Max Financial Services Ltd.
NSE: MFSLMax Financial Services Ltd.: A 30-second snapshot
Max Financial Services (MFSL), the holding company for Axis Max Life Insurance, was last read at ₹1,510.80, which is 20.17% below its 52-week high and below both its 50-DMA (₹1,603) and 200-DMA (₹1,645). Reported ROE of 1.63% and a 5-year revenue decline of -40.2% sit alongside a mean analyst rating of 1.23 across 26 analysts (1-5 scale, lower = more constructive) and a forward PE of 95.57x. The stock is classified under the Banking sector though its underlying business is life insurance, and its peer set here is bank/NBFC-heavy.
P/E
—
Forward P/E
95.6
ROE
+1.6%
Debt / Equity
12.67
Profit Margin
+0.2%
Div. Yield
—
5Y ROE > 15%
0/5
5Y FCF > 0
4/5
Quality
35/100
News
6 headlines · 2 positive · 2 negative
Max Financial Services 38th AGM on Aug 19, 2026; FY2026 Results Disclosed - scanx.trade
scanx.trade
Max Financial Services: रेवेन्यू ₹47,696 करोड़, लेकिन मुनाफे में **32%** की गिरावट! - whalesbook.com
whalesbook.com
Max Financial Services FY26: महसूल ₹47,696 कोटी, नफ्यात मात्र 32% घट! - whalesbook.com
whalesbook.com
Axis Max Life & Axis Bank win 'India's Best Bancassurance Partnership' at Insurance Asia Awards 2026 - indiagazette.com
indiagazette.com
Axis Max Life Introduces 'Smart RISE', a Retirement Product Combining Guaranteed Annuity with a NIFTY 50-Linked Variable Component - ANI News
ANI News
Recent context
- ·FY26 results were disclosed ahead of the 38th AGM (scheduled Aug 19, 2026), reporting revenue of ₹47,696 crore alongside a ~32% YoY decline in profit, per coverage dated July 27, 2026.
- ·Axis Max Life received the 'India's Best Bancassurance Partnership' recognition (July 24) and introduced the 'Smart RISE' retirement product (July 13), both at the operating-subsidiary level.
- ·Overall news flow is thin (6 items) and evenly split across positive, neutral and negative, including duplicate non-English reporting of the same profit-decline story.
Strengths
- +FCF was positive in 4 of the last 5 tracked years despite the ROE compression.
- +Mean analyst rating of 1.23 across 26 analysts (1-5 scale, lower = more constructive) reflects one of the more constructive average readings and a relatively wide analyst following within its comparison set.
- +Subsidiary Axis Max Life was named winner of 'India's Best Bancassurance Partnership' at the Insurance Asia Awards 2026 (July 24) and launched the 'Smart RISE' retirement product combining a guaranteed annuity with a NIFTY 50-linked component (July 13).
- +Corrected debt-to-equity is approximately 0.13x (the raw 12.673 figure is percent-scaled, not an x-multiple), which is low in absolute terms.
Weaknesses
- −5-year revenue growth of -40.2% marks a large contraction in reported top-line over the period.
- −ROE of 1.63%, with 0 of the tracked years above a 15% ROE threshold and a persistence consistency score of 19/100, points to sustained weak capital efficiency.
- −Quality score of 20/100 ranks last (6th of 6) in the available peer set, and forward PE of 95.57x is elevated next to the closest insurance peer HDFCLIFE (59.88x) and the banking peers (13.8x-35.1x).
- −Debt trend is flagged 'rising' on the persistence tracker, and the stock trades below both its 50-DMA and 200-DMA, 20.17% off its 52-week high.
Open questions
- ?Does the -40.2% five-year revenue decline reflect a genuine business contraction, a corporate restructuring or deconsolidation, or a change in accounting classification?
- ?What explains the gap between subsidiary-level activity (new product launches, industry awards) and the holding company's reported ROE of 1.63% and consistency score of 19/100?
- ?How does a forward PE of 95.57x compare with a realistic near-term earnings recovery path, given the FY26 profit decline reported in July 2026?
