Max Financial Services (MFSL) Q2 25/26 earnings summary

Executive summary

• Delivered strong growth in H1 FY 2026, with individual adjusted first-year premium up 18% YoY to ₹3,891 crore and private market share rising to 10.1%.

• Outperformed both private sector and industry growth rates, with a two-year CAGR of 24% and leadership in online protection and savings.

• Proprietary channels and digital initiatives drove robust expansion, with online business showing a 68% CAGR over three years.

• Maintained customer-centric focus, leading to industry-leading persistency, NPS, and claims paid ratios.

• Unaudited standalone and consolidated financial results for H1 FY26 were 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% YoY for H1 FY 2026; consolidated PAT at ₹92 crore.

• Gross written premium and renewal premium both grew 18%, reaching ₹15,490 crore and ₹9,503 crore, respectively.

• Embedded value as of September 30, 2025, stood at ₹26,895 crore, up 15% YoY.

• Value of new business (VNB) grew 27% in H1 FY 2026, with margins expanding from 20.2% to 23.3%.

• Assets under management reached ₹1,96,483.43 crore as of September 30, 2025.

Outlook and guidance

• Margin guidance maintained at 24%-25% for FY 2026, despite GST headwinds.

• Growth guidance for APE remains at 15%-17% for the full year.

• Focus on sustainable growth, proprietary channel expansion, digital transformation, and improved persistency.

• Confident in delivering higher-than-market growth and sustaining value creation.

• Continued investment in product innovation and risk management.