About Max Financial Services Limited
Data last updated: 22 December 2025
Max Financial Services Limited is a public limited company based in Distt. Nawanshahr, Punjab, India. It specialises in financial holding companies, a part of the broader financial services sector. Incorporated on 24 February 1988, the company has been in operation for over 38 years.
Registered with ROC Chandigarh under CIN U24223PB1988PLC008031. Listed on BSE: 500271 and NSE: MFSL.
Capital: an authorised share capital of ₹70 Cr and a paid-up capital of ₹69.02 Cr. Formerly known as Maxxon India Limited and Max India Limited. It is led by directors including Malini Thadani and Sahil Vachani.
Last AGM: 18 September 2025. Financial statements filed for year ended 31 March 2025. Office: Bhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Distt. Nawanshahr, Punjab, India – 144533.
As per the financials filed for FY 2025, the company reported a revenue of ₹46,497 Cr, a growth of 0% compared to the previous year.
The company has a workforce of approximately 37,779 employees as per the latest available data.
The company is associated with 2 brands - Max Antara, 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.
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.
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Registered AddressBhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Distt. Nawanshahr, Punjab, India – 144533
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IndustryFinancial Services, Financial Holding Companies
- Historical Financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Litigation, compliance and MCA filings
- PDF report delivered after checkout
Name History of Max Financial Services Limited
Max Financial Services Limited 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, reflecting the company's evolution and rebranding over time.
| Company Name | Status |
|---|---|
| Max Financial Services Limited | Current |
| Maxxon India Limited | Previous |
| Max India Limited | Previous |
CIN History of Max Financial Services Limited
Max Financial Services Limited has one previous CIN (Corporate Identification Number): U24223PB1988PLC008031. The current CIN is L24223PB1988PLC008031, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| L24223PB1988PLC008031 | Current |
| U24223PB1988PLC008031 | Previous |
Associated Brands with Max Financial Services Limited
Max Financial Services Limited operates two associated brands: Max Antara and Max Financial Services. These brands represent Max Financial Services Limited's diversified market presence and brand portfolio.
| Brand | Description | Website |
|---|---|---|
| Operates a senior living community with residential and care services for older adults. | max-antara.in | |
| Life insurance policies are issued to customers across India. | maxfinancialservices.com |
Competitors & Alternatives of Max Financial Services Limited
Brands and companies operating in the same space as Max Financial Services Limited include SBI Life Insurance, Life Insurance Corporation of India, PNB MetLife and 7 more.
| Competitor | Description | Location | Founded |
|---|---|---|---|
SBI Life Insurance
|
Life Insurance joint venture between SBI and BNP Paribas Cardiff | Mumbai, India, India | 2000 |
Life Insurance Corporation of India
|
Life insurance and micro insurance services are provided in India. | Mumbai, India, India | 1956 |
PNB MetLife
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Provider of life insurance services | Bengaluru, India, India | 2001 |
Brookdale
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Nursing and senior living center services are provided nationwide. | Durant, United States, United States | 1978 |
Tata AIA
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Life and general insurance products are provided by Tata AIA. | Mumbai, India, India | 2001 |
Athulya
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Provider of assisted living and senior independent living homes | Chennai, India, India | 2017 |
ICICI Prudential Life Insurance
|
Provider of life insurance services | Mumbai, India, India | 2001 |
Ashiana Housing
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Age-friendly homes are developed for senior living communities. | Delhi, India, India | 1979 |
HDFC Life
|
Life and health insurance services are offered in India. | Mumbai, India, India | 2000 |
IndiaFirst Life
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Provider of life & health insurance services to individuals and families | Mumbai, India, India | 2009 |
Business Activity of Max Financial Services Limited
Max Financial Services Limited is engaged in principal business activities including professional, scientific and technical and financial and insurance service, with detailed activities including management consultancy activities, activities by trusts, funds and other financial holding companies. The company has 2 registered principal business activity segments, demonstrating its operational diversity and market reach.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| M | Professional, Scientific and Technical | M3 | Management consultancy activities | ********* |
| K | Financial and insurance Service | K2 | Activities by Trusts, funds and other financial holding companies | ********* |
Board of Directors of Max Financial Services Limited
Max Financial Services Limited is currently managed by 12 directors, with 43 former directors having served the organization. The current Directors play a crucial role in shaping the company's strategic direction and governance.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
|
Malini Thadani
Also directs:
Max Estates Limited, Au Small Finance Bank Limited, Mirae Asset Investment Managers (India) Private Limited and 3 more
|
Director | 01 Dec 2024 | 1 Years 7 Months | Current |
|
Sahil Vachani
Also directs:
Max Estates Limited, Max Ventures Private Limited, Max Ventures Investment Holdings Private Limited and 5 more
|
Director | 25 May 2018 | 8 Years 1 Months | Current |
| Hideaki Nomura | Director | 08 Dec 2020 | 5 Years 7 Months | Current |
|
Mitsuru Yasuda
Also directs:
Axis Max Life Insurance Limited
|
Director | 08 Dec 2020 | 5 Years 7 Months | Current |
| Narasimha Murthy Kummamuri | Director | 30 Mar 2021 | 5 Years 3 Months | Current |
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Jai Arya
Also directs:
Axis Max Life Insurance Limited
|
Director | 14 Nov 2018 | 7 Years 7 Months | Current |
Financials of Max Financial Services Limited FY 2025 filings available
Max Financial Services Limited reported revenue of ₹46,497 Cr (up 0% YoY) for FY 2025. Profit growth despite declining revenue indicates effective cost management and margin discipline.
