Max Financial Services Limited (MFSL) Fair Value & Analysis
Financial Services · IN · Market cap ₹561B (≈ $5.9B) · ISIN INE180A01020
What is Max Financial Services Limited really worth?
Below-average quality, trading 48% below our fair value of ₹2,965.
Strengths
Risks
Fair value as of: Aug 13, 2026
From 6 valuation models · updated 22 days ago
Fair value updated Aug 13, 2026, revised from ₹3,031 to ₹2,965 (−2.2%) since Jul 11, 2026. Share price +1.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price is below even our cautious bear case (₹2,224). 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 Aug 13, 2026.
How to read this chart
60‑month range ₹608.95 – ₹1,870 · fair‑value band ₹2,224 – ₹3,706 · the ₹1,548 price screens below the ₹2,965 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Max Financial Services Limited (MFSL) currently trades at ₹1,548, while our model-based Fair Value estimate is ₹2,965, implying the stock looks roughly 47.8% 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 ₹8,332 per share, and 5 of the 6 models we run sit above the ₹1,548 price. Bear case: the Dividend Discount group reads lowest at ₹1,298, 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 Aug 13, 2026
Our scenario range runs from ₹2,224 (bear case) to ₹3,706 (bull case); at ₹1,548, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 18% below its 52-week high and 8% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −29% fair-value upside, at 91%, MFSL screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly ₹1.02 per share, which is 0.0 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 6 models by family
Widest divergence: Economic Profit (₹8,332) versus Dividend Discount (₹1,298). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 47
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.
of which total revenue +14.6 % · buybacks/dilution −1.2 %
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).
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Peer Group
Insurance - Life · 96 stocks
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 Multiples vs Insurance - Life median · lower = cheaper
Strength profile in five axes (Snowflake)
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Insurance - Life stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| China Life Insurance Company 601628 | ¥37.03 | ¥49.98 | +35% |
| Ping An Insurance (Group) Company 601318 | ¥55.82 | ¥84.72 | +52% |
| AIA Group 1299 | HK$73.00 | HK$33.57 | −54% |
| Manulife Financial Corporation MFC | C$59.80 | C$38.80 | −35% |
| Aflac Incorporated AFL | $116.52 | $74.34 | −36% |
| Great-West Lifeco Inc GWO | C$90.25 | C$39.53 | −56% |
| MetLife, Inc MET | $96.51 | $68.27 | −29% |
| Life Insurance Corporation LICI | ₹412.15 | ₹392.93 | −5% |
| China Pacific Insurance (Group) Co 601601 | ¥30.20 | ¥57.51 | +90% |
| Samsung Life Insurance Co 032830 | 301,000 KRW | 191,293 KRW | −36% |
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