Max Financial Services Q2 FY27 Results: Consolidated Net Profit ₹118 Crore on Total Income of ₹14,977 Crore
Earnings
Life insurance and financial services holding
Blacklitt Research3 min read
Max Financial Services (NSE: MFSL) reported consolidated total income of ₹14,976.61 crore and net profit of ₹118.29 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹3.18 crore and the standalone net loss was ₹1.65 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹14,976.61 crore, up 52.8% YoY and 29.1% QoQ
Net profit and EPS: ₹118.29 crore; basic EPS ₹2.33 against ₹0.12 a year earlier
Attributable split: ₹79.92 crore to owners of the company; ₹20.38 crore to non-controlling interests
Standalone
The company on its own, without its subsidiaries
Total income: ₹3.18 crore, up 10.8% YoY and down 43.6% QoQ
Net loss and EPS: Loss of ₹1.65 crore; basic EPS of -₹0.05
Other income: Nil this quarter, against ₹2.59 crore in the quarter ended 30 Jun 2026
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
14,976.61
9,798.62
+52.8%
11,605.21
+29.1%
Revenue from operations
14,969.51
9,791.59
+52.9%
11,601.09
+29.0%
Other income
7.10
7.03
+1.0%
4.12
+72.3%
118.29
5.87
n/a
100.30
+17.9%
Profit before tax
137.92
6.30
n/a
108.77
+26.8%
Finance costs
30.29
21.12
+43.4%
35.53
-14.7%
Depreciation
0.51
0.62
-17.7%
0.50
+2.0%
Tax expense
19.63
0.39
n/a
8.47
+131.8%
Net profit margin
0.79%
0.06%
+0.73 pp
0.86%
-0.07 pp
EPS, basic (₹)
2.33
0.12
n/a
2.78
-16.2%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Revenue from operations makes up almost all of total income. Of the ₹14,969.51 crore, ₹11,435.25 crore (76.4%) is policyholders' income from life insurance operations, against ₹9,633.66 crore a year earlier, while interest income is ₹181.22 crore.
Profit before tax rose to ₹137.92 crore from ₹6.30 crore a year earlier. Tax expense of ₹19.63 crore is 14.2% of that profit before tax, against ₹8.47 crore in the quarter ended 30 Jun 2026.
Finance costs rose 43.4% YoY to ₹30.29 crore and fell 14.7% from ₹35.53 crore in the previous quarter. The notes also record that AMLI raised ₹686 crore of subordinated NCDs at an 8.58% coupon, allotted on 28 Sep 2026, and redeemed ₹496 crore of NCDs in full, paid on 31 Jul 2026.
The statement attributes ₹79.92 crore of the ₹118.29 crore net profit to owners of the company and ₹20.38 crore to non-controlling interests. Profit attributable to owners was ₹95.56 crore in the quarter ended 30 Jun 2026, while net profit rose 17.9% over that quarter.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
3.18
2.87
+10.8%
5.64
-43.6%
Revenue from operations
3.18
2.87
+10.8%
3.05
+4.3%
Other income
0.00
0.00
n/a
2.59
n/a
-1.65
-3.40
+51.5%
0.73
n/a
Profit before tax
-1.65
-3.40
+51.5%
0.73
n/a
Finance costs
0.01
0.01
0.0%
0.00
n/a
Depreciation
0.12
0.23
-47.8%
0.11
+9.1%
Tax expense
0.00
0.00
n/a
0.00
n/a
Net profit margin
-51.89%
-118.47%
+66.58 pp
12.94%
-64.83 pp
EPS, basic (₹)
-0.05
-0.10
+50.0%
0.02
n/a
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income of ₹3.18 crore is all revenue from operations, with no other income this quarter. The quarter ended 30 Jun 2026 included other income of ₹2.59 crore; excluding it, that quarter's total income was ₹3.05 crore, close to this quarter's ₹3.18 crore.
The standalone loss of ₹1.65 crore compares with a loss of ₹3.40 crore a year earlier and a profit of ₹0.73 crore in the previous quarter. Employee benefits of ₹1.50 crore and legal and professional expenses of ₹1.85 crore form most of the ₹4.83 crore total expenses.
The company describes itself as an Unregistered Core Investment Company, primarily engaged in growing business investments and providing management advisory services to its material subsidiary in India. Its standalone results are for one business segment.
Inference
The Board approved both sets of results on 27 Oct 2026, and the auditors' limited review report on each is unmodified. Consolidated total equity was ₹7,035.78 crore at 30 Sep 2026, including non-controlling interest of ₹1,317.62 crore. Standalone other equity was ₹6,678.67 crore against paid-up equity share capital of ₹69.02 crore.
The notes say AMLI allotted 2,50,56,200 shares to Axis Bank on 1 Jun 2026 at ₹151.90 a share, an aggregate investment of ₹380.60 crore, reducing the company's holding in AMLI to 80.01% from 80.98%. The Board's in-principle approval of an amalgamation with AMLI, given on 28 Jan 2026, remains subject to conditions. SEBI's final order of 24 Aug 2026 disposed of its proceedings without directions or penalty.
The filing does not state whether a dividend has been declared or proposed, the consideration or valuation that would apply under the Future Arrangements with Axis Entities, or when the amalgamation is expected to be completed beyond the agreed timelines it refers to.
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MFSLMax Financial Services Ltd.
