Max Financial Services Limited

NSEI:MFSL Stock Report

Market Cap: ₹573.3b

Max Financial Services Future Growth

Future criteria checks 4/6

Max Financial Services is forecast to grow earnings and revenue by 46.7% and 16.1% per annum respectively. EPS is expected to grow by 44% per annum. Return on equity is forecast to be 7.7% in 3 years.

Key information

46.7%

Earnings growth rate

44.04%

EPS growth rate

Insurance earnings growth9.8%
Revenue growth rate16.1%
Future return on equity7.65%
Analyst coverage

Good

Last updated15 Jun 2026

Recent future growth updates

Analysis Article • May 15

Max Financial Services Limited Just Missed Earnings - But Analysts Have Updated Their Models

As you might know, Max Financial Services Limited ( NSE:MFSL ) last week released its latest yearly, and things did not...

Recent updates

Narrative Update • Jun 15

MFSL: Planned Capital Raise And Board Changes Will Support Bullish 2026 Outlook

Analysts have inched up their price target on Max Financial Services by about ₹2, to roughly ₹2,067, as they balance slightly softer revenue growth assumptions with a modestly higher profit margin outlook and a nearly steady future P/E multiple. What's in the News A board meeting is scheduled on Apr 02, 2026 to consider the appointment of Mr. Sanjay Vij as an Additional Director in the Independent category on the board of Max Financial Services.
Narrative Update • Jun 01

MFSL: Planned Subsidiary Capital Raise Will Support Bullish 2026 Outlook

Analysts have inched up their price target for Max Financial Services from ₹2,050.56 to ₹2,064.80, reflecting updated assumptions that combine higher projected revenue growth with a lower profit margin and a higher future P/E multiple. What's in the News A board meeting is scheduled for March 12, 2026 to consider raising further capital to support the funding requirements of material subsidiary Axis Max Life Insurance Limited, including potential issuance of equity shares and other eligible securities.
Analysis Article • May 15

Max Financial Services Limited Just Missed Earnings - But Analysts Have Updated Their Models

As you might know, Max Financial Services Limited ( NSE:MFSL ) last week released its latest yearly, and things did not...
Narrative Update • May 13

MFSL: Planned Capital Raise For Subsidiary Will Support 2026 Outlook

Analysts have trimmed their price target for Max Financial Services slightly from ₹2,055.48 to ₹2,050.56, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E levels. What's in the News A board meeting is scheduled for March 12, 2026, to consider, evaluate, and approve raising further capital to meet the funding requirements of material subsidiary Axis Max Life Insurance Limited, including the potential issuance of equity shares and other eligible securities through various modes (Key Developments).
Narrative Update • Apr 25

MFSL: Planned Amalgamation Will Support 2026 Outlook

Analysts have kept their price target for Max Financial Services steady at about ₹2,055, citing largely unchanged fair value assumptions along with only small adjustments to revenue growth, profit margin and future P/E expectations. What's in the News Board meeting on Jan 28, 2026, to discuss and provide in principle approval for a potential amalgamation between Max Financial Services and its subsidiary Axis Max Life Insurance Limited (AMLI) (company event filing).
Narrative Update • Apr 09

MFSL: Planned Amalgamation And Capital Plans Will Support 2026 Outlook

Analysts have adjusted the fair value estimate for Max Financial Services slightly lower from ₹2,096.20 to ₹2,055.48, reflecting updated assumptions around revenue growth, profit margins, and future P/E expectations. What's in the News Board meeting scheduled for Jan 28, 2026, to discuss and provide in principle approval for a potential amalgamation between Max Financial Services and its subsidiary Axis Max Life Insurance Limited, AMLI (Key Developments).
Narrative Update • Mar 26

MFSL: Planned Amalgamation Will Support 2026 Outlook Confidence

Analysts have maintained their price target on Max Financial Services at ₹2,096, highlighting unchanged assumptions around fair value, discount rate, revenue growth, profit margin and future P/E in their latest review. What's in the News Board meeting on Mar 12, 2026 to evaluate raising further capital to fund material subsidiary Axis Max Life Insurance Limited, including a potential issue of equity shares and other equity linked or convertible securities (company filing) Special shareholders meeting via postal ballot on Mar 21, 2026 to consider appointing Bharat Anand as an independent director and address other agenda items (company filing) Board meeting on Jan 28, 2026 to discuss and provide in principle approval for a potential amalgamation between Max Financial Services and subsidiary Axis Max Life Insurance Limited (company filing) Board meeting on Feb 11, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ending Dec 31, 2025, along with the limited review report from statutory auditors (company filing) Valuation Changes Fair Value: Fair value remains unchanged at ₹2,096.20, indicating no revision to the core valuation estimate.
Narrative Update • Mar 10

