ALFA Finder| 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
- ₹1,303.00
- Market cap
- ₹44,968 Cr
- Revenue (annual)
- ₹47,674 Cr
- Net profit (annual)
- ₹83.99 Cr
- P/E (TTM)
- 242.2×Sector 20.8×
- Promoter holding
- 1.25%+0.00% QoQ
- FII holding
- 48.61%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 Earnings Call Transcript: Key Takeaways
Max Financial delivered resilient growth amid significant regulatory resets. Management is aggressively pivoting to high-margin protection and retirement segments to offset ULIP moderation.
Max Financial Services Results Update
Max Financial Services reported H1 FY'27 consolidated PAT of ₹219 crores, up 137%, with subsidiary Axis Max Life's VNB up 21%. The filing is a press release accompanying the results, with no tabular financial statements attached.
Max Financial Services Q2 FY27 Results: Net Profit ₹100.3 Cr, Up 1600.0% YoY
Max Financial Services Ltd reported revenue from operations of ₹11,601 Cr (+18.5% YoY) and net profit of ₹100.3 Cr (+1600.0% YoY) for Q2 FY27.
- Key figure
- Net profit ₹100.3 Cr · +1600.0% YoY
Max Financial Services Other Announcement
The company filed its quarterly shareholding pattern for the period ending September 30, 2026, as required under SEBI regulations.
Max Financial Services Debt & Borrowing: ₹686 Cr
Max Financial Services Ltd disclosed that its subsidiary, Axis Max Life Insurance, allotted non-convertible debentures worth Rs. 686.00 Crore on a private placement basis.
- Value
- ₹686.0 Cr
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.