Max Financial Services Limited

BSE: 500271 NSE: MFSL
Max Financial Services Limited - financial services in Nawanshahr, Punjab, India. FY 2026 financials & compliance.
CIN L24223PB1988PLC008031 Incorporated 24 February 1988 ROC Chandigarh HQ Nawanshahr, Punjab, India
Active Listed - NSE: MFSL · BSE: 500271 Public Limited Company financial services Fortune India 500 · #62 India's Most Valuable Nifty 500
Data last updated
Market Cap
₹42,218 Cr
MFSL · NSE
Share Price
₹1,211.30
-0.98% today
Revenue
₹47,674 Cr
FY 2025-26 · +2.6% YoY
EBITDA
₹212 Cr
Margin 0.4%
Net Profit
₹79.13 Cr
FY 2025-26 · -76.3% YoY
P/E (TTM)
400.2x
P/B 8.2x
ROE
2.0%
ROCE 3.5%
Debt / Equity
0.27
Interest cover 53.4x

About Max Financial Services Limited

Data last updated:

Max Financial Services Limited is a public limited company based in Nawanshahr, Punjab, India. It operates in the financial holding companies segment of the financial services sector. It was incorporated on 24 February 1988 and has been in existence for over 38 years.

Max Financial Services is ranked #62 on the Fortune India 500 (2025). It is part of the Nifty 500 and BSE 500 indices. Its director Analjit Singh and family are #326 among India's richest people (2026).

The company is registered with the Registrar of Companies (ROC), Chandigarh, under CIN L24223PB1988PLC008031. Its GSTIN is 07AABCM1204G1Z3 (Delhi). The company holds 5 GST registrations, of which 3 are active. It is a listed company as per MCA records. Its shares are listed on BSE: 500271 and NSE: MFSL.

The company has an authorised share capital of ₹70 Cr and a paid-up capital of ₹69.02 Cr. It was formerly known as Maxxon India Limited and Max India Limited. It is led by directors including Jai Arya and Hideaki Nomura.

Its last annual general meeting (AGM) was held on 18 September 2025, and its latest financial statements are for the year ended 31 March 2026. The registered office is at Bhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Nawanshahr, Punjab, India – 144533.

As per the latest consolidated financials for FY 2025-26, the company reported a revenue of ₹47,674 Cr, a growth of 2.6% compared to the previous year. For the same year it recorded a net profit of ₹79.13 Cr (net margin 0.2%) and EBITDA of ₹211.73 Cr (EBITDA margin 0.4%). The net worth stands at ₹5,281.79 Cr (up 0.1% YoY). Total assets are valued at ₹8,278.64 Cr (up 11.4% YoY).

The company has about 37,779 employees on its provident fund (EPFO) records. Its group structure includes 1 subsidiary.

The company is associated with 2 brands: Max Antara and Max Financial Services. As per MCA filings, the company has open charges of ₹5.35 Cr and satisfied charges of ₹549.95 Cr on record. Court records list 8 cases involving the company, including 2 filed by the company and 6 filed against it; 3 cases are pending. The company has 88 deals on record (70 market trades, 14 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5,109.54 Cr; the latest was in November 2025.

The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website maxfinancialservices.com.

Company details

CIN L24223PB1988PLC008031
Registration Number 008031
Incorporation Date 24 February 1988
ROC Chandigarh
Listing Status Listed - Listed on NSE (MFSL); Listed on BSE (500271)
Company Status Active
Date of Last AGM 18 September 2025
Date of Balance Sheet 31 March 2026
Compliance Status Active Compliant

Name history

Max Financial Services has undergone 2 name changes throughout its history. The company was previously known as Maxxon India Limited, and Max India Limited. The current legal name is Max Financial Services Limited.

Company NameStatus
Max Financial Services LimitedCurrent
Maxxon India LimitedPrevious
Max India LimitedPrevious

CIN history

Max Financial Services has 2 previous CINs, indicating changes in the company's corporate structure or registration details. The current CIN is L24223PB1988PLC008031, which is the unique identifier assigned by the Registrar of Companies.

