| 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
- ₹1,345.10
- Market cap
- ₹46,421 Cr
- Revenue (annual)
- ₹47,674 Cr
- Net profit (annual)
- ₹83.99 Cr
- P/E (TTM)
- 422.4×Sector 21.8×
- 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 Legal & Regulatory
SEBI disposed of proceedings against Max Financial Services and its subsidiary without any penalty. Settlement applications from thirteen other noticees remain under process.
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 Annual General Meeting
Max Financial Services Limited held its 38th Annual General Meeting on August 19, 2026. The meeting covered ordinary and special business items as per the notice.
Max Financial Services Legal & Regulatory
Max Financial Services disclosed a temporary non-compliance with Regulation 19 regarding Nomination and Remuneration Committee composition. The company confirmed payment of the Rs. 4,720 fine.