Max Financial Services Limited (MFSL)
₹1,294.90 +1.40% last close, 16 Oct
Q2 FY27 results
📅 Next results: 27 Oct 2026 (board meeting)Max Financial Services Limited's board meets on 27 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Max Financial's revenue was ₹14,970 Cr (+16.7% year on year, +38.6% on the previous quarter), and net profit ₹118 Cr (+37.5% year on year); the operating margin was 1.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹14,970 | +16.7% | +38.6% |
| Operating profit | ₹167 | +40.2% | from loss |
| Net profit | ₹118 | +37.5% | from loss |
| EPS (₹) | 2.78 | +37.6% | from loss |
| Operating margin | 1.1% | — | — |
MFSL delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 55.66% of the MFSL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.84%. That is close to its usual level. In MFSL futures, open interest rose 0.22% while the futures price rose 1.14%: long buildup (new long positions).
Delivery in the last 5 sessions: 54.0% · 57.0% · 56.5% · 63.2% · 55.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Max Financial Services Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Registrar and Share Transfer Agent Mas Services Limited, covers the quarter from July 1, 2026, to September 30, 2026. It confirms that securities received for dematerialisation were verified, processed, and confirmed to depositories within the required 15-day limit. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate covers the period from 01/07/2026 to 30/09/2026
- Dematerialisation requests confirmed to depositories within the mandatory 15-day timeline
- Issued by Mas Services Limited on October 06, 2026
Max Financial Services Limited's material subsidiary, Axis Max Life Insurance Limited, has allotted 68,600 unsecured, subordinated, redeemable Non-Convertible Debentures (NCDs) on a private placement basis. The total amount raised is ₹686.003 crore (including ₹30,000 premium) against an issue size of ₹686 crore face value. The instruments carry a 10-year tenor with a call option exercisable at the end of year 5 and annually thereafter. The capital will strengthen the insurer's solvency margin and support business growth.
- Allotment of 68,600 unsecured subordinated NCDs of face value ₹1,00,000 each
- Total capital raised stands at ₹686,00,30,000 including a premium of ₹30,000
- Tenor of 10 years with call options starting at the end of 5 years
- Debt will be listed on the National Stock Exchange of India Limited (NSE)
Max Financial Services Limited (MFSL) disclosed that Niche Ninety Nine Capability and Certifications (OPC) Private Limited assigned the company an ESG Rating of 71 on a scale of 0-100. The rating was prepared independently based on publicly available data and was not commissioned by MFSL. The intimation was received via BSE on September 17, 2026, and disclosed voluntarily under Regulation 30. This rating does not impact company fundamentals or near-term financial performance.
- Assigned an ESG Rating of 71 on a scale of 0 to 100
- Report prepared independently by Niche Ninety Nine Capability and Certifications without engagement by MFSL
- Intimation received via BSE on September 17, 2026 at 06:52 P.M. and reviewed on September 18, 2026
Max Financial Services Limited (MFSL) announced that Crisil ESG Ratings & Analytics Limited has assigned it an ESG Rating of '70' and a Core ESG Rating of '77' on a scale of 0 to 100. The rating was prepared independently by Crisil based on publicly available data, without being engaged by MFSL. MFSL is voluntarily disclosing this information to stock exchanges in accordance with SEBI Listing Regulations. The announcement has no direct financial or operational impact on the company's earnings.
- Crisil assigned an ESG Rating of '70' on a scale of 0-100
- Core ESG Rating assigned is '77' on a scale of 0-100
- Rating communication received by the company via email on September 10, 2026, at 10:01 P.M.
- Company clarified it did not engage Crisil; the assessment is based on public domain data
Max Financial Services Limited has informed exchanges that its senior management will attend the Jefferies India Forum on September 18, 2026, in Gurgaon. The interaction will involve physical group meetings with investors and analysts. The company confirmed that no unpublished price-sensitive information (UPSI) will be shared, and standard investor presentations are accessible on its website. This is a routine institutional interaction without financial implications.
