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Max Financial Services
Max Financial Services (MFSL) investor relations material
Max Financial Services Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary12 Nov, 2025
Executive summary
Individual adjusted first-year premium grew 18% YoY to ₹3,891 crore in H1 FY26, outpacing private sector and industry growth rates.
Proprietary channels, digital initiatives, and product innovation drove robust performance, with online business showing a 68% CAGR over three years.
Maintained leadership in online protection, savings, and customer satisfaction, with improved NPS and retention rates.
Value of New Business (VNB) increased 27% YoY to ₹974 crore, with New Business Margin at 23.3%.
Unaudited financial results for H1 FY26 were approved, with no material misstatement but a pending SEBI show cause notice.
Financial highlights
Revenue (excluding investment) reached ₹15,090 crore, up 18% in H1 FY26; consolidated PAT at ₹92 crore.
Gross written premium and renewal premium grew 18% YoY to ₹15,490 crore and ₹9,503 crore, respectively.
Embedded value as of September 30, 2025, stood at ₹26,895 crore, up 15% YoY.
Assets under management reached ₹1.85 lakh crore, up 9% YoY.
Q2 FY26 consolidated revenue was ₹9,791.59 crore, with profit after tax at ₹5.91 crore.
Outlook and guidance
Margin guidance maintained at 24%-25% for FY26, despite a 300-350 bps GST impact.
Growth guidance for APE remains at 15%-17% for the full year.
Focus on sustainable growth, proprietary channel expansion, digital transformation, and improved persistency.
Continued investment in product innovation, risk management, and customer experience.
Confident in delivering 300-500 bps higher growth than industry over the next five years.
SEBI SCN: Quantify potential financial impact?
Axis's remaining 0.98% AMLI stake: Timeline?
MLPFM liquidation: Expected cost and timeline?
Explain GST margin offset strategy
Drivers for 300-500 bps industry outperformance
How do digital initiatives impact costs & margins?
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Next Max Financial Services earnings date
Q3 25/264 Feb, 2026
Max Financial Services
Next Max Financial Services earnings date
Q3 25/264 Feb, 2026
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