| 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
- ₹1,345.10
- 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.
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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.
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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 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.