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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 rose 18% YoY to ₹3,891 crore, outpacing private sector and industry growth rates in H1 FY26.
Proprietary channels and digital initiatives drove robust performance, with online business showing a 68% CAGR over three years.
Maintained leadership in protection and annuity segments, with protection APE up 34% and annuity business up 85% in H1.
Customer-centricity and digital transformation remain core, reflected in persistency, NPS, and operational efficiency improvements.
Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, were approved and reviewed by the Board and statutory auditors.
Financial highlights
Revenue (excluding investment) reached ₹15,090 crore, up 18% YoY in H1; consolidated PAT at ₹92 crore.
Gross written premium and renewal premium grew 18%, reaching ₹15,490 crore and ₹9,503 crore, respectively.
Embedded value at ₹26,895 crore, up 15% YoY; operating ROEV at 16.3%.
AUM at ₹1.85 lakh crore, up 9% YoY.
Consolidated revenue from operations for Q2 FY26 was ₹9,791.59 crore, with profit after tax at ₹5.91 crore.
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, and digital transformation.
Targeting further improvement in persistency and customer experience metrics.
Continued investment in product innovation and risk management.
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Next Max Financial Services earnings date
Q3 25/2612 Feb, 2026
Max Financial Services
Next Max Financial Services earnings date
Q3 25/2612 Feb, 2026
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