| Scrip code | 500271 |
|---|---|
| NSE Symbol | MFSL |
| MSEI Symbol | NA |
| ISIN | INE180A01020 |
| Name of company | Max Financial Services Limited |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2025 |
| Date of end of financial year | 31-03-2026 |
| Date of board meeting when results were approved | 11-11-2025 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 26-09-2025 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Second quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 11-11-2025 17:15:00 |
| End date and time of board meeting | 11-11-2025 18:05:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Declaration of unmodified opinion |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2025 | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 | 30-09-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | |||
| (i) | Interest Income | 15,187.00 | 30,351.00 |
| (ii) | Dividend Income | 296.00 | 427.00 |
| (iii) | Rental Income | 183.00 | 363.00 |
| (iv) | Fees and commission Income | 0.00 | 0.00 |
| (v) | Net gain on fair value changes | 127.00 | 3,684.00 |
| (vi) | Net gain on derecognition of financial instruments under amortised cost category | 0.00 | 0.00 |
| (vii) | Sale of products (including Excise Duty) | 0.00 | 0.00 |
| (viii) | Sale of services | 0.00 | 0.00 |
| (ix) | Other revenue from operations | ||
| 1 | Policyholder's income from life insurance operations | 9,63,366.00 | 22,26,499.00 |
| Total other revenue from operations | 9,63,366.00 | 22,26,499.00 | |
| Total Revenue From Operations | 9,79,159.00 | 22,61,324.00 | |
| Other income | 703.00 | 1,028.00 | |
| Total income | 9,79,862.00 | 22,62,352.00 | |
| 2 | Expenses | ||
| Cost of materials consumed | 0.00 | 0.00 | |
| Purchases of stock-in-trade | 0.00 | 0.00 | |
| Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 | |
| Employee benefit expense | 896.00 | 2,131.00 | |
| Finance costs | 2,112.00 | 4,080.00 | |
| Depreciation, depletion and amortisation expense | 62.00 | 130.00 | |
| Fees and commission expense | 0.00 | 0.00 | |
| Net loss on fair value changes | 0.00 | 0.00 | |
| Net loss on derecognition of financial instruments under amortised cost category | 0.00 | 0.00 | |
| Impairment on financial instruments | (178.00) | (182.00) | |
| (f) | Other expenses | ||
| 1 | Legal and professional expenses | 371.00 | 603.00 |
| 2 | Policyholder's expenses from life insurance operations | 9,75,353.00 | 22,43,925.00 |
| 3 | Other expenses | 616.00 | 887.00 |
| Total other expenses | 9,76,340.00 | 22,45,415.00 | |
| Total expenses | 9,79,232.00 | 22,51,574.00 | |
| 3 | Total profit before exceptional items and tax | 630.00 | 10,778.00 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 630.00 | 10,778.00 |
| 7 | Tax expense | ||
| 8 | Current tax | 1,324.00 | 2,352.00 |
| 9 | Deferred tax | (1,285.00) | (863.00) |
| 10 | Total tax expenses | 39.00 | 1,489.00 |
| 11 | Net Profit Loss for the period from continuing operations | 591.00 | 9,289.00 |
| 12 | Profit (loss) from discontinued operations before tax | (4.00) | (57.00) |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 17 | Net profit (loss) from discontinued operation after tax | (4.00) | (57.00) |
| 14 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 15 | Total profit (loss) for period | 587.00 | 9,232.00 |
| 16 | Other comprehensive income net of taxes | (1,425.00) | (529.00) |
| 17 | Total Comprehensive Income for the period | (838.00) | 8,703.00 |
| 18 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | 412.00 | 7,376.00 | |
| Total profit or loss, attributable to non-controlling interests | 175.00 | 1,856.00 | |
| 19 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (1,153.00) | (428.00) | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | (272.00) | (101.00) | |
| 20 | Details of equity share capital | ||
| Paid-up equity share capital | 6,863.00 | 6,863.00 | |
| Face value of equity share capital | 2 | 2 | |
| 21 | Reserves excluding revaluation reserve | ||
| 22 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings per share from continuing operations | 0.12 | 2.15 | |
