| Revenue growth | 18% YoY excluding investment income. |
|---|---|
| Margins | VNB margins expanded 315 bps to 23.2%. |
| Demand visibility | Strong growth in Retail Protection and Annuity segments. |
| Management confidence | High, citing market share expansion and AUM milestones. |
Growth
Individual Adjusted FYP grew 17% to Rs 1,810 Cr; VNB up 33% YoY to Rs 446 Cr; VNB margins expanded to 23.2%.
Outlook
Focus on high-margin protection (44% growth) and annuity (116% growth) segments. Deepening bancassurance and scaling D2C ecosystem.
Risks
Solvency ratio slightly dipped to 198% from 199% YoY. Potential impact from regulatory changes in product commissions.
Last quarter's promises, checked
Delivered
- Guided NBM 24-25% → delivered 23.2% (= PARTIAL)
- Targeted market share expansion → delivered 53 bps expansion (= BEAT)
- Guided strong momentum in protection/annuity → delivered 44% and 116% growth (= BEAT)
Partly delivered
- Guided 20%+ Individual Adjusted FYP growth → delivered 17% (= PARTIAL)
Missed
- Guided 12-14 month amalgamation timeline → no progress update provided (= MISS)
Investor Presentation filed with BSE, 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 Earnings Call Transcript: Key Takeaways
Max Financial Q1 FY27 results show strong topline growth led by protection and annuity segments, with VNB margins expanding to 23.2% despite GST headwinds. Management remains optimistic about sustained outperformance versus industry growth rates.
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