Max Financial Services Limited has dispatched its 38th Annual General Meeting (AGM) notice and the Annual Report for FY2026 via electronic mode on July 27, 2026. The AGM is scheduled for Wednesday, August 19, 2026, at 10:00 A.M. IST through Video Conference (VC) or Other Audio Visual Means (OAVM). The company published advertisements in Business Standard and Punjab Kesri to notify stakeholders of the dispatch completion. The AGM agenda includes adoption of audited standalone and consolidated financial statements for FY2026, re-appointment of Mr. Analjit Singh as a director retiring by rotation, and approval of remuneration for Independent Directors Mr. Jai Arya and Sir Richard Stagg.

AGM Logistics and E-Voting Timeline

The company has established a clear timeline for shareholder participation and voting. Remote e-voting will commence on Saturday, August 15, 2026, at 9:00 A.M. IST and conclude on Tuesday, August 18, 2026, at 5:00 P.M. IST. Shareholders must hold shares as of the e-voting cut-off date, Wednesday, August 12, 2026, to participate. The book closure period runs from August 13, 2026, to August 19, 2026, inclusive. National Securities Depository Limited (NSDL) has been engaged to facilitate the e-voting process.

Shareholders who have not registered their email addresses with the company, its Registrar & Transfer Agent (RTA), or Depository Participants (DPs) will receive a letter with web-links to access the documents online. Physical shareholders are advised to update their KYC and banking details by submitting Form ISR-1, Form ISR-2 (if signature mismatch exists), and Form SH-13 (or ISR-3 if no nominee is appointed) to MAS Services Limited in New Delhi. Future dividends will be paid only via electronic mode.

Shareholder Actions and Special Window

In accordance with SEBI Circular No. SEBI/HO/MIRSD-POD-1/P/CIR/2026/4 dated January 30, 2026, a special window for the transfer of physical shares sold or purchased prior to April 1, 2019, remains open until February 4, 2027. Investors can submit transfer deeds, original share certificates, KYC documents, and a Client Master List (CML) not older than two months to the RTA. Shares transferred during this window will be credited only in demat mode and locked in for one year from the date of registration. This initiative aims to facilitate ease of investing and secure investor rights for older physical holdings.

FY2026 Consolidated Financial Performance

Max Financial Services reported consolidated revenues of ₹47,696 crore for FY2026, reflecting 3% year-on-year growth. Excluding investment income, consolidated revenue growth stood at 17%. Consolidated profit after tax was ₹106 crore, impacted by GST-related adjustments and fair value changes. On a standalone basis, total income rose to ₹30.68 crore from ₹16.08 crore in the previous year, with a profit after tax of ₹5.90 crore compared to a loss of ₹9.22 crore in FY2025.

Axis Max Life Insurance (AMLI) Performance

The material subsidiary, Axis Max Life Insurance Limited (AMLI), delivered a strong operational performance in FY2026, outperforming both the private sector and the broader industry. Individual adjusted first-year premium grew 19%, increasing market share by 56 basis points to 10.4% among private life insurers. AMLI reported gross written premiums of ₹38,877 crore, with total new business premiums rising 19% to ₹14,503 crore and renewal premiums growing 16% to ₹24,374 crore. Total APE increased 20%, supported by an 18% growth in policy issuance, while sum assured rose 27% to ₹27.8 lakh crore.

Proprietary channels grew 28%, partnerships grew 14%, and the proprietary channel contribution increased from 42% to 45%. Growth was supported by strong momentum in Protection & Health and annuity businesses, which grew 53% and 113%, respectively. AMLI also onboarded 60 new partners during the year and settled 20,529 death claims worth ₹1,641 crore, with approximately 60% of eligible death claims processed within one working day through its InstaClaim™ initiative.

Corporate Developments

During FY2026, the Board of Max Financial Services accorded in-principle approval for the proposed amalgamation of the company with AMLI, subject to regulatory and stakeholder approvals. The Axis Entities provided in-principle no-objection to the proposed amalgamation. In May 2026, Axis Max Life raised ₹381 crore through a preferential allotment to Axis Bank, following which Axis Entities collectively hold 19.99% of the equity share capital of AMLI, with MFSL's shareholding standing at 80.01% as of June 1, 2026. The Board also approved fundraising of up to ₹1,600 crore to support future growth requirements.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE180A01020/298d825415314d32.pdf

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.

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.

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.

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.

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 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.