Max Financial Services Q2 FY27 results: net profit ₹100.30 crore vs ₹5.87 crore, revenue up 18.5%

How did Max Financial Services perform in Q2 FY27?

Max Financial Services reported consolidated revenue of ₹11,601 crore for Q2 FY27, up ₹1,810 crore or 18.5% from Q2 FY26. PBT rose by ₹102.47 crore to ₹108.77 crore, net profit increased by ₹94.43 crore to ₹100.30 crore, and profit attributable to owners rose by ₹75.80 crore to ₹79.92 crore. Basic EPS was ₹2.33, compared with ₹0.12 in Q2 FY26. EBITDA and EBITDA margin were not provided.

Against Q1 FY27, revenue fell ₹3,368 crore or 22.5% to ₹11,601 crore. PBT declined by ₹29.15 crore to ₹108.77 crore, net profit fell ₹17.99 crore to ₹100.30 crore, and profit attributable to owners declined ₹15.64 crore to ₹79.92 crore. Basic EPS was ₹2.33, down ₹0.45 from ₹2.78. On the standalone basis, revenue was ₹3.18 crore and the company reported a net loss of ₹1.65 crore.

What changed in Max Financial Services' costs and profit?

Total expenses rose ₹1,704 crore or 17.4% from Q2 FY26 to ₹11,496 crore, slower than the increase in revenue. Other expenses increased ₹1,691 crore to ₹11,455 crore, while employee cost rose ₹2.06 crore to ₹11.02 crore and finance costs rose ₹9.17 crore to ₹30.29 crore. Depreciation declined ₹0.11 crore to ₹0.51 crore.

Other income fell ₹2.91 crore from ₹7.03 crore in Q2 FY26 to ₹4.12 crore, while tax rose ₹8.08 crore to ₹8.47 crore. There was no exceptional item in either quarter. The filing does not state what caused the changes in these cost and income lines.

From Q1 FY27, total expenses fell ₹3,342 crore to ₹11,496 crore, led by a ₹3,338 crore decline in other expenses. Finance costs fell ₹5.24 crore to ₹30.29 crore, but employee cost rose ₹0.86 crore to ₹11.02 crore. Other income fell ₹2.98 crore to ₹4.12 crore and tax fell ₹11.16 crore to ₹8.47 crore.

How did the first half of FY27 go?

In the first half of FY27, Max Financial Services reported revenue of ₹26,570.6 crore, up ₹3,957.36 crore or 17.5% from H1 FY26. Total income was ₹26,581.82 crore, up 17.5%, while PBT rose ₹138.91 crore to ₹246.69 crore. Net profit increased ₹126.27 crore to ₹218.59 crore and basic EPS was ₹5.11, compared with ₹2.15 in H1 FY26.

The investor release reported consolidated revenue including investment income of ₹26,582 crore and consolidated profit after tax of ₹219 crore for H1 FY27. It also said Axis Max Life’s VNB was ₹1,180 crore, up 21% year on year, and the new business margin improved to 25.4%.

What do the balance sheet and cash flow show?

Total assets increased to ₹212,718.11 crore at 30 September 2026 from ₹198,935.56 crore at 31 March 2026. Total equity rose to ₹7,035.78 crore from ₹6,419.99 crore, while cash fell to ₹515.22 crore from ₹2,137.15 crore. The supplied balance-sheet figures did not include borrowings.

H1 FY27 operating cash flow was ₹3,098.39 crore, compared with ₹1,690.0 crore in H1 FY26. Investing cash flow was an outflow of ₹3,846.99 crore, compared with an outflow of ₹3,022.58 crore, and financing cash flow was ₹417.1 crore, compared with ₹659.6 crore. Capital expenditure was ₹124.79 crore, compared with ₹128.53 crore.

How has Max Financial Services done over the last 8 quarters?

Revenue reached its highest point in the series at ₹14,969.51 crore in Q1 FY27 before falling to ₹11,601.09 crore in Q2 FY27. The lowest quarterly revenue shown was ₹8,923.21 crore in Q3 FY25. Revenue and profit each rose year on year for two consecutive quarters in the supplied series.

Profit reached ₹118.29 crore in Q1 FY27 before declining to ₹100.30 crore in Q2 FY27. The lowest quarterly result was a net loss of ₹31.52 crore in Q4 FY26, while the highest profit was ₹118.29 crore in Q1 FY27. EBITDA margin figures were not provided for the quarters in the series, so the margin trend cannot be stated from the supplied data.

Which businesses drove the quarter?

Life Insurance was the main reported segment, with revenue of ₹11,599.96 crore in Q2 FY27, up 18.5% from ₹9,790.72 crore in Q2 FY26. Segment EBIT rose from ₹23.73 crore to ₹136.61 crore, and the reported EBIT margin was 1.2%.

Business Investment reported revenue of ₹6.13 crore, down 2.4% from ₹6.28 crore in the year-ago quarter. Its EBIT was a loss of ₹1.68 crore, compared with a loss of ₹3.35 crore, and the reported EBIT margin was -27.4%. The Inter-Segment line reported no revenue or EBIT.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. The company’s investor release, filed on the same day, reported H1 FY27 consolidated profit after tax of ₹219 crore, up 137%, value of new business of ₹1,180 crore, up 21%, and an improved new business margin of 25.4%. The supplied same-day filings did not mention a dividend or fund raise, and no appointments were stated.

What did Max Financial Services' management say?

Management expects H2 FY27 APE growth to look better than in H1 FY27, supported by higher sales volumes and a distribution transition opportunity. CFO Amrit Singh said, “So we are more confident that APE growth should look better in the second half than the first half.” Axis Max Life’s agency APE grew 8% in August-September versus 4% in H1 FY27.

VNB margin guidance was maintained at 25–26%, with management expressing greater confidence in the upper end for H2 and FY27. FY27 EOM/GWP is expected around 25%, including 2–2.5 percentage points of GST. Management expects the proposed transition from about 25% to 15% and then 12.5% to be manageable through 5–7% commission/GST adjustment and 2–3% efficiency savings, subject to final rules.

Management described Axis Bank softness as product-led and non-systemic and expects Axis Bank counter share to recover toward the normal level of about 65% by year-end. Agency growth is expected to continue after the recent pickup. Management also said no immediate capital raise was planned, with solvency at 197% after ₹686 crore of debt was raised.

Management identified risks from final EOM and commission rules, possible continued softness in Axis Bank and agency growth if ULIP sentiment stays weak, and moderation in protection growth from a high post-GST base. It also said 13-month persistency fell to 83% from 85%, with stress concentrated in certain non-par designs, and that AI was being used to improve distribution productivity and risk avoidance.

How did Max Financial Services shares react?

After the filing appeared, the stock fell 1.3% in five minutes, 3.7% in 15 minutes and 4.1% in 30 minutes from the price at the time of the filing. On the reaction day, it closed 0.5% below the previous close, and by the next day’s close it was down 1.3% from that pre-results close.

By five sessions, the stock was 0.7% above the pre-results close. The Life Insurance industry median was up 1.0% on the reaction day and 1.0% by the next day, so Max Financial Services underperformed the sector by 1.5 percentage points on day zero and 2.3 percentage points on day one.

Earlier reaction-day moves were positive on 13 August 2026 at 2.4% and 11 February 2026 at 5.4%, but negative on 12 May 2026 at 3.8%. The largest move in the supplied history was 8.3% on 22 October 2024.