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Life insurance holding company Historical case study · data as of 16 Jul 2026 · published 19 Oct 2026 (95 days later)

Max Financial Services — 100-point case study

How Max Financial Services looked on 50 technical and 50 fundamental measures on 16 Jul 2026 — and what happened over the next three months. Education only; not a current view.

Codes	NSE: MFSL · BSE: 500271
Close on 16 Jul 2026	₹1,578.40
Market cap then	₹54,469 crore
Valuation	P/E 518.8× · P/B 10.31×
Momentum	RSI (14) 44 · 1-year return +0.6%
Next 3 months	-18.0% vs Nifty 50 -3.8% (to 16 Oct 2026)

Scorecard

Technical — 50 points

2 bullish · 23 neutral · 0 caution · 24 bearish — the picture leaned negative.

Fundamental — 50 points

3 bullish · 34 neutral · 5 caution · 7 bearish — the picture leaned negative.

Price chart

Close (to snapshot) Close (after) 50-day avg 200-day avg Support Resistance

Data note: Max Financial Services is a holding company whose main asset is its ~80% stake in Axis Max Life Insurance. Insurance accounting makes P/E, margins and cash-flow points far less meaningful than for an ordinary company. Promoters own only about 1.25% and have pledged a large part of it.

Technical analysis — 50 points

Calculated by code from daily prices up to 16 Jul 2026. Standard formulas (RSI, MACD, ADX use Wilder smoothing).

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Trend

#	Point	Reading	Tag	Commentary
1	Short-term trend (20 days)	slope -0.27%/day	Bearish	Over the last 20 sessions the regression line of closing prices was falling about 0.27% a day — a short-term downtrend. Bullish slope above +0.10% a day (short-term uptrend) · Bearish slope below –0.10% a day (short-term downtrend) · Neutral between the two: a flat, sideways phase.
2	Medium-term trend (~5 months)	3M return -7.1%	Bearish	The 100-session trend line was down (-0.09%/day) and the stock was -7.1% over three months, so the medium-term picture was bearish. Bullish slope above +0.05% a day · Bearish slope below –0.05% a day · Neutral in between.
3	Long-term trend (1 year)	1Y return +0.6%	Neutral	Compared with a year earlier the price was +0.6%. Little net progress over twelve months. Bullish up more than 10% in a year · Bearish down more than 10% in a year · Neutral between –10% and +10%.
4	Weekly chart trend	10W 1,623.00 / 30W 1,650.34	Bearish	On the weekly chart the stock showed a weekly close below the 10-week average, which sat below the 30-week. Bullish weekly close above the 10-week average, which is above the 30-week · Bearish weekly close below the 10-week average, which is below the 30-week · Neutral when they are tangled.
5	Swing structure (highs/lows)	last highs 1,748.00→1,713.60; lows 1,563.90→1,547.60	Bearish	The two most recent swing points showed lower swing highs and lower swing lows — classic downtrend structure. Bullish higher highs and higher lows (uptrend structure) · Bearish lower highs and lower lows (downtrend structure) · Neutral when one is higher and the other lower.
6	ADX (14) — trend strength	11.3	Neutral	ADX at 11.3 signals a weak or absent trend (below 20) — range-bound conditions. ADX measures strength only, not direction. Bullish ADX 20 or more with +DI above –DI (a real trend, pointing up) · Bearish ADX 20 or more with –DI above +DI (a real trend, pointing down) · Neutral below 20: no clear trend. 20–30 is a moderate trend, above 30 a strong one.
7	+DI vs –DI	+DI 20.1 / –DI 23.5	Bearish	–DI was above +DI: sellers had the upper hand in directional movement. Bullish +DI above –DI · Bearish –DI above +DI · No neutral zone for this point.

