AI Summary
✦ ClarthaMax Financial Services is an Indian life insurance company operating through Axis Max Life. Life insurance drives revenue through participating, nonparticipating, and linked products covering life, pension, and health benefits. Distribution spans agents, banks, brokers, and corporate channels, while treasury investments and advisory services support other income. Revenue grew 2.6% year-on-year, but profit fell 74.3%. The ₹35.29 crore GST demand against Axis Max Life adds regulatory uncertainty. Margin stability contrasts with a low 1.6% ROE, while 12.67 debt-to-equity indicates substantial leverage that amplifies pressure on shareholder returns. At 631 times earnings, the stock is materially overvalued relative to its modest growth and sharp profit decline. Investors need clearer evidence of Axis Max Life’s growth and value-of-new-business margins before reassessing valuation.
Price Forecast
Probabilistic Range
Probabilistic lognormal cone using 1Y realized volatility and analyst-target drift when available.
Revenue Forecast
₹ CrEPS Forecast
₹ / shareMulti-factor synthesis of 5 key dimensions
From 25 analysts
Fundamentals
Fundamentals institutional score is 42 using EVA spread proxy -10.4%; growth durability 100.0.
Valuation
Valuation institutional score is 35 using relative multiple z-scores where peer dispersion is available.
Analyst Consensus
Analyst View institutional score is 87 using mean target upside 38.2%; dispersion penalty 9.5; recommendation breadth from available consensus.
Technical Structure
Technicals institutional score is 67 using EMA-20 continuation within 5% tolerance; VCP range/volume contraction proxy.
Market Sentiment
Recent news flow is balanced or not decisive enough to tilt the tape. Based on 9 recent ticker-linked news items.
Signal Summary
Market intelligence remains Neutral. analyst consensus and technical structure provide support, while fundamentals and valuation remain considerations.
Composite weights: Fundamentals 25%, Valuation 20%, Analyst Consensus 20%, Technical Structure 20%, Market Sentiment 15%.
Key Data Points
Important Note: This is market intelligence, not investment advice. Always conduct your own research and consider your financial goals and risk tolerance.
Valuation Metrics
Trading 28.7% above historical median. Valuation is rising — currently in the overvalued zone (z-score: +0.75). Confidence: 77%.
Live forward EPS implies next-12-month EPS of ₹15.68. Applying the stock's normalized valuation corridor produces a fair range of ₹6,520.84 to ₹10,366.36, with base value near ₹7,600.25 (+401.8% vs current price).
Live forward estimate anchored to the company's historical valuation corridor.
Forward EPS
₹15.68
Forward P/E
96.6x
Base Fair Value
₹7,600.25
Fair Range
₹6,520.84 - ₹10,366.36
Upside To Base
+401.8%
Estimate Source
Live forward EPS
5Y Average
10.25
Current
19.00
Overvalued
11.79
Undervalued
8.71
5Y Average
375.33
Current
623.92
Overvalued
661.12
Undervalued
415.87
5Y Average
0.79
Current
1.09
Overvalued
0.91
Undervalued
0.67
Peers & Comparison
Sector: Financials · Theme: Insurance
| Company | Rev. Growth | Margin | P/E | vs Avg | 52W Perf. |
|---|---|---|---|---|---|
SBI LIFE INSURANCE CO LTD SBILIFEInsurance | +18.8% | 2.1% | 71.4x Premium | +52% vs avg | +1.0% |
HDFC LIFE INS CO LTD HDFCLIFEInsurance | +15.2% | 1.9% | 59.1x Premium | +26% vs avg | -29.5% |
DR. REDDY S LABORATORIES DRREDDYPharmaceuticals | -5.6% | 10.0% | 29.5x Undervalued | -37% vs avg | -5.0% |
HINDALCO INDUSTRIES LTD HINDALCOMetals - Aluminium | +32.1% | 5.5% | 14.4x Undervalued | -69% vs avg | +58.0% |
