Max Financial Services Limited (MFSL) fair value: what the stock is really worth
We calculate from audited financials what Max Financial Services Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
Watch it or check another stockalert when fair value or trend changes
Financial Services · IN · Market cap ₹561B (≈ $5.9B) · ISIN INE180A01020
At a glance
MFMax Financial Services LimitedMFSL · NSE
Price₹1,480
Fair Value₹2,938
Upside+98.5%
Quality48/100
Below-average quality, trading 50% below our fair value of ₹2,938.
As of Sep 7, 2026, the fair value of Max Financial Services Limited is ₹2,938 per share against a price of ₹1,480, so the fair value sits 99% above the price. A model estimate from reported figures, not an analyst target.
!Mixed Growth (revenue 5y +8.8 %/yr)
!Thin margins · 0.2% net margin
✓Low debt · generates free cash flow
!Trails peers (2/14)
!Narrow moat 24/100
!Weak on past: 7 out of 100
!Weak on dividend: 1 out of 100
Evidence: HighRange ₹2,204 to ₹3,672
Fair value as of: Sep 7, 2026
From 6 valuation models · updated 4 days ago
Fair value updated Sep 7, 2026, revised from ₹2,965 to ₹2,938 (−0.9%) since Aug 13, 2026. Share price −1.3% over the past month.
This is the short version. In the app for Max Financial Services Limited:
Watch Max Financial Services Limited for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for free
69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (₹2,204). The market is more pessimistic than our downside scenario.
Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality.
For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 7, 2026.
How to read this chart
60‑month range ₹608.95 – ₹1,870 · fair‑value band ₹2,204 – ₹3,672 · the ₹1,480 price screens below the ₹2,938 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 7, 2026.
Max Financial Services Limited (MFSL) currently trades at ₹1,480, while our model-based Fair Value estimate is ₹2,938, implying the stock looks roughly 49.6% undervalued today. The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector. Bull case: the Economic Profit group reads highest at a median of ₹8,256 per share, and 5 of the 6 models we run sit above the ₹1,480 price. Bear case: the Dividend Discount group reads lowest at ₹1,287, and 1 of the 6 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Max Financial Services Limited generated revenue of ₹477B at a net margin of 0.2%. Revenue declined 40.2% year over year. It earns a return on equity of 1.6%. The balance sheet holds a net cash position of ₹627M. Fundamentals as of Sep 7, 2026
Scenario range: ₹2,204 (bear) to ₹3,672 (bull), the price of ₹1,480 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 22% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −22% fair-value upside, at 99%, MFSL screens cheaper than that median.
Fair Value models
Based on fiscal year 2026 figures (about 5 months old). Earnings retained since then (₹1.06 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidence₹8,707₹8,256₹6,45476
DDM Multi-Stage₹719.40₹1,287₹1,63766
Gordon GGM₹719.40₹1,571₹2,64465
All 6 models by family
Dividend Discount
Gordon GGM₹719.40₹1,571₹2,64465
DDM Multi-Stage₹719.40₹1,287₹1,63766
Multiples
P/E Multiple₹1,910₹2,546₹3,18363
P/B Multiple₹2,497₹3,329₹4,16255
Asset-Based
NCAV (Graham)₹6,160₹8,255₹12,32054
Economic Profit
Residual Income best evidence₹8,707₹8,256₹6,45476
Widest divergence: Economic Profit (₹8,256) versus Dividend Discount (₹1,287). Highest evidence: Residual Income (76).
