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Max Financial Services Limited Q2 FY26 earnings call summary

NSE: MFSL · BSE: 500271

Earnings call of 12 Nov 2025, summarised by AI from the filing.

Max Financial maintains FY26 margin guidance of 24-25% despite 300-350 bps GST impact, with Q2 FY26 VNB margin at 25.5%.

Key takeaways

  1. VNB margin 25.5% in Q2 FY26 (Q2 FY25: 23.6%), expanded on balanced product mix.
  2. Protection growth 34% growth in pure protection in H1 FY26, across all channels.
  3. GST risk Input tax credit disallowance may impact annualized margin by 300-350 bps on run rate basis.

Original filing on BSE

Max Financial Services Limited Q1 FY27 results

As filed: Revenue ₹14,970 cr (+17% year on year), EBITDA ₹167 cr (+40% year on year), PAT ₹118 cr (+38% year on year), EBITDA margin 1.1% (+19 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹10,802 cr (−13% year on year), EBITDA −₹6.0 cr (−130% year on year), PAT −₹31.5 cr (−183% year on year), EBITDA margin -0.1% (−22 bps). Score 20 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA and profit growth were well below it. EBITDA margin fell 22 bps year on year. Revenue fell 24% from last quarter. Share price after the results: −5.5% in 30 days (Nifty 500: −0.8%).
  • Q3 FY26: Revenue ₹14,259 cr (+60% year on year), EBITDA ₹78.0 cr (−11% year on year), PAT ₹44.8 cr (−36% year on year), EBITDA margin 0.6% (−44 bps). Score 64 of 100, In line with trend. Revenue growth was well above the company's own trend; EBITDA growth was in line with it; profit growth was below it. EBITDA margin fell 44 bps year on year. Tax rate 11%. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: −6.1% in 30 days (Nifty 500: −10.1%).
  • Q2 FY26: Revenue ₹9,792 cr (−27% year on year), EBITDA ₹21.0 cr (−88% year on year), PAT ₹6.0 cr (−96% year on year), EBITDA margin 0.2% (−107 bps). Score 13 of 100, Below trend. Revenue, EBITDA and profit growth were well below the company's own trend. EBITDA margin fell 107 bps year on year. Other income 117% of PBT. Tax rate 0%. Revenue fell 24% from last quarter. Share price after the results: +4.2% in 30 days (Nifty 500: −0.6%).
  • Q1 FY26: Revenue ₹12,822 cr (+9% year on year), EBITDA ₹119 cr (−37% year on year), PAT ₹86.0 cr (−45% year on year), EBITDA margin 0.9% (−67 bps). Score 46 of 100, In line with trend. Revenue growth was in line with the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 67 bps year on year. Tax rate 14%. Revenue grew on the previous quarter, against its usual seasonal pattern. Share price after the results: +4.8% in 29 days (Nifty 500: +0.6%).
  • Q4 FY25: Revenue ₹12,376 cr (−17% year on year), EBITDA ₹20.0 cr, PAT ₹38.0 cr, EBITDA margin 0.2% (+55 bps). Score 26 of 100, Below trend. Revenue growth was well below the company's own trend. EBITDA margin rose 55 bps year on year. Other income 83% of PBT. Tax rate -71%. Profit fell 46% from last quarter. Share price after the results: +17.4% in 30 days (Nifty 500: +3.1%).
  • Q3 FY25: Revenue ₹8,923 cr (−28% year on year), EBITDA ₹88.0 cr (−58% year on year), PAT ₹70.0 cr (−59% year on year), EBITDA margin 1.0% (−71 bps). Score 23 of 100, Below trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were below it. EBITDA margin fell 71 bps year on year. Tax rate 14%. Revenue fell 33% from last quarter. Revenue rose ₹-3433.0 cr on a year ago, against ₹3,460 cr the year before.
  • Q2 FY25: Revenue ₹13,372 cr (+32% year on year), EBITDA ₹172 cr (+20% year on year), PAT ₹139 cr (−18% year on year), EBITDA margin 1.3% (−12 bps). Score 53 of 100, In line with trend. EBITDA margin fell 12 bps year on year. Tax rate 14%. Not enough history for a trend yet: scored on growth alone. Profit fell 11% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Max Financial Services Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.