Max Financial Services quarterly results and financials

Max Financial Services (MFSL)₹1,258−1.91%(9 Nov 2026 close)Life Insurance

Key facts

In the Sep 2026 quarter (consolidated), Max Financial Services reported revenue of ₹11,580 Cr, up 18.5% from Sep 2025, and net profit of ₹100 Cr, up 1,565.4% year on year. For the year to Mar 2026, revenue were ₹47,542 Cr and net profit ₹106 Cr.

Revenue (Sep 2026): ₹11,580 Cr
Net profit (Sep 2026): ₹100 Cr
Revenue (FY Mar 2026): ₹47,542 Cr
Net profit (FY Mar 2026): ₹106 Cr
EPS (Sep 2026): ₹2.33
Borrowings (Mar 2026): ₹1,859 Cr

Company filings, consolidated accounts; latest reported quarter Sep 2026

Max Financial Services quarterly results

₹ crore unless stated; each column is a quarter.

Max Financial Services Quarterly results
	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Revenue	12,322	14,843	11,768	13,348	8,898	12,341	12,796	9,771	14,214	10,772	14,923	11,580
Expenses	12,195	15,001	11,650	13,241	8,862	12,389	12,750	9,804	14,222	10,841	14,843	11,496
Operating Profit	208	−56.79	189	172	88.65	19.94	119	20.91	77.68	−5.98	166	135
OPM %	1.7%	−0.4%	1.6%	1.3%	1.0%	0.2%	0.9%	0.2%	0.6%	−0.1%	1.1%	1.2%
Other Income	4.01	10.03	1.01	2.01	3.01	18.04	3.01	7.02	9.02	5.01	7.02	4.01
Interest	14.01	10.99	9.01	13.01	10.01	14.99	20.01	20.99	36.02	35.01	36.03	30.02
Depreciation	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	1.01	0.00	0.00	1.01
Profit before tax	197	−58.81	181	161	80.68	21.92	101	5.98	49.84	−35.84	138	109
Tax %	14.1%	−15.0%	14.1%	14.0%	14.0%	−73.0%	14.1%	6.0%	11.1%	−12.9%	14.0%	8.0%
Exceptional items	0.00	0.00	−0.99	−0.99	0.00	−1.99	−0.99	0.00	0.00	1.99	0.00	0.00
Net Profit	171	−50.12	156	139	70.20	38.09	86.33	6.02	45.11	−32.08	118	100
EPS (Rs)	4.31	−1.29	3.71	3.27	1.63	0.92	2.03	0.13	1.07	−0.77	2.78	2.33

Max Financial Services profit and loss

₹ crore unless stated; years end in March. TTM is the last four quarters.

Max Financial Services Profit and loss
	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue	11,677	15,204	16,301	19,455	18,204	31,187	31,091	31,339	46,437	46,336	47,542	51,489
Expenses	11,217	14,530	15,854	19,055	17,851	30,777	30,850	30,980	46,324	46,117	47,609	51,403
Operating Profit	529	768	529	505	451	583	411	552	424	475	211	373
OPM %	4.5%	5.0%	3.2%	2.6%	2.5%	1.9%	1.3%	1.8%	0.9%	1.0%	0.4%	0.7%
Other Income	2.01	2.01	1.01	3.01	2.01	13.03	6.01	16.05	36.11	21.05	23.05	25.06
Interest	8.01	8.99	0.00	26.99	0.00	0.00	25.01	37.01	43.98	46.99	112	137
Depreciation	60.15	63.08	2.01	2.01	11.03	5.01	5.01	5.01	3.01	3.01	2.01	2.02
Profit before tax	463	700	528	480	440	591	387	525	414	445	120	260
Tax %	15.1%	15.0%	17.0%	13.1%	38.0%	6.0%	18.1%	14.0%	5.0%	10.0%	13.1%	—
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	−1.99	−5.98	4.99	1.99
Net Profit	394	595	444	417	274	562	319	453	394	404	106	232
EPS (Rs)	9.51	14.84	10.72	9.79	5.40	12.39	7.37	11.02	9.88	9.52	2.44	5.41
Dividend payout %	38.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—

Max Financial Services balance sheet

₹ crore, at each year end.

