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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 rose 18% YoY to ₹3,891 crore in H1 FY26, outpacing private sector and industry growth rates, with private market share expanding to 10.1%.
Proprietary channels, digital initiatives, and product innovation drove robust performance, with online business showing a 68% CAGR over three years and strong gains in protection and annuity segments.
Maintained market-leading persistency, customer satisfaction, and NPS, with improvements year-over-year.
Consolidated revenue (excluding investment income) grew 18% YoY to ₹15,090 crore, with consolidated PAT at ₹92 crore.
Unaudited financials for H1 FY26 were reviewed and approved, with no material misstatement but an emphasis on a pending SEBI show cause notice.
Financial highlights
Revenue (excluding investment) reached ₹15,090 crore, up 18% in H1 FY26; gross written premium and renewal premium grew 18% YoY to ₹15,490 crore and ₹9,503 crore, respectively.
Consolidated profit after tax at ₹92 crore for H1 FY26, with Q2 FY26 profit at ₹5.91 crore.
Embedded value as of September 30, 2025, stood at ₹26,895 crore, up 15% YoY.
AUM grew 9% YoY to ₹1.85 lakh crore.
Operating RoEV at 16.3% for H1 FY26.
Outlook and guidance
Margin guidance maintained at 24%-25% for FY26, despite a 300-350 bps GST impact on a run-rate basis.
Growth guidance for APE remains at 15%-17% for the full year, with a focus on sustainable growth, channel expansion, and product innovation.
Confident in delivering 300-500 bps higher growth than industry over the next five years.
Persistency and customer NPS targeted for further improvement.
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
Next Max Financial Services earnings date
Q3 25/264 Feb, 2026
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