Max Financial Services Limited — Investor Meet, 18-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Max Financial Services Limited reported robust 9M FY26 results. Gross written premiums increased 18% to INR 25,195 Cr, with individual new business Sum Assured up 41% to INR 3.6 lakh Cr. Embedded Value grew 16% YoY to INR 28,110 Cr, and annualized operating RoEV stood at 16.9%. Margins expanded to 23.6% for 9M FY26, reaching 24.1% in Q3. Management is confident of mitigating the GST impact on margins.

The company saw strong sales growth, with individual adjusted first-year premium up 20%, expanding its private market share to 9.8%. Strategic highlights include in-principle board approval to initiate amalgamation with MFSL, enabled by recent regulatory changes. Digital initiatives significantly improved customer experience and operational efficiency. The outlook emphasizes sustained growth and profitability, driven by new partnerships and product innovation.