- ?Since MFSL's core business is life insurance rather than banking, which metrics (embedded value, VNB margin, solvency ratio) might offer a more relevant read than the bank-heavy PE/ROE peer comparisons used here?
Peer comparison: Banking
Ranks 6 of 6 on quality| Symbol | Name | P/E | ROE | Quality |
|---|---|---|---|---|
| MFSL | Max Financial Services Ltd.You're viewing | — | +1.6% | 20 |
| Industry avg | across 5 peers | 31.7 | +13.1% | 48 |
| AXISBANK | Axis Bank Ltd. | 13.8 | +13.3% | 70 |
| HDFCBANK | HDFC Bank Ltd. | 16.3 | +13.8% | 66 |
| BAJFINANCE | Bajaj Finance Ltd. | 35.1 | — | 47 |
| HDFCLIFE | HDFC Life Insurance Company Ltd. | 59.9 | +10.8% | 33 |
| BAJAJFINSV | Bajaj Finserv Ltd. | 33.3 | +14.6% | 23 |
Technical state
Current price
₹1,510.80
SMA 50
₹1,603.01
SMA 200
₹1,645.42
RSI (14)
37.7 (neutral)
From 52w high
-20.2%
1Y return
-1.1%
3M return
-5.3%
50-DMA
Below
200-DMA
Below
Algorithmic support levels
Algorithmic resistance levels
Risk flags
- high5-year revenue growth of -40.2% indicates a large contraction in reported top-line over the period, which for a financial holding company warrants scrutiny of subsidiary restructuring, deconsolidation, or accounting reclassification rather than being read as pure operating decline.
- highROE of 1.63% with 0 of the tracked years above a 15% ROE threshold and a persistence consistency score of 19/100 point to sustained weak capital efficiency at the holding-company level, even as FCF was positive in 4 of the last 5 years.
- mediumQuality score of 20/100 ranks last (6th of 6) in the available peer comparison set (range 23-70), while forward PE of 95.57x sits well above the closest insurance peer HDFCLIFE (59.88x) and the banking peers in the set (13.8x-35.1x) despite the negative 5-year revenue trend.
- mediumMFSL is classified under Banking but its core business is a life-insurance holding company; the peer set (AXISBANK, HDFCBANK, BAJFINANCE, BAJAJFINSV, HDFCLIFE) is bank/NBFC-heavy, which limits direct PE/ROE comparability. Separately, the raw debtToEquity of 12.673 is percent-scaled and corresponds to roughly 0.13x, not 12.7x; that corrected figure is low in absolute terms, though the persistence tracker flags the debt trend as 'rising'.
- lowPrice is below both the 50-DMA (₹1,603.01) and 200-DMA (₹1,645.42) and 20.17% off its 52-week high, with RSI at 37.71 (neutral, not oversold); duration below the moving averages is not available in this dataset.
- lowNews coverage is thin at 6 items over the trailing window (2 positive/2 neutral/2 negative), including duplicate non-English coverage of the same profit-decline story. Separately, the technical section's currentPrice (₹1,510.80) carries no explicit as-of timestamp in this draft; it is presented here as the latest read available rather than an independently verified live quote.
Cross-section contradictions
- Mean analyst rating of 1.23 across 26 analysts (1-5 scale, lower = more constructive) is among the most constructive readings possible on that scale, yet sits alongside a 5-year revenue decline of -40.2%, ROE of 1.63%, and a quality score of 20/100 -- sell-side coverage and the underlying profitability/growth metrics point in different directions.
- News sentiment over the period is evenly split (2 positive/2 neutral/2 negative) and includes a reported ~32% YoY profit decline, while the 1-year price change is roughly flat at -1.09% even though the stock is 20.17% off its 52-week high and below both moving averages -- the multi-month drawdown does not clearly track the trailing full-year price change.
For informational purposes only. Not investment advice. VivaTrades is not a SEBI-registered Investment Adviser or Research Analyst. Market data sourced from public feeds; consult a registered adviser before any investment decision.
Fundamentals & technicals: refreshed 11 Aug 2026 · refreshed daily at 01:00 IST
AI synthesis (narrative, snapshot, strengths/weaknesses, peer ranking): generated 1 Aug 2026 · rotates through NIFTY 500 every ~5 days