Max Financial Services valuation — what today's price assumes
Ten years of Max Financial Services (MFSL)'s results, the ratios that matter for this business, and the growth and returns today's share price already implies — all built from its filed accounts.
We do not publish one number for Max Financial Services — and here is why.
On today's figures the market pays roughly 18.5 times what our model says Max Financial Services is worth. On a company this widely followed, a gap that large almost always means our model is missing something rather than that thousands of investors are wrong. So we show the workings and say plainly that we cannot stand behind a single figure here.
Ten years, in charts
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
The numbers behind them
Revenue and net profit as filed, in ₹ crore.
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2020 | 18,240 | 273 | 1.5% |
| FY2021 | 31,274 | 560 | 1.8% |
| FY2022 | 31,181 | 318 | 1.0% |
| FY2023 | 31,413 | 452 | 1.4% |
| FY2024 | 46,576 | 393 | 0.8% |
| FY2025 | 46,469 | 403 | 0.9% |
| FY2026 | 47,674 | 106 | 0.2% |
How this company gets valued — and why
Our model and the market disagree so far apart on this company that the model is the more likely one to be wrong. Rather than publish a number we cannot stand behind, we show the workings and say so.
Estimate withheld — model and market disagree too farUnderstand this method
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The complete valuation
Unlock the complete valuation report
- ✓Fair value per share — with the full working behind it
- ✓Bull, base and bear cases — and what moves between them
- ✓Every assumption — growth, margins, cost of capital, with sources
- ✓Peer comparison — how rivals are priced on the same measures
- ✓Downloadable PDF report — the full write-up, yours to keep
Frequently asked
What is the intrinsic value of Max Financial Services?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
Is Max Financial Services a good long-term investment?
Revenue went from ₹0.18 lakh crore to ₹0.48 lakh crore over the period shown, while return on equity moved from 20.9% to 2.0%. Growing scale on a rising return is a very different proposition from growing scale on a falling one.
How much debt does Max Financial Services carry?
Debt to equity stands at 0.00, against 0.00 at the start of the period — the balance sheet is a core input to the cost of capital used here.
How does FairStocks calculate fair value?
From published financial statements. The method is chosen to fit the business — a bank on excess return, a regulated utility on its rate base, a conglomerate by its parts — and every assumption is shown with its source. When the numbers do not support an estimate, no estimate is published. This is an educational research tool: it reports what the model computed and does not recommend buying or selling anything.
What assumptions are used to value Max Financial Services?
A cost of capital of 10.98%, growth drawn from the company's own record rather than from guidance, and the valuation method that fits the business. All of them are listed in the report, with how much each one moves the answer.