Max Financial Q2 FY26 PAT plunges; auditor flags SEBI SCN uncertainty at subsidiary

Emphasis Of MatterRevenue DeclineResults View source PDF Explain this filing

MFSL · price

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Price reactionminutes from the announcement price · days from the prior close

+4.8%Reaction day

₹1640.00

prior close

₹1600.00

announcement price

After-mkt

timing

Nifty Midcap 150market · index membership as recorded later (tracked since Jun 2026)+0.8%+4.0% vs market

Life Insurance peers, median of 5sector+0.5%+4.4% vs sector

On the reaction day the stock moved 4.0 pts more than Nifty Midcap 150 and 4.4 pts more than its Life Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

+5.3

10m

+5.7

15m

+4.8

30m

+3.3

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+4.8+0.8+4.0+0.5+4.4

Next day

+4.0+0.4+3.5+0.3+3.7

+2.6+0.5+2.1+1.0+1.6

+3.6+1.2+2.4+0.5+3.1

+2.4+0.5+1.9-0.3+2.7

+1.8+0.9+1.0+0.2+1.6

+1.3-0.3+1.6+0.3+1.0

15d

+1.5-0.4+1.9-1.6+3.1

+4.7-0.3+5.0+1.7+2.9

+1.7-1.2+3.0+4.8-3.1

+10.8+0.1+10.7+1.2+9.6

UpDownMarket · Nifty Midcap 150Sector · Life Insurance peers, median of 5Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Max Financial posted weak Q2 FY26 results - consolidated PAT dropped sharply to Rs 5.91 cr from Rs 139.85 cr YoY, with H1 PAT at Rs 92.89 cr vs Rs 296.50 cr. Revenue fell to Rs 22,613 cr from Rs 25,170 cr in H1. Life insurance segment Q2 result was Rs 23.7 cr vs Rs 170.85 cr. Auditor S.R. Batliboi flagged an Emphasis of Matter on Note 5 regarding SEBI Show Cause Notice on subsidiary AMLI share transactions - no impact taken pending outcome. Subsidiary AMLI raised Rs 800 cr via NCDs.

Likely market impact

Sharp YoY decline in profits and revenue, combined with SEBI regulatory overhang on AMLI share deals - negative near-term sentiment.