B. Moving averages

#	Point	Reading	Tag	Commentary
8	Price vs 20-day SMA	1,620.42 (-2.6%)	Bearish	Close of 1,578.40 was 2.6% below the 20-day SMA — the short-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
9	Price vs 50-day SMA	1,627.26 (-3.0%)	Bearish	Close of 1,578.40 was 3.0% below the 50-day SMA — the medium-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
10	Price vs 200-day SMA	1,647.43 (-4.2%)	Bearish	Close of 1,578.40 was 4.2% below the 200-day SMA — the long-term trend filter was negative. Bullish close above the average · Bearish close below the average · No neutral zone.
11	9 / 21 EMA crossover	9E 1,603.29 / 21E 1,610.34	Bearish	The 9-day EMA was below the 21-day EMA; the last crossover happened on 30 Jun 2026. Bullish 9-day above 21-day · Bearish 9-day below 21-day · No neutral zone.
12	Golden / death cross (50 vs 200)	last death cross 15 May 2026	Bearish	The 50-day average was 1.2% below the 200-day. The most recent signal was a death cross on 15 May 2026. Bullish 50-day above 200-day (after a “golden cross”) · Bearish 50-day below 200-day (after a “death cross”) · No neutral zone.
13	50-day SMA slope	+0.1% in 20 sessions	Neutral	The 50-day average rose 0.1% over the past month — flattening. Bullish rose more than 0.5% · Bearish fell more than 0.5% · Neutral in between: flattening.
14	MA ribbon alignment	1,620 / 1,627 / 1,648 / 1,647	Neutral	The 20/50/100/200-day averages were tangled — no clean order, typical of a transition or range. Bullish neatly stacked 20 > 50 > 100 > 200 · Bearish neatly stacked 20 < 50 < 100 < 200 · Neutral when tangled (a transition or range).
15	Monthly anchored VWAP	1,601.61 (-1.4%)	Bearish	Anchored to the start of July, the volume-weighted average price was 1,601.61; the close was below it — buyers that month were on average under water. Bullish close above VWAP (that month’s buyers on average in profit) · Bearish close below VWAP · No neutral zone.

C. Momentum

#	Point	Reading	Tag	Commentary
16	RSI (14)	44.4	Bearish	RSI at 44.4 reflected soft, below-average momentum. Bullish RSI 55–70 (positive momentum, not stretched) · Bearish RSI 30–45 (soft momentum) · Neutral 45–55. Caution at 70 or above (overbought) or 30 or below (oversold).
17	RSI divergence (last 40 days)	bullish divergence	Bullish	Comparing the last 20 sessions with the 20 before: bullish divergence: price made a lower low but RSI made a higher low — selling momentum was fading. Bullish bullish divergence: price made a lower low but RSI a higher low · Caution for a bearish divergence (price higher high, RSI lower high). Neutral when RSI moved in line with price.
18	MACD line vs signal	MACD -7.33 / signal -6.49	Bearish	MACD was below its signal line — momentum turning or staying negative. Bullish MACD above signal · Bearish MACD below signal · No neutral zone.
19	MACD histogram (5-day change)	-2.21 → -0.85	Bullish	The histogram rose over the last five sessions, meaning momentum was improving. Bullish histogram rising (momentum improving) · Bearish histogram falling (momentum weakening) · No neutral zone.
20	MACD vs zero line	-7.33	Bearish	MACD below zero means the 12-day EMA was below the 26-day EMA — a negative momentum regime. Bullish MACD above zero · Bearish MACD below zero · No neutral zone.
21	Stochastic (14,3,3)	%K 41.9 / %D 47.0	Bearish	Slow stochastic at 41.9 was mid-range with %K below %D. Bullish between 20 and 80 with %K above %D · Bearish between 20 and 80 with %K below %D · Caution above 80 (overbought) or below 20 (oversold).
22	Williams %R (14)	-73.1	Neutral	%R of -73.1 put the close in the middle of its 14-day range. How to read: Caution above –20 (near the top) or below –80 (near the bottom). Neutral in the middle. This point is never tagged Bullish or Bearish.
23	CCI (20)	-74	Neutral	CCI at -74 was within the normal ±100 band. Bullish above +100 (unusually strong upward move) · Bearish below –100 (unusually strong downward move) · Neutral within ±100.
24	Rate of change (10-day)	-2.5%	Bearish	Price changed -2.5% over ten sessions. Bullish up more than 2% · Bearish down more than 2% · Neutral between –2% and +2%.

