| Revenue growth | 18% excluding investment income |
|---|---|
| Margins | VNB margin expanded to 23.2% from 20.3% |
| Demand visibility | Strong traction in participating products and annuities |
| Management confidence | High: focus on execution and sustainable growth |
Growth
Revenue excluding investment income grew 18% to INR 7,289 Cr; individual adjusted first year premium rose 17%.
Outlook
Goal to grow VNB faster than APE growth. Evaluating structure simplification over 6-12 months post-NCLT filing.
Risks
Geopolitical uncertainties and macro volatility. Potential yield curve unwinds may impact future VNB margins.
Last quarter's promises, checked
Delivered
- Guided NBM range 24%-25% → delivered 23.2% in Q1 FY27 (= MISS)
- Targeted VNB growth → delivered 33% YoY growth (= BEAT)
- Guided sustainable growth vs industry → delivered 17% vs 13% industry avg (= BEAT)
Partly delivered
- Targeted structure simplification → process initiated but timeline remains 12-14 months (= PARTIAL)
Missed
- Guided mitigation of 70-80% GST impact → VNB margin still compressed vs FY26 Q3 24.1% (= MISS)
Earnings Call Transcript 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 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 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