# Max Financial Services (MFSL) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/mfsl

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹1,284.4
- Change: +0.86%
- As of: 2026-11-06
- 1D return: +0.86%
- 5D return: +7.03%
- 1M return: -2.87%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

MFSL closed at ₹1284.40 on 2026-11-06, following an extreme upward anomaly (+5.0%, z-score 4.1) on 2026-11-04. Despite this recent strength, the stock remains in a confirmed bearish trend across all timeframes, trading below its 50-period and 200-period moving averages and the Supertrend indicator. The daily ADX of 34.22 indicates established trend strength, while the monthly ADX of 44.55 reflects strong downward conviction. Price is positioned near the lower end of its 252-day range (+15.5%) but has recovered to the upper-middle of its 20-day range (+66.5%).

Momentum indicators show mixed signals: the daily Plus DI (21.85) slightly exceeds Minus DI (19.54), suggesting short-term buying interest, yet the weekly Minus DI (25.16) dominates, confirming broader selling pressure. The stock is currently 0.47% below immediate resistance at ₹1290.47. Key support lies at ₹1270.73 (pivot) and ₹1253.77 (low). With annualized volatility at +27.1% and a current drawdown of -31.3%, risk remains elevated. A sustained break above ₹1290.47 would be required to challenge the prevailing downtrend structure.

- Trend Structure: Bearish across daily, weekly, and monthly horizons; price trades below key moving averages and Supertrend.
- Momentum Conflict: Daily ADX (34.22) shows established trend strength with slight bullish bias (Plus DI  Minus DI), contrasting with strong weekly bearishness (Minus DI 25.16).
- Key Levels: Immediate resistance at ₹1290.47 (+0.47%); primary support at ₹1270.73 (-1.06%) and ₹1253.77 (-2.39%).
- Risk Profile: High volatility (+27.1% annualized) and significant drawdown (-31.3% current, -37.1% maximum).
- Confirmation Condition: A daily close above ₹1290.47 would signal potential reversal; failure to hold above ₹1270.73 reinforces downside risk.

- Morning Star
- Doji
- Inside Bar
- Outside Bar

### News Context

Max Financial Services (MFSL) filed the transcript of its Q2 and H1 FY27 earnings conference call with the NSE on November 3, 2026. The call, held on October 28, 2026, covered unaudited results for the period ended September 30, 2026. Management reported consolidated profit after tax of ₹219 crore, up 137% year-on-year, alongside a 17% rise in gross written premium to ₹18,066 crore. Value New Business (VNB) increased 21% to ₹1,180 crore with a margin of 25.4%, while Assets Under Management grew 11% to ₹2.06 lakh crore. Embedded value rose 17% to ₹31,437 crore. On capital management, the company noted a debt raise of approximately ₹686 crore in September and reported a solvency ratio of 197%. Management also discussed potential regulatory changes, outlining an expected path for Expense of Management (EOM) limits from roughly 25% down to 12.5%. As of November 6, 2026, MFSL’s shares traded at ₹1,284.40, reflecting a YTD decline of 23.3% and a current drawdown of 31.3%.

- H1 FY27 Profit After Tax surged 137% to ₹219 crore, driven by a 17% increase in Gross Written Premium to ₹18,066 crore.
- VNB grew 21% to ₹1,180 crore with a 25.4% margin; Embedded Value rose 17% to ₹31,437 crore.
- Management highlighted a September debt raise of ~₹686 crore and a solvency ratio of 197%, while noting a proposed EOM reduction path from 25% to 12.5%.
- Stock price closed at ₹1,284.40 on November 6, 2026, with technical indicators showing bearish trends and a YTD return of -23.3%.

- MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL
- Max Financial Services Limited has informed the Exchange about the Transcript of Earnings Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication
- Max Financial Services Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates
- MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL

### Official Filings

Max Financial Services Limited (MFSL) reported strong H1 FY27 results, with consolidated Profit After Tax surging 137% to ₹219 crore and revenue excluding investment income rising 16% to ₹17,484 crore. The growth was driven by its insurance subsidiary, Axis Max Life Insurance Limited (AMLI), which saw Value of New Business (VNB) increase 21% to ₹1,180 crore and new business margin expand by 210 basis points to 25.4%. AMLI’s solvency ratio remained robust at 197%, supported by a ₹686 crore debt raise in September 2026. On the regulatory front, SEBI disposed of proceedings against MFSL without penalty or directions as of August 24, 2026. Management also outlined an expected path for Expense on New Business (EOM) limits, targeting a reduction from approximately 25% to 15% and subsequently 12.5%, in response to ongoing insurance regulatory consultations.