D. Volatility

#	Point	Reading	Tag	Commentary
25	Bollinger Band position (%B)	%B 0.23 (bands 1,541.28–1,699.55)	Neutral	%B of 0.23 — inside the bands, lower half. How to read: Caution above 1 or below 0 (outside the bands — an overextended move). Neutral inside the bands.
26	Bollinger width / squeeze	width 9.8% (19th pct of 6M)	Neutral	Band width was at the 19th percentile of the last six months, a normal level. How to read: Caution when the width is in the lowest 15% of six months (a “squeeze” that often comes before a bigger move, direction unknown). Neutral otherwise.
27	ATR (14)	₹46.85 (3.0% of price)	Neutral	A typical day's range was about ₹46.85, or 3.0% of the price — useful for judging how much 'normal noise' to expect. How to read: Information only. A higher % means bigger normal daily swings.
28	Historical volatility (30-day)	28.5% vs 1Y 25.8%	Neutral	Annualised 30-day volatility was 28.5%, close to the one-year level of 25.8%. How to read: Caution when 30-day volatility is more than 1.25× the one-year level. Neutral otherwise.
29	Keltner Channel (20, 2×ATR)	1,515.59–1,704.11	Neutral	The close was inside the channel, so no volatility breakout. Bullish close above the upper channel (strong upward push) · Bearish close below the lower channel · Neutral inside the channel.
30	Beta vs Nifty 50 (1Y daily)	0.97	Neutral	A beta of 0.97 means the stock tended to move roughly in line with the Nifty 50 day to day. How to read: Information only. Above 1.1 moves more than the market, below 0.9 less, around 1 in line.

E. Volume & money flow

#	Point	Reading	Tag	Commentary
31	Volume vs 20-day average	last day 0.52× / 5-day 0.72×	Neutral	The final session traded 0.52× its 20-day average volume and the last five sessions averaged 0.72× — lighter than usual participation. How to read: Information only. Above 1.2× is heavier than usual participation, below 0.8× lighter.
32	Up-day vs down-day volume (20d)	ratio 0.84	Bearish	Average volume on up days was 0.84× that on down days — distribution-leaning. Bullish ratio above 1.15 (accumulation-leaning) · Bearish ratio below 0.85 (distribution-leaning) · Neutral between 0.85 and 1.15.
33	On-Balance Volume (20d)	OBV falling	Bearish	OBV fell over the month while price fell — volume confirmed the price move. Bullish OBV rising · Bearish OBV falling · No neutral zone.
34	Accumulation/Distribution line	falling (20d)	Bearish	The A/D line fell, meaning closes tended to be in the lower part of daily ranges on meaningful volume. Bullish A/D line rising · Bearish A/D line falling · No neutral zone.
35	Chaikin Money Flow (20)	-0.06	Bearish	CMF at -0.06 indicated net outflows. Bullish above +0.05 (net inflows) · Bearish below –0.05 (net outflows) · Neutral between –0.05 and +0.05.
36	Money Flow Index (14)	37.9	Bearish	MFI, a volume-weighted RSI, was 37.9. Bullish MFI 55–80 · Bearish MFI 20–45 · Neutral 45–55. Caution above 80 (overbought) or below 20 (oversold).
37	Liquidity (avg daily turnover)	₹144 cr/day	Neutral	About ₹144 crore changed hands per day on average over 20 sessions — liquid. How to read: Information only. Above ₹500 crore a day is highly liquid, above ₹50 crore liquid, below that moderately liquid.

F. Price levels

#	Point	Reading	Tag	Commentary
38	Support levels (S1/S2/S3)	1,551.76 / 1,505.45 / 1,442.35	Neutral	Nearest support (prior swing lows) sat at 1,551.76, 1.7% below the close, then 1,505.45, 1,442.35. How to read: Information only. Levels to watch, not good or bad.
39	Resistance levels (R1/R2/R3)	1,634.96 / 1,732.05 / 1,878.75	Neutral	Nearest resistance (prior swing highs) sat at 1,634.96, 3.6% above the close, then 1,732.05, 1,878.75. How to read: Information only.
40	Monthly pivot points (for next month)	P 1,596.00 \| R1 1,644.40 \| S1 1,530.00	Neutral	Classic pivots from July's high/low/close gave a pivot of 1,596.00; the close was below it. How to read: Information only.
41	Fibonacci retracement (6M swing)	23.6% 1,542 \| 38.2% 1,609 \| 50.0% 1,663 \| 61.8% 1,717	Neutral	Measuring the 6-month fall from 1,892.50 to 1,433.60, the close was nearest the 38.2% retracement at 1,608.90. How to read: Information only.
42	52-week high / low	H 1,892.50 / L 1,433.60	Neutral	The close was 16.6% below the 52-week high and 10.1% above the 52-week low. Bullish within 5% of the 52-week high · Bearish within 5% of the 52-week low · Neutral in between.
43	Unfilled price gaps (6M)	1 open; latest gap-up 08 Apr at 1,497.10	Neutral	There was 1 unfilled gap(s). The latest, a gap-up on 08 Apr 2026, left an open level at 1,497.10 that price had not revisited. How to read: Information only.