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| Expenses | |||||
| Total Expenses | ***** | ***** | ***** | ***** | ***** |
| Raw Material Cost | ***** | ***** | ***** | ***** | ***** |
| Change in Inventory FG | ***** | ***** | ***** | ***** | ***** |
| Change in Inventory WIP | ***** | ***** | ***** | ***** | ***** |
| Purchase of Traded Goods | ***** | ***** | ***** | ***** | ***** |
| Employee Cost | ***** | ***** | ***** | ***** | ***** |
| Managerial Remuneration | ***** | ***** | ***** | ***** | ***** |
| Audit Fees | ***** | ***** | ***** | ***** | ***** |
| Insurance | ***** | ***** | ***** | ***** | ***** |
| Power & Fuel | ***** | ***** | ***** | ***** | ***** |
| Interest | ***** | ***** | ***** | ***** | ***** |
| Depreciation | ***** | ***** | ***** | ***** | ***** |
| Other Expenses | ***** | ***** | ***** | ***** | ***** |
| Profitability | |||||
| EBITDA (Operating Profit) | ***** | ***** | ***** | ***** | ***** |
| Operating Margin % | ***** | ***** | ***** | ***** | ***** |
| Exceptional Items | ***** | ***** | ***** | ***** | ***** |
| Extraordinary Items | ***** | ***** | ***** | ***** | ***** |
| Profit Before Exceptional & Extraordinary Items | ***** | ***** | ***** | ***** | ***** |
| Profit Before Tax | ***** | ***** | ***** | ***** | ***** |
| Tax & Net Profit | |||||
| Tax Expense | ***** | ***** | ***** | ***** | ***** |
| Current Tax | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax | ***** | ***** | ***** | ***** | ***** |
| Profit from Discontinued Operations | ***** | ***** | ***** | ***** | ***** |
| Tax on Discontinued Operations | ***** | ***** | ***** | ***** | ***** |
| Profit | ***** | ***** | ***** | ***** | ***** |
| Net Margin % | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
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| Shareholders' Funds | |||||
| Total Shareholders' Funds | ***** | ***** | ***** | ***** | ***** |
| Equity Capital | ***** | ***** | ***** | ***** | ***** |
| Reserves & Surplus | ***** | ***** | ***** | ***** | ***** |
| Money Against Warrants | ***** | ***** | ***** | ***** | ***** |
| Other Equity | ***** | ***** | ***** | ***** | ***** |
| Non-Current Liabilities | |||||
| Total Non-Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Long-Term Borrowings | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax Liabilities | ***** | ***** | ***** | ***** | ***** |
| Other Non-Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Long-Term Provisions | ***** | ***** | ***** | ***** | ***** |
| Current Liabilities | |||||
| Total Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Short-Term Borrowings | ***** | ***** | ***** | ***** | ***** |
| Trade Payables | ***** | ***** | ***** | ***** | ***** |
| Other Current Liabilities | ***** | ***** | ***** | ***** | ***** |
| Short-Term Provisions | ***** | ***** | ***** | ***** | ***** |
| Total Equity & Liabilities | ***** | ***** | ***** | ***** | ***** |
| Non-Current Assets | |||||
| Non-Current Assets | ***** | ***** | ***** | ***** | ***** |
| Tangible Assets | ***** | ***** | ***** | ***** | ***** |
| Intangible Assets | ***** | ***** | ***** | ***** | ***** |
| Capital WIP | ***** | ***** | ***** | ***** | ***** |
| Intangibles Under Dev | ***** | ***** | ***** | ***** | ***** |
| Investments | ***** | ***** | ***** | ***** | ***** |
| Deferred Tax Assets | ***** | ***** | ***** | ***** | ***** |
| LT Loans & Advances | ***** | ***** | ***** | ***** | ***** |
| Other Non-Current Assets | ***** | ***** | ***** | ***** | ***** |
| Current Assets | |||||
| Current Assets | ***** | ***** | ***** | ***** | ***** |