CINStatus
L24223PB1988PLC008031Current
U24223PB1988PLC008031Previous
L24223HR1988PLC145368Previous
Key People
Jai Arya Director Hideaki Nomura Director Narasimha Kummamuri Director

Recognitions & Rankings of Max Financial Services

Fortune India 500 2025 edition
Rank#62
Total income
₹46,497 Cr
Profit
₹327 Cr
Last year #59
India's Most Valuable Companies 2025 edition · Source: Hurun India
Valuation
₹54,730 Cr
2024 #154 2023 #143 2022 #166
India's Richest People 2026 edition · 1 director · Source: Hurun India
Stock market indices
Nifty 500 BSE 500

Contact details

Max Financial Services Limited's registered office is in Nawanshahr, Punjab. Its website is maxfinancialservices.com. Its e-mail address and telephone number are in the company report.

  • Email
  • Telephone
  • Website
    maxfinancialservices.com
  • Social Media
  • Registered Address
    Bhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Nawanshahr, Punjab, India – 144533
  • Industry
    Financial Services, Financial Holding Companies

To see the full contact details of Max Financial Services Limited, buy the company report.

Comprehensive company report
Max Financial Services Limited - one report that includes everything
  • Company details, directors and signatories
  • Historical financials and ratios
  • Shareholding pattern and group structure
  • Charges with holder and property details
  • Legal cases, compliance and MCA filings
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Brands

Max Financial Services operates two associated brands: Max Antara and Max Financial Services. Each brand links to its own profile.

BrandDescriptionWebsite
Max Antara
Operates a senior living community with residential and care services for older adults.max-antara.in
Max Financial Services
Life insurance policies are issued to customers across India.maxfinancialservices.com

Business activity

The main business activities of Max Financial Services are professional, scientific and technical and financial and insurance service. In detail, this covers management consultancy activities and activities by trusts, funds and other financial holding companies. 2 activity segments are registered with the MCA.

Main activity group codeMain activityBusiness activity codeBusiness activityShare of turnover
MProfessional, Scientific and TechnicalM3Management consultancy activities
KFinancial and insurance ServiceK2Activities by Trusts, funds and other financial holding companies

To see the full business activity and turnover split of Max Financial Services Limited, buy the company report.

Financials of Max Financial Services Limited

FY 2025-26 filings available

Max Financial Services Limited reported revenue of ₹47,674 Cr (up 2.6% YoY) for FY 2025-26.

