Max Financial Services Complete Financial Statements
12 Years of Data
2026 - 2015
In FY2026, Max Financial Services (MFSL) reported revenue ₹10,807 Cr, net profit ₹-32 Cr and EPS ₹-0.77, with a net profit margin of -0.3% and ROE of -0.6%. Full financial statements from FY2015 to FY2026 (12 years) — income statement, balance sheet and cash flow in ₹ Crores. Download as Excel or CSV. Explore MFSL investment value to estimate fundamental worth using multiple valuation models.
Complete Financial Data Export
Profitability Ratios
Net Profit Margin
-0.30%
2026 data
EBITDA Margin
-0.01%
2026 data
Return on Assets
-0.02%
2026 data
Return on Equity
-0.61%
2026 data
Balance Sheet Ratios
Current Ratio
66.96
2026 data
Equity Ratio
2.66%
2026 data
Asset Turnover
0.05
2026 data
MFSL Revenue, Net Profit & EBITDA — Year-on-Year Growth
MFSL YoY (Mar 2025 vs Mar 2026) — revenue -12.8%, net profit -184.2%, EBITDA -102.6%, expenses -12.5%. Review MFSL earnings multiple to evaluate earnings-based valuation against sector peers.
Revenue Growth
-12.8%
Year-over-Year
Net Profit Growth
-184.2%
Year-over-Year
EBITDA Growth
-102.6%
Year-over-Year
Expense Growth
-12.5%
Year-over-Year
Assets Growth
+4.7%
Year-over-Year
Equity Growth
-17.5%
Year-over-Year
Operating Cash Flow Growth
+36.8%
Year-over-Year
Investing Cash Flow Growth
-94.0%
Year-over-Year
Financing Cash Flow Growth
+1776.1%
Year-over-Year
MFSL Income Statement — Revenue, EBITDA & Net Profit
Max Financial Services revenue ₹10,807 Cr, EBITDA ₹-1 Cr, net profit ₹-32 Cr, EPS ₹-0.77 (2026) — net profit margin -0.3%. For live price, earnings ratios and company overview, see MFSL stock price BSE.
Periods
₹ Crores
| Particulars | Mar 2026 | Sept 2025 | Mar 2025 | Jun 2025 | Dec 2025 | Sept 2024 | Mar 2024 | Jun 2024 | Dec 2024 | Sept 2023 | Mar 2023 | Jun 2023 | Dec 2023 | Sept 2022 | Mar 2022 | Jun 2022 | Dec 2022 | Sept 2021 | Mar 2021 | Jun 2021 | Dec 2021 | Sept 2020 | Mar 2020 | Jun 2020 | Dec 2020 | Sept 2019 | Mar 2019 | Jun 2019 | Dec 2019 | Sept 2018 | Jun 2018 | Dec 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,807 | 9,799 | 12,396 | 12,825 | 14,267 | 13,375 | 14,897 | 11,801 | 8,926 | 10,189 | 9,934 | 9,172 | 12,359 | 9,323 | 8,962 | 3,276 | 8,898 | 9,327 | 9,760 | 5,943 | 6,955 | 7,020 | 4,266 | 5,517 | 8,990 | 4,686 | 7,137 | 3,949 | 5,366 | 4,316 | 3,557 | 4,503 |
| Expenses | 10,808 | 9,771 | 12,358 | 12,704 | 14,181 | 13,199 | 14,945 | 11,609 | 8,834 | 10,021 | 9,865 | 9,043 | 12,146 | 9,238 | 8,799 | 3,185 | 8,573 | 9,270 | 9,692 | 5,857 | 6,843 | 6,923 | 4,127 | 5,365 | 8,709 | 4,614 | 6,935 | 3,885 | 5,186 | 4,163 | 3,480 | 4,426 |
| EBITDA | -1 | 28 | 38 | 121 | 87 | 175 | -48 | 192 | 92 | 168 | 69 | 128 | 213 | 85 | 163 | 91 | 325 | 57 | 69 | 86 | 112 | 97 | 139 | 152 | 281 | 72 | 202 | 64 | 179 | 154 | 77 | 77 |
| Operating Profit Margin % | 0.00% | 0.00% | 0.00% | 1.00% | 1.00% | 1.00% | 0.00% | 2.00% | 1.00% | 1.00% | 1.00% | 1.00% | 2.00% | 1.00% | 2.00% | 3.00% | 4.00% | 1.00% | 1.00% | 1.00% | 2.00% | 1.00% | 3.00% | 3.00% | 3.00% | 2.00% | 3.00% | 2.00% | 3.00% | 4.00% | 2.00% | 2.00% |
| Depreciation | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 1 | 1 | 1 | 8 | 1 | 1 | 1 | 0 | 1 | 2 | 0 | 0 | 0 |