Max Financial Services Balance sheet
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	52.86	52.82	52.87	53.80	53.87	53.82	68.79	68.80	68.81	68.82	68.76	68.79
Reserves	3,248	1,911	2,282	1,766	2,006	2,092	3,272	3,868	3,451	3,798	5,208	5,214
Borrowings	543	0.00	0.00	0.00	0.00	2.99	2.99	522	522	522	1,025	1,859
Other Liabilities	31,523	36,051	44,232	53,835	64,909	72,167	94,370	1,12,928	1,27,381	1,57,919	1,83,170	1,91,191
Total Liabilities	35,367	38,016	46,566	55,655	66,968	74,314	97,715	1,17,385	1,31,422	1,62,307	1,89,473	1,98,333
Fixed Assets	1,196	348	737	554	554	639	637	614	612	610	608	605
CWIP	39.11	37.08	3.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Investments	31,877	35,967	43,882	52,490	63,048	68,339	91,412	1,09,416	1,22,933	1,52,469	1,79,115	1,85,386
Other Assets	2,255	1,665	1,944	2,611	3,367	5,337	5,666	7,355	7,875	9,229	9,750	12,341
Inventories	179	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade receivables	690	517	529	2.99	5.98	2.99	2.99	0.00	0.00	0.00	0.00	0.00
Cash & equivalents	320	337	356	614	509	450	509	601	1,179	907	1,125	2,141
Total Assets	35,367	38,016	46,566	55,655	66,968	74,314	97,715	1,17,385	1,31,422	1,62,307	1,89,473	1,98,333

Max Financial Services cash flow

₹ crore, for each year.

Max Financial Services Cash flow
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from operating activity	2,578	3,798	6,525	7,524	8,821	5,443	6,883	8,483	9,908	6,103	8,349	11,465
Cash from investing activity	−2,308	−3,537	−6,285	−6,936	−8,778	−4,984	−6,841	−8,828	−11,537	−4,996	−9,686	−11,113
Cash from financing activity	−389	−187	−215	−116	−174	−383	−92.11	389	−233	−117	1,965	568
Net cash flow	−119	73.80	19.93	464	−136	77.75	−50.80	47.84	−1,860	983	608	912
Capex	327	88.98	80.98	48.99	100	123	82.97	128	174	223	218	244
Free cash flow	2,256	3,713	6,448	7,479	8,726	5,323	6,810	8,361	9,741	5,876	8,127	11,232
CFO / OP %	375.0%	730.1%	860.0%	1,435.1%	1,754.0%	1,219.0%	1,202.1%	2,076.1%	1,809.0%	1,436.0%	1,757.1%	5,438.0%

Max Financial Services ratios

Working-capital days and returns, by year.

Max Financial Services Ratios
	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor days	17	16	13	0	0	0	0	0	0	0	0	0
Inventory days	85	—	—	—	—	—	—	—	—	—	—	—
Days payable	424	—	—	—	—	—	—	—	—	—	—	—
Cash conversion cycle	−324	16	13	0	0	0	0	0	0	0	0	0
Working capital days	−75	−102	−94	−1,159	−1,150	−1,339	−1,043	−1,242	−1,403	−1,173	−1,369	−1,383
ROCE %	12.9%	12.9%	24.9%	19.0%	18.9%	15.9%	17.9%	10.0%	11.9%	9.9%	8.0%	3.0%

Max Financial Services: frequently asked questions

What are the latest quarterly results of Max Financial Services?

For the Sep 2026 quarter, Max Financial Services reported revenue of ₹11,580 Cr, up 18.5% year on year and net profit of ₹100 Cr, up 1,565.4% year on year. The operating margin was 1.2%.

What is the annual revenue of Max Financial Services?

Max Financial Services' revenue for the year to Mar 2026 were ₹47,542 Cr; over the last twelve months they were ₹51,489 Cr.

What is the net profit of Max Financial Services?

Net profit for the year to Mar 2026 was ₹106 Cr, and ₹232 Cr over the last twelve months. Earnings per share over the same trailing period were ₹5.41.

How much debt does Max Financial Services have?

Max Financial Services reported borrowings of ₹1,859 Cr at Mar 2026, against cash and equivalents of ₹2,141 Cr.

What is the free cash flow of Max Financial Services?

Cash from operations was ₹11,465 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹11,232 Cr.

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