- H1 FY27 consolidated PAT increased 137% year-on-year to ₹219 crore, while consolidated revenue excluding investment income grew 16% to ₹17,484 crore.
- Axis Max Life Insurance reported VNB up 21% to ₹1,180 crore with a new business margin of 25.4%, and maintained a solvency ratio of 197% following a ₹686 crore subordinated NCD issuance.
- SEBI finalized proceedings against MFSL on August 24, 2026, disposing of them without any directions or penalties imposed on the company.
- Management indicated an expected trajectory for EOM limits under regulatory consultation, aiming to reduce limits from ~25% to 15% and then 12.5%.

- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261103_124839923.xml)
- [Max Financial Services Limited has informed the Exchange about the Transcript of Earnings Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_03112026125155_TRANSCRIPTOFEARNINGSCALL.pdf)
- [Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Max_29102026111304_SEDADVERTISEMENT.pdf)
- [Max Financial Services Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_28102026142728_AUDIORECORDING.pdf)
- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261028_143926903.xml)
- [Max Financial Services Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Max_27102026185635_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding 'Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 '. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/Max_27102026190101_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Max_27102026191149_PRESSRELEASE.pdf)
- [Max Financial Services Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Max_27102026192200_INVESTORRESENTATIONQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1747195_27102026073306_WEB.xml)

### Fundamentals

Max Financial Services (MFSL) reported a sequential decline in profitability for Q2 FY2026-27, with net profit falling to ₹100 crore from ₹118 crore in Q1. While total revenue decreased sequentially to ₹11,435 crore, interest earned actually rose slightly to ₹181 crore, suggesting stable core lending or investment yields despite lower other operational income. Expenses also declined to ₹11,496 crore, yet the top-line contraction compressed margins.

The balance sheet shows continued asset growth, with total assets rising to ₹2,12,718 crore as of September 2026, supported by an increase in equity to ₹7,036 crore. However, financial liabilities grew faster, reaching ₹2,04,830 crore, indicating increased leverage. Borrowings on a standalone basis rose to ₹2,013 crore in Sep 2026 from ₹1,859 crore in Mar 2026. Long-term earnings quality remains under pressure; while sales have grown at a 15% CAGR over three years, compounded profit growth has been negative (-40%) over the same period. Return on Equity (ROE) dropped to just 2% in the last year, and ROCE fell to 3% in Mar 2026. Shareholding patterns show promoters reducing their stake to 1.25% by Sep 2026, while FIIs increased theirs to 48.61%.

The most critical checkpoint is whether the company can stabilize operating margins and reverse the trend of declining profits amidst rising leverage and shrinking promoter ownership.

- Q2 FY2026-27 Net Profit declined sequentially to ₹100 crore from ₹118 crore in Q1, despite a slight increase in Interest Earned to ₹181 crore.
- Total Assets grew to ₹2,12,718 crore as of Sep 2026, but Financial Liabilities rose faster to ₹2,04,830 crore, increasing leverage.
- Long-term profitability metrics remain weak: 3-year Compounded Profit Growth is -40%, and ROE fell to 2% in the last year.
- Promoter holding decreased to 1.25% by Sep 2026, while FII ownership rose to 48.61%, signaling shifting institutional confidence.

### Bear Case

As of November 6, 2026, Max Financial Services (NSE: MFSL) exhibits a pronounced bearish technical posture across daily, weekly, and monthly timeframes. The stock is trading at ₹1,284.40, reflecting a significant deterioration in momentum with the Supertrend indicator signaling 'bearish' on all observed periods. Short-term moving averages are declining sharply, evidenced by negative slopes for both the 20-day EMA (-18.31) and SMA (-30.22), as well as the 50-day SMA (-34.09). This structural weakness is corroborated by performance metrics showing a year-to-date return of -23.3% and a six-month decline of -22.3%. The stock has experienced a current drawdown of -31.3%, approaching its historical maximum drawdown of -37.1%, indicating elevated downside risk and limited near-term support stability.