| Interest | 35 | 21 | 15 | 20 | 36 | 13 | 11 | 9 | 10 | 9 | 9 | 9 | 14 | 10 | 9 | 9 | 9 | 6 | 0 | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27 | 0 |
| Profit Before Tax | -36 | 6 | 22 | 101 | 50 | 162 | -59 | 182 | 81 | 158 | 58 | 118 | 198 | 74 | 153 | 80 | 315 | 50 | 67 | 84 | 101 | 96 | 131 | 151 | 280 | 71 | 201 | 63 | 177 | 154 | 50 | 77 |
| Tax | -5 | 0 | -16 | 15 | 5 | 23 | -9 | 26 | 11 | -12 | 6 | 17 | 27 | 12 | 9 | 12 | 45 | 2 | -3 | 49 | 11 | 15 | 124 | -31 | 52 | 6 | 1 | 9 | 30 | 29 | 17 | 18 |
| Net Profit | -32 | 6 | 38 | 86 | 45 | 139 | -50 | 156 | 70 | 170 | 53 | 101 | 171 | 62 | 144 | 69 | 269 | 48 | 70 | 36 | 91 | 81 | 7 | 182 | 227 | 64 | 200 | 54 | 148 | 125 | 33 | 59 |
| Earnings Per Share (₹) | -0.77 | 0.12 | 0.91 | 2.03 | 1.07 | 3.26 | -1.28 | 3.69 | 1.63 | 4.29 | 1.33 | 2.54 | 4.30 | 1.49 | 3.41 | 1.63 | 6.52 | 1.15 | 2.13 | 0.61 | 2.55 | 2.10 | -1.34 | 4.85 | 6.20 | 1.56 | 4.88 | 1.26 | 3.91 | 3.08 | 0.36 | 1.46 |
MFSL Balance Sheet — Assets, Liabilities & Shareholders' Equity
MFSL total assets ₹198,936 Cr, total equity ₹5,282 Cr, total liabilities ₹ Cr (2026) — ROE -0.6%.
Years
Annual Data
₹ Crores
| Particulars | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | ||||||||||||
| Total Assets | 198,936 | 189,999 | 162,774 | 131,824 | 117,749 | 98,066 | 74,526 | 67,156 | 55,842 | 46,739 | 38,147 | 35,503 |
| Current Assets | 196,408 | 9,548 | 9,201 | 7,850 | 7,337 | 5,652 | 5,310 | 3,356 | 2,623 | 6,368 | 3,926 | 4,720 |
| Fixed Assets | 82 | 610 | 612 | 614 | 616 | 639 | 641 | 556 | 556 | 691 | 349 | 1,200 |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3 | 37 | 39 |
| Investments | 0 | 179,841 | 152,959 | 123,356 | 109,794 | 91,766 | 68,566 | 63,245 | 52,661 | 4,683 | 2,407 | 2,851 |
| Other Assets | 0 | 9,548 | 9,203 | 7,854 | 7,338 | 5,661 | 5,320 | 3,356 | 2,624 | 41,362 | 35,354 | 31,413 |
| LIABILITIES | ||||||||||||
| Total Liabilities | ||||||||||||
| Current Liabilities | 2,933 | 1,038 | 528 | 523 | 526 | 60 | 3 | 57 | 36 | 38,460 | 31,061 | 27,010 |
| Non-Current Liabilities | ||||||||||||
| SHAREHOLDERS' EQUITY | ||||||||||||
| Total Equity | 5,282 | 6,403 | 4,370 | 3,969 | 4,485 | 3,605 | 2,819 | 2,833 | 2,602 | 3,084 | 2,668 | 3,919 |
| Share Capital | 69 | 69 | 69 | 69 | 69 | 69 | 54 | 54 | 54 | 54 | 53 | 53 |
| Reserves & Surplus | 5,213 | 5,206 | 3,797 | 3,450 | 3,866 | 3,274 | 2,093 | 2,005 | 1,766 | 2,281 | 1,912 | 3,249 |
MFSL Cash Flow Statement — Operating, Investing & Financing
Max Financial Services operating cash flow ₹8,352 Cr, investing ₹-9,703 Cr, financing ₹1,961 Cr, net cash flow ₹610 Cr (2025).
Periods
₹ Crores
| Particulars | March 2025 | March 2024 | March 2023 | March 2022 | March 2021 | March 2020 | March 2019 | March 2018 | March 2017 | March 2016 | March 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | 8,352 | 6,104 | 9,922 | 8,496 | 6,892 | 5,452 | 8,826 | 7,534 | 6,526 | 3,802 | 2,579 |
| Investing Activities | -9,703 | -5,001 | -11,555 | -8,835 | -6,852 | -4,991 | -8,789 | -6,951 | -6,290 | -3,541 | -2,311 |
| Financing Activities | 1,961 | -117 | -233 | 388 | -92 | -383 | -174 | -116 | -215 | -187 | -388 |
| Net Cash Flow | 610 | 986 | -1,866 | 49 | -51 | 78 | -137 | 466 | 20 | 74 | -119 |