Max Financial Services Limited (MFSL) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Max Financial Services Limited ₹2,981, price ₹1,410, upside +111.4%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ₹608.95 – ₹1,870 · fair‑value band ₹2,236 – ₹3,726 · the ₹1,410 price screens below the ₹2,981 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Max Financial Services Limited (MFSL) currently trades at ₹1,410, while our model-based Fair Value estimate is ₹2,981, implying the stock looks roughly 52.7% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of ₹8,376 per share, and 4 of the 4 models we run sit above the ₹1,410 price.
Bear case: the Multiples group reads lowest at ₹2,583, and 0 of the 4 models stay below the price. Evidence for this calculation is high.
Scenario range: ₹2,236 (bear) to ₹3,726 (bull), the price of ₹1,410 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap ₹561B (≈ $5.8B) · P/E ratio 594.9 · P/S ratio 1.05 · EPS (TTM) ₹2.37 · Net margin 0.2% · Return on equity 1.6% · Return on assets (EBIT) 0.3% · Operating margin 4.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 25% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at 111%, MFSL screens cheaper than that median.
Fair Value models
Bear ₹2,236Fair Value ₹2,981Bull ₹3,726
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then (₹1.16 per share) are deliberately not added.Bear ⓘ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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.0%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
Start year 2021 (pandemic). Over 10 years: +16.1% a year
Revenue growth 22 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+30.8%
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What shareholders gained per year (last 5 years), in INR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. 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.
−19.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−19.7%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘ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.−20% vs −13%, slowing
Profit margin 2021 to 2026 ⓘ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.2% → 0%
Start year 2021 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−16.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+16.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (India: IMF forecast 4.1% a year to 2030, 4.7% from 2016 to 2025) that is about −19.3% a year for the price and +11.4% for the forecasts.
Compare Max Financial Services Limited with another stock
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Peer Groupⓘ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.Insurance - Life · 94 stocks
Beats the industry median on 2/13 measures
Overall it trails its industry peers.
Valuation
Quality Score45 · Bottom 25%
Fair Value upside+111% · 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%
Balance sheet
Debt / equity0.35× · Above median
Valuation Multiplesvs Insurance - Life median · lower = cheaper
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Is Max Financial Services Limited (MFSL) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ₹2,981 versus a price of ₹1,410, about +111% upside (undervalued).
What is the fair value of MFSL?
Our model-based fair value for Max Financial Services Limited is ₹2,981 (as of Sep 24, 2026), built from audited fundamentals. The current price: ₹1,410.
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 ₹2,981 (as of Sep 24, 2026) from 4 valuation models. Cautious scenario ₹2,236, optimistic scenario ₹3,726. 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 ₹2,981, about +111% upside versus a price of ₹1,410 (undervalued). Cautious scenario ₹2,236, optimistic scenario ₹3,726. 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 24, 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 -16.0 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +8.8 % per year. As of Sep 24, 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 a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Max Financial Services Limited that is -16.0 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Max Financial Services Limited (MFSL) delivered so far?
Over the past 5 years revenue at Max Financial Services Limited grew +8.8 % a year. The price currently implies -16.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Max Financial Services Limited (MFSL) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Max Financial Services Limited (-16.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Max Financial Services Limited (MFSL)?
The free-cash-flow yield on the price is 23.23 %: that much free cash flow Max Financial Services Limited produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
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 ₹2,981 per share (as of Sep 24, 2026), against a price of ₹1,410. It is the blended result of 4 valuation models (cash flow, earnings, asset, dividend).
Is Max Financial Services Limited stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MFSL trades below its calculated fair value: price ₹1,410, fair value ₹2,981, a gap of about +111% (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 (₹1,410); the fair value is what the company's own numbers justify (₹2,981). For Max Financial Services Limited the two are ₹1,571 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 24, 2026). Per share that is ₹1,410; our models calculate a fair value of ₹2,981 per share.
What do the bullish and bearish scenarios say about MFSL?
Our models span a range for Max Financial Services Limited: cautious scenario ₹2,236, base ₹2,981, optimistic ₹3,726 per share (as of Sep 24, 2026, price ₹1,410). 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 24, 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 ₹1,410, about 25% below its 52-week high of ₹1,870 and at the low of ₹1,410 (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of ₹2,981 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 24, 2026: price ₹1,410, calculated fair value ₹2,981 (+111%), Quality Score 48/100, from 4 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 4 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 ₹2,981, 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 14.0 % above its aggregate fair value. Max Financial Services Limited currently trades 111 % 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 is it worth investing now.
What is the share price of Max Financial Services Limited (MFSL)?
The closing price on Sep 24, 2026 was ₹1,410. Our model-based fair value is ₹2,981, about +111% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Max Financial Services Limited right now?
The price is below even our cautious bear case (₹2,236). 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.
Where does the earnings growth of Max Financial Services Limited (MFSL) come from?
Earnings per share at Max Financial Services Limited grew −1.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share +13.3 %, EBIT margin −16.4 %, tax rate +2.6 %, residual (interest, one-offs) +1.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Max Financial Services Limited
How large is the market capitalisation of Max Financial Services Limited (MFSL)?
The market capitalisation of Max Financial Services Limited is ₹561B (≈ $5.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Max Financial Services Limited (MFSL)?
The price-to-earnings ratio of Max Financial Services Limited is 594.9. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Max Financial Services Limited (MFSL)?
The price-to-sales ratio of Max Financial Services Limited is 1.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Max Financial Services Limited (MFSL)?
Earnings per share at Max Financial Services Limited are ₹2.37 (price ÷ EPS = P/E 594.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Max Financial Services Limited (MFSL)?
The net margin of Max Financial Services Limited is 0.2% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Max Financial Services Limited (MFSL)?
The return on equity (ROE) of Max Financial Services Limited is 1.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Max Financial Services Limited (MFSL)?
On an EBIT basis the return on assets of Max Financial Services Limited is 0.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Max Financial Services Limited (MFSL)?
The operating margin of Max Financial Services Limited is 4.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Max Financial Services Limited (MFSL)?
Revenue at Max Financial Services Limited is growing −40.2% versus a year earlier (3y avg +15.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Max Financial Services Limited (MFSL)?
Earnings per share at Max Financial Services Limited are growing −33.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Max Financial Services Limited (MFSL) hold?
Max Financial Services Limited holds more cash than debt, ₹627M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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