- Senior management participating in Jefferies India Forum on September 18, 2026
- Format specified as physical group meetings in Gurgaon
- Company confirmed no unpublished price-sensitive information (UPSI) will be shared
SEBI has issued a final order dated August 24, 2026, disposing of proceedings initiated via an October 24, 2024 Show Cause Notice against Max Financial Services Limited (MFSL), its subsidiary Axis Max Life Insurance, and select executives (Noticees 1 to 12). The regulator disposed of the matter without issuing any adverse directions or imposing any financial penalties. Separately, settlement applications submitted by 13 present and former Non-Executive/Independent Directors remain under process, with final orders awaited.
- SEBI disposed of SCN proceedings against 12 noticees including MFSL and Axis Max Life without any directions or penalties.
- The regulatory matter originated from a Show Cause Notice issued on October 24, 2024.
- Settlement applications filed by 13 current/former Non-Executive and Independent Directors remain under process.
Max Financial Services filed the transcript of its Q1 FY27 earnings conference call. During the quarter, Axis Bank infused ₹381 crore to acquire an additional 0.98% stake in Axis Max Life, taking its holding to 19.99% and lifting the solvency ratio to 198%. Individual Annualized Premium Equivalent (APE) grew 15% year-on-year, driven by 44% growth in protection/health and 116% surge in annuities. Value of New Business (VNB) grew 33% year-on-year as VNB margins expanded by 290 bps from 20.3% to 23.2%.
- Axis Bank completed 0.98% additional stake acquisition via ₹381 crore equity infusion, raising stake to 19.99% and solvency to 198%
- VNB margin expanded 290 bps to 23.2% in Q1 FY27 from 20.3% in Q1 FY26, driving a 33% YoY growth in Value of New Business
- Total APE grew 15% YoY with proprietary channels up 15% (online up 27%) and partnership channels up 16%
- Annuities business surged 116% YoY and Protection and Health grew 44% YoY, while Group Credit Life grew 57%
- Counter share maintained at 65%-70% in Axis Bank, with 13-month persistency at 83%
Max Financial Services Limited (MFSL) held its 38th Annual General Meeting on August 19, 2026, via video conferencing. The business transacted included the adoption of standalone and consolidated financial statements for FY26, the re-appointment of Director Mr. Analjit Singh, and approvals for remuneration to Independent Directors Mr. Jai Arya and Sir Richard Stagg. Remote e-voting was open from August 15 to August 18, 2026, with additional voting offered during the AGM. Official scrutinizer voting results will be disclosed within two working days.
- 38th Annual General Meeting conducted via Video Conferencing on August 19, 2026, from 10:00 AM to 10:59 AM IST
- 5 total resolutions presented: 3 ordinary (FY26 financials, re-appointment of Mr. Analjit Singh) and 2 special (remuneration for independent directors)
- Remote e-voting window was open from August 15, 2026 (9:00 AM) to August 18, 2026 (5:00 PM)
- Final voting results to be announced and submitted to stock exchanges within 2 working days
Max Financial Services Limited (MFSL) has released the audio recording of its earnings conference call held on August 13, 2026, for the quarter ended June 30, 2026. The call follows a fiscal year (FY26) where the company reported a TTM revenue of ‑47,675 Cr but a relatively thin TTM PAT of ‑105 Cr. Management discussed the quarterly performance and interactive Q&A with analysts. This filing is a standard regulatory requirement to ensure transparency for retail investors who could not attend the live session.
- Earnings conference call conducted on August 13, 2026, for the Q1 FY27 period.
- Management discussed performance following a TTM PAT of ‑105 Cr and a low OPM of 0.4%.
- The company continues to leverage its agency force which reached 1.42 lakh agents as of H1 FY26.
- The recording is accessible via a public weblink provided in the regulatory filing.
Max Financial Services Limited (MFSL) has addressed a minor regulatory non-compliance regarding the composition of its Nomination and Remuneration Committee (NRC). The deviation occurred for a period of two days in the quarter ended March 31, 2026, following the retirement of an Independent Director. The company has paid a fine of ₹4,000 plus GST to both BSE and NSE as per the Standard Operating Procedure. Compliance was fully restored on April 9, 2026, with the co-option of a new Independent Director to the committee.
