NewsMax Financial Services Limited Submits Business Responsibility and Sustainability Report for FY 2025-26Max Financial Services Limited Submits Business Responsibility and Sustainability Report for FY 2025-26
Max Financial Services Limited has filed its BRSR for FY 2025-26 on a consolidated basis with material subsidiary Axis Max Life Insurance Limited, covering disclosures across all nine NGRBC principles with independent reasonable assurance by TUV SUD South Asia Pvt. Ltd. AMLI's combined workforce stood at 28,159 employees, with total Scope 1 and Scope 2 GHG emissions declining to 7,478.01 TCO2 from 8,052.64 TCO2 in FY 2024-25, and total energy consumption at 46,491,562.88 MJ. Key ESG targets including digital penetration (94.21% vs. 95% target) and gender diversity (29.3% vs. 30% target) were near but not fully achieved, while the average learning hours of 94 per employee significantly exceeded the 40-hour target. The company reported nil monetary penalties, one data breach with no customer impact, and CSR outreach benefiting over 74,000 individuals across health, education, livelihood, and financial literacy programmes.
*this image is generated using AI for illustrative purposes only.
Max Financial Services Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for the financial year ended March 31, 2026, pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The report is prepared on a consolidated basis, covering MFSL and its material subsidiary, Axis Max Life Insurance Limited (AMLI, formerly known as Max Life Insurance Company Limited). Independent reasonable assurance for BRSR Core indicators was carried out by TUV SUD South Asia Pvt. Ltd.
Corporate Identity and Financial Overview
The report covers the financial year from April 1, 2025, to March 31, 2026. Key corporate and financial details for both entities are presented below.
| Parameter: | MFSL | AMLI |
|---|---|---|
| CIN: | L24223HR1988PLC145368 | U74899HR2000PLC143012 |
| Year of Incorporation: | 1988 | 2000 |
| Paid-up Capital (in lakhs): | INR 6,902.30 | INR 2,06,139.20 |
| Net Worth (in lakhs): | INR 6,74,881 | INR 6,07,089 |
| CSR Turnover (in lakhs): | INR 3,068 | INR 38,10,412 |
MFSL's business activities are diversified across management consultancy (26.1% of turnover), financial and insurance services (58.7%), and real estate activities (15.2%). AMLI derives 100% of its turnover from life insurance (NIC Code: 66010). Combined operations span 461 national offices and 1 international office (Dubai), with markets served across 26 states and 4 union territories.
Workforce and Employee Well-Being
As at the end of FY 2025-26, AMLI employed a total of 28,159 employees (20,056 male and 8,103 female), comprising 25,779 permanent and 2,380 contractual staff. MFSL had 10 permanent employees (6 male, 4 female). AMLI also reported 10 differently abled employees in total.
| Workforce Metric: | AMLI FY 2025-26 | AMLI FY 2024-25 |
|---|---|---|
| Total Permanent Employees: | 25,779 | 24,880 |
| Total Contractual Employees: | 2,380 | — |
| Total Employees: | 28,159 | 24,880 |
| Female Representation (Permanent): | 29.34% | — |
| Turnover Rate (Total): | 39.25% | 40.9% |
All permanent employees at both MFSL and AMLI are covered under health insurance, accident insurance, and applicable maternity or paternity benefits. AMLI's well-being expenditure as a percentage of total revenue stood at 0.10% in FY 2025-26, compared to 0.093% in FY 2024-25. MFSL's corresponding figure was 0.60% in FY 2025-26, down from 3.46% in FY 2024-25.
For parental leave returnees at AMLI, the return-to-work rate was 99.67% overall (100% for males, 99.34% for females), while the retention rate was 65.49% overall (74.85% for males, 54.72% for females).
ESG Targets and Performance
The company disclosed performance against its key ESG commitments as at March 31, 2026.
| ESG Target: | Target | Achieved |
|---|---|---|
| Digital Penetration: | 95% by FY 2026 | 94.21% |
| Gender Diversity Ratio: | 30% by FY 2026 | 29.3% |
| Average Learning Hours per Employee: | 40 hours | 94 hours |
| ESG Integration in Equity Investment Research: | 100% | Met |
| ESG-Compliant Equity Portfolio: | 75% at all times | Met |
On sustainability commitments, 62 green tariff meters have been installed across Maharashtra locations, and a 25 KW solar panel system installed in February 2024 generates approximately 32,954 units of electricity annually, reducing CO₂ emissions by around 24 tonnes per year. The company has also set a long-term target of achieving net-zero emissions by 2050.
