Max Financial Services' FY26 Revenue at ₹38,039 Cr, PAT ₹106 Cr; Axis Max Life VNB Grows 26%
Max Financial Services reported 12M FY26 revenue of ₹38,039 crore (excluding investment income) and PAT of ₹106 crore. Axis Max Life's FY26 VNB grew 26% to ₹2,647 crore, with NBM at 25.2%. Individual Adjusted First Year Premium rose 19% to ₹9,885 crore. Market share increased to 10.4%.
The announcement details robust financial performance and strategic growth initiatives, which are material to investors and could influence stock valuation.
The company reported strong revenue growth, improved profitability, and significant increases in key performance indicators like VNB and market share for its subsidiary Axis Max Life.
Max Financial Services Limited (MFSL) announced its financial performance update for the 12 months ending March 31, 2026 (12M FY26). The consolidated revenue, including investment income, stood at ₹47,696 crore. Excluding investment income, MFSL's revenue grew by 17% to ₹38,039 crore, with a consolidated Profit After Tax (PAT) of ₹106 crore.
Axis Max Life Insurance, a key subsidiary, reported a significant 19% year-on-year (YoY) growth in Individual Adjusted First Year Premium to ₹9,885 crore, outperforming the private industry's 12% growth. The company's market share in the private sector increased to 10.4% from 9.8% in FY25. Total Annualised Premium Equivalent (APE) also grew by 20% driven by a robust 18% growth in Net Operating Profit (NOP), compared to the private industry's 7% NOP growth.
Value of New Business (VNB) for Axis Max Life surged by 26% YoY to ₹2,647 crore, with the New Business Margin (NBM) improving to 25.2% from 24.0% in FY25. The operating Return on Embedded Value (RoEV) was 18.7%, and the Embedded Value (EV) as of March 2026 stood at ₹28,871 crore, with a solvency ratio of 194%.
The company highlighted growth across various product segments, with Retail Protection and Health APE growing by 53% to ₹1,373 crore, and Annuity APE increasing by 113% to ₹1,050 crore. Proprietary channels saw a 28% APE growth, while partnership channels grew by 14%. MFSL also launched new products, including the Online Savings Plan Plus and the Corporate Advantage in Retirement and Employee Benefit Smart Plan.
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Max Financial Services Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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See the model portfoliosA plain-language summary of a public exchange filing by Max Financial Services Limited. Read the original for the full detail.