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Max Financial ServicesNSE:MFSL -1.41%77 Debt-to-Equity is 0.45 as of Mar. 2026, which is 114% above its 10-year median of 0.21. GuruFocus rates NSE:MFSL with a GF Score™ of 77/100 and a GF Value™ of ₹1,286.28 (Modestly Overvalued). The stock has 3 warning signs investors should review. Among 405 Insurance companies, Max Financial Services ranks worse than 75.56% on this metric.
A high debt to equity ratio generally means that a company has been aggressive in financing its growth with debt. This can result in volatile earnings as a result of the additional interest expense.
The historical rank and industry rank for Max Financial Services's Debt-to-Equity or its related term are showing as below:
NSE:MFSL'
s Debt-to-Equity Range Over the Past 10 Years
Min: 0 Med: 0.21 Max: 0.45
Current: 0.45
During the past 13 years, the highest Debt-to-Equity Ratio of Max Financial Services was 0.45. The lowest was 0.00. And the median was 0.21.
NSE:MFSL's Debt-to-Equity is ranked worse than 75.56% of 405
companies
in the Insurance industry
Industry Median: 0.2
vs NSE:MFSL: 0.45
Because a company can increase its ROE % by having more financial leverage, it is important to watch the leverage ratio when investing in high ROE % companies.
Max Financial Services Debt-to-Equity Related Terms
Max Financial Services Debt-to-Equity Historical Data
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The historical data trend for Max Financial Services's Debt-to-Equity can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
NSE:MFSL vs AFL, MET, PRU: Debt-to-Equity Comparison
For the Insurance - Life subindustry, Max Financial Services's Debt-to-Equity, along with its competitors' market caps and Debt-to-Equity data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Max Financial Services Debt-to-Equity vs Insurance Industry
For the Insurance industry and Financial Services sector, Max Financial Services's Debt-to-Equity distribution charts can be found below:
* The bar in red indicates where Max Financial Services's Debt-to-Equity falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Max Financial Services (NSE:MFSL) has a Debt-to-Equity of 0.45 as of Mar. 2026. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Max Financial Services and its competitors. This is 114% above median its historical median of 0.21. According to the industry distribution chart, Max Financial Services ranks #306 out of 405 companies in the Insurance industry, placing it in the top 75.6%.
Is Max Financial Services' Debt-to-Equity too high?
Max Financial Services' current Debt-to-Equity of 0.45 is 114% above median its 10-year median of 0.21. The Insurance industry median Debt-to-Equity is 0.20. Max Financial Services' value of 0.45 is 125% above this industry median. Based on the distribution chart, Max Financial Services ranks #306 out of 405 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Max Financial Services has a GF Score™ of 77/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Max Financial Services' Debt-to-Equity compare to AFL and MET?
According to the Insurance industry distribution chart, Max Financial Services ranks #306 out of 405 companies for Debt-to-Equity. This places Max Financial Services in the lower half of its industry. The industry median Debt-to-Equity is 0.20. Max Financial Services' value of 0.45 is 125% above this benchmark. While the company's 10-year median is 0.21 vs. the industry median of 0.20, Max Financial Services has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-Equity for an Insurance company?
The median Debt-to-Equity among Insurance companies is 0.20, based on 405 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-Equity significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Max Financial Services's current Debt-to-Equity of 0.45 is 125% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-Equity mean?
A high Debt-to-Equity can signal that a stock is expensive relative to its fundamentals. Debt-to-Equity ratio represents the ratio of total debt to total company equity. View historical data on Max Financial Services and its competitors. For the Insurance industry, the median Debt-to-Equity is 0.20 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Max Financial Services's current Debt-to-Equity is 0.45, which is 114% above median its own 10-year median of 0.21. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Max Financial Services stock overvalued right now?
Based on GuruFocus' analysis, Max Financial Services (NSE:MFSL) is currently considered Modestly Overvalued. The stock's GF Value™ is ₹1,286.28, compared to a current price of ₹1,497.40 — trading 16.4% above its estimated fair value. The current Debt-to-Equity is 0.45, which is 114% above median its 10-year median of 0.21 and 125% above the Insurance industry median of 0.20. Max Financial Services' overall GF Score™ is 77/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-Equity calculated?
Debt-to-Equity is calculated from a company's financial statements. For Max Financial Services (NSE:MFSL), the current Debt-to-Equity is 0.45 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Max Financial Services (NSE:MFSL) Overvalued in 2026?
Based on GuruFocus' analysis, Max Financial Services stock appears to be overvalued.
The current stock price of ₹1,497.40 is trading 16.4% above its estimated GF Value™ of ₹1,286.28.
GuruFocus considers Max Financial Services to be Modestly Overvalued.
Key valuation signals for NSE:MFSL:
Debt-to-Equity: 0.45 (114% above median its 10-year median of 0.21)
GF Value™: ₹1,286.28 vs. price of ₹1,497.40 (16.4% above fair value)
Industry Position: 125% above the Insurance median (#306 of 405)
No single metric tells the full story. See the NSE:MFSL stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Max Financial Services Ltd is a non-bank private life insurance company. Max Group entities are Max Life Insurance Company, Max India, and Max Venture & Industries. Max Life Insurance Company is co-owned by Max Financial Services and Mitsui Sumitomo Insurance, a Japanese life insurance company. Max India offers healthcare and health insurance. The Max-Ventures and Industries division is an entrepreneurial division that helps the government with economic and commercial efforts. The company's operating segment involves Business Investment and Life Insurance. It generates majority of revenue from Life Insurance segment.
77GF Score
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