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹47,674 Cr
+2.6% YoY
EBITDA
₹212 Cr
-54.9% YoY
Profit After Tax
₹79.13 Cr
-76.3% YoY
Net Worth
₹5,282 Cr
+0.1% YoY
Total Assets
₹8,279 Cr
+11.4% YoY
Total Debt
₹1,859 Cr
+81.1% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue47,67446,46946,57631,41531,18231,27518,240
Revenue growth+2.6%-0.2%+48.3%+0.8%-0.3%+71.5%-
EBITDA212469424554413585452
EBITDA margin+0.4%+1.0%+0.9%+1.8%+1.3%+1.9%+2.5%
Profit before tax121447415527389593442
Net profit79.13333342378253425145
Net profit margin+0.2%+0.7%+0.7%+1.2%+0.8%+1.4%+0.8%
EPS (₹)2.459.539.9011.017.3412.335.38
Balance sheet
Total assets8,2797,4304,8924,4915,0073,6082,822
Net worth5,2825,2753,8663,5183,9353,3432,147
Total debt1,8591,0265235235223.462.73
Cash & bank2,1371,1239051,178600508449
Net working capital(1,78,371)(1,73,010)(1,48,675)(1,19,483)(1,05,401)(88,748)(66,395)
Cash flow
Cash from operations11,4738,3526,1049,9228,4966,8925,452
Cash from investing(11,125)(9,703)(5,001)(11,555)(8,835)(6,852)(4,991)
Cash from financing5671,961(117)(233)388(92.15)(383)
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,97010,80214,2599,79212,82212,3768,92313,372
Revenue growth (YoY)+16.8%-12.7%+59.8%-26.8%+8.7%---
Other income7.105.228.517.033.2520.323.122.72
EBITDA167(5.99)78.0120.9711817.8288.64173
EBITDA margin+1.1%-0.1%+0.5%+0.2%+0.9%+0.1%+1.0%+1.3%
Depreciation0.500.490.520.620.680.710.780.69
Interest35.5335.1335.9321.1219.6815.3010.2312.55
Profit before tax138(36.39)50.076.2610122.1380.75162
Tax19.63(4.87)5.310.3914.50(16.15)10.9422.76
Net profit118(31.52)44.765.8786.4538.2869.81139
EPS (₹)2.78(0.77)1.070.122.030.911.633.26
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue25.8915.9021.4557.85200307495
Revenue growth+62.8%-25.9%-62.9%-71.1%-34.8%-38.0%-
EBITDA3.74(7.82)(10.13)22.07149133406
EBITDA margin+14.5%-49.2%-47.2%+38.2%+74.4%+43.2%+82.1%
Profit before tax7.75(8.96)(11.57)19.25147129396
Net profit0.00(9.27)(11.22)13.8810399.31273
Net profit margin0.0%-58.3%-52.3%+24.0%+51.2%+32.4%+55.1%
EPS (₹)0.17(0.27)(0.33)0.402.972.8810.11
Balance sheet
Total assets6,7496,7446,7546,7656,7516,6492,283
Net worth6,7496,7436,7526,7636,7506,6452,280
Total debt0.250.871.871.971.543.462.73
Cash & bank0.3053.2047.9957.6731.001.471.94
Net working capital52.7752.2150.4964.7127.48(1.41)(211)
Cash flow
Cash from operations(12.68)(6.95)(10.25)(34.07)85.91(0.74)393
Cash from investing13.378.1211.1735.85(84.67)2.40(395)
Cash from financing(0.65)(1.09)(1.14)(1.76)(1.08)(1.72)1.12
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue3.0517.002.932.872.993.744.323.69
Revenue growth (YoY)+2.0%+354.6%-32.2%-22.2%-19.6%---
Other income2.590.124.720.000.050.100.390.07
Total expenses4.804.985.876.035.266.145.895.93
EBITDA(1.75)12.02(2.94)(3.16)(2.27)(2.40)(1.57)(2.24)
EBITDA margin-57.4%+70.7%-100.3%-110.1%-75.9%-64.2%-36.3%-60.7%
Depreciation0.110.110.120.230.290.320.290.31
Interest0.000.000.010.010.010.020.020.02
Profit before tax0.7312.031.65(3.40)(2.52)(2.64)(1.49)(2.50)
Tax0.001.860.000.000.00(0.05)0.08(0.04)

