Max Financial Services Limited

BSE: 500271 NSE: MFSL
Max Financial Services Limited - financial services in Distt. Nawanshahr, Punjab, India. FY 2026 financials and compliance.
CIN L24223PB1988PLC008031 Incorporated 24 February 1988 ROC Chandigarh HQ Distt. Nawanshahr, Punjab, India
Active Listed - NSE: MFSL · BSE: 500271 Public Limited Company financial services
Data last updated
Revenue · FY 2025
₹46,497 Cr
▼ 71.18% YoY
EBITDA · FY 2025
*****
▲ 8.00% YoY
Net profit · FY 2025
*****
▲ 3.00% YoY
Authorised capital
₹70 Cr
Registered with MCA
Paid-up capital
₹69.02 Cr
Issued & subscribed
Open charges
₹5.35 Cr
Satisfied ₹549.95 Cr
Company age
38 yrs
Est. 1988
Employees · EPFO
37,779
Latest available

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 L24223PB1988PLC008031. 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. Its group structure includes 1 subsidiary.

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.

Company Details of Max Financial Services Limited
CIN L24223PB1988PLC008031
Registration Number 008031
Incorporation Date 24 February 1988
ROC Chandigarh
Listing Status Listed (BSE: 500271, NSE: MFSL)
Company Status Active
Date of Last AGM 18 September 2025
Date of Balance Sheet 31 March 2025
Compliance Status Active Compliant
Key People
Malini Thadani Director Sahil Vachani Director Hideaki Nomura Director
Contact Details
  • Email
    *****@*****.com
  • Telephone
    +91-****-******
  • Website
    maxfinancialservices.com
  • Social Media
  • Registered Address
    Bhai Mohan Singh Nagar Rail Majra Tehsil Balachaur, Distt. Nawanshahr, Punjab, India – 144533
  • Industry
    Financial Services, Financial Holding Companies
Company report
Max Financial Services Limited - full intelligence report
  • Historical Financials and ratios
  • Shareholding pattern and group structure
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Financials, compliance, directors, charges, ownership and filings for Max Financial Services Limited in one report.

10-year financials Directors & ownership Charges & compliance

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
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

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 SBI Life Insurance Life Insurance joint venture between SBI and BNP Paribas Cardiff Mumbai, India, India 2000
Life Insurance Corporation of India Life Insurance Corporation of India Life insurance and micro insurance services are provided in India. Mumbai, India, India 1956
PNB MetLife PNB MetLife Provider of life insurance services Bengaluru, India, India 2001
Brookdale Brookdale Nursing and senior living center services are provided nationwide. Durant, United States, United States 1978
Tata AIA Tata AIA Life and general insurance products are provided by Tata AIA. Mumbai, India, India 2001
Athulya Athulya Provider of assisted living and senior independent living homes Chennai, India, India 2017
ICICI Prudential Life Insurance ICICI Prudential Life Insurance Provider of life insurance services Mumbai, India, India 2001
Ashiana Housing Ashiana Housing Age-friendly homes are developed for senior living communities. Delhi, India, India 1979
HDFC Life HDFC Life Life and health insurance services are offered in India. Mumbai, India, India 2000
IndiaFirst Life IndiaFirst Life 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 *********

Auditor Details of Max Financial Services Limited

Max Financial Services Limited is audited by Deloitte Haskins & Sells LLP for the financial year 2023. The auditor plays a crucial role in ensuring financial transparency and compliance with accounting standards.

Name Status Appointment Date Cessation Date
Deloitte Haskins & Sells LLP blur-value blur-value blur-value

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.

Current Directors
Name Designation Appointment Date Tenure Status
Malini Thadani
Also directs: Max Financial Services Limited, Max Estates Limited, Au Small Finance Bank Limited and 4 more
Director 01 Dec 2024 1 Years 7 Months Current
Sahil Vachani
Also directs: Max Financial Services Limited, Max Estates Limited, Max Ventures Private Limited and 5 more
Director 25 May 2018 8 Years 1 Months Current
Hideaki Nomura
Also directs: Max Financial Services Limited
Director 08 Dec 2020 5 Years 7 Months Current
Mitsuru Yasuda
Also directs: Max Financial Services Limited, Axis Max Life Insurance Limited
Director 08 Dec 2020 5 Years 7 Months Current
Narasimha Murthy Kummamuri
Also directs: Raymond Limited, Max Financial Services Limited, Raymond Realty Limited and 5 more
Director 30 Mar 2021 5 Years 3 Months Current
Jai Arya
Also directs: Max Financial Services Limited, Axis Max Life Insurance Limited
Director 14 Nov 2018 7 Years 7 Months Current
Showing 6 of 12 current directors. View all directors

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.

