Max Financial Services is the holding company behind Max Life Insurance, which sells individual term, savings and retirement plans through agents, banks and digital channels in India. The structural case rests on India's low life insurance penetration and a growing middle class buying protection products for the first time, with the business reporting 16.8% revenue growth. Reported margins look thin, at a 1.2% operating margin and 11.8% gross margin, and the trailing P/E of 387.1 against a forward P/E of 110.5 signals that earnings are expected to recover sharply, so the number to test is whether that normalisation actually shows up. The stock is not in any major index, which keeps the coverage and institutional ownership base narrower than the market cap would suggest. This name merits a deeper look to reconcile the gap between headline growth and trailing profitability before any view on valuation.
Plain-English pros, cons, and what to watch. Pro feature.
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| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 23 Oct 2026, 01:52 CEST | ACCE price target | ₹1107 | first publication | ₹1223 |
Answered from Max Financial Services Limited fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| MFSL.NS Max Financial Services Limited | ₹1211.30 | - | - | 387.0x | - | 33 | 37 |
| CNO CNO Financial Group Inc. Common Stock | $55.50 | $43 | 30% above | 18.6x | 10.9% | 53 | 73 |
| CGF.AX Challenger Limited | A$11.64 | A$8 | 53% above | 20.9x | 11.8% | 68 | 65 |
| GNW Genworth Financial Inc Common Stock | $8.94 | $11 | 17% below | 17.5x | 3.4% | 43 | 51 |
| ICICIPRULI.NS ICICI Life Insurance Limited | ₹431.00 | - | - | 35.6x | 12.9% | 53 | 39 |
| FG F&G Annuities & Life Inc. Common Stock | $21.45 | $31 | 31% below | 6.8x | 9.2% | 50 | 45 |
| BHFAP Brighthouse Financial Inc. Depositary Shares 6.6% Non-Cumulative Preferred Stock Series A | $12.61 | - | - | 1.0x | 13.5% | 75 | 59 |
Where MFSL.NS ranks against its sector peers on each metric.