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 23 Oct 2026
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue14,97010,80214,2599,79212,82212,3768,92313,372
Revenue growth (YoY)+16.8%-12.7%+59.8%-26.8%+8.7%---
Other income7.105.228.517.033.2520.323.122.72
EBITDA167(5.99)78.0120.9711817.8288.64173
EBITDA margin+1.1%-0.1%+0.5%+0.2%+0.9%+0.1%+1.0%+1.3%
Depreciation0.500.490.520.620.680.710.780.69
Interest35.5335.1335.9321.1219.6815.3010.2312.55
Profit before tax138(36.39)50.076.2610122.1380.75162
Tax19.63(4.87)5.310.3914.50(16.15)10.9422.76
Net profit118(31.52)44.765.8786.4538.2869.81139
EPS (₹)2.78(0.77)1.070.122.030.911.633.26
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue47,67446,46946,57631,41531,18231,27518,240
Revenue growth+2.6%-0.2%+48.3%+0.8%-0.3%+71.5%-
Other income23.3427.9037.9015.565.8013.501.78
Total expenses47,46246,00046,15230,86230,76930,69017,788
Employee cost45.0336.4930.9029.2336.7760.8035.95
EBITDA212469424554413585452
EBITDA margin+0.4%+1.0%+0.9%+1.8%+1.3%+1.9%+2.5%
Depreciation2.312.873.114.635.005.3211.37
Interest11247.3643.6437.4624.740.270.28
Profit before tax121447415527389593442
Tax15.3343.3622.5675.3170.2533.15170
Net profit79.13333342378253425145
Net profit margin+0.2%+0.7%+0.7%+1.2%+0.8%+1.4%+0.8%
EPS (₹)2.459.539.9011.017.3412.335.38
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital68.6668.6968.7368.7269.0269.0253.90
Reserves & surplus5,2135,2063,7973,4503,8663,2742,093
Shareholders' funds (net worth)5,2825,2753,8663,5183,9353,3432,147
Minority interest1,1381,129504450550262672
Secured loans0.000.000.000.000.000.000.00
Unsecured loans1,8591,0265235235223.462.73
Total debt1,8591,0265235235223.462.73
Total liabilities8,2797,4304,8924,4915,0073,6082,822
Assets
Gross block622624624627630656655
Net block607610612614616639641
Capital work in progress0.000.000.000.000.000.000.00
Investments1,86,0141,79,8411,52,9591,23,3551,09,79491,76668,566
Inventories0.000.000.000.000.000.000.00
Sundry debtors0.000.000.000.000.002.563.16
Cash & bank balances2,1371,1239051,178600508449
Loans & advances10,1488,6068,2966,6726,7375,1414,858
Total current assets12,2869,7299,2017,8507,3375,6525,310
Total current liabilities1,90,6571,82,7391,57,8751,27,3331,12,73894,40071,705
Net working capital(1,78,371)(1,73,010)(1,48,675)(1,19,483)(1,05,401)(88,748)(66,395)
Total assets8,2797,4304,8924,4915,0073,6082,822
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash4,1823,5729,83611,702716767689
Net cash from operating activities11,4738,3526,1049,9228,4966,8925,452
Net cash from investing activities(11,125)(9,703)(5,001)(11,555)(8,835)(6,852)(4,991)
Net cash from financing activities5671,961(117)(233)388(92.15)(383)
Net change in cash915610986(1,866)48.45(51.43)78.38
Closing cash2,1371,1239051,178600508449
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+2.6%-0.2%+48.3%+0.8%-0.3%+71.5%-
EBITDA growth-54.9%+10.6%-23.4%+34.2%-29.5%+29.3%-
PBT growth-72.9%+7.6%-21.3%+35.6%-34.5%+34.0%-8.0%
Net income growth-76.3%-2.4%-9.7%+49.4%-40.5%+193.5%-
Revenue CAGR (3Y)+14.9%+14.2%+14.2%+19.9%+16.9%+24.2%+6.2%
EBITDA CAGR (3Y)-27.4%+4.4%-10.2%+7.0%-6.6%+3.3%-16.3%
Profitability & leverage
Net income margin+0.2%+0.9%+0.8%+1.4%+1.0%+1.8%+1.5%
Return on capital employed+3.5%+8.5%+8.6%+10.4%+7.9%+16.7%+21.0%
Return on net worth+2.0%+8.0%+8.1%+9.2%+6.4%+15.8%+13.0%
Debt / equity0.270.170.140.140.070.000.00
Long-term debt / equity0.270.170.140.140.070.000.00
Interest cover53.4110.1610.376.826.070.050.06
Efficiency & per share
Fixed asset turnover76.5574.4874.4950.0048.4947.7130.04
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover0.000.000.000.0024,365.3010,939.874,212.88
EPS (₹)2.459.539.9011.017.3412.335.38