- Technical indicators confirm a sustained downtrend: Supertrend is bearish on daily, weekly, and monthly charts, with ADX values (34.22 daily, 44.55 monthly) suggesting strong trend intensity.
- Price action shows significant underperformance: Year-to-date return is -23.3%, with a six-month loss of -22.3% and a three-month decline of -15.4%.
- Momentum is weakening rapidly: The 20-day EMA slope is -18.31 and the 50-day SMA slope is -34.09, while Minus DI (19.54) exceeds Plus DI (21.85) on a narrowing basis, signaling selling pressure.
- Drawdown risk is elevated: The current drawdown stands at -31.3%, nearing the maximum historical drawdown of -37.1%, highlighting substantial volatility and downside exposure.

- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261103_124839923.xml)
- [Max Financial Services Limited has informed the Exchange about the Transcript of Earnings Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_03112026125155_TRANSCRIPTOFEARNINGSCALL.pdf)
- [Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Max_29102026111304_SEDADVERTISEMENT.pdf)
- [Max Financial Services Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_28102026142728_AUDIORECORDING.pdf)
- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261028_143926903.xml)
- [Max Financial Services Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Max_27102026185635_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding 'Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 '. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/Max_27102026190101_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Max_27102026191149_PRESSRELEASE.pdf)
- [Max Financial Services Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Max_27102026192200_INVESTORRESENTATIONQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1747195_27102026073306_WEB.xml)

### FAQs

**What were Max Financial Services' key financial results for H1 FY27?**

For the half-year ended September 30, 2026, MFSL reported a consolidated profit after tax of ₹219 crore, up 137% year-on-year. Gross written premium rose 17% to ₹18,066 crore, while embedded value increased 17% to ₹31,437 crore. New business value (VNB) grew 21% to ₹1,180 crore with a margin of 25.4%, and assets under management reached ₹2.06 lakh crore, up 11%.

**How is MFSL managing its capital position and regulatory changes?**

Management stated that capital solvency stands at 197%. In September, the company raised approximately ₹686 crore in debt. Regarding regulatory consultations on commission caps, management outlined an expected path for Expense Over Margin (EOM) limits, reducing from about 25% to 15% and subsequently to 12.5%.

**What is the current technical trend and price action for MFSL shares?**

As of November 6, 2026, the daily Supertrend indicator is bearish. The stock closed at ₹1,284.40, down 23.3% year-to-date and 18.9% over the past year. Current drawdown is -31.3% against a maximum drawdown of -37.1%. Immediate resistance sits near ₹1,290.47, with support at ₹1,270.73.

- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Transcripts - earnings or quarterly calls |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261103_124839923.xml)
- [Max Financial Services Limited has informed the Exchange about the Transcript of Earnings Call |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_03112026125155_TRANSCRIPTOFEARNINGSCALL.pdf)
- [Max Financial Services Limited has informed the Exchange about Copy of Newspaper Publication |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/Max_29102026111304_SEDADVERTISEMENT.pdf)
- [Max Financial Services Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/Max_28102026142728_AUDIORECORDING.pdf)
- [MAX FINANCIAL SERVICES LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261028_143926903.xml)
- [Max Financial Services Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/Max_27102026185635_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding 'Approval of unaudited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 '. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/Max_27102026190101_FINRESULTS30092026.pdf)
- [Max Financial Services Limited has informed the Exchange regarding a press release dated October 27, 2026, titled "Press Release". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/Max_27102026191149_PRESSRELEASE.pdf)
- [Max Financial Services Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/Max_27102026192200_INVESTORRESENTATIONQ2FY27.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1747195_27102026073306_WEB.xml)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Moderate Downtrend
- Pivot point: ₹1,270.73
- Risk regime: Higher Price Risk

