ALFA Finder| 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
- ₹1,303.00
- 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.