Max Financial Services Limited , a key player in India's financial services sector, has announced its financial results for the second quarter and first half of fiscal year 2026, alongside a significant debt issuance by its subsidiary. The company's performance has significantly outperformed analyst expectations across key metrics.

Quarterly Performance Highlights

Max Financial Services reported consolidated revenue excluding investment income of Rs 15,090 crore for H1 FY'26, marking an 18% year-on-year growth. The company's consolidated revenue including investment income stood at Rs 22,624 crore, with a consolidated PAT of Rs 92 crore for the same period.

The company reported Value of New Business (VNB) of Rs 9.74 billion, surpassing estimates of Rs 5.59 billion. VNB margin reached 27%, above the estimated 23.17%. New business premium totaled Rs 38.9 billion versus estimates of Rs 34.63 billion. Total Annualized Premium Equivalent (APE) came in at Rs 41.7 billion, substantially higher than the estimated Rs 24.12 billion.

Subsidiary Performance: Max Life Insurance

Max Life Insurance, a subsidiary of Max Financial Services, demonstrated strong growth in several key areas:

• Individual Adjusted First Year Premium grew by 18% to Rs 3,891 crore in H1 FY'26
• Market share in the private life insurance sector increased by 83 basis points to 10.1%
• Gross Written Premium rose by 18% to Rs 15,490 crore
• Value of New Business (VNB) increased by 27% to Rs 974 crore
• New business margin improved by 210 basis points to 23.3% in H1 FY'26

Debt Issuance

Max Life Insurance raised Rs 800 crore through the issuance of unsecured, subordinated, rated, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs). The NCDs, allotted on September 24, 2025, carry a coupon rate of 7.95% and are redeemable after 10 years, with an option for early redemption after one year.

Financial Metrics

Management Commentary

Sumit Madan, CEO and Managing Director of Max Life, commented on the performance: "In the first half of FY'26, Max Life continued to deliver strong growth in Individual Adjusted First Year Premium and Value of New Business, led by our proprietary channels and further supported by our partnership verticals. This has resulted in a market share of 10.1%, underscoring the strength of our balanced channel mix and our ability to nurture every relationship."

Regulatory Notice

The company has disclosed that it continues to face uncertainty regarding a show cause notice from SEBI alleging non-compliances with certain regulatory provisions. No impact has been given in the current financial results pending the outcome of this matter.

Future Outlook

While the company has shown robust growth across various metrics, it remains cautious due to the ongoing regulatory uncertainty. The debt issuance by Max Life Insurance indicates a strategic move to strengthen its capital position, which could support future growth initiatives.

Investors and stakeholders will likely keep a close eye on how Max Financial Services navigates the regulatory challenges while maintaining its growth trajectory in the coming quarters.

Max Financial Services Limited (MFSL) has reported robust financial performance, with its subsidiary Max Life Insurance leading the charge in growth and profitability.

Strong Revenue Growth

MFSL achieved an Individual Annual Premium Equivalent (APE) of ₹3,891 crores, marking an 18% year-over-year increase. The company's market share reached 10.1%, indicating strong growth in the competitive insurance sector.

Profitability Metrics Show Improvement

The company's profitability measures showed significant improvement:

• Value of New Business (VNB) grew by 27% to ₹974 crores
• New Business Margin improved to 23.3%

Key Financial Highlights

Strategic Developments

MFSL is pursuing product diversification across protection, health, and annuities segments. The company is also expanding through new distribution partnerships and digital channels to sustain premium growth.

Outlook

With its strong performance and strategic initiatives, Max Financial Services is well-positioned to capitalize on the growing life insurance market in India. The company's focus on a balanced product mix, expanded distribution channels, and improved profitability metrics suggest a positive outlook for the future.

Note: All financial figures are for the reported period unless otherwise stated.