### Support levels
- 1248.6
- 1066
- 1025.275

### Resistance levels
- 1315.4
- 1559.6959564208985
- 1596.728125

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | +0.86% |
| return_10 | +6.03% |
| return_1m | -5.63% |
| return_1y | -18.92% |
| return_20 | -2.87% |
| return_3m | -15.43% |
| return_5 | +7.03% |
| return_6m | -22.29% |
| return_since_start | +16.49% |
| return_ytd | -23.27% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | high_risk |
| label | Higher price risk |
| summary | Recent drawdown or price variability is materially high and may lead to larger short-term outcomes. |
| maximum_drawdown | -37.07% |
| annualized_volatility | +27.14% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Max Financial Services Limited FY2026-27 Q2: Revenue up year on year, profit down sequentially

Consolidated revenue from operations rose 18.5% year on year to ₹11,601 crore in Q2 FY2026-27, but fell 22.5% from Q1. Profit before tax declined 21.1% sequentially to ₹108.8 crore, while profit for the period fell 15.2% to ₹100.3 crore. Earnings per share was ₹2.33, down from ₹2.78 in Q1.

## Revenue and expenses fell sequentially

Revenue from operations decreased from ₹14,969.5 crore in Q1 FY2026-27 to ₹11,601.1 crore in Q2, while remaining above the ₹9,791.6 crore reported in Q2 FY2025-26. Other revenue from operations, the largest component, fell to ₹11,435.3 crore from ₹14,742.1 crore in Q1. Q2 revenue from operations included a net fair-value loss of ₹20.4 crore.

Expenses declined 22.5% sequentially to ₹11,496.4 crore, broadly matching the fall in revenue. Profit before tax was ₹108.8 crore, compared with ₹137.9 crore in Q1 FY2026-27 and ₹6.3 crore in Q2 FY2025-26.

## Investment and other income

Interest earned increased 2.7% sequentially to ₹181.2 crore. Dividend income rose to ₹3.36 crore from ₹1.47 crore, while rental income eased to ₹1.67 crore from ₹1.98 crore. Other income declined to ₹4.12 crore from ₹7.10 crore, and finance costs fell to ₹30.3 crore from ₹35.5 crore.

## Tax, profit attribution and earnings per share

Tax expense was ₹8.5 crore, compared with ₹19.6 crore in Q1 FY2026-27. Current tax edged up to ₹13.2 crore from ₹12.9 crore, while deferred tax was a credit of ₹4.7 crore, against a charge of ₹6.8 crore in Q1. Profit for the period declined to ₹100.3 crore from ₹118.3 crore.

Of Q2 profit, ₹79.9 crore was attributable to owners of the parent and ₹20.4 crore to non-controlling interests. Basic and diluted earnings per share were ₹2.33, down from ₹2.78 in Q1 FY2026-27.

## Other comprehensive income

Comprehensive income was ₹60.5 crore, down from ₹153.4 crore in Q1 FY2026-27. Other comprehensive income was negative ₹39.8 crore, compared with a gain of ₹35.1 crore in the previous quarter. Items to be reclassified to profit or loss were negative by ₹46.3 crore in Q2.

## Balance sheet position

At 30 September 2026, total assets were ₹2,12,718 crore, up from ₹1,98,936 crore at 31 March 2026. Total equity rose to ₹7,036 crore from ₹6,420 crore, comprising ₹5,718 crore attributable to owners of the parent and ₹1,318 crore of non-controlling interests.

Investments were ₹10,893 crore at 30 September 2026, compared with ₹9,716 crore at 31 March 2026. Cash and cash equivalents reported in the cash flow statement stood at ₹4,765 crore, down from ₹5,097 crore at 31 March 2026. Dues to creditors other than micro and small enterprises fell to ₹2,181 crore from ₹2,590 crore.

## Key Takeaway

Q2 combined year-on-year revenue growth with a sharp sequential contraction in revenue and lower sequential profit. The lower tax expense partly offset the decline in pre-tax profit, while negative other comprehensive income contributed to the fall in comprehensive income from Q1. At 30 September 2026, assets, equity and investments were higher than at 31 March 2026.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q2
- As of: 2026-09-30
- Promoter holding: +1.25%
- FII holding: +26.75%
- DII holding: +43.70%
- Mutual fund holding: +35.49%
- Retail holding: +4.35%
- Promoter pledged: +0.00%

