50 day SMA of 1567.3

Max Financial Services Ltd.

24 Jun 2025

1564.40

-0.23%

Steady outlook

Buy: Max Financial Services Ltd.

Target

Sharekhan

Over the past three years, Axis Max life has posted strong industry leading APE growth of 18% with 13% VNB CAGR. The management aspires to continue to grow APE in mid-teens (300-400 bps higher than industry) with VNB margin at 24-25% in FY26.

Max Financial Services Ltd. is trading below its 50 day SMA of 1567.3

Max Financial Services Ltd.

05 Feb 2025

1564.40

-0.23%

Strong APE growth driven by 19% growth in NOP

Neutral: Max Financial Services Ltd.

Target

Motilal Oswal

MAX Financial Services (MAXF) reported a steady performance in 3QFY25. The new business APE rose 17.4% YoY (in line) to INR21.1b. For 9MFY25, it came in at INR57.3b, up 26% YoY.

Motilal Oswal decreased Buy price target of Max Financial Services Ltd. to 1860.0 on 13 Aug, 2026.

Max Financial Services Ltd.

23 Oct 2024

1564.40

-0.23%

Strong APE growth driven by 23% growth in NOP

Neutral: Max Financial Services Ltd.

Target

Motilal Oswal

MAX Financial Services (MAXLIFE) reported a steady performance in 2QFY25. New business APE grew 31.3% YoY to INR21.7b (in-line), while for 1HFY25, it grew 31% YoY to INR36.2b.

Motilal Oswal decreased Buy price target of Max Financial Services Ltd. to 1860.0 on 13 Aug, 2026.

Max Financial Services Ltd.

14 Aug 2024

1564.40

-0.23%

Mixed Q1

Buy: Max Financial Services Ltd.

Target

Sharekhan

Q1FY25 numbers were a mixed bag, wherein APE growth was healthy but on the VNB front,
there was a big miss.

Number of FII/FPI investors decreased from 482 to 471 in Jun 2026 qtr

Max Financial Services Ltd.

14 Aug 2024

1564.40

-0.23%

VNB margin disappoints owing to adverse product mix

Neutral: Max Financial Services Ltd.

Target

Motilal Oswal

MAX Financial Services (MAXLIFE) reported a weak performance in 1QFY25, mainly due to a sharp contraction of 470bp in VNB margin.

Max Financial Services Ltd. is trading above its 30 day SMA of 1536.9

Max Financial Services Ltd.

04 Jun 2024

1564.40

-0.23%

Regulatory overhang; fairly valued

Neutral: Max Financial Services Ltd.

Target

Motilal Oswal

Max Financial Services (MAXLIFE) is seeing pension as a big opportunity over the medium term. The company is investing in its pension subsidiary and has set up a dedicated vertical to grow the annuity business.

Number of FII/FPI investors decreased from 482 to 471 in Jun 2026 qtr

Is Max Financial Services Ltd. worth buying?

227 Votes:

Buy 71.37%

Sell 19.38%

Hold 9.25%

RESEARCH REPORTS

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