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)153.85153.58112.50102.39114.0196.8779.65
ParticularsJun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024Sep 2024
Revenue3.0517.002.932.872.993.744.323.69
Revenue growth (YoY)+2.0%+354.6%-32.2%-22.2%-19.6%---
Other income2.590.124.720.000.050.100.390.07
Total expenses4.804.985.876.035.266.145.895.93
EBITDA(1.75)12.02(2.94)(3.16)(2.27)(2.40)(1.57)(2.24)
EBITDA margin-57.4%+70.7%-100.3%-110.1%-75.9%-64.2%-36.3%-60.7%
Depreciation0.110.110.120.230.290.320.290.31
Interest0.000.000.010.010.010.020.020.02
Profit before tax0.7312.031.65(3.40)(2.52)(2.64)(1.49)(2.50)
Tax0.001.860.000.000.00(0.05)0.08(0.04)
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue25.8915.9021.4557.85200307495
Revenue growth+62.8%-25.9%-62.9%-71.1%-34.8%-38.0%-
Other income4.790.180.260.391.780.820.08
Total expenses22.1523.7231.5835.7851.3617488.61
Employee cost6.115.936.189.2321.6221.2522.86
EBITDA3.74(7.82)(10.13)22.07149133406
EBITDA margin+14.5%-49.2%-47.2%+38.2%+74.4%+43.2%+82.1%
Depreciation0.751.231.593.103.483.809.89
Interest0.030.090.110.110.140.220.20
Profit before tax7.75(8.96)(11.57)19.25147129396
Tax1.860.27(0.32)5.3744.4630.24124
Net profit0.00(9.27)(11.22)13.8810399.31273
Net profit margin0.0%-58.3%-52.3%+24.0%+51.2%+32.4%+55.1%
EPS (₹)0.17(0.27)(0.33)0.402.972.8810.11
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital69.0269.0269.0269.0269.0269.0253.90
Reserves & surplus6,6806,6746,6836,6946,6816,5762,226
Shareholders' funds (net worth)6,7496,7436,7526,7636,7506,6452,280
Secured loans0.000.000.000.000.000.000.00
Unsecured loans0.250.871.871.971.543.462.73
Total debt0.250.871.871.971.543.462.73
Total liabilities6,7496,7446,7546,7656,7516,6492,283
Assets
Gross block5.107.717.6610.5813.3939.7938.54
Net block1.192.412.913.854.3125.1225.50
Capital work in progress0.000.000.000.000.000.000.00
Investments6,6956,6896,6996,6956,7236,6162,468
Inventories0.000.000.000.000.000.000.00
Sundry debtors8.6511.3212.2717.2815.0819.1819.25
Cash & bank balances0.3053.2047.9957.6731.001.471.94
Loans & advances58.843.385.894.803.465.5710.46
Total current assets67.7967.9066.1579.7549.5426.2231.65
Total current liabilities15.0215.6915.6615.0422.0627.63243
Net working capital52.7752.2150.4964.7127.48(1.41)(211)
Total assets6,7496,7446,7546,7656,7516,6492,283
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash0.260.180.400.380.220.290.43
Net cash from operating activities(12.68)(6.95)(10.25)(34.07)85.91(0.74)393
Net cash from investing activities13.378.1211.1735.85(84.67)2.40(395)
Net cash from financing activities(0.65)(1.09)(1.14)(1.76)(1.08)(1.72)1.12
Net change in cash0.040.08(0.22)0.020.16(0.06)(0.14)
Closing cash0.3053.2047.9957.6731.001.471.94
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+62.8%-25.9%-62.9%-71.1%-34.8%-38.0%-
EBITDA growth+147.8%+22.8%-145.9%-85.2%+12.2%-67.4%-
PBT growth+9998.0%+22.6%--86.9%+13.6%-67.3%+702.6%
Net income growth+100.0%+17.4%-180.8%-86.5%+3.3%-63.6%-
Revenue CAGR (3Y)-23.5%-57.0%-58.8%-51.1%-14.2%+5.2%+24.6%
EBITDA CAGR (3Y)-44.7%---62.1%+24.1%-3.0%+37.8%
Profitability & leverage
Net income margin+22.8%-58.1%-52.5%+24.0%+51.2%+32.3%+55.1%
Return on capital employed+0.1%-0.1%-0.2%+0.3%+2.2%+2.9%+18.5%
Return on net worth0.0%-0.1%-0.2%+0.2%+1.5%+2.2%+12.7%
Debt / equity0.000.000.000.000.000.000.00
Long-term debt / equity0.000.000.000.000.000.000.00
Interest cover1.00-0.99-0.940.580.100.170.05
Efficiency & per share
Fixed asset turnover4.792.092.384.867.607.8613.65
Inventory turnover0.000.000.000.000.000.000.00
Debtors turnover3.071.361.473.6011.8016.0224.12
EPS (₹)0.17(0.27)(0.33)0.402.972.8810.11
Dividend per share (₹)0.000.000.000.000.000.000.00
Book value per share (₹)195.55195.38195.65195.98195.58192.5784.61