Revenue
₹46,497 Cr ▲ 0%
Profit
***** ▲ 3%
EBITDA
***** ▲ 8%
Metrics
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Revenue
Revenue from Operations
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Revenue Growth %
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Other Income
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Total Revenue
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Expenses
Total Expenses
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Raw Material Cost
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Change in Inventory FG
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Change in Inventory WIP
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Purchase of Traded Goods
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Employee Cost
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Managerial Remuneration
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Audit Fees
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Insurance
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Power & Fuel
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Interest
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Depreciation
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Other Expenses
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Profitability
EBITDA (Operating Profit)
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Operating Margin %
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Exceptional Items
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Extraordinary Items
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Profit Before Exceptional & Extraordinary Items
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Profit Before Tax
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Tax & Net Profit
Tax Expense
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Current Tax
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Deferred Tax
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Profit from Discontinued Operations
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Tax on Discontinued Operations
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Profit
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Net Margin %
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Metrics
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Shareholders' Funds
Total Shareholders' Funds
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Equity Capital
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Reserves & Surplus
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Money Against Warrants
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Other Equity
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Non-Current Liabilities
Total Non-Current Liabilities
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Long-Term Borrowings
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Deferred Tax Liabilities
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Other Non-Current Liabilities
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Long-Term Provisions
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Current Liabilities
Total Current Liabilities
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Short-Term Borrowings
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Trade Payables
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Other Current Liabilities
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Short-Term Provisions
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Total Equity & Liabilities
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Non-Current Assets
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Tangible Assets
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Intangible Assets
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Capital WIP
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Intangibles Under Dev
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Investments
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Deferred Tax Assets
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LT Loans & Advances
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Other Non-Current Assets
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Current Assets
Current Assets
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Current Investments
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Inventories
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Trade Receivables
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Cash & Bank Balance
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ST Loans & Advances
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Other Current Assets
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Total Assets
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Metrics
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Cash from Operating Activities (CFO)
Profit Before Tax
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Non-Cash Adjustments
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+ Interest Expense
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+ Depreciation
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+/- Unrealized Forex
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- Dividend Income
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- Interest Income
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+/- Other Non-Cash Items
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Changes in Working Capital
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+/- Inventory
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+/- Debtors
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+/- Creditors
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Reconciliation Adjustments
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Cash Generated from Operations
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Income Taxes Paid
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Net CFO (Cash from Operations)
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Cash from Investing Activities (CFI)
Acquisitions & Disposals
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Disposal of Subsidiaries
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Acquisition of Subsidiaries
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Capex
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Purchase of Fixed Assets
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Sale of Fixed Assets
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Other Investing Cash Flows
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Net CFI (Cash from Investing)
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Cash from Financing Activities (CFF)
Equity Issuance
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Debt Raised
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Debt Repaid
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Dividends Paid
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Interest Paid
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Net CFF (Cash from Financing)
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Net Cash Position
Net Change in Cash (Pre-Forex)
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Closing Cash & Equivalents
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Metrics
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Liquidity
Current Ratio
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Quick Ratio
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Cash Ratio
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Efficiency
Inventory Days
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Debtor Days
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Creditor Days
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Cash Conversion Cycle
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Asset Turnover
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Profitability
Net Profit Margin %
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Operating Margin %
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ROE %
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ROCE %
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Net Worth Margin %
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Growth
Revenue Growth %
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Leverage
Equity Multiplier
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Debt / EBITDA
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Solvency
D/E Ratio
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ICR
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Consolidated Statements

Income Statement, Balance Sheet, Cash Flow & Ratios available in the full report.

Unlock Complete Financial History (FY 2015 – Latest)
Standalone & Consolidated - Income Statement, Balance Sheet, Cash Flow, Financial Ratios and Growth Trends with 10+ years of line-item data.
10+ years of data Line-item breakdown Balance Sheet detail Cash Flow analysis 20+ ratios & metrics Downloadable PDF

Shareholding Pattern of Max Financial Services Limited

As of FY 2022, Max Financial Services Limited's shareholding pattern shows 14.72% by promoters, 30.90% by domestic institutional investors (DII), 0.18% by foreign institutional investors (FII), 7.59% by public shareholders, 46.61% by others.