Environmental Performance
MFSL and AMLI reported the following key environmental metrics for FY 2025-26 on a consolidated basis.
| Environmental Parameter: | FY 2025-26 | FY 2024-25 |
|---|---|---|
| Total Renewable Energy Consumed (MJ): | 5,394,639.60 | 314,021.16 |
| Total Non-Renewable Energy Consumed (MJ): | 41,096,923.28 | 42,363,001.39 |
| Total Energy Consumed (MJ): | 46,491,562.88 | 42,677,022.55 |
| Energy Intensity (MJ/L INR): | 12.1914 | 13.0856 |
| Total Scope 1 Emissions (TCO2): | 361.82 | 293.20 |
| Total Scope 2 Emissions (TCO2): | 7,116.19 | 7,759.43 |
| Total Scope 1 + 2 Emissions (TCO2): | 7,478.01 | 8,052.64 |
| Total Scope 3 Emissions (TCO2e): | 49,035.48 | — |
| Total Water Withdrawal (KL): | 347,090.42 | 365,971.41 |
| Total Water Consumption (KL): | 206,516.9 | 203,317.45 |
| Total Waste Generated (T): | 39.3451 | 64.67 |
E-waste generated in FY 2025-26 was 6.476 metric tonnes, compared to 16.854 metric tonnes in FY 2024-25. Bio-medical waste stood at 0.17009 metric tonnes. Total waste recovered was 39.34509 metric tonnes in FY 2025-26. The company does not operate in any ecologically sensitive areas and confirmed compliance with applicable environmental laws.
Governance, Compliance, and Consumer Responsibility
MFSL and AMLI reported nil monetary penalties, fines, or non-monetary punishments during FY 2025-26. No disciplinary actions were taken against any directors, KMPs, or employees for bribery or corruption. The number of days of accounts payable for MFSL stood at 69.11 in FY 2025-26 (76.53 in FY 2024-25), and for AMLI at 78.07 (81.65 in FY 2024-25).
On consumer complaints, AMLI received 3,554 customer complaints in FY 2025-26, with none pending resolution at year-end, compared to 3,516 in FY 2024-25. Under Principle 9, AMLI received 1,774 complaints related to delivery of essential services and 1,780 related to unfair business practices. The company reported one instance of a data breach during the year, involving 100% personally identifiable information of customers, but confirmed no impact on customers or business.
AMFSL reported 30 POSH complaints filed in FY 2025-26 (35 in FY 2024-25), of which 12 were upheld (14 in FY 2024-25), representing 0.37% of female employees. MFSL reported zero POSH complaints in both years.
CSR and Community Initiatives
CSR activities were undertaken in line with Section 135 of the Companies Act, 2013. Notable CSR projects and their beneficiaries are summarised below.
| CSR Project: | Beneficiaries | % from Vulnerable Groups |
|---|---|---|
| Financial literacy and insurance awareness (Varanasi, East Singhbhum, Unnao): | 32,000 | 100% |
| Financial literacy and insurance awareness (Haridwar): | 12,086 | 100% |
| Pond Revival (Gurugram – Bhangrola, Om Nagar, Ghamroj): | 12,100 | — |
| Pond Revival (Jhajjar): | 3,000 | — |
| Renovation of two classrooms (Manipur): | 173 | 100% |
| Career guidance and youth skill building (Maharashtra): | 400 | 100% |
| Disaster support – Punjab floods rehabilitation: | 653 | 100% |
| Employee volunteering (education, livelihood, healthcare, environment, financial literacy): | 13,700 | 100% |
CSR spending was also directed towards aspirational districts, with INR 29,69,980 spent in East Singhbhum (Jharkhand) and INR 29,37,500 in Haridwar (Uttarakhand). The Board-level CSR & ESG Committee, comprising four directors, provides oversight of all sustainability and community development activities.
Historical Stock Returns for Max Financial Services
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.48% | -1.93% | -9.26% | -4.33% | -1.15% | +35.09% |
How might the 0.79% shortfall in digital penetration impact Max Financial's operational efficiency and customer acquisition costs in FY 2026-27?
What specific strategies will AMLI implement to address the significant gender gap in retention rates for parental leave returnees, where female retention stands at only 54.72%?
Given the reported data breach involving personally identifiable information, what enhanced cybersecurity measures or regulatory compliance steps are expected in the coming fiscal year?
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