| Current Investments | ***** | ***** | ***** | ***** | ***** |
| Inventories | ***** | ***** | ***** | ***** | ***** |
| Trade Receivables | ***** | ***** | ***** | ***** | ***** |
| Cash & Bank Balance | ***** | ***** | ***** | ***** | ***** |
| ST Loans & Advances | ***** | ***** | ***** | ***** | ***** |
| Other Current Assets | ***** | ***** | ***** | ***** | ***** |
| Total Assets | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
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| Cash from Operating Activities (CFO) | |||||
| Profit Before Tax | ***** | ***** | ***** | ***** | ***** |
| Non-Cash Adjustments | ***** | ***** | ***** | ***** | ***** |
| + Interest Expense | ***** | ***** | ***** | ***** | ***** |
| + Depreciation | ***** | ***** | ***** | ***** | ***** |
| +/- Unrealized Forex | ***** | ***** | ***** | ***** | ***** |
| - Dividend Income | ***** | ***** | ***** | ***** | ***** |
| - Interest Income | ***** | ***** | ***** | ***** | ***** |
| +/- Other Non-Cash Items | ***** | ***** | ***** | ***** | ***** |
| Changes in Working Capital | ***** | ***** | ***** | ***** | ***** |
| +/- Inventory | ***** | ***** | ***** | ***** | ***** |
| +/- Debtors | ***** | ***** | ***** | ***** | ***** |
| +/- Creditors | ***** | ***** | ***** | ***** | ***** |
| Reconciliation Adjustments | ***** | ***** | ***** | ***** | ***** |
| Cash Generated from Operations | ***** | ***** | ***** | ***** | ***** |
| Income Taxes Paid | ***** | ***** | ***** | ***** | ***** |
| Net CFO (Cash from Operations) | ***** | ***** | ***** | ***** | ***** |
| Cash from Investing Activities (CFI) | |||||
| Acquisitions & Disposals | ***** | ***** | ***** | ***** | ***** |
| Disposal of Subsidiaries | ***** | ***** | ***** | ***** | ***** |
| Acquisition of Subsidiaries | ***** | ***** | ***** | ***** | ***** |
| Capex | ***** | ***** | ***** | ***** | ***** |
| Purchase of Fixed Assets | ***** | ***** | ***** | ***** | ***** |
| Sale of Fixed Assets | ***** | ***** | ***** | ***** | ***** |
| Other Investing Cash Flows | ***** | ***** | ***** | ***** | ***** |
| Net CFI (Cash from Investing) | ***** | ***** | ***** | ***** | ***** |
| Cash from Financing Activities (CFF) | |||||
| Equity Issuance | ***** | ***** | ***** | ***** | ***** |
| Debt Raised | ***** | ***** | ***** | ***** | ***** |
| Debt Repaid | ***** | ***** | ***** | ***** | ***** |
| Dividends Paid | ***** | ***** | ***** | ***** | ***** |
| Interest Paid | ***** | ***** | ***** | ***** | ***** |
| Net CFF (Cash from Financing) | ***** | ***** | ***** | ***** | ***** |
| Net Cash Position | |||||
| Net Change in Cash (Pre-Forex) | ***** | ***** | ***** | ***** | ***** |
| Closing Cash & Equivalents | ***** | ***** | ***** | ***** | ***** |
| Metrics | ***** | ***** | ***** | ***** | ***** |
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| Liquidity | |||||
| Current Ratio | ***** | ***** | ***** | ***** | ***** |
| Quick Ratio | ***** | ***** | ***** | ***** | ***** |
| Cash Ratio | ***** | ***** | ***** | ***** | ***** |
| Efficiency | |||||
| Inventory Days | ***** | ***** | ***** | ***** | ***** |
| Debtor Days | ***** | ***** | ***** | ***** | ***** |
| Creditor Days | ***** | ***** | ***** | ***** | ***** |
| Cash Conversion Cycle | ***** | ***** | ***** | ***** | ***** |
| Asset Turnover | ***** | ***** | ***** | ***** | ***** |
| Profitability | |||||
| Net Profit Margin % | ***** | ***** | ***** | ***** | ***** |
| Operating Margin % | ***** | ***** | ***** | ***** | ***** |
| ROE % | ***** | ***** | ***** | ***** | ***** |
| ROCE % | ***** | ***** | ***** | ***** | ***** |
| Net Worth Margin % | ***** | ***** | ***** | ***** | ***** |
