| Revenue growth | Gross written premium grew 19% YoY to ₹5,707 crore. |
|---|---|
| Margins | VNB margins expanded 290 bps YoY to 23.2%. |
| Demand visibility | Strong demand for protection, annuity, and high-net-worth specialized products. |
| Management confidence | Confident, focusing on product mix optimization and strategic partnerships. |
Growth
Individual adjusted first-year premium grew 17%; Protection and Health grew 44%, and Annuity surged 156%.
Outlook
Aims for VNB growth to continue outpacing APE growth through FY27 with margin discipline.
Risks
Persistent pressure in the 13th-month persistency ratio; potential regulatory changes regarding commission caps.
Last quarter's promises, checked
Delivered
- Outperform industry growth by 300-500 bps → delivered 17-19% growth vs ~10% industry (= BEAT)
- Focus on high-margin protection/annuity mix → Protection grew 44%, Annuity 156% (= BEAT)
- Mitigate GST/labor cost impacts → Op-ex as % of GWP improved 185 bps (= BEAT)
Partly delivered
- Improve 13th-month persistency → current call reports persistent pressure (= PARTIAL)
Missed
- Guided VNB margins of 24-25% → delivered 23.2% (= MISS)
Earnings Call Transcript filed with NSE, NSE: MFSL. Summary written with AI assistance from the document.
Max Financial Services Ltd: key numbers
- Share price
- ₹1,458.00
- Market cap
- ₹50,318 Cr
- Revenue (annual)
- ₹47,674 Cr
- Net profit (annual)
- ₹83.99 Cr
- P/E (TTM)
- 457.9×Sector 22.0×
- Promoter holding
- 1.25%+0.00% QoQ
- FII holding
- 48.06%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
More from Max Financial Services Ltd
All →Max Financial Services Board Meeting Date
Max Financial Services Limited will hold a board meeting on October 27, 2026, to approve its Q2 and half-year financial results. The trading window closes on October 1, 2026.
Max Financial Services Other Announcement
Max Financial Services disclosed a Crisil ESG Rating of 70 and Core ESG Rating of 77. This voluntary disclosure involves no financial transaction or board action.
Max Financial Services Earnings Call Transcript: Key Takeaways
Max Financial Services Q1 FY27 consolidated PAT stood at INR 180 crore. Management reported a 33% YoY growth in VNB, reaching a margin of 23.2%, driven by a higher protection product mix and favorable yields.
Max Financial Services Investor Presentation: Key Takeaways
Max Financial Services Q1FY27: MFSL revenue grew 18% to Rs 7,289 Cr (excl. investment income), with Consolidated PAT at Rs 118 Cr. Axis Max Life achieved Rs 2 Lakh Cr AUM milestone.
Max Financial Services Q1 FY27 Results: Net Profit ₹118.3 Cr, Up 36.8% YoY
Max Financial Services Ltd reported revenue from operations of ₹14,970 Cr (+16.8% YoY) and net profit of ₹118.3 Cr (+36.8% YoY) for Q1 FY27.
- Key figure
- Net profit ₹118.3 Cr · +36.8% YoY
Max Financial Services Q4 FY26 Results: Net Loss of ₹31.5 Cr
Max Financial Services Ltd reported revenue from operations of ₹10,802 Cr (-12.7% YoY) and a net loss of ₹31.5 Cr for Q4 FY26.
- Key figure
- Net loss ₹31.5 Cr