Max Financial Services Limited (MFSL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-78.6%

₹253.86

vs ₹1,187.70 price

Levered DCF

₹8,704.69

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.38

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	608.45×	119.81×	102.79×	57.89×	102.71×	59.23×	71.49×	58.06×
P/B	9.67×	7.37×	9.08×	6.23×	6.61×	8.87×	6.18×	7.4×
P/S	1.07×	0.84×	0.76×	0.7×	0.83×	0.95×	0.73×	0.78×
EV / EBITDA	112.29×	53.91×	52.08×	30.5×	40.93×	37.66×	20.39×	26.7×
Gross margin	78.2%	93.1%	94.8%	94.8%	95.5%	96.1%	94.3%	94.9%
Operating margin	0.2%	1.0%	0.9%	1.7%	1.2%	1.9%	2.4%	2.5%
Net margin	0.2%	0.7%	0.7%	1.2%	0.8%	1.4%	0.8%	1.3%
Current ratio	0×	44.52×	66.08×	18.28×	10.93×	44.79×	1.69×	1.64×
Debt / equity	0.44×	0.27×	0.22×	0.23×	0.2×	0.09×	0.15×	0.15×
Interest coverage	0×	13.55×	14.41×	4,841.2×	5.8×	27.49×	17.44×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.1%	0.0%	2.3%	1.3%
Payout ratio	0.0%	0.0%	0.0%	0.0%	12.7%	3.2%	214.7%	75.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.6%	6.2%	8.8%	10.8%	6.4%	12.7%	6.8%	12.8%
Return on invested capital	0.1%	0.2%	0.2%	29.8%	29.0%	6.5%	4.7%	0.6%
Return on assets	0.0%	0.2%	0.2%	0.3%	0.2%	0.4%	0.2%	0.4%
Free cash flow yield	22.0%	20.9%	16.8%	44.5%	32.2%	28.8%	70.4%	57.2%
Earnings yield	0.2%	0.8%	1.0%	1.7%	1.0%	1.4%	1.1%	1.7%
Enterprise value	₹510.3B	₹388.6B	₹342.6B	₹215B	₹260.3B	₹292.2B	₹128.3B	₹148.7B
Net debt / EBITDA	-0.14×	-0.02×	-1.31×	-0.57×	0.02×	-0.55×	-0.7×	-0.67×
Cash conversion cycle (days)	-91	-186	-210	-132	-350	-332	-350	-458