| Diluted earnings per share from continuing operations | 0.12 | 2.15 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings per share from discontinued operations | 0 | 0 | |
| Diluted earnings per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings per share | 0.12 | 2.15 | |
| Diluted earnings per share | 0.12 | 2.15 | |
| 23 | Debt equity ratio | 0.00 | 0.00 |
| 24 | Debt service coverage ratio | 0.00 | 0.00 |
| 25 | Interest service coverage ratio | 0.00 | 0.00 |
| 26 | Disclosure of notes on financial results | ||
| 23 | Debt equity ratio | |
|---|---|---|
| 24 | Debt service coverage ratio | |
| 25 | Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| A | Date of start of reporting period | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 |
| C | Whether results are audited or unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated |
| Statement of cash flows | ||
| Cash flows from used in operating activities | ||
| Profit before tax | 10,778.00 | |
| Adjustments for reconcile profit (loss) | ||
| Adjustments for finance costs | 0.00 | |
| Adjustments for decrease (increase) in inventories | 0.00 | |
| Adjustments for decrease (increase) in trade receivables, current | 46,113.00 | |
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |
| Adjustments for decrease (increase) in other current assets | 0.00 | |
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |
| Adjustments for other financial assets, non-current | 0.00 | |
| Adjustments for other financial assets, current | (2,882.00) | |
| Adjustments for other bank balances | 0.00 | |
| Adjustments for increase (decrease) in trade payables, current | (21,002.00) | |
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |
| Adjustments for increase (decrease) in other current liabilities | 0.00 | |
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |
| Adjustments for depreciation and amortisation expense | 14,717.00 | |
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |
| Adjustments for provisions, current | 2,178.00 | |
| Adjustments for provisions, non-current | 0.00 | |
| Adjustments for other financial liabilities, current | 6,141.00 | |
| Adjustments for other financial liabilities, non-current | 0.00 | |
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |
| Adjustments for dividend income | 5,690.00 | |
| Adjustments for interest income | 0.00 | |
| Adjustments for share-based payments | 0.00 | |
| Adjustments for fair value losses (gains) | (2,47,879.00) | |
| Adjustments for undistributed profits of associates | 0.00 | |
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |
| Other adjustments to reconcile profit (loss) | 2,770.00 | |
| Other adjustments for non-cash items | 8,62,708.00 | |
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |
| Total adjustments for reconcile profit (loss) | 6,57,174.00 | |
| Net cash flows from (used in) operations | 6,67,952.00 | |
| Dividends received | 0.00 | |
| Interest paid | (5,690.00) | |
| Interest received | (5,01,570.00) | |
| Income taxes paid (refund) | 3,072.00 | |
| Other inflows (outflows) of cash | 0.00 | |
| Net cash flows from (used in) operating activities | 1,69,000.00 | |
| Cash flows from used in investing activities | ||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |
| Cash flows used in obtaining control of subsidiaries or other businesses | 0.00 | |
| Other cash receipts from sales of equity or debt instruments of other entities | 58,80,856.00 | |
| Other cash payments to acquire equity or debt instruments of other entities | 66,67,419.00 | |
| Other cash receipts from sales of interests in joint ventures | 0.00 | |
| Other cash payments to acquire interests in joint ventures | 0.00 | |
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |
| Proceeds from sales of property, plant and equipment | 74.00 | |
| Purchase of property, plant and equipment | 12,853.00 | |
| Proceeds from sales of investment property | 0.00 | |
| Purchase of investment property | 0.00 | |
| Proceeds from sales of intangible assets | 0.00 | |
| Purchase of intangible assets | 0.00 | |