2025
YEAR
38.19% Promoters
25.22% DII (Domestic Institutional)
10.28% FII (Foreign Institutional)
25.89% Public
2.42% Others
Shareholding Trend
Year 2025
Promoters 33.19%
DII 23.22%
FII 18.28%
Public 22.89%
Others 2.42%

Group Structure of Max Financial Services Limited

Max Financial Services Limited has 1 subsidiary company. This group structure data is as of FY 2022. The corporate group structure reflects Max Financial Services Limited's business expansion strategy and organizational complexity.

1
Subsidiary companies
Key Subsidiaries
Company Name CIN Shares Held
Max Life Insurance Company Limited U74899PB2000PLC045626
**.**%

Showing major subsidiaries. Total: 1.

Charges & Borrowings of Max Financial Services Limited

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
DateLenderAmountStatus
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

Max Financial Services Limited has a workforce of 37,779 employees as of Mar 30, 2024.

Employee count
37,779
Active EPFO establishments
1
Employee growth
29.99%
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026

Employee Count & EPFO Data of Max Financial Services Limited

Access employee headcount trends, monthly PF payment records, EPFO establishment details, and compliance data.

Monthly employee headcount & PF contributions
EPFO establishment details & ECR filing status
Year-wise workforce analytics & attrition trends
PF exemption, coverage & compliance verification

GST Compliance of Max Financial Services Limited

XX%
Compliant
GSTR-1
GSTR-3B
GSTR-9
MH
KA
UP
TN
TS

GSTIN & GST Filing Data of Max Financial Services Limited

Access GSTIN registrations, state-wise filing compliance, HSN/SAC codes, and detailed goods & services data.

GSTIN registrations & state-wise presence
Filing compliance - GSTR-1, GSTR-3B, GSTR-9
HSN/SAC codes with goods & services details
Taxpayer type, jurisdiction & business constitution

Credit Ratings, Litigation & Regulatory Alerts for Max Financial Services Limited

Credit rating
AAA
AA+
AA
AA-
! !
2015 2017 2019 2021 2023
Litigation
District Court 35
High Court 45
Supreme Court 0
NCLT / NCLAT 0
Pending
Disposed
Regulatory alerts
GSTIN Cancelled
Andhra Pradesh
GSTIN Cancelled
Telangana (on application)
EPFO Delay
12 months delay - Haryana
Violations via Directors
20 MCA + 19 Bank defaults

Credit Ratings, Legal Cases & Regulatory Alerts of Max Financial Services Limited

Access complete credit rating history, litigation records, regulatory alerts, and compliance data.

Credit rating history across CARE, ICRA, Brickwork & India Ratings
Instrument-wise ratings, outlook & action timeline
Court-wise litigation (District, High Court, Supreme Court, NCLT)
Group company & common directorship litigation
Statutory compliance alerts (GSTIN, EPFO, ROC)
Director & company violations (MCA, SEBI, Banks, BSE/NSE)

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.

Amounts outstanding to MSME suppliers
Delay periods & reasons for delayed payments
Half-yearly MSME-1 filing history
Vendor-payment behaviour as a counterparty risk signal

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.

Holding & parent company details
Subsidiaries & step-down subsidiaries with % holding
Associates & joint ventures with partner details
Investments in other entities year-on-year

MCA Filings & Documents of Max Financial Services Limited

MCA Filings & Documents of Max Financial Services Limited

Download official documents filed with the Ministry of Corporate Affairs - from incorporation papers to the latest annual filings.

Incorporation documents, MoA & AoA
Annual returns (MGT-7) & financial statements (AOC-4)
Charge filings (CHG-1, CHG-4) & resolutions
Complete document index with filing dates

Recent Activity on Max Financial Services Limited

Directors
03 Oct 2025
Siddhi Suneja was appointed as a Company Secretary on 03 Oct 2025 & has been associated with this company since 9 months 8 days.
Activity
18 Sep 2025
Max Financial Services Limited last Annual general meeting of members was held on 18 Sep 2025 as per latest MCA records.
Activity
31 Mar 2025
Max Financial Services Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Chandigarh.
Directors
01 Dec 2024
Malini Thadani was appointed as a Director on 01 Dec 2024 & has been associated with this company since 1 year 7 months.
Directors
01 Jul 2023
Piyush Soni was appointed as a Company Secretary on 01 Jul 2023 & has been associated with this company since 3 years 11 days.
Directors
01 Jul 2023
Venkatraman Krishnan was appointed as a Manager on 01 Jul 2023 & has been associated with this company since 3 years 11 days.

Recent News on Max Financial Services Limited

Movers & Shakers: Stocks that will see action this week
05 Apr 2025 · Thehindubusinessline
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28 Mar 2025 · Thehindubusinessline

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:

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.

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