BSE LIMITED BSEStock Exchanges & Ratings | +64.0% | 48.9% | 50.3x Fair | +7% vs avg | +50.1% |
GRASIM INDUSTRIES LTD GRASIMCement | +10.5% | 2.8% | 46.2x Fair | -1% vs avg | +23.4% |
APOLLO HOSPITALS ENTER. L APOLLOHOSPHospitals & Diagnostic Centres | +18.1% | 7.7% | 66.2x Premium | +41% vs avg | +23.2% |
EICHER MOTORS LTD EICHERMOTTrucks & Buses | +31.5% | 23.2% | 38.0x Undervalued | -19% vs avg | +41.7% |
| Company | Rev. Growth | Margin | P/E | vs Avg | 52W Perf. |
|---|---|---|---|---|---|
SBI LIFE INSURANCE CO LTD SBILIFEInsurance | +18.8% | 2.1% | 71.4x Premium | +56% vs avg | +1.0% |
HDFC LIFE INS CO LTD HDFCLIFEInsurance | +15.2% | 1.9% | 59.1x Premium | +29% vs avg | -29.5% |
ICICI LOMBARD GIC LIMITED ICICIGIInsurance | +10.9% | 8.8% | 34.0x Undervalued | -26% vs avg | -13.9% |
ICICI PRU LIFE INS CO LTD ICICIPRULIInsurance | -83.1% | 2.6% | 42.7x Fair | -7% vs avg | -18.8% |
GENERAL INS CORP OF INDIA GICREInsurance | -1.3% | 18.3% | 6.5x Undervalued | -86% vs avg | -10.5% |
GO DIGIT GENERAL INS LTD GODIGITInsurance | +8.6% | 4.8% | 49.7x Fair | +9% vs avg | -24.7% |
APOLLO HOSPITALS ENTER. L APOLLOHOSPHospitals & Diagnostic Centres | +18.1% | 7.7% | 66.2x Premium | +45% vs avg | +23.2% |
COFORGE LIMITED COFORGEIT Services & Consulting | +49.9% | 9.6% | 36.4x Undervalued | -20% vs avg | +12.2% |
MAX FINANCIAL SERV LTD trades at a premium (631.0x vs peer avg 46.9x), implying higher growth or quality expectations from the Insurance cohort. Peers include SBI LIFE INSURANCE CO LTD, HDFC LIFE INS CO LTD, DR. REDDY S LABORATORIES — selected based on business model, industry classification, market cap similarity, and business theme alignment.
Financials
Real statement data for revenue, earnings quality, conversion, and balance-sheet coverage. Monetary values are shown in Rs crore.
Latest revenue
₹17 CrMar 2026Latest net profit
₹10 CrMar 2026Latest EPS
₹0.29Mar 2026Net margin
71.0%Mar 2026Performance
Bars show revenue and net profit. The line shows net margin.
- Revenue
- Net income
- Net margin %
Earnings
Revenue is shown in crores. EPS is rupees per share.
- Revenue
- EPS
Revenue to profit conversion
Bridge from operating numbers to profit for the latest reported period.
Latest reported period: Mar 2026
Debt level and coverage
Debt, cash and free cash flow compared on the same crore scale.
- Debt
- Free cash flow
- Cash & equivalents
Results
| Metric | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 10 | 5 | 6 | 6 | 5 | 4 | 4 | 4 | 4 | 3 | 3 | 3 | 17 |
| Expenses + | 8 | 7 | 9 | 8 | 8 | 6 | 6 | 6 | 6 | 5 | 6 | 6 | 5 |
| Operating Profit | 2 | -2 | -2 | -2 | -4 | -2 | -2 | -2 | -2 | -2 | -3 | -3 | 12 |
| OPM % | 21% | -31% | -38% | -42% | -85% | -55% | -61% | -36% | -64% | -76% | -110% | -100% | 71% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 2 | -2 | -3 | -3 | -4 | -2 | -2 | -1 | -3 | -3 | -3 | 2 | 12 |
| Tax % | -24% | 9% | -3% | -6% | -7% | 12% | -2% | 5% | -2% | 0% | 0% | 0% | 15% |
| Net Profit + | 2 | -2 | -3 | -2 | -4 | -3 | -2 | -2 | -3 | -3 | -3 | 2 | 10 |
| EPS in Rs | 0.06 | -0.07 | -0.08 | -0.07 | -0.11 | -0.08 | -0.07 | -0.05 | -0.08 | -0.07 | -0.10 | 0.05 | 0.29 |
| Raw PDF |
All values in ₹ Crores unless otherwise stated. Source: Screener Master (Standalone).
Events Timeline
Disclosure Under The Provisions Of Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Disclosure Under The Extant Provisions Of Regulation 30 Of SEBI (LODR) Regulations, 2015 ('SEBI LODR') Regarding Axis Max Life Insurance Limited ('Axis Max Life'), The Material Subsidiary Of The Company