Max Financial Services Limited — Investor Meet, 14-08-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Max Financial Services reported strong Q1 FY26: Revenue (ex-investment income) up 18% to INR 6,194 Cr, with PAT at INR 86 Cr. New Business Margin expanded to 20.1% (from 17.5%), boosting VNB 32% to INR 335 Cr. Individual adjusted first-year premium surged 23%, significantly outpacing peers. AUM grew 14% to INR 183,000 Cr. The company launched a new 'Smart VIBE' product, reducing ULIP share, and enhanced digital efforts. Persistency for later cohorts improved. Prashant Tripathy will transition leadership to Sumit Madan. Management remains confident in sustained growth, maintaining FY26 margin guidance of 24-25%.