MFSL
Mid CapMax Financial Services Limited
Financial Services
Max Financial Services Limited (MFSL) is a holding company for Axis Max Life Insurance, a private life insurer in India. For FY26, MFSL reported consolidated revenue of Rs 47,696 Cr (including investment income) and a consolidated Profit After Tax of Rs 106 Cr.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is a red flag, price trend argues for patience, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/6 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -13% YoY · PAT -184% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹10,802 Cr | -12.7% | -24.2% |
| EBITDA | ₹-6 Cr | -130.0% | -107.7% |
| Operating margin | 0.0% | +0 bps | -100 bps |
| PAT | ₹-32 Cr | -184.2% | -171.1% |
| PAT margin | -0.3% | -61 bps | -62 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Axis Max Life Insurance delivered strong FY26 performance with Individual Adjusted First Year Premium growing 19% YoY, outpacing private industry growth. Value of New Business (VNB) increased 26% YoY to Rs 2,647 Cr, and New Business Margin (NBM) improved to 25.2%.
Axis Max Life demonstrated robust growth in key operating metrics for FY26, outperforming the private industry in individual adjusted first-year premium and expanding market share. The improvement in NBM and VNB indicates profitable business expansion, supported by strong proprietary channel growth and a strategic focus on protection and annuity products. However, the consolidated PAT for MFSL remains low, and the solvency ratio saw a slight decline.
APE by Product Mix (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Proprietary Channels
positiveProprietary channels APE grew by 28% YoY, driven by secular growth momentum within Offline and Online channels.
Retail Protection & Health
positiveRetail Protection and Health APE grew by 53% to Rs 1,373 cr during FY26 vs Rs 896 cr last year.
Annuity Business
positiveAnnuity APE grew by 113% to Rs 1,050 cr during FY26 vs Rs 492 cr during FY25.
New Partnerships
positiveNew partnership APE grew by 90% YoY during FY26, contributing >5% of Individual APE.
Balanced Product Mix
positiveVNB growth and NBM improvement were driven by a balanced product mix and higher business volumes.
Protection and Retirement Opportunity
positiveProtection and Retirement remains a key focus area due to the long-term structural opportunity within the segment.
Non-Operating Variance
negativeNon-operating variance was negative Rs -714 cr in FY26.
Solvency Ratio Decline
negativeSolvency ratio decreased to 194% as of Mar'26 from 201% as of Mar'25.
Sensitivity to Corporate Tax Rate
neutralA 2% increase in corporate tax rate could reduce EV by 2.4% and VNB by 3.5%. A 25% rate could reduce EV by 10.5% and VNB by 15.5%.
Sensitivity to Expenses
neutralA 10% increase in expenses could reduce EV by 0.9% and VNB by 9.1%, impacting NBM by 2.3%.
Sensitivity to Mortality
neutralA 10% increase in mortality could reduce EV by 3.1% and VNB by 7.2%, impacting NBM by 1.8%.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document primarily presents financial and operational data for FY26 compared to FY25, making year-over-year comparison the most relevant basis to assess annual performance trends and growth.
Individual Adjusted First Year Premium
positiveRs 9,885 cr in FY26, grew by 19% YoY, ahead of the private industry which grew by 12% YoY.
Private Market Share
positive10.4% during FY26, expanded by 56 bps from 9.8% during FY25.
Value of New Business (VNB)
positiveRs 2,647 cr in FY26, grew by 26% YoY.
New Business Margin (NBM)
positive25.2% in FY26 vs 24.0% during FY25, driven by balanced product mix and higher business volumes.
Channel Growth Focus
Management is focused on ensuring growth in both Proprietary and Bancassurance channels.
Product Strategy
Focus is on selling longer-term products and improving penetration of pure protection & health offerings.
Customer Measures Priority
Focus towards customer measures has helped deliver performance and will continue to remain a priority.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Individual Adjusted FYP Growth | 19% YoY (FY26) | Continued outperformance against the private industry growth rate. |
| New Business Margin (NBM) | 25.2% (FY26) | Sustained improvement or stability, indicating profitable business expansion. |
| Proprietary Channel APE Growth | 28% YoY (FY26) | Maintenance of strong growth momentum and increasing contribution to overall APE. |
| Solvency Ratio | 194% (Mar'26) | Stability or improvement above regulatory minimums, given the slight decline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Max Life aims for 3-4 times sales growth in protection and health.
"3-4x sales in 5 years"
Max Life aims for approximately 8-9 times annuity sales growth.
"~8-9x annuity sales in 5 years"
Max Life aims for approximately 2.5 times sales growth in offline proprietary distribution.
"~2.5x sales in 5 years"
Max Life aims to be among the top 3 players in protection and health.
"Among top 3 players in protection and health"
Max Life aims to be among the top 3 providers of holistic retirement offerings.
"Among Top 3 providers of holistic retirement offering"
Max Life aims to be among the top 3 players in offline proprietary distribution.
"Among top 3 in offline proprietary distribution"
Trend score and candlestick chart
42NeutralSMA20 -3.1% / mo
Technical chart
MFSLdaily · 5Y-2.5%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 45.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 45 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 11% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Cash flow contributes 4/10 to the score.
- Growth contributes 3/25 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Promoter pledge is 42.1%.
- Fair-value margin of safety is negative at -37111.3%.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Low Trust: Claim history is still being built. It ranks around the 1st percentile of the scored universe and 1st percentile within Financial Services. Main check: financial discipline is weak at 10/100.
Low Trust Lite: FCF yield is positive at 0.6%. Key concern: Promoters have pledged 42.1% of holding.
Avoid relying on management narrative unless turnaround evidence is hard and recent.
overall median 67 · Financial Services: 1st pctile, median 62 · Mid: 1st pctile, median 76
136 documents indexed, but claim history is not strong enough yet.
6 claims extracted · No contradicted claim yet
How to read this Trust Score
Low Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸FCF yield is positive at 0.6%.
- ▸9 years of positive FCF.
- ▸OPM spread across recent quarters is 2%.
Trust risks
- ▸Promoters have pledged 42.1% of holding.
- ▸Altman Z is 0.46.
- ▸4 latest quarters had PAT decline worse than 25% YoY.
- ▸Promoter holding is only 1.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 662.00
- P/B
- 10.42
- EV/EBITDA
- 265.64
- Market Cap
- 54987.00Cr
Profitability
- ROE
- 1.57%
- ROCE
- 2.95%
- ROA
- 0.05%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -28.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- -40.00%
Balance Sheet
- Debt/Equity
- 0.35
- Interest Coverage
- 1.89×
- Altman Z
- 0.46
- Book Value
- 153.00
Cash Flow
- FCF Yield
- 0.63%
- FCF Positive Y
- 9/5
- OCF
- 11473.00 Cr
- EPS TTM
- 2.43
Shareholding
- Promoter Hold
- 1.25%
- Promoter Pledge
- 42.10%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.