| 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
- ₹1,345.10
- 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 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 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 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.