To see the full year-wise statements and ratios of Max Financial Services Limited, buy the company report.

Board of directors of Max Financial Services Limited

Max Financial Services has 9 current directors and 34 former directors. Current directors are listed first, with their designation and appointment date.

Current Directors
NameDesignationAppointment DateTenureStatus
Jai Arya
Also directs: Axis Max Life Insurance Limited
Director14 Nov 20187 Years 11 MonthsCurrent
Hideaki NomuraDirector08 Dec 20205 Years 10 MonthsCurrent
Narasimha Kummamuri
Also directs: Raymond Limited, Raymond Realty Limited, Raymond Lifestyle Limited and 4 more
Director30 Mar 20215 Years 6 MonthsCurrent
Analjit Singh
Also directs: Max Estates Limited, Max India Limited, Delhi Guest Houses Pvt Ltd and 5 more
Director23 Jul 20188 Years 3 MonthsCurrent
Sahil Vachani
Also directs: Max Estates Limited, Max Ventures Private Limited, Max Ventures Investment Holdings Private Limited and 5 more
Director25 May 20188 Years 4 MonthsCurrent
Venkatraman Krishnan
Also directs: Max Estates Gurgaon Two Limited, Max Estates Gurgaon Limited, Max Asset Services Limited and 1 more
Manager14 Jul 20233 Years 3 MonthsCurrent
Showing 6 of 9 current directors. View all directors

Auditor

Max Financial Services Limited is audited by Deloitte Haskins & Sells LLP for the financial year 2023.

Auditor firmFinancial yearFirm registration number
Deloitte Haskins & Sells LLPFY 2023117366W/W-100018

Shareholding

Shareholding for the quarter ended Sep 2026: promoters hold 1.20%, foreign institutional investors hold 48.10%, domestic institutional investors hold 44.30% and retail and other public shareholders hold 6.40%.

Promoters: 1.20%DII (Domestic Institutional): 44.30%FII (Foreign Institutional): 48.10%Retail & Others: 6.40%
Sep 2026
QUARTER
1.20% Promoters
44.30% DII (Domestic Institutional)
48.10% FII (Foreign Institutional)
6.40% Retail & Others
Promoter holding - history
Now 1.20% · Sep 2026High 1.70% · Dec 2025Low 1.20% · Mar 2026
0%0.8%1.5%2.3%3%Dec 2025Mar 2026Jun 2026Sep 2026Dec 2025: 1.70%Mar 2026: 1.20%Jun 2026: 1.20%Sep 2026: 1.20%1.70%1.20%1.20%
Shareholding trend - last 6 quarters
Sep 2026Jun 2026Mar 2026Dec 2025
Promoters1.20%1.20%1.20%1.70%
Public98.80%98.80%98.80%98.30%

Charges & borrowings

Open charges
₹5.35 Cr
Satisfied charges
₹549.95 Cr
Breakdown by lending institutions
Punjab National Bank₹5.00 Cr
Canara Bank₹0.35 Cr
Latest charge details
DateCharge IDLenderAmountStatusModified or satisfied on
18 Mar 200490172194Punjab National Bank₹5 CrOpen
03 May 199490168628Canara Bank₹35 LakhOpen
05 Mar 201410481440Indusind Bank Ltd.₹20 CrSatisfied
01 Mar 201310411657Hdfc Bank Limited₹30 CrSatisfied
22 Jun 201010226020Kotak Mahindra Bank Limited₹25 CrSatisfied

To see the full charge records of Max Financial Services Limited, buy the company report.

Total charge records: 38 View all charges

Deals & funding

Max Financial Services Limited has 88 deals on record (70 market trades, 14 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5,109.54 Cr; the latest was in November 2025.

Total deals
88
Market trades
70
Secondary share transfers
14
Funding rounds
3
QIP
1
Disclosed funding
₹5,109.54 Cr

Deals on record (5 of 88)

WhenDealAmountParties
Nov 2025Market trade₹268.96 CrBuyer: Morgan Stanley Investment Management, Tata Mutual Fund, Whiteoak Capital Mutual Fund
Seller: Max Ventures Investment Holdings Private Limited
Mar 2025Market trade₹611.6 CrBuyer: Icici Prudential Mutual Fund, Dsp Mutual Fund, Oxbow Master Fund Limited, an individual
Seller: Max Ventures Investment Holdings Private Limited
Mar 2025Market trade₹611.6 CrBuyer: Icici Prudential Mutual Fund
Seller: Max Ventures Investment Holdings Private Limited
Sep 2024Market trade₹1,218.11 CrSeller: Max Ventures Investment Holdings Private Limited
Aug 2023Market trade₹982.13 CrBuyer: Plutus Wealth Management LLP , an individual
Seller: Max Ventures Investment Holdings Private Limited

To see the full deal history of Max Financial Services Limited, buy the company report.

Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.

MSME payment delays

No delayed payments to MSME suppliers are on our record for Max Financial Services Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.

Group structure & subsidiaries

Max Financial Services has 1 subsidiary company. This group structure data is as of FY 2022. The table lists each entity with its relationship and holding.