MFSL: Potential Amalgamation And Capital Raise Will Support 2026 Confidence

Analysts have adjusted their price target on Max Financial Services slightly higher to around ₹2,096 from about ₹2,091, citing updated assumptions on fair value, profit margins and future P/E levels. What's in the News Board meeting on Mar 12, 2026 to consider raising further capital to fund material subsidiary Axis Max Life Insurance and to evaluate issuing equity shares or other equity linked or convertible securities through permissible modes (Key Developments).
Narrative Update • Feb 24

MFSL: Potential Amalgamation Will Support Confidence In 2026 Earnings

Analysts have lifted their price target for Max Financial Services from ₹1,936.84 to ₹2,091.04, citing updated assumptions on revenue growth, profit margin, and future P/E that feed into their refreshed fair value framework. What's in the News A board meeting is scheduled for Jan 28, 2026 at 15:30 IST to discuss and provide in-principle approval for a potential amalgamation between Max Financial Services and Axis Max Life Insurance Limited, a subsidiary of the company (Key Developments).
Narrative Update • Feb 10

MFSL: Upcoming Merger Talks And Steady Outlook Will Support 2026 Earnings Confidence

Analysts have nudged their price target for Max Financial Services slightly higher to ₹1,936.84 from ₹1,924.42, citing updated assumptions around revenue growth, profit margins, discount rate and future P/E expectations. What's in the News A board meeting is scheduled on January 28, 2026 at 15:30 IST to discuss and consider in-principle approval for a potential amalgamation between Max Financial Services and Axis Max Life Insurance Limited, a subsidiary of the company (Key Developments).
Narrative Update • Jan 26

MFSL: Upcoming Board Decisions Will Support Confidence In 2026 Earnings

Analysts have maintained their price view on Max Financial Services with an unchanged fair value estimate of ₹1,924.42. They cite stable assumptions around growth, profitability and future P/E as the basis for keeping targets steady.
Narrative Update • Jan 11

MFSL: Upcoming Board And Shareholder Decisions Will Support Future Earnings Confidence

Analysts have raised their price target for Max Financial Services from ₹1,886.52 to ₹1,924.42, citing slightly higher revenue growth assumptions and a modestly richer future P/E multiple, partly offset by a small adjustment to profit margin expectations. What's in the News Board meeting scheduled on Feb 11, 2026 to consider and approve unaudited standalone and consolidated financial results for the quarter and nine months ending Dec 31, 2025 (company filing).
Narrative Update • Dec 26

MFSL: Upcoming Governance Events Will Support Confident Future Earnings Outlook

Analysts have modestly revised their price target for Max Financial Services to ₹1,886.52, reflecting stable assumptions on growth, profitability, and valuation multiples that support a largely unchanged fair value outlook. What's in the News Board meeting scheduled for February 11, 2026, to review and approve unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025 (Key Developments) Extraordinary shareholders meeting on December 21, 2025, via postal ballot to consider the appointment of Mr. Pradeep Pant as Independent Director and approve his remuneration as a special resolution (Key Developments) Company reiterates its 2026 earnings guidance, maintaining previously communicated sales and margin targets (Key Developments) Valuation Changes The fair value estimate is unchanged at approximately ₹1,886.5 per share, indicating no material reassessment of intrinsic value.
Analysis Article • Dec 22

What Max Financial Services Limited's (NSE:MFSL) P/S Is Not Telling You

It's not a stretch to say that Max Financial Services Limited's ( NSE:MFSL ) price-to-sales (or "P/S") ratio of 1.2x...
Narrative Update • Dec 12

MFSL: Upcoming Meetings And Stable Outlook Will Guide Future Performance

Analysts have modestly revised their price target on Max Financial Services higher to ₹1,886.52, reflecting unchanged assumptions on discount rate, revenue growth, profit margin, and long term valuation multiples, while reaffirming confidence in the company’s earnings trajectory. What's in the News Max Financial Services has scheduled a Special/Extraordinary Shareholders Meeting on December 21, 2025, to be conducted via postal ballot in India (company filing).
Narrative Update • Nov 27