### Major reported shareholders

- MITSUI SUMITOMO INSURANCE COMPANY LIMITED — +21.86%
- HDFC MUTUAL FUND - HDFC NIFTY LARGE MIDC AP 250 INDEX FUND — +9.24%
- NIPPON LIFE INDIA TRUSTEE LTD-A/C NIPPON INDIA NIFTY 500 EQ WEIGHT INDEX FUND — +4.97%
- DSP NIFTY 500 INDEX FUND — +4.30%
- SMALLCAP WORLD FUND, INC — +3.00%
- KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK NIFTY ALPHA LOW-VOLATILITY 30 INDEX FUND — +2.59%
- SBI LIFE INSURANCE CO. LTD — +2.32%
- INVESCO INDIA SMALL CAP FUND — +2.01%
- PRINCIPAL FUNDS, INC. - GLOBAL EMERGING MARKETS FUND — +1.96%
- HDFC LIFE INSURANCE COMPANY LTD -SHAREHOLDERS SOLVENCY MARGIN ACC — +1.85%

## Official filings

- 2026-11-03 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261103_124839923.xml)
- 2026-11-03 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_03112026125155_TRANSCRIPTOFEARNINGSCALL.pdf)
- 2026-10-29 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_29102026111304_SEDADVERTISEMENT.pdf)
- 2026-10-28 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_28102026142728_AUDIORECORDING.pdf)
- 2026-10-28 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261028_143926903.xml)
- 2026-10-27 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_27102026185635_FINRESULTS30092026.pdf)
- 2026-10-27 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_27102026190101_FINRESULTS30092026.pdf)
- 2026-10-27 — Press Release: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_27102026191149_PRESSRELEASE.pdf)
- 2026-10-27 — Earnings Presentation: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_27102026192200_INVESTORRESENTATIONQ2FY27.pdf)
- 2026-10-27 — Financial Results Filing: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1747195_27102026073306_WEB.xml)
- 2026-10-27 — Financial Results Filing: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_NBFC_INDAS_1747194_27102026073301_WEB.xml)
- 2026-10-19 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_1193_WebXMLFile_20261019_142823847.xml)
- 2026-10-19 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_19102026143225_SEDEARNINGCALL.pdf)
- 2026-10-16 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_16102026160829_SEDMFSL16102026.pdf)
- 2026-10-12 — Shareholding Disclosure: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1736151_12102026041358_WEB.xml)
- 2026-10-06 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_06102026165637_COM74_5_-MFSL-30092026.pdf)
- 2026-09-28 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_28092026193748_SEDMFSL28092026.pdf)
- 2026-09-25 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_25092026102643_DISBOARDMEETINGINTIMATION.pdf)
- 2026-09-25 — Board Meeting Notice: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_25092026102120_DISBOARDMEETINGINTIMATION.pdf)
- 2026-09-25 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CLOSURE_TRADING_WINDOW_1193_WebXMLFile_20260925_103723542.xml)
- 2026-09-18 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_18092026123024_SEDMFSLESGRATING18092026.pdf)
- 2026-09-11 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_11092026144528_SEDMFSLESGRATING11092026.pdf)
- 2026-09-09 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_09092026125157_SEDMFSL09092026.pdf)
- 2026-08-25 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_25082026105044_SEDMFSL25082026.pdf)
- 2026-08-25 — Generic Announcement: Max Financial Services Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/Max_25082026121247_SEDMAXFINANCIAL.pdf)

