Max Financial Services Limited (MFSL), a key player in India's financial services sector, has announced the appointment of Mr. Pradeep Pant as an Additional Director (Non-Executive Independent Director) to its Board of Directors. The decision, approved by the company's Board on November 11, 2025, marks a significant addition to MFSL's leadership team.

Appointment Details

Mr. Pant's appointment is set for a five-year term, commencing on January 1, 2026, and concluding on December 31, 2030. This appointment is subject to shareholder approval, underscoring the company's commitment to corporate governance and stakeholder engagement.

About Pradeep Pant

Mr. Pant brings a wealth of experience to MFSL, with over 37 years in the FMCG industry. His career highlights include:

• Served as Executive Vice President and President of Asia Pacific and Eastern Europe, Middle East and Africa for Mondelez International until 2013
• Held leadership positions at Fonterra Brands, The Gillette Company, Nestle, J Walter Thompson, and the Tata group
• Founding President of Food Industry Asia (FIA) and currently serves as Honorary Advisor to the Council
• Advisory Board Member of SMU Lee Kong Chian School of Business from 2010 to 2018

Educational Background

Mr. Pant's academic credentials include:

• Master of Management Studies degree from Jamnalal Bajaj Institute of Management Studies, Bombay University
• BA Honours degree in Economics from Shri Ram College of Commerce, Delhi University

Current Roles

In addition to his new role at MFSL, Mr. Pant currently:

• Sits on the Supervisory Boards of Max India and Axis Max Life Insurance Ltd
• Serves as Chairman of Nurasa Pte Ltd, the Asia Sustainable Foods platform at Temasek, and its holding company Nurasa Holdings Pte Ltd

Implications for Max Financial Services

The appointment of Mr. Pant is expected to bring valuable insights and global perspective to MFSL's Board. His extensive experience in the FMCG sector and leadership roles in Asia Pacific and other international markets could contribute significantly to MFSL's strategic direction and growth initiatives.

Corporate Governance

MFSL has confirmed that Mr. Pant is not related to any other Director of the Company and is not debarred from holding the office of director by any regulatory authority. This appointment aligns with MFSL's commitment to maintaining a diverse and independent board composition.

The addition of Mr. Pant to the Board is part of MFSL's ongoing efforts to strengthen its corporate governance and bring in expertise that can guide the company through evolving market dynamics in the financial services sector.

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.