G. Patterns

#	Point	Reading	Tag	Commentary
44	Price structure / chart pattern	falling channel	Bearish	Rule-based pattern scan: falling channel — successive lower highs and lows. (Classical patterns like head-and-shoulders are judgement calls; we report only what the rules detect.) Bullish rising channel (both trends up) · Bearish falling channel (both trends down) · Neutral for tight consolidation, a bounce in a downtrend, a pullback in an uptrend, or a sideways range.
45	Breakout / breakdown (20-day)	range 1,547.60–1,713.60	Neutral	The close was inside the prior 20-day range of 1,547.60–1,713.60. Bullish close above the 20-day high (breakout) · Bearish close below the 20-day low (breakdown) · Neutral inside the range.
46	Latest candlestick	Ordinary red candle	Neutral	On 16 Jul the candle opened 1,615.00, ranged 1,566.00–1,619.50 and closed 1,578.40: Ordinary red candle. Single candles are weak signals on their own. Bullish hammer, bullish engulfing or bullish marubozu · Bearish shooting star, bearish engulfing or bearish marubozu · Neutral for a doji, inside bar or ordinary candle. Single candles are weak signals.
47	Ichimoku Cloud	cloud 1,590.80–1,638.92; Tenkan 1,604.80 / Kijun 1,630.60	Bearish	Price was below the cloud and the Tenkan line was below the Kijun line — a bearish Ichimoku setup. Bullish close above the cloud · Bearish close below the cloud · Neutral inside the cloud.

H. Relative strength & summary

#	Point	Reading	Tag	Commentary
48	Relative strength vs Nifty 50	1M -2.5% / 3M -6.5%	Bearish	The stock underperformed the Nifty 50 by 6.5 points over three months and underperformed by 2.5 points over one month. Bullish ahead of the Nifty 50 by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
49	Relative strength vs Nifty 50 (6M)	6M -0.7%	Neutral	No sector index in today's data set, so we show the 6-month comparison instead: 0.7 points behind the Nifty 50. Bullish ahead by more than 2 points · Bearish behind by more than 2 points · Neutral within ±2 points.
50	Technical summary	2 bullish · 24 bearish · 23 neutral · 0 caution	Bearish	Across the 49 readings the technical picture leaned negative. Levels that mattered: support 1,551.76, resistance 1,634.96. This is a description of the chart on 16 Jul 2026, not a forecast. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The chart is called positive when bullish tags beat bearish ones by 5 or more, negative when bearish tags beat bullish ones by 5 or more, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 5 or more (“positive”) · Bearish bearish tags beat bullish ones by 5 or more (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

Fundamental analysis — 50 points

Uses only results published by 16 Jul 2026: FY26 annual (Apr 2025–Mar 2026), the Jan–Mar 2026 quarter and the Mar 2026 shareholding. ₹ crore, consolidated unless stated. Valuation uses the 16 Jul 2026 close.

How to read the tags. Each of the 50 points gets one tag. Bullish the reading was favourable. Bearish the reading was unfavourable. Neutral the reading was in a normal range, or gave no clear message. Caution a warning sign or an unusual reading that deserves a closer look. Point 50 counts the other 49 tags. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Under each point you will see what reading earns which tag. Tags describe the data on the snapshot date. They are not signals to buy or sell. Full guide to all 100 points →