Notify me when MFSL reaches fair value
Put MFSL on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
P/E ratio614.1
P/S ratio1.08P/E × margin
EPS (TTM)₹2.37price ÷ EPS = P/E 614.1
Dividend yield0.1%payout 36.3%
Net margin0.2%FY2026
Return on equity1.6%TTM
More key figures
Profitability
Return on assets (EBIT)0.3%avg 5y
Operating margin4.6%TTM
Growth
Revenue (TTM)₹477BTTM
Revenue growth (YoY)−40.2%3y avg +15.0%
EPS growth (YoY)−33.9%
Balance sheet & cash flow
Free cash flow₹112BFY2026
Net cash₹627MFY2026
Figures from reported company fundamentals · as of Sep 7, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality48/100
Of which business quality 46
· Market factors (momentum, volatility) 42
Profitability19
Margins and returns on capital today
Quality Growth33
Are margins and returns improving?
Cashflow95
Earnings quality: real cash, not paper profit
Fin. Strength4
Balance sheet, leverage, solvency risk
Investment51
Disciplined investing over empire-building
Low Volatility82
Calm price path (market factor)
Momentum30
Price trend over the last 3–12 months (market factor)
52W Momentum18
Distance to the 52-week high (market factor)
Net Issuance85
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments.
Full company description
Max Financial Services Limited, through its subsidiary, engages in life insurance business in India. The company operates through Business Investments and Others, and Life Insurance segments. It offers participating and nonparticipating and linked products covering life insurance, pension and health benefits, including riders for individual and group through individual agents, corporate agents, banks, brokers, and other channels. The company is also involved treasury investment activities; and provision of management advisory services. Max Financial Services Limited was incorporated in 1988 and is based in Noida, India.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Max Financial Services Limited reported revenue of ₹477B in FY2026 versus ₹312B in FY2022, a compound +11.2%/yr. Reported net income was ₹840M in FY2026, compounding −24.1%/yr from FY2022.
Growth Quality 78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
₹477B
Latest YoY
+2.8%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.0%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.8%
Avg. revenue growth/yr (22Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+30.8%
Value creation/yr (5Y, in INR) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in INR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−19.6%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share−19.7%
Dividend yield0.1%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y −19.7% vs 10Y −12.6%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.1.9% (2021) → 0.2% (2026) · falling
Worst earnings drop109% (2008) (loss year, drop beyond 100%) · in INR
Revenue+11.2%/yr
FY22₹312B
FY23₹313B
FY24₹465B
FY25₹464B
FY26₹477B
Net income−24.1%/yr
FY22₹2.5B
FY23₹3.8B
FY24₹3.4B
FY25₹3.3B
FY26₹840M
Character of growth · EPS growth decomposed (2015-2026)−1.8 % p.a.
Revenue per share+13.3 %
of which total revenue +14.6 % · buybacks/dilution −1.2 %
EBIT margin−16.4 %
Tax rate+2.6 %
Residual (interest, one-offs)+1.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside+92% · Top 25%
Profitability
Return on equity (TTM)2% · Bottom 25%
Return on assets0% · Bottom 25%
Net margin (TTM)0% · Bottom 25%
Operating margin (TTM)5% · Bottom 25%
Growth and dividend
Revenue growth−40% · Bottom 25%
Dividend yield (TTM)0.1% · Bottom 25%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiples vs Insurance - Life median · lower = cheaper
P/E (TTM)614.1× · Priciest 25%
P/B10.62× · Priciest 25%
P/S (TTM)1.18× · Pricier than median
P/FCF0.1× · Cheapest 25%
EV/EBITDA88.9× · Priciest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Max Financial Services Limited deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
Implied FCF growth, 10 years-12.0 % per year
Achieved revenue growth, 5 years+8.8 % p.a.
Sector median revenue growth+8.2 %
FCF yield on price22.14 %
Discount rate (WACC) in the models11.3 %
The price demands less growth than the company recently delivered: even a weaker business would justify the price. Ranking of the largest stocks →
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE100· sector 18
FUTURE0· sector 43
PAST7· sector 43
HEALTH82· sector 84
DIVIDEND1· sector 54
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Sep 7, 2026).
Is Max Financial Services Limited (MFSL) overvalued or undervalued?
As of Sep 7, 2026, our model estimates a fair value of ₹2,938 versus a price of ₹1,480, about +99% upside (undervalued).
