MFSL quarterly results and annual financials: sales, operating profit, OPM, net profit, EPS, balance sheet, cash flow and ratios like ROCE, with YoY and QoQ growth.
Max Financial Services Ltd reported sales of ₹11,601 Cr, operating profit of ₹135 Cr (OPM 1.2%) and net profit of ₹100 Cr for the quarter ended Sep 2026. Figures in ₹ crore, consolidated where available.
MFSL quarterly results (₹ Cr)
Metric
Dec 2024
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Sep 2026
Sales
8,923
12,376
12,822
9,792
14,259
10,802
14,970
11,601
Expenses
8,834
12,356
12,703
9,771
14,181
10,808
14,803
11,466
Operating Profit
89
20
119
21
78
-6
167
135
OPM
1%
0.2%
0.9%
0.2%
0.6%
-0.1%
1.1%
1.2%
Other Income
3
18
3
7
9
5
7
4
Interest
10
15
20
21
36
35
36
30
Depreciation
1
1
1
1
1
0
0
1
Profit before tax
81
22
101
6
50
-36
138
109
Tax
14%
-73%
14%
6%
11%
-13%
14%
8%
Net Profit
70
38
86
6
45
-32
118
100
EPS in Rs
1.62
0.91
2.02
0.12
1.06
-0.76
2.77
2.32
MFSL profit & loss, annual (₹ Cr)
Metric
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
TTM
Sales
31,182
31,415
46,576
46,469
47,674
51,631
Expenses
30,769
30,862
46,150
45,994
47,462
51,257
Operating Profit
413
554
426
476
212
374
OPM
1.3%
1.8%
0.9%
1%
0.4%
0.7%
Other Income
6
16
36
21
23
25
Interest
25
37
44
47
112
137
Depreciation
5
5
3
3
2
2
Profit before tax
389
527
415
447
121
260
Tax
18%
14%
5%
10%
13%
-
Net Profit
318
452
393
403
106
232
EPS in Rs
7.34
10.97
9.85
9.48
2.43
5.39
Dividend Payout
0%
0%
0%
0%
0%
-
MFSL balance sheet (₹ Cr)
Metric
Mar 2024
Mar 2025
Sep 2025
Mar 2026
Sep 2026
Equity Capital
69
69
-
69
69
Reserves
3,797
5,206
-
5,213
5,649
Borrowings
523
1,026
-
1,859
2,013
Other Liabilities
1,58,383
1,83,879
-
1,91,795
2,04,986
Total Liabilities
1,62,771
1,90,180
-
1,98,936
2,12,718
Fixed Assets
612
610
-
607
606
CWIP
0
0
-
0
0
Investments
1,52,959
1,79,841
-
1,86,014
10,893
Other Assets
9,201
9,729
-
12,314
2,01,219
Total Assets
1,62,771
1,90,180
-
1,98,936
2,12,718
MFSL cash flows (₹ Cr)
Metric
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
Cash from Operating Activity
8,496
9,922
6,104
8,352
11,473
Cash from Investing Activity
-8,835
-11,555
-5,001
-9,703
-11,125
Cash from Financing Activity
388
-233
-117
1,961
567
Net Cash Flow
48
-1,866
986
610
915
Free Cash Flow
8,369
9,750
5,883
8,136
11,235
CFO/OP
2,076%
1,809%
1,436%
1,757%
5,438%
CFO/EBITDAShare of operating profit converting into cash: CFO (before tax) / Operating Profit