MFSL: Upcoming Meetings And Guidance Updates Will Shape Future Performance

Analysts have raised their price target for Max Financial Services from ₹1,810.04 to ₹1,886.52, citing stable revenue growth forecasts and minor adjustments to profit margin estimates. What's in the News A board meeting is scheduled for November 11, 2025, to review and approve the unaudited financial results for the quarter and half year ending September 30, 2025 (Key Developments).
Narrative Update • Nov 13

MFSL: Profit Margins Will Improve While Revenue Growth Moderates Modestly

Analysts have revised their price target for Max Financial Services upward from ₹1,775.95 to ₹1,810.04. They cite modest improvements in profit margin and fair value, even though revenue growth estimates are slightly lower and the discount rate is marginally higher.
Narrative Update • Sep 05

Bancassurance Partnerships And Digital Channels Will Unlock New Value

With both the Future P/E ratio and Net Profit Margin essentially unchanged, the consensus analyst price target for Max Financial Services remains steady at ₹1776. What's in the News Board meeting scheduled to consider and approve unaudited standalone and consolidated financial results for the quarter ending June 30, 2025.
Analysis Article • Sep 05

Investors Holding Back On Max Financial Services Limited (NSE:MFSL)

It's not a stretch to say that Max Financial Services Limited's ( NSE:MFSL ) price-to-sales (or "P/S") ratio of 1.1x...
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New Narrative • Dec 12

Axis Bank Rebranding And Product Innovations Will Drive Revenue Growth And Improve Profit Margins

Strategic partnership with Axis Bank and new product launches are boosting brand recognition and potential revenue growth.

Earnings and Revenue Growth Forecasts

NSEI:MFSL - Analysts future estimates and past financials data (INR Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/2029770,0517,549N/AN/A5
3/31/2028697,7316,808N/AN/A14
3/31/2027599,6605,389N/AN/A14
3/31/2026476,964829112,283114,727N/A
12/31/2025492,8531,441N/AN/AN/A
9/30/2025439,4371,638105,227107,777N/A
6/30/2025475,2142,727N/AN/AN/A
3/31/2025464,9553,30681,33783,518N/A
12/31/2024490,0302,519N/AN/AN/A
9/30/2024524,3483,44441,19843,333N/A
6/30/2024492,4793,797N/AN/AN/A
3/31/2024466,1253,41058,81561,044N/A
12/31/2023416,4694,300N/AN/AN/A
9/30/2023381,8605,06477,70879,741N/A
6/30/2023373,1954,098N/AN/AN/A
3/31/2023314,2373,78597,48499,223N/A
12/31/2022304,5764,503N/AN/AN/A
9/30/2022285,1403,00298,42899,881N/A
6/30/2022285,1882,885N/AN/AN/A
3/31/2022311,8602,53483,67984,959N/A
12/31/2021320,1181,980N/AN/AN/A
9/30/2021340,4732,99073,09674,031N/A
6/30/2021317,1383,157N/AN/AN/A
3/31/2021313,1424,25468,09368,922N/A
12/31/2020257,3763,270N/AN/AN/A
9/30/2020221,1302,56473,92875,599N/A
6/30/2020198,1032,421N/AN/AN/A
3/31/2020182,1031,45053,28754,517N/A
12/31/2019211,2473,121N/AN/AN/A
9/30/2019202,6202,461N/A82,314N/A
6/30/2019198,9322,866N/AN/AN/A
3/31/2019195,1262,626N/A88,261N/A
3/31/2018163,3782,864N/A75,336N/A
3/31/2017152,3733,954N/A65,257N/A
3/31/2016106,8322,527N/A38,021N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MFSL's forecast earnings growth (46.7% per year) is above the savings rate (6.9%).

Earnings vs Market: MFSL's earnings (46.7% per year) are forecast to grow faster than the Indian market (16.1% per year).

High Growth Earnings: MFSL's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MFSL's revenue (16.1% per year) is forecast to grow faster than the Indian market (10.9% per year).

High Growth Revenue: MFSL's revenue (16.1% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MFSL's Return on Equity is forecast to be low in 3 years time (7.7%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/20 19:47
End of Day Share Price 2026/06/19 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Max Financial Services Limited is covered by 47 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null null360 ONE Capital Market Private Limited
Swarnabha Mukherjee360 ONE Capital Market Private Limited
Raghav GargAmbit Capital