| Proceeds from sales of intangible assets under development | 0.00 | |
| Purchase of intangible assets under development | 0.00 | |
| Proceeds from sales of goodwill | 0.00 | |
| Purchase of goodwill | 0.00 | |
| Proceeds from biological assets other than bearer plants | 0.00 | |
| Purchase of biological assets other than bearer plants | 0.00 | |
| Proceeds from government grants | 0.00 | |
| Proceeds from sales of other long-term assets | 0.00 | |
| Purchase of other long-term assets | 0.00 | |
| Cash advances and loans made to other parties | 8,570.00 | |
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |
| Dividends received | 0.00 | |
| Interest received | 5,04,141.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | 1,513.00 | |
| Net cash flows from (used in) investing activities | (3,02,258.00) | |
| Cash flows from used in financing activities | ||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |
| Payments from changes in ownership interests in subsidiaries | 0.00 | |
| Proceeds from issuing shares | 0.00 | |
| Proceeds from issuing other equity instruments | 0.00 | |
| Payments to acquire or redeem entity's shares | 0.00 | |
| Payments of other equity instruments | 0.00 | |
| Proceeds from exercise of stock options | 0.00 | |
| Proceeds from issuing debentures notes bonds etc | 79,909.00 | |
| Proceeds from borrowings | 0.00 | |
| Repayments of borrowings | 0.00 | |
| Payments of lease liabilities | 5,440.00 | |
| Dividends paid | 0.00 | |
| Interest paid | 0.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | (8,509.00) | |
| Net cash flows from (used in) financing activities | 65,960.00 | |
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (67,298.00) | |
| Effect of exchange rate changes on cash and cash equivalents | ||
| Effect of exchange rate changes on cash and cash equivalents | 4,18,180.00 | |
| Net increase (decrease) in cash and cash equivalents | 3,50,882.00 | |
| Cash and cash equivalents cash flow statement at beginning of period | 0.00 | |
| Cash and cash equivalents cash flow statement at end of period | 3,50,882.00 | |
| Particulars | Year ended (dd-mm-yyyy) | ||
|---|---|---|---|
| Date of start of reporting period | 01-04-2025 | ||
| Date of end of reporting period | 30-09-2025 | ||
| Whether results are audited or unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Assets | |||
| 1 | Finanical Asset | ||
| Cash and cash equivalents | 52,941.00 | ||
| Bank Balance other than (a) above | 4,090.00 | ||
| Derivative financial instruments | 0.00 | ||
| Receivables | |||
| (I) Trade Receivables | 0.00 | ||
| (II) Other Receivables | 0.00 | ||
| Loans | 0.00 | ||
| Investments | 10,17,411.00 | ||
| Other Financial assets | 1,83,65,510.00 | ||
| Total Financial Assets | 1,94,39,952.00 | ||
| 2 | Non Financial Asset | ||
| Inventories | 0.00 | ||
| Current tax assets (Net) | 306.00 | ||
| Deferred tax Assets (Net) | 0.00 | ||
| Investment Property | 8,153.00 | ||
| Biological assets other than bearer plants | 0.00 | ||
| Property, Plant and Equipment | 121.00 | ||
| Capital work-in-progress | 0.00 | ||
| Intangible assets under development | 0.00 | ||
| Goodwill | 52,525.00 | ||
| Other Intangible assets | 0.00 | ||
| Other non-financial assets (to be specified) | 1,86,112.00 | ||
| Total Non Financial Assets | 2,47,217.00 | ||
| Total assets | 1,96,87,169.00 | ||
| Equity and liabilities | |||
| 1 | Equity | ||
| Equity attributable to owners of parent | |||
| Equity share capital | 6,863.00 | ||
| Other equity | 5,23,464.00 | ||
| Total equity attributable to owners of parent | 5,30,327.00 | ||
| Non controlling interest | 11479700000 | ||
| Total equity | 6,45,124.00 | ||
| 2 | Liabilities | ||
| 2.1 | Financial Liabilities | ||
| (a) | Derivative financial instruments | 0.00 | |
| (b) | Payables | 0.00 | |
| (I)Trade Payables | |||
| (i) total outstanding dues of micro enterprises and small enterprises | 690.00 | ||
| (ii) total outstanding dues of creditors other than micro enterprises and small enterprises | 49,913.00 | ||
| II) Other Payables | |||
