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Max Financial Services Limited MFSL.NS

IN · National Stock Exchange of India · XNSE · stock · Financial Services · website

Max Financial Services Limited statistics & valuation

Market cap₹528.3B
P / E629.0×
P / S1.1×
P / B10.0×
P / FCF4.7×
Net margin0.2%
FCF margin23.6%
Net cash₹539.8M
Enterprise value USD$5.5B
Graham number -94%₹92.07

Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value (₹92.07); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
1.20% 0.70% 0.70% 0.20% 2023202420252026
Gross margin (%)
2023202420252026
Operating margin (%)
2023202420252026
Return on equity (%)
10.80% 8.80% 6.20% 1.60% 2023202420252026
Shares outstanding
343.4M 343.4M 343.4M 343.4M 2023202420252026
Net debt (₹)
-₹3.95B -₹8.53B -₹116.4M -₹539.8M 2023202420252026
Share buybacks (₹)
₹1.22B ₹54.4M ₹406.4M ₹539.1M 2023202420252026
Return on assets (%)
0.30% 0.20% 0.20% 0.00% 2023202420252026
Free cash flow margin (%)
31.10% 12.70% 17.50% 23.60% 2023202420252026
Debt / equity (×)
0.24× 0.22× 0.27× 0.44× 2023202420252026
EPS (₹)
₹10.97 ₹9.90 ₹9.53 ₹2.45 2023202420252026

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Max Financial Services Limited trades at about 627.8× earnings — above its 10-year norm (10-year range 58.3×–647.2×, median 136.9×).

58.3× 647.2×

Shaded band = 10-year range (58.3×–647.2×); dot = today's 627.8×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2026FY2025FY2024FY2023
Net margin0.2%0.7%0.7%1.2%
FCF margin23.6%17.5%12.7%31.1%
Return on assets0.0%0.2%0.2%0.3%
Return on equity1.6%6.2%8.8%10.8%
Debt / equity0.35×0.19×0.13×0.15×

Computed from company filings · IN · as of 2026-03-31. Figures in INR. Facts plus Stocktoria's own computed scores — not investment advice.