- Non-compliance with Regulation 19 of SEBI LODR lasted for only 2 days in March 2026
- Total fine of ₹4,000 plus 18% GST (₹4,720) paid to each stock exchange
- NRC composition briefly fell to 3 Independent Directors out of 5 members (60%), below the required two-thirds threshold
- Compliance restored on April 9, 2026, with the NRC now comprising 4 Independent Directors out of 6 members
- No NRC meetings were held during the brief period of non-compliance
Max Financial Services Limited (MFSL) reported a strong start to FY27, with consolidated Profit After Tax (PAT) rising 37% YoY to ₹118 crore. Its primary subsidiary, Axis Max Life, saw Value of New Business (VNB) grow 33% to ₹446 crore, supported by a significant 315 bps expansion in new business margins to 23.2%. Individual Adjusted First Year Premium grew 17% to ₹1,810 crore, while Assets Under Management (AUM) crossed the ₹2 lakh crore milestone. The company also gained 13 bps in private market share, reaching 10.1%.
- Value of New Business (VNB) grew 33% YoY to ₹446 crore
- New business margins improved by 315 bps to 23.2% from 20.1% YoY
- Annuity business delivered exceptional growth of 116% during the quarter
- Assets Under Management (AUM) crossed ₹2,02,621 crore, up 11% YoY
- Individual New Business Sum Assured increased by 32% YoY
MFSL reported a strong Q1 FY27 with consolidated revenue (excluding investment income) growing 18% YoY to Rs 7,289 Cr. The life insurance subsidiary, Max Life, saw Value of New Business (VNB) jump 33% to Rs 446 Cr, driven by a significant margin expansion to 23.2% from 20.1% last year. A key strategic milestone was achieved as Axis Bank infused Rs 381 Cr to increase its stake in Max Life to 19.99%. Assets Under Management (AUM) also crossed the Rs 2 lakh crore mark, indicating robust scale and customer trust.
- Value of New Business (VNB) grew 33% YoY to Rs 446 Cr with margins expanding 310 bps to 23.2%
- Retail Protection and Health APE grew 44% to Rs 314 Cr, while Annuity APE surged 116% to Rs 246 Cr
- Axis Bank infused Rs 381 Cr to increase its stake in Max Life by 0.98% to a total of 19.99%
- Assets Under Management (AUM) reached a milestone of Rs 2,02,621 Cr, up from Rs 1,83,211 Cr YoY
- Individual Adjusted First Year Premium grew 17% to Rs 1,810 Cr, outperforming the private industry growth of 15%
Max Financial Services Limited (MFSL) reported a healthy start to FY27 with total revenue reaching ₹14,969.51 Cr, a 16.7% increase from ₹12,821.65 Cr in Q1 FY26. Profit Before Tax (PBT) saw a significant jump to ₹137.92 Cr compared to ₹101.48 Cr in the year-ago period, marking a recovery from the loss reported in the preceding quarter (Mar 2026). The company continues to manage a SEBI show-cause notice regarding historical share transactions in its subsidiary, Max Life, with no financial impact recognized yet. Strategic focus remains on the proposed amalgamation to facilitate a direct listing for Max Life Insurance.
- Total Revenue for Q1 FY27 stood at ₹14,969.51 Cr, up 16.7% YoY.
- Profit Before Tax (PBT) increased to ₹137.92 Cr from ₹101.48 Cr in Q1 FY26.
- Policyholders' Income from Life Insurance operations contributed ₹14,742.11 Cr to the total revenue.
- Axis Bank entities now hold a 19.99% stake in the subsidiary, Max Life Insurance (AMLI).
- SEBI Show Cause Notice response was submitted on April 8, 2025, with final hearings completed.