A. Valuation

#	Point	Reading	Tag	Commentary
1	P/E (trailing 12 months)	518.8×	Neutral	At ₹1,578.40 the market valued the company at about ₹54,469 crore, or 518.8× the ₹105 crore profit of the four quarters to Mar 2026. That is a premium multiple — the market expected growth. How to read: Information only. Below 15 is a low multiple, 15–30 moderate, above 30 a premium (the market expects growth). Compare with peers and the company’s own history.
2	Price / Book	10.31×	Neutral	Market cap was 10.31× the Mar 2026 book value (equity + reserves) of ₹5,282 crore. How to read: Information only. Main yardstick for banks; asset-light businesses usually trade at high P/B.
3	Price / Sales	1.14×	Neutral	The company was valued at 1.14× its trailing-12-month sales of ₹47,675 crore. How to read: Information only.
4	EV / EBITDA (approx.)	265.7×	Neutral	Enterprise value (market cap + ₹1,859 cr borrowings; cash not netted) was 265.7× trailing operating profit of ₹212 crore. How to read: Information only. Lower means cheaper relative to operating profit.
5	Earnings yield	0.2%	Neutral	The inverse of P/E: each ₹100 invested bought about ₹0.2 of annual earnings. Investors often compare this with the ~6–7% yield on 10-year government bonds. How to read: Information only. Often compared with the ~6–7% yield on 10-year government bonds.
6	PEG (P/E ÷ 3-yr profit CAGR)	n/m	Neutral	PEG is not meaningful because 3-year profit growth was -38.3%. Note: the Mar 2025 quarter carried unusual other income of ₹18 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish below 1 (growth cheaply priced) · Bearish above 2 (growth expensively priced) · Neutral 1–2, or when profit did not grow (not meaningful).
7	Dividend yield (trailing 12M)	n/a	Neutral	Dividend history in our data window was not available. Bullish above 3% · Neutral at 3% or less. Never tagged Bearish.
8	Market capitalisation	₹54,469 cr	Neutral	At about ₹0.54 lakh crore the company was a mid-cap. How to read: Information only. Above ₹1 lakh crore large-cap, ₹30,000 crore–₹1 lakh crore mid-cap, below that small-cap (our rule of thumb).
9	Graham number vs price	₹102.37 vs ₹1,578.40	Neutral	Benjamin Graham's conservative fair-value yardstick √(22.5 × EPS × book value per share) came to ₹102.37; the price was 1442% above it. Quality franchises usually trade above this number. Bullish price below the Graham number · Neutral when the price is above it (most quality companies are).

B. Growth

#	Point	Reading	Tag	Commentary
10	Revenue growth FY26 (YoY)	+2.6%	Neutral	Revenue for FY26 was ₹47,674 crore, +2.6% versus FY25. Bullish above 10% · Bearish below 0% (revenue fell) · Neutral 0–10%.
11	Q4 FY26 revenue growth (YoY)	-12.7%	Bearish	The Jan–Mar 2026 quarter brought ₹10,802 crore of revenue, -12.7% on the same quarter a year earlier. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
12	Net profit growth FY26 (YoY)	-73.7%	Caution	FY26 net profit was ₹106 crore, -73.7% on FY25's ₹403 crore. Note: the Mar 2025 quarter carried unusual other income of ₹18 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%. Caution if a one-off item distorted the figure.
13	Q4 FY26 profit growth (YoY)	-184.2%	Caution	Quarterly profit was ₹-32 crore versus ₹38 crore a year earlier (-184.2%). Note: the Mar 2025 quarter carried unusual other income of ₹18 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.
14	Revenue CAGR (3 years)	14.9%	Caution	Revenue compounded at 14.9% a year from FY23 to FY26. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%. Caution if an acquisition inflated it.
15	Profit CAGR (3 years)	-38.3%	Caution	Net profit compounded at -38.3% a year from FY23 to FY26. Note: the Mar 2025 quarter carried unusual other income of ₹18 crore — a one-off that distorts year-on-year profit comparisons. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
16	Revenue CAGR (5 years)	8.8%	Neutral	Over five years (FY21–FY26) revenue compounded at 8.8% a year. Note: revenue jumped more than 40% in Mar 2024, which usually signals a merger or acquisition — multi-year growth rates are inflated by it. Bullish above 12% a year · Bearish below 5% a year · Neutral 5–12%.
17	EPS growth FY26 (reported)	-74.4%	Caution	Reported EPS went from ₹9.48 to ₹2.43 (-74.4%). Differences from profit growth come from changes in share count (bonus, buyback, new issues). Note: the Mar 2025 quarter carried unusual other income of ₹18 crore — a one-off that distorts year-on-year profit comparisons. Bullish above 10% · Bearish below 0% · Neutral 0–10%.