## News and market events

- 2026-10-30 — Mint: **Axis Max Life’s VNB increases 21% YoY; individual adjusted first year premium grows 12% YoY in H1 FY’27 | Mint** — Max Financial Services reported H1 FY27 consolidated revenue of ₹17,484 crore, up 16% year on year, and profit after tax of ₹219 crore, up 137%. Its subsidiary Axis Max Life posted 21% growth in value of new business to ₹1,180 crore, with margins rising to 25.4%. — [Source](https://www.livemint.com/brand-stories/axis-max-life-s-vnb-increases-21-yoy-individual-adjusted-first-year-premium-grows-12-yoy-in-h1-fy27-11793366600612.html)
- 2026-10-29 — MONEYCONTROL: **Buy Max Financial Services; target of Rs 1550: Motilal Oswal** — Motilal Oswal has issued a 'Buy' recommendation for Max Financial Services with a price target of Rs 1,550. — [Source](https://www.moneycontrol.com/news/business/buy-max-financial-services-target-of-rs-1550-motilal-oswal-14063388.html)
- 2026-10-28 — MONEYCONTROL: **Buy Max Financial Services; target of Rs 2025: Prabhudas Lilladher** — Buy Max Financial Services; target of Rs 2025: Prabhudas Lilladher Follow Us On: Stocks: A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Others Trending Topics more Sensex Today Jio Platforms Share Price Jio IPO Listing Price Cyclone Arnab Live Gold Price Akash Ambani Karnataka MLC Polls Israel exit polls HUL Q2 Results Prashant Kishor News more Business Markets Stocks India News City News Economy Mutual Funds Personal Finance IPO News Startups Markets more Home Currencies Commodities Pre-Market IPO Global Market US Markets Bonds Silver MCX Price Gold MCX Price Personal Finance more Home L — [Source](https://www.moneycontrol.com/news/business/stocks/buy-max-financial-services-target-of-rs-2025-prabhudas-lilladher-2-14062506.html)
- 2026-10-27 — CNBC-TV18: **Axis Max Life's H1 VNB rises 21% to ₹1,180 crore, margin expands to 25.4%** — Axis Max Life Insurance reported a 12% rise in individual adjusted first-year premium to ₹4,368 crore in the first half of FY27, while embedded value increased 17% to ₹31,437 crore. — [Source](https://www.cnbctv18.com/market/earnings/axis-max-lifes-h1-vnb-rises-21-to-rs1180-crore-margin-expands-to-25-4-20020681.htm)
- 2026-10-21 — BUSINESS: **Midcap 100, Smallcap 100 index down 1%; MRF, Biocon, Swiggy at 52-week lows** — Yes Bank, PI Industries, MRF, Swiggy, Biocon, NMDC, Tube Investments of India, Vishal Mega Mart, Voltas and Max Financial Services from the Midcap 100 index hitting their respective 52-week lows. — [Source](https://www.business-standard.com/markets/news/midcap-100-smallcap-100-index-down-1-mrf-biocon-swiggy-at-52-week-lows-126102100269_1.html)
- 2026-09-30 — CNBC-TV18: **Market Close Explained: Why Nifty ended lower despite gains in banking stocks** — The Nifty Bank was the relative outperformer, rising 373 points to 54,633, while the Nifty Midcap index gained 13 points to 59,332. — [Source](https://www.cnbctv18.com/market/market-close-explained-why-nifty-ended-lower-despite-gains-in-banking-stocks-20002098.htm)
- 2026-09-28 — BUSINESSTODAY: **Max Financial Services: Jefferies says EOM compliance may not come at cost of growth; stock reacts** — Max Financial Services, Max Financial Services Ltd, MaxF shares, MaxF stock, Jefferies, Max Financial Jefferies, Axis Max Life, Axis Bank, EOM ratio, EOM compliance, APE growth, VNB growth, life insurance stocks, insurance stocks, IRDAI distribution consultation — [Source](https://www.businesstoday.in/markets/stocks/story/max-financial-services-jefferies-says-eom-compliance-may-not-come-at-cost-of-growth-stock-reacts-558207-2026-09-28)
- 2026-09-25 — BUSINESSTODAY: **SBI Life, Max Fin, HDFC Life, LIC share price targets: IRDAI may need to revisit proposed cap, says Systematix** — SBI Life share price, Max Financial share price, HDFC Life share price, LIC share price, insurance stocks, life insurance stocks — [Source](https://www.businesstoday.in/markets/stocks/story/sbi-life-max-fin-hdfc-life-lic-share-price-targets-irdai-may-need-to-revisit-proposed-cap-says-systematix-557757-2026-09-25)
