NSE: MFSL· InsuranceCore · Aug 26Mid cap
Max Financial Services
Fastest-growing private life insurer
- Last close
- ₹1,392.40
- 29 Sept 2026 · reference
- 1D · 1M
- −3.6% · −11.0%
- price-only
- Weight
- 2.9%
- 31 Jul 2026 · Aug rank 10
- Thesis review
- 8 Sep 2026
- Why We Own, p37
Where the price sits
52-week range, house target and street targets
52w low ₹1,39252w high ₹1,870
- Reference close₹1,392
- PL Capital · BUY₹2,025
Range from reference closes; street targets from the PDFs on file (Research & documents). Internal target is never shown to prospects.
Investment case and valuation
Approved model, 8 Sep 2026 review
₹1,526
Price (2026-09-07)
127.7x / 106.7x
FY27E / FY28E P/E (Buoyant sheet)
17.9%
FY27E ROE (Buoyant sheet)
485.0x
Trailing P/E
10.0x
Price / book
n.a.
EPS CAGR FY26–28E
On the metric that matters: ~1.9x FY27E / 1.6x FY28E P/EV per Nuvama (Sep-2026) at Rs 1,526, vs SBI Life 1.8x/1.5x and HDFC Life 1.6x/1.4x; MFSL's market cap of Rs 52,140 cr against Rs 30,415 cr EV (Jun-2026, 100% basis; MFSL owns ~80%) equates to ~2.1x look-through trailing EV. Own 5y average P/EV not sourced. EV/EBITDA n.m.; dividend yield 0.0%.
- Model date
- 8 Sep 2026 (prices 7–8 Sep 2026)
- Horizon
- 12 months (bank pages: Sep-2027 roll-forward)
- Audience
- Internal — the book's guardrail: do not quote a target to a client; quote the thesis and the risk
- Reviewer · version
- Investment Committee framework · v1 (book)
Current vs history
Trailing multiples, FY-end
| Ratio | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 39.0x | 42.5x | 44.6x | 71.6x | 69.7x | 103.0x | 57.7x | 101.0x | 120.0x | 610.0x |
| Price to Book | 6.6x | 6.8x | 5.7x | 4.9x | 8.9x | 6.6x | 6.2x | 8.9x | 7.5x | 9.8x |
Tijori FY-end multiples on reported earnings/book; compatible definitions across years, but not the same basis as Buoyant's forward P/E on internal EPS.
UnavailableScenario lab disabled. Needs an approved forward EPS and forward P/E for Max Financial Services plus a reference price. Missing inputs are not substituted.