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

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.