Max Financial Services Limited — Q2FY27 earnings call summary

Filed 03 November 2026 · Official transcript

Q2 and H1 FY27: Individual adjusted first year premium grew 12% H1, 9% Q2; private market share steady at 10.1%
Management confident on adapting to regulatory changes; expects margin expansion and growth acceleration in H2 FY27
Operating expenses expected to remain steady around 25% EoM ratio despite GST impact
Distribution mix diversified with 83% of business from channels expected to be minimally impacted by regulatory changes
Management expects regulatory EOM caps to reduce expenses by ~7% over 2-3 years with commission realignment and cost actions
VNB grew 21% H1 to INR 1,180 Cr; VNB margin expanded 210 bps to 25.4%
Total APE up 11% H1, 8% Q2; proprietary channel +9% Q2, e-com +29% Q2; partnership channels +11% H1, 8% Q2
MFSL revenue ex-investment income INR 17,484 Cr (+16%); consolidated PAT INR 219 Cr (+137%) H1