C. Profitability

#	Point	Reading	Tag	Commentary
18	Operating margin FY26	0%	Neutral	Operating profit (EBITDA) was 0% of sales in FY26 versus 1% in FY25. How to read: Information only — normal margins differ a lot by industry.
19	Operating margin trend (4 quarters)	1% → 0% → 1% → -0%	Neutral	Quarterly margins moved from 1% to -0% over the last four quarters — broadly stable. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral when broadly stable.
20	Net profit margin FY26	0.2%	Neutral	₹0.2 of every ₹100 of revenue ended up as net profit in FY26. How to read: Information only.
21	Return on equity FY26	2.0%	Bearish	FY26 profit was 2.0% of average shareholders' equity. Above ~15% is generally considered good; below 10% weak. Bullish above 18% · Bearish below 10% · Neutral 10–18%. Around 15% or more is generally considered good.
22	ROCE FY26	3%	Bearish	Return on capital employed (debt + equity) was 3% in FY26. Bullish above 20% · Bearish below 10% · Neutral 10–20%.
23	Return on assets FY26	0.05%	Neutral	Net profit was 0.05% of total assets. Bullish banks only: 1.5% or more · Bearish banks only: below 1% · Information only for non-banks.
24	Effective tax rate FY26	13%	Neutral	The company paid about 13% of pre-tax profit as tax; India's base corporate rate is ~25%. How to read: Information only. India’s base corporate rate is about 25%.
25	Other income share of pre-tax profit	19%	Neutral	Non-operating 'other income' of ₹23 crore made up 19% of pre-tax profit. How to read: Caution above 25% (headline profit leans on non-core income). Neutral otherwise.

D. Balance sheet

#	Point	Reading	Tag	Commentary
26	Debt / equity	0.35	Neutral	Borrowings of ₹1,859 crore were 0.35× equity — moderate leverage. Bullish below 0.3 (very low leverage) · Bearish above 1 (high leverage) · Neutral 0.3–1.
27	Debt / EBITDA	8.77×	Bearish	Debt equalled 8.77 years of FY26 operating profit. Bullish below 1× · Bearish above 3× · Neutral 1–3×.
28	Interest coverage	2.1×	Bearish	Earnings before interest and tax covered interest cost 2.1 times. Bullish above 8× · Bearish below 3× · Neutral 3–8×, or not meaningful when interest is negligible.
29	Book value growth	+0.1%	Neutral	Shareholders' equity grew +0.1% from ₹5,275 crore to ₹5,282 crore in FY26. Bullish above 10% (banks: above 12%) · Bearish below 0% (non-banks only) · Neutral otherwise.
30	Capital work in progress	₹0 cr (0% of fixed assets)	Neutral	Projects under construction (CWIP) were 0% of fixed assets — a modest pipeline. How to read: Information only. Above 20% means a big expansion pipeline that is not yet earning.
31	Working capital days	-1382 days	Neutral	Working capital tied up equalled -1382 days of sales (FY25: -1368). Negative means suppliers/customers fund operations. How to read: Information only. Lower is generally more efficient; negative means suppliers or customers fund the business.
32	Cash conversion cycle	0 days	Neutral	It took 0 days to turn inventory and receivables into cash, net of supplier credit. How to read: Information only. Shorter is generally better.
33	Debtor days	0 (FY25 0)	Neutral	Customers took 0 days on average to pay, versus 0 a year earlier. How to read: Caution when debtor days rose more than 20% in a year (collections stretching). Neutral otherwise.

E. Cash flow

#	Point	Reading	Tag	Commentary
34	Operating cash flow FY26	₹11,473 cr	Bullish	The business generated ₹11,473 crore of operating cash in FY26 versus ₹8,352 crore in FY25. Bullish positive and higher than the year before · Bearish negative · Neutral when positive but lower. Information only for banks.
35	Free cash flow FY26	n/a	Neutral	Free cash flow line not available on source page. Bullish positive · Bearish negative · Neutral when not available.
36	Cash conversion (CFO ÷ net profit)	108.24×	Bullish	Operating cash flow was 108.24× reported profit — profits were well backed by cash. Bullish above 1× (profits well backed by cash) · Caution below 0.7×. Neutral 0.7–1×.
37	Free-cash-flow yield	n/a	Neutral	Not available. Bullish above 4% · Neutral at 4% or less.
38	Free cash flow — 3-year total	n/a	Neutral	Not available. Bullish positive total · Bearish negative total · Neutral when not available.
39	Capex FY26 (CFO – FCF)	n/a	Neutral	Not available. How to read: Information only.