| (i) total outstanding dues of micro enterprises and small enterprises | 0.00 | ||
| (ii) total outstanding dues of creditors other than micro enterprises and small enterprises | 0.00 | ||
| (C ) | Debt Securities | 1,82,904.00 | |
| (d) | Borrowings (Other than Debt Securities) | 0.00 | |
| (e) | Deposits | 0.00 | |
| (f) | Subordinated Liabilities | 0.00 | |
| (g) | Other financial liabilities | 1,87,30,231.00 | |
| Total Financial Liabilities | 1,89,63,738.00 | ||
| 2.2 | Non-Financial Liabilities | ||
| (a) | Current tax liabilities (Net) | 0.00 | |
| (b) | Provisions | 9,248.00 | |
| (C ) | Deferred tax liabilities (Net) | 164.00 | |
| (d) | Other non-financial liabilities | 68,895.00 | |
| Total Non Financial Liabilities | 78,307.00 | ||
| Total liabilities | 1,90,42,045.00 | ||
| Total equity and liabilites | 1,96,87,169.00 | ||
| Disclosure of notes on assets and liabilities | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2025 | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 | 30-09-2025 |
| Whether results are audited or unaudited | Unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| 1 | Life Insurance | 9,79,072.00 | 22,61,139.00 |
| 2 | Business Investment | 628.00 | 1,218.00 |
| 3 | Inter-Segment | 0.00 | 0.00 |
| Total Segment Revenue | 9,79,700.00 | 22,62,357.00 | |
| Less: Inter segment revenue | 541.00 | 1,033.00 | |
| Revenue from operations | 9,79,159.00 | 22,61,324.00 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Life Insurance | 2,373.00 | 14,368.00 |
| 2 | Business Investment | (335.00) | (539.00) |
| 3 | Inter-Segment | 0.00 | 0.00 |
| Total Profit before tax | 2,038.00 | 13,829.00 | |
| i. Finance cost | 0.00 | 0.00 | |
| ii. Other Unallocable Expenditure net off Unallocable income | 1,408.00 | 3,051.00 | |
| Profit before tax | 630.00 | 10,778.00 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Life Insurance | 1,96,48,343.00 | 1,96,48,343.00 |
| 2 | Business Investment | 6,99,746.00 | 6,99,746.00 |
| 3 | Inter-Segment | (6,60,919.00) | (6,60,919.00) |
| Total Segment Asset | 1,96,87,170.00 | 1,96,87,170.00 | |
| Un-allocable Assets | 0.00 | 0.00 | |
| Net Segment Asset | 1,96,87,170.00 | 1,96,87,170.00 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Life Insurance | 1,90,41,640.00 | 1,90,41,640.00 |
| 2 | Business Investment | 21,123.00 | 21,123.00 |
| 3 | Inter-Segment | (20,719.00) | (20,719.00) |
| Total Segment Liabilities | 1,90,42,044.00 | 1,90,42,044.00 | |
| Un-allocable Liabilities | 0.00 | 0.00 | |
| Net Segment Liabilities | 1,90,42,044.00 | 1,90,42,044.00 | |
| Disclosure of notes on segments | |||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2025 | 01-04-2025 |
| B | Date of end of reporting period | 30-09-2025 | 30-09-2025 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| 1 | Items that will not be reclassiffed to profit or loss in subsequent periods | 500000 | 300000 |
| Total Amount of items that will not be reclassified to profit and loss | 500000 | 300000 | |
| 2 | Income tax relating to items that will not be reclassified to profit or loss | 0.00 | 0.00 |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Items that will not be reclassified to profit or loss in subsequnt period | -167400000 | -62300000 |
| Total Amount of items that will be reclassified to profit and loss | -167400000 | -62300000 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | (244.00) | (91.00) |
| 5 | Total Other comprehensive income | (1,425.00) | (529.00) |
| Whether results are audited or unaudited | Audited |
|---|---|
| Declaration of unmodified opinion or statement on impact of audit qualification | Declaration of unmodified opinion |
| Auditor's opinion | |
| Declaration pursuant to Regulation 33 (3) (d) of SEBI (LODR) Regulation, 2015: The company declares that its Statutory Auditor/s have issued an Audit Report with unmodified opinion for the period on Standalone results | Yes |
| Sr No. | Audit firm's name | Whether the firm holds a valid peer review certificate issued by Peer Review Board of ICAI | Certificate valid upto | ||
| 1 | S.R. Batliboi & Co. LLP | Yes | 31-07-2027 | ||
|---|---|---|---|---|---|