1
Subsidiary companies
Key subsidiaries
Company NameCINShares held
Max Life Insurance Company LimitedU74899PB2000PLC045626

To see the full group structure of Max Financial Services Limited, buy the company report.

Employees & EPFO

Max Financial Services Limited has a workforce of 37,779 employees on its EPFO records as of Mar 30, 2024, across 1 active EPFO establishment.

Employee count
37,779
Active EPFO establishments
1
Employee growth
29.99%

GST

Max Financial Services has 5 GST registrations: 3 active and 2 cancelled or inactive.

Total GSTINs
5
Active
3
Cancelled / inactive
2
GSTINStateStatusRegistered on
07AABCM1204G1Z3DelhiActive01 Jul 2017
09AABCM1204G1ZZUttar PradeshActive29 Jun 2021
27AABCM1204G1Z1MaharashtraActive03 Dec 2021

To see the full GST registrations and return filing status of Max Financial Services Limited, buy the company report.

Recent activity

Max Financial Services Limited has 71 board changes on record since 1988: 40 appointments and 31 cessations. The latest: Dinesh Kumar Mittal ceased to be Director on 31 Dec 2024.

Filing
Max Financial Services Limited has filed its annual Financial statements for the year ended 31 Mar 2026 with Roc Chandigarh.
AGM
Max Financial Services Limited last Annual general meeting of members was held on 18 Sep 2025 as per latest MCA records.
Ceased
Dinesh Kumar Mittal ceased to be Director.
Appointed
Malini Thadani was appointed as Director.
Ceased
Gauri Padmanabhan ceased to be Director.
Ceased
Aman Mehta ceased to be Director.
Appointed
Venkatraman Krishnan was appointed as Manager.
Ceased
Mohit Talwar ceased to be Managing Director.
Appointed
Gauri Padmanabhan was appointed as Director.
Ceased
Naina Lal Kidwai ceased to be Director.
Ceased
Mandeep Mehta ceased to be CFO.
Appointed
Mandeep Mehta was appointed as CFO.

163 earlier events are in the company report.

News

MFSL: Rs. 41.86 Crores NSE Block Trade; for ~ 310,587 Shares, at Rs. 1347.80
06 Oct 2026 · Exchange Update
MFSL: Rs. 43.84 Crores NSE Block Trade; for ~ 326,596 Shares, at Rs. 1342.40
06 Oct 2026 · Exchange Update
MFSL: Rs. 19.69 Crores NSE Block Trade; for ~ 146,690 Shares, at Rs. 1342.40
06 Oct 2026 · Exchange Update
Max Financial: To Review Q2 Results On October 27
25 Sep 2026 · Exchange Update

Frequently asked questions

Max Financial Services is an active public limited company based in Nawanshahr, Punjab, India. The company works in financial holding companies, within the financial services industry. It was incorporated on 24 February 1988 (38+ years old) and is registered under CIN L24223PB1988PLC008031. Listed on BSE: 500271 and NSE: MFSL.

Max Financial Services reported revenue of ₹47,674 Cr for FY 2025-26 (up 2.6% YoY) based on consolidated financials.

Max Financial Services has 9 current directors:

The latest financial statements of Max Financial Services on record with the MCA are for the year ended 31 March 2026. Its last annual general meeting was held on 18 September 2025. Year-wise statements from 2015 are in the company report.

The GSTIN of Max Financial Services is 07AABCM1204G1Z3, registered in Delhi. The company has 5 GST registrations in all, of which 3 are active and 2 are cancelled or inactive. Other active GSTINs include 09AABCM1204G1ZZ (Uttar Pradesh), 27AABCM1204G1Z1 (Maharashtra).

The CIN (Corporate Identification Number) of Max Financial Services is L24223PB1988PLC008031. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.

Yes. Max Financial Services is a listed company as per MCA records. Its shares are listed on both BSE (code: 500271) and NSE (symbol: MFSL).

Max Financial Services has 8 court cases on record: 2 filed by the company and 6 filed against it. 3 are pending. Most are in the district courts.

Max Financial Services was incorporated on 24 February 1988, making it 38+ years old. It is registered with the Registrar of Companies, Chandigarh.

Max Financial Services has 88 deals on record (70 market trades, 14 secondary share transfers, 3 funding rounds), with disclosed funding of ₹5,109.54 Cr; the latest was in November 2025.