MFSL Max Financial Services Q3 FY26 results (Oct–Dec 2025) and concall
Max Financial Services Limited reported strong Q3 FY26 results, driven by robust growth in individual adjusted first year premium (20% in 9M FY26) and retail APE (30% in Q3). VNB margins expanded to 23.6% for 9M FY26, with Q3 margins at 24.1%, despite one-time impacts from GST disallowance and labor code changes. The company received in-principle approval for the amalgamation of Axis Max Life and MFSL, with a projected timeline of 12-14 months post-scheme filing. Management expressed confidence in sustaining growth momentum and achieving NBM targets of 24-25% for FY26.
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What they filed
Q3 FY26: revenue down 32.2%, net profit up 205.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 |
|---|---|---|---|---|---|---|
| Revenue | 4 | 4 | 4 | 3 | 3 −22% | 3 −32% |
| EBITDA | -2 | -2 | -2 | -2 | -3 −41% | -3 −87% |
| Net profit | -2 | -2 | -3 | -3 | -3 −38% | 2 +205% |
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.
