MFSL Max Financial Services Q2 FY26 results (Jul–Sep 2025) and concall
Max Financial Services Limited reported strong Q2 and H1 FY26 results, with individual adjusted first year premium growing 18% in H1 and market share improving to 10.1%. Margins expanded significantly, leading to 27% VNB growth. While consolidated PAT was lower due to accounting changes and GST impact, management expressed confidence in offsetting the GST impact through various initiatives and maintaining sales and margin guidance. Digital transformation and customer centricity remain key focus areas, with strong performance in proprietary and partnership channels.
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What they filed
Q2 FY26: revenue down 22.2%, net profit down 38.2% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|
| Revenue | 4 | 4 | 4 | 3 | 3 −22% |
| EBITDA | -2 | -2 | -2 | -2 | -3 −41% |
| Net profit | -2 | -2 | -3 | -3 | -3 −38% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Inve summary of a publicly available earnings call transcript; see how call summaries are prepared. Not investment advice.