F. Dividends & shareholder returns

#	Point	Reading	Tag	Commentary
40	Dividend payout ratio FY26	0%	Neutral	The company paid out about 0% of FY26 profit as dividends. How to read: Information only. High payout suits mature businesses; growing firms often keep more.
41	Dividend consistency (3 years)	0% / 0% / 0%	Neutral	Payout ratios for FY24 / FY25 / FY26 — dividends were irregular. Bullish paid every year · Neutral when irregular. Never tagged Bearish.
42	Share capital change (FY25→FY26)	+0.0%	Neutral	Paid-up equity capital changed +0.0% (₹69 cr → ₹69 cr). Essentially unchanged — no dilution. Bullish fell 1% or more (a buyback) · Caution when it rose 1% or more (new shares issued). Neutral when unchanged, or for a bonus/split.

G. Ownership

#	Point	Reading	Tag	Commentary
43	Promoter holding	1.25% (-0.49 pts YoY)	Neutral	Promoters owned 1.25% at Mar 2026 versus 1.74% a year earlier. Bearish fell more than 1 percentage point in a year · Neutral otherwise. Never tagged Bullish.
44	Foreign institutional holding	47.88% (+3.13 pts YoY)	Bullish	FIIs held 47.88% at Mar 2026, up from 44.75% a year before. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
45	Domestic institutional holding	44.74% (-2.55 pts YoY)	Bearish	Mutual funds, insurers and other DIIs held 44.74%, down from 47.29%. Bullish up more than 1 percentage point · Bearish down more than 1 percentage point · Neutral within ±1 point.
46	Number of shareholders	0.8 lakh (+13.2% YoY)	Neutral	The shareholder count moved from 0.7 lakh to 0.8 lakh in a year — a rough gauge of retail interest. How to read: Information only — a rough gauge of retail interest.
47	Promoter pledge	{'promoter_pledged_pct_of_holding': 43.7, 'source': "Screener cons: 'Promoters have pledged 43.7% of their holding.'"}	Neutral	Our source showed no pledged promoter shares. How to read: Information only. Any sizeable pledge is a risk to note.

H. Quality & summary

#	Point	Reading	Tag	Commentary
48	Financial health checklist (Piotroski-style, 8 tests)	4/8	Bearish	Passed: positive profit, positive operating cash flow, CFO > net profit, no meaningful dilution (<3%). Failed: leverage fell, operating margin improved, ROA improved, asset turnover improved. Bullish all tests passed, or all but one · Bearish half the tests or fewer passed · Neutral in between.
49	Automated screen flags	2 strength(s) · 6 weakness(es)	Neutral	Strengths: Stock is trading at 8.46 times its book value; Though the company is reporting repeated profits, it is not paying out dividend. Weaknesses: The company has delivered a poor sales growth of 8.80% over past five years; Promoter holding is low: 1.25%; Tax rate seems low; Company has a low return on equity of 5.57% over last 3 years; Promoters have pledged 43.7% of their holding; Promoter holding has decreased over last 3 years: -5.27%. (Flags generated by the data source’s rule screen.) How to read: Information only.
50	Fundamental summary	3 bullish · 7 bearish · 34 neutral · 5 caution	Bearish	On the numbers published by 16 Jul 2026 the fundamental picture leaned negative. Valuation: P/E 518.8×, P/B 10.31×. This describes the data, not a recommendation. How to read the score: the strongest possible reading is 49 bullish · 0 bearish, and the weakest is 0 bullish · 49 bearish. Most companies land in between. The numbers are called positive when bullish tags beat bearish ones by 4 or more and are at least 1.5 times as many, negative the other way round, and mixed otherwise. Even a 49–0 score describes the past and is not a reason to buy, and a 0–49 score is not a reason to sell. Bullish bullish tags beat bearish ones by 4 or more and are at least 1.5× as many (“positive”) · Bearish the same the other way round (“negative”) · Neutral (“mixed”) otherwise. Strongest possible: 49 bullish · 0 bearish.