What is the fair value of MFSL?
Our model-based fair value for Max Financial Services Limited is ₹2,938 (as of Sep 7, 2026), built from audited fundamentals. The current price: ₹1,480.
What is the quality score of MFSL?
Max Financial Services Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Max Financial Services Limited (MFSL)?
Our model-based price target is the fair value of ₹2,938 (as of Sep 7, 2026) from 6 valuation models. Cautious scenario ₹2,204, optimistic scenario ₹3,672. It is a calculation from audited fundamentals, not an analyst target.
What is the Max Financial Services Limited stock forecast for 2026?
Our models put fair value at ₹2,938, about +99% upside versus a price of ₹1,480 (undervalued). Cautious scenario ₹2,204, optimistic scenario ₹3,672. The calculation is refreshed regularly with new filings.
What is the revenue of Max Financial Services Limited (MFSL)?
Max Financial Services Limited reported trailing-twelve-month revenue of about ₹477B (latest available figure, as of Sep 7, 2026).
What is the net profit margin of MFSL?
The net profit margin of Max Financial Services Limited is about 0.2%, meaning it keeps roughly 0.2% of revenue as net income. Based on the latest reported figures.
Does Max Financial Services Limited pay a dividend?
Max Financial Services Limited currently shows a dividend yield of about 0.06% relative to its recent price (as of Sep 7, 2026).
What growth is priced into Max Financial Services Limited (MFSL)?
For today's price to be fair in a discounted-cash-flow model, Max Financial Services Limited would have to grow free cash flow by -12.0 % per year for ten years (discount rate 11.3 %, then 2 % perpetual growth). Over the last 5 years revenue grew +8.8 % per year. As of Sep 7, 2026.
What discount rate (WACC) does the fair value of MFSL use?
Our models discount Max Financial Services Limited at 11.3 %: a base by market capitalisation (mid), damped by beta 0.65, country premium for India. The same rate applies in all 26 models.
What is the intrinsic value of Max Financial Services Limited (MFSL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Max Financial Services Limited it is ₹2,938 per share (as of Sep 7, 2026), against a price of ₹1,480. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Max Financial Services Limited stock overvalued or undervalued in 2026?
As of Sep 7, 2026, MFSL trades below its calculated fair value: price ₹1,480, fair value ₹2,938, a gap of about +99% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MFSL?
No. The price is what the market pays today (₹1,480); the fair value is what the company's own numbers justify (₹2,938). For Max Financial Services Limited the two are ₹1,458 per share apart. That gap is exactly why we show both numbers side by side.
How much is Max Financial Services Limited worth?
The market values Max Financial Services Limited at about ₹561B (market capitalisation, as of Sep 7, 2026). Per share that is ₹1,480; our models calculate a fair value of ₹2,938 per share.
What do the bullish and bearish scenarios say about MFSL?
Our models span a range for Max Financial Services Limited: cautious scenario ₹2,204, base ₹2,938, optimistic ₹3,672 per share (as of Sep 7, 2026, price ₹1,480). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Max Financial Services Limited (MFSL)?
Balance-sheet figures for Max Financial Services Limited (as of Sep 7, 2026): return on equity 1.6%, debt of 0.35 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is MFSL from its 52-week high?
Max Financial Services Limited trades at ₹1,480, about 22% below its 52-week high of ₹1,893 and 3% above the low of ₹1,434 (as of Sep 7, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,938 is for.
Which stocks are comparable to Max Financial Services Limited?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Max Financial Services Limited stock attractive at the current price?
The data as of Sep 7, 2026: price ₹1,480, calculated fair value ₹2,938 (+99%), Quality Score 48/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MFSL calculated?
We run Max Financial Services Limited through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ₹2,938, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Max Financial Services Limited currently trades 99 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
Free · no account needed
Watch Max Financial Services Limited in the live analysis
One click puts Max Financial Services Limited on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