- 2026-09-24 — Economic Times: **Irdai commission curbs spark sharp selloff in insurers, banks and NBFCs** — Shares of insurers, banks, and non-banking finance companies dropped sharply following proposed commission caps by Irdai. The proposals raised concerns over the outlook for businesses reliant on insurance distribution. Major companies such as PB Fintech and Max Financial Services experienced significant declines. Analysts indicate that banks and NBFCs could face negative impacts from the changes in commission structures. — [Source](https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-commission-curbs-spark-sharp-selloff-in-insurers-banks-and-nbfcs/articleshow/134468312.cms)
- 2026-09-24 — Mint: **IRDAI commission proposals: Why does Nithin Kamath see regulatory risk as key?** — Zerodha CEO Nithin Kamath warned that regulatory risk is the biggest threat to financial businesses after IRDAI's proposed changes to insurance commission rules. The reforms aim to restructure insurance distribution expenses, which could affect commission rates and the economics of fintech models. — [Source](https://www.livemint.com/market/stock-market-news/irdai-commission-proposals-why-does-nithin-kamath-see-regulatory-risk-as-key-11790271257779.html)
- 2026-09-24 — CNBC-TV18: **PB Fintech wipes out nearly a decade of revenue in one day** — PB Fintech shares plunged 36% on Thursday, wiping out ₹31,426 crore in market value after IRDAI proposed tighter curbs on commissions and insurers’ management expenses, with the losses spilling over to insurers, banks and other financial stocks. — [Source](https://www.cnbctv18.com/market/pb-fintech-wipes-out-nearly-a-decade-of-revenue-in-one-day-19997865.htm)
- 2026-09-24 — Economic Times: **IRDAI proposals on insurance’s money machine leads to bloodbath for stocks: What happens to your money** — Insurance premiums may decrease if the Insurance Regulatory and Development Authority of India implements proposed commission changes. Proposed limits on commissions aim to reduce mis-selling and distribution costs in the insurance market. The changes could significantly impact banks, brokers, and digital distributors dependent on commissions for income. Insurers may need to adapt their distribution models in response to the proposed regulations. — [Source](https://economictimes.indiatimes.com/industry/banking/finance/insure/irdai-proposals-on-insurance-commission-leads-to-bloodbath-for-insurer-stocks-pb-fintech-max-life-sbi-life-what-happens-to-your-money/articleshow/134457957.cms)
- 2026-09-24 — MONEYCONTROL: **Bank Nifty, Fin Nifty crash up to 2% as brokerages see earnings hit from IRDAI proposals; Axis Bank, Max Financial top losers** — Bank Nifty, Fin Nifty, IRDAI, Axis Bank, Max Financial — [Source](https://www.moneycontrol.com/news/business/markets/bank-nifty-fin-nifty-crash-up-to-2-as-brokerages-see-earnings-hit-from-irdai-proposals-axis-bank-max-financial-top-losers-14037252.html)
- 2026-09-24 — BUSINESSTODAY: **PB Fintech shares crack 26% after Irdai consultation paper; is there more pain ahead?** — PB Fintech, PB Fintech shares, PB Fintech stock, Policybazaar, Paisabazaar, Irdai, Irdai consultation paper, insurance sector, insurance distribution, insurance commissions, Expenses of Management, EoM, Yashish Dahiya, insurance stocks, stock market today, share market today — [Source](https://www.businesstoday.in/markets/stocks/story/pb-fintech-shares-crack-26-after-irdai-consultation-paper-is-there-more-pain-ahead-557475-2026-09-24)
- 2026-09-24 — Mint: **PB Fintech leads slump in insurance stocks on IRDAI's fee cap plan | Stock Market News** — The IRDAI has proposed measured that could slash insurance fee income for banks and digital brokers by as much as 90% in high-margin categories. — [Source](https://www.livemint.com/market/stock-market-news/pb-fintech-leads-slump-in-insurance-stocks-on-irdais-fee-cap-plan-11790228201934.html)
- 2026-09-24 — The Hindu: **Insurance, financial stocks in focus after IRDAI distribution reform proposals** — HDFC Life, SBI Life, ICICI Prudential Life, LIC, ICICI Lombard and PB Fintech were among the insurance stocks in focus — [Source](https://www.thehindubusinessline.com/markets/stock-markets/insurance-financial-stocks-in-focus-after-irdai-distribution-reform-proposals/article71502749.ece)
- 2026-09-24 — MONEYCONTROL: **HDFC Life, ICICI Prudential Life shares plunge 7% as IRDAI commission proposals rattle insurers** — hdfc life insurance stock update, icici prudential life insurance share price today, insurance stocks crash, irdai insurance commission cap, life insurance stocks fall — [Source](https://www.moneycontrol.com/news/business/markets/hdfc-life-icici-prudential-life-shares-plunge-7-as-irdai-commission-proposals-rattle-insurers-14036984.html)