| Growth | |||||
| Revenue Growth % | ***** | ***** | ***** | ***** | ***** |
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| Equity Multiplier | ***** | ***** | ***** | ***** | ***** |
| Debt / EBITDA | ***** | ***** | ***** | ***** | ***** |
| Solvency | |||||
| D/E Ratio | ***** | ***** | ***** | ***** | ***** |
| ICR | ***** | ***** | ***** | ***** | ***** |
Consolidated Statements
Income Statement, Balance Sheet, Cash Flow & Ratios available in the full report.
Charges & Borrowings of Max Financial Services Limited
| Date | Lender | Amount | Status |
|---|---|---|---|
| 18 Mar 2004 | Punjab National Bank | ₹5 Cr | Open |
| 03 May 1994 | Canara Bank | ₹35 Lakh | Open |
| 05 Mar 2014 | Indusind Bank Ltd. | ₹20 Cr | Satisfied |
| 01 Mar 2013 | Hdfc Bank Limited | ₹30 Cr | Satisfied |
| 22 Jun 2010 | Kotak Mahindra Bank Limited | ₹25 Cr | Satisfied |
Total charge records: 38 View all charges
Employees and EPFO Compliance at Max Financial Services Limited
View historical data on people associated with Max Financial Services Limited, including employment history and EPFO contributions.
Employee Count & EPFO Data of Max Financial Services Limited
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GST Compliance of Max Financial Services Limited
GSTIN & GST Filing Data of Max Financial Services Limited
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Credit Ratings, Litigation & Regulatory Alerts for Max Financial Services Limited
Credit Ratings, Legal Cases & Regulatory Alerts of Max Financial Services Limited
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MSME Payment Delays by Max Financial Services Limited
MSME Payment Delays by Max Financial Services Limited
Track payments outstanding to micro and small enterprise vendors, as disclosed in half-yearly MSME-1 returns filed with the MCA.
Subsidiaries & Group Companies of Max Financial Services Limited
Subsidiaries & Group Companies of Max Financial Services Limited
See the full corporate group - holding company, subsidiaries, associates and joint ventures of Max Financial Services Limited with ownership details.
MCA Filings & Documents of Max Financial Services Limited
MCA Filings & Documents of Max Financial Services Limited
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Recent Activity on Max Financial Services Limited
Recent News on Max Financial Services Limited
Frequently Asked Questions about Max Financial Services Limited
Max Financial Services Limited is an active public limited company in the financial services sector based in Distt. Nawanshahr, Punjab, India. It was incorporated on 24 February 1988 (38+ years old) and is registered under CIN L24223PB1988PLC008031. Listed on BSE: 500271 and NSE: MFSL. The company has 37,779 employees.
Max Financial Services Limited reported revenue of ₹46,497 Cr for FY 2025 (up 0.00% YoY).
The current directors of Max Financial Services Limited are:
- Piyush Soni
- Malini Thadani
- Sahil Vachani
- Hideaki Nomura
- Mitsuru Yasuda
- Amrit Singh
- Narasimha Murthy Kummamuri
- Jai Arya
- Analjit Singh
- Venkatraman Krishnan
- Charles Richard Vernon Stagg
- Siddhi Suneja
The primary industry of Max Financial Services Limited is financial services. The company specifically operates in financial holding companies. The company is currently active in this sector.
Yes. Max Financial Services Limited is listed on both BSE (code: 500271) and NSE (symbol: MFSL).
Max Financial Services Limited can be reached at the registered office: Bhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Distt. Nawanshahr, Punjab, India – 144533, or through the website maxfinancialservices.com.