Max Financial Services Limited — Investor Meet, 18-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Max Financial Services (MFSL) reported robust Q2 & H1 FY26 performance. H1 revenue (ex-investment) grew 18% to 15,090 Cr, with consolidated PAT at 92 Cr. Axis Max Life GWP also rose 18% to 15,490 Cr. Individual new business sum assured hit 216,000 Cr, up 25%. Embedded Value increased 15% YoY to 26,895 Cr.

Margins expanded to 25.5% in Q2, with VNB growing 27%. The company is proactively managing a 300-350 bps GST impact on margins through cost optimization and product mix adjustments, aiming to maintain its 24-25% margin guidance. Management remains confident, targeting 300-500 bps higher growth than the industry and prioritizing digital initiatives, customer centricity, and strong execution.