News in the three months before the snapshot

Company news from 16 Apr 2026 – 16 Jul 2026 that an investor could have known on the snapshot date.

12 May 2026 Max Financial revenue climbs 17% as market share hits 10.4% — Q4/FY26 results: Axis Max Life FY26 APE Rs 10,502 cr (+20%), VNB Rs 2,647 cr (+26%), new business margin 25.2%, private market share 10.4%, solvency 194%. Consolidated Q4 FY26 net loss Rs 31.5 cr; FY26 net profit Rs 105.6 cr. source
01 Jun 2026 Max Financial Services Axis Max Life Insurance Completes Equity Allotment — Axis Max Life allotted ~2.5 crore shares to Axis Bank on preferential basis (~Rs 380.6 cr), lowering MFSL's stake in the insurer to about 80.01%. source
10 Jun 2026 Axis Max Life Declares INR 2,530 Crore Participating Bonus for FY26 — 24th consecutive annual bonus, for over 21 lakh participating policyholders; par fund at Rs 79,003 cr. source
15 Jun 2026 Axis Max Life Achieves Highest-Ever Claims Paid Ratio of 99.8%* in FY26 — Press release: 20,529 individual death claims worth ~Rs 1,641 cr settled in FY26 with a 99.8% claims-paid ratio. source

What happened next (16 Jul 2026 → 16 Oct 2026)

Price went from ₹1,578.40 to ₹1,294.90 by 16 Oct 2026 (-18.0%) while the Nifty 50 moved -3.8% — underperforming by 14.1 points.
Highest ₹1,604.90 on 26 Aug 2026; lowest ₹1,263.30 on 16 Oct 2026.
S1 1,551.76: broken on a closing basis on 17 Jul 2026.
S2 1,505.45: broken on a closing basis on 23 Jul 2026.
R1 1,634.96: not cleared on a closing basis.
R2 1,732.05: not cleared on a closing basis.
200-day SMA: price was below it at the snapshot and stayed on the same side through the period.
Apr–Jun 2026 results (reported 13 Aug 2026): revenue ₹14,970 crore (+16.8% YoY), net profit ₹118 crore (+37.2% YoY), operating margin 1% vs 1% a year earlier (Screener consolidated figures).

Later news

14 Aug 2026 Max Financial Services Q1 Profit Rises 37% to Rs 118 Cr — Q1 FY27 (reported 13 Aug): consolidated net profit Rs 118 cr vs Rs 86 cr; total income Rs 14,977 cr; Axis Max Life individual APE Rs 1,810 cr (+17%), VNB +33%, solvency 198%. source
25 Aug 2026 Sebi Drops Case Against Max Financial, Max Life, Axis Entities in Rs 3,911 Cr Case — SEBI closed proceedings over alleged disclosure lapses/fraud in the Max Life-Axis share deal, finding allegations not established; matters of some non-executive directors pending settlement. source
24 Sep 2026 Max Financial, ICICI Pru Life, HDFC Life, SBI Life shares tumble up to 10%; here's why — MFSL fell ~10% intraday to Rs 1,400 after IRDAI consultation paper proposed caps on commissions and expenses of management for insurers; stock closed at 1,410 on 11.4 mn shares. source
25 Sep 2026 Max Financial Services Board Meeting Scheduled For October 27 To Review Q2 Results — Board to meet 27 Oct 2026 to consider Q2 FY27 unaudited results. source

Educational summary. On 16 Jul 2026 the technical picture leaned negative and the fundamental picture leaned negative. Over the next three months the stock moved -18.0% against -3.8% for the Nifty 50. Here the chart's message lined up with what followed. One case proves nothing on its own; the value is in seeing many cases over time. This page does not say whether to buy, sell or hold Max Financial Services today.

Method designed by Pawan Kumar Sharma, CPA · ACCA · CIA. Numbers are computed by our engine from the sources listed below.

Sources: daily prices — Yahoo Finance history pages; financials and shareholding — Screener.in (fetched 19 Oct 2026); index — Nifty 50 via Yahoo Finance; news — linked articles. Calculations by Manage Our Finance. Report a correction

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