- 2026-09-24 — Economic Times: **Explained: Why PB Fintech, SBI Life, HDFC Life and other insurance stocks tanked up to 10% on Thursday** — IRDAI has proposed insurance distribution reforms, including a ban on dark patterns, lower Expense of Management limits and greater commission transparency. The changes could affect customer acquisition costs and distribution economics for insurers and insurance platforms. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/why-pb-fintech-sbi-life-hdfc-life-other-insurance-stocks-could-face-pressure-on-thursday/articleshow/134450720.cms)
- 2026-09-24 — BUSINESSTODAY: **Max Financial, ICICI Pru Life, HDFC Life, SBI Life shares tumble up to 10%; here's why** — HDFC Life share price, ICICI Pru Life share price, SBI Life share price, insurance stocks, why insurance stocks down today — [Source](https://www.businesstoday.in/markets/stocks/story/icici-prudential-life-hdfc-life-sbi-life-shares-tumble-up-to-10-heres-why-557442-2026-09-24)
- 2026-09-17 — MONEYCONTROL: **HDFC Life, other life insurance companies' stocks rise up to 7% on hope of lower commission payment** — HDFC share price, SBI Life shares today — [Source](https://www.moneycontrol.com/news/business/markets/hdfc-life-other-life-insurance-companies-stocks-rise-up-to-7-on-hope-of-lower-commission-payment-14032087.html)
- 2026-09-17 — Mint: **HDFC Life, Britannia among stocks to buy | Kotak Securities' expert bullish on 3 shares for the short term** — As the Indian stock market displays signs of recovery, Kotak Securities' Amol Athawale identifies three top picks for short-term investments. Discover how these stocks are poised for potential gains despite current market turbulence. — [Source](https://www.livemint.com/market/stock-market-news/hdfc-life-britannia-among-stocks-to-buy-kotak-securities-expert-bullish-on-3-shares-for-the-short-term-11789613690408.html)
- 2026-09-08 — Mint: **Which mid-cap stocks are fund managers chasing? Federal Bank leads the list, Swiggy enters top 10 | Mint** — Fund managers are reshuffling their mid-cap bets, with some stocks gaining traction. The July portfolio disclosures of actively managed funds reveal the changing favourites and offer clues about where institutional interest is building. — [Source](https://www.livemint.com/money/personal-finance/which-mid-cap-stocks-are-fund-managers-chasing-federal-bank-leads-the-list-swiggy-enters-top-10-11788883112167.html)
- 2026-09-08 — Economic Times: **Life insurers' new business premium up 33% in August** — Life insurers displayed impressive growth in new business premiums for August, with an overall year-on-year increase of thirty-three percent. This surge was predominantly driven by the single-premium and group business sectors, although retail-weighted premiums grew at a more moderate rate. Experts in the industry predict a return to more typical growth patterns in the following months. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/life-insurers-new-business-premium-up-33-in-august/articleshow/133903501.cms)
- 2026-08-24 — Mint: **Sebi drops fraud, disclosure charges in Max-Axis Bank case** — Sebi said the disclosure-related charges could not be sustained because there was no material establishing violations of the specific provisions applicable at the time. — [Source](https://www.livemint.com/market/sebi-drops-fraud-disclosure-charges-in-max-axis-bank-case-11787591557710.html)
- 2026-08-24 — MONEYCONTROL: **SEBI drops proceedings against Max Financial, Axis entities in Max Life share deal** — SEBI, max financial, max life, india — [Source](https://www.moneycontrol.com/news/business/markets/sebi-drops-proceedings-against-max-financial-axis-entities-in-max-life-share-deal-14014387.html)

## Business profile

**Strategic vision:** Indian holding company focused on life insurance sector.

### Business segments
- **Life Insurance:** Offers comprehensive protection and long-term savings life insurance solutions through Axis Max Life Insurance Company Limited.

### Competitive strengths
- Partnership with a large private sector bank for distribution.

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/mfsl
Markdown representation: https://faxioms.com/stocks/mfsl?render=md