Max Financial Services Limited (MFSL) reported a strong Q1 FY27 with total income rising 16.8% YoY to ₹14,976.61 Cr. Profit Before Tax (PBT) saw a significant jump of 35.9% to ₹137.92 Cr, compared to ₹101.48 Cr in Q1 FY26, marking a recovery from the loss reported in the preceding March 2026 quarter. The company's core life insurance subsidiary, Axis Max Life (AMLI), remains the primary driver, with Axis Bank now holding a 19.99% stake. However, an ongoing SEBI show-cause notice regarding historical share transactions remains an unresolved regulatory 'Emphasis of Matter'.
- Total Revenue from operations increased to ₹14,969.51 Cr from ₹12,821.65 Cr in the year-ago period.
- Profit Before Tax (PBT) reached ₹137.92 Cr, a 35.9% increase over the ₹101.48 Cr reported in June 2025.
- Policyholders' Income from Life Insurance operations contributed ₹14,742.11 Cr to the total revenue.
- Axis Entities' stake in the subsidiary AMLI is now finalized at 19.99%, with MFSL holding 80.01%.
- The company is pursuing a 'Proposed Amalgamation' to allow MFSL shareholders to hold direct shares in the listed insurance entity.
Max Financial Services' material subsidiary, Axis Max Life Insurance, has received Show Cause Notices (SCNs) from the GST Department for the period FY 2020-21 to FY 2024-25. The notices allege wrongful availment and utilization of Input Tax Credit (ITC), proposing a total demand of ₹35.29 Cr including tax, interest, and penalties. While the amount is negligible compared to TTM revenue (0.07%), it is significant relative to the company's TTM PAT of ₹105 Cr, representing approximately 33.6% of annual earnings. The company maintains it has complied with all laws and will file a formal response.
- Total proposed demand of ₹35.29 Cr covering tax, interest, and penalties
- Covers a five-year period from FY 2020-21 to FY 2024-25
- Allegation pertains to wrongful availment and utilization of Input Tax Credit (ITC)
- Demand amount represents approximately 33.6% of the TTM Net Profit of ₹105 Cr
- Company states there is no immediate impact on operations or other activities
Financial Performance
Revenue Growth by Segment
Consolidated revenue excluding investment income reached INR 15,090 Cr in H1 FY26, representing a growth of 18% YoY. Individual adjusted first-year premium (FYP) grew by 18% to INR 3,891 Cr. Proprietary channels APE grew by 17% YoY, while the Bancassurance channel grew by 12% in FY25. Online business delivered a 68% CAGR over 3 years.
Geographic Revenue Split
Not disclosed in available documents, though the company noted a strategic move to deepen presence in smaller cities beyond Metro and Tier-1 areas through the Axis Max Life brand refresh.
Profitability Margins
Consolidated Profit After Tax (PAT) for H1 FY26 was INR 92 Cr, lower than the previous year due to Ind AS fair value accounting and GST expenses. Axis Max Life achieved a post-tax shareholder profit of INR 406 Cr in FY25, a 13% increase YoY. New Business Margin (NBM) stood at 23.3% in H1 FY26 compared to 24% in FY25.
EBITDA Margin
Value of New Business (VNB) for H1 FY26 was INR 974 Cr, growing 27% YoY. Operating Return on Embedded Value (RoEV) was 16.3% for H1 FY26. The company targets a steady-state margin of 25%, reinvesting excess margins into distribution expansion.
Capital Expenditure
The company raised INR 800 Cr in sub-debt during H1 FY26 to strengthen its solvency ratio. Specific historical and planned physical CAPEX in INR Cr is not disclosed as the business is service-oriented.
Credit Rating & Borrowing
The company raised INR 800 Cr in sub-debt to bolster solvency. The solvency ratio improved to 208% as of September 2025 from 201% in March 2025. Specific interest rate percentages for the debt were not disclosed.
Operational Drivers
Raw Materials
As a financial services firm, 'raw materials' are not applicable. Key cost drivers include distribution commissions and operating expenses (Opex). Total expense growth has been kept in line with sales growth to maintain operating leverage.
Key Suppliers
Not applicable. Key partners include Axis Bank for bancassurance and Mitsui Sumitomo Insurance as a joint venture partner.
Capacity Expansion
The agency force expanded from approximately 61,000 in FY22 to nearly 1.42 lakh agents by H1 FY26. The company is also adding physical offices to augment its proprietary channel distribution.
Raw Material Costs
Not applicable. Operating expenses are managed to align with sales growth; the company uses distributor renegotiations and cost optimization to offset the impact of non-available GST input tax credits.
Manufacturing Efficiency
Not applicable. Operational efficiency is measured by the 15% APE growth driven by a 10% growth in Number of Policies (NOP).
Logistics & Distribution
Distribution is driven by proprietary channels (39% 3-year CAGR) and bancassurance. Proprietary channels are a cornerstone of growth, with online business growing at a 68% CAGR.
Strategic Growth
Expected Growth Rate
15-17%
Growth Strategy
Growth will be achieved through a 15-17% APE guidance, focusing on proprietary channel expansion (agent force now at 1.42 lakhs), online leadership in protection and savings, and leveraging the 'Axis Max Life' brand to deepen penetration in smaller cities. The company onboarded 44 new partners in FY25, including 3 Banca partners.
Products & Services
Life insurance policies including Retail Protection, Health insurance, Unit Linked Insurance Plans (ULIP), Savings products, and Annuities.
Brand Portfolio
Axis Max Life (formerly Max Life Insurance).
New Products/Services
Strong focus on Retail Protection & Health (35% growth in FY25) and ULIP (43% growth in FY25). New product mix contributes 60-70% to margin improvements.
Market Expansion
Expansion into smaller cities leveraging the trust of Axis Bank and Max Life's legacy. Private market share increased by 83 bps to 10.1% in H1 FY26.
Market Share & Ranking
Private market share is 10.1% as of H1 FY26, ranking as a leader in online protection and savings.
Strategic Alliances
Joint venture with Axis Bank and Mitsui Sumitomo Insurance. Strategic equity investments from Warburg Pincus, Xenok Limited, and International Finance Corporation.
External Factors
Industry Trends
The life insurance industry grew at 2% in H1 FY26, while the private sector grew at 8%. MFSL outperformed with 18% growth. The industry is shifting toward digital distribution and protection-oriented products.
Competitive Landscape
MFSL's 2-year CAGR of 24% significantly outperforms the private sector's 16% and the industry's 11%.
Competitive Moat
The 'Double Bharosa' brand identity combining Axis Bank and Max Life creates a strong trust moat. The proprietary distribution network (1.42 lakh agents) and 68% CAGR in online business provide a durable competitive advantage over peers relying solely on third-party banks.
Macro Economic Sensitivity
Embedded Value is sensitive to interest rates; a 1% reduction in risk-free rates increases EV by 3.7% (INR 990 Cr).
Consumer Behavior
Increased demand for retail protection and health products (35% growth) and online savings (50% growth in FY25).
Geopolitical Risks
Global developments are noted to influence market dynamics, though the company remains confident in meeting guidance.
Regulatory & Governance
Industry Regulations
Impacted by Ind AS accounting standards which caused fair value changes in H1 FY26 profits. GST regulations regarding the non-availability of input tax credits are a current operational headwind.
Taxation Policy Impact
A 2% increase in the corporate tax rate would decrease EV by 2.2% (INR 590 Cr). If the corporate tax rate increased to 25%, EV would fall by 9.8% (INR 2,636 Cr).
Risk Analysis
Key Uncertainties
Market consistent Embedded Value (MCEV) is subject to equity market volatility (10% fall = 1.2% EV drop) and interest rate fluctuations. GST expense underlying the Axis Max Life franchise remains a profit headwind.
Geographic Concentration Risk
Concentration is shifting from Metro/Tier-1 to smaller cities; specific regional % not disclosed.
Third Party Dependencies
Significant dependency on Axis Bank for bancassurance distribution, although proprietary channels now grow at 17% YoY.
Technology Obsolescence Risk
The company is mitigating tech risks through its 'Cyber DARE' framework and a focus on digital efficiencies in sourcing and pricing.
Credit & Counterparty Risk
The company manages credit risk through an independent credit review of all new investment proposals and an Early Warning Framework for stressed assets.
