| 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 | 12-05-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 27-03-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Fourth 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 | Audited |
| Segment Reporting | Multi segment |
| Description of single segment | |
| Start date and time of board meeting | 12-05-2026 16:45:00 |
| End date and time of board meeting | 12-05-2026 17:15:00 |
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Unaudited | Audited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | |||
| (i) | Interest Income | 16,997.00 | 63,750.00 |
| (ii) | Dividend Income | 107.00 | 612.00 |
| (iii) | Rental Income | 198.00 | 759.00 |
| (iv) | Fees and commission Income | 0.00 | 0.00 |
| (v) | Net gain on fair value changes | (9,359.00) | (1,522.00) |
| (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 | Policyholders' Income from Life Insurance operations | 10,72,251.00 | 47,03,812.00 |
| Total other revenue from operations | 10,72,251.00 | 47,03,812.00 | |
| Total Revenue From Operations | 10,80,194.00 | 47,67,411.00 | |
| Other income | 354.00 | 2,232.00 | |
| Total income | 10,80,548.00 | 47,69,643.00 | |
| 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 | 1,217.00 | 4,503.00 | |
| Finance costs | 3,513.00 | 11,186.00 | |
| Depreciation, depletion and amortisation expense | 49.00 | 231.00 | |
| 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 | 66.00 | (123.00) | |
| (f) | Other expenses | ||
| 1 | Legal and Professional expenses | 229.00 | 1,170.00 |
| 2 | Policyholder's expenses of Life Insurance operations | 10,78,739.00 | 47,38,765.00 |
| 3 | Other expenses | 542.00 | 1,934.00 |
| Total other expenses | 10,79,510.00 | 47,41,869.00 | |
| Total expenses | 10,84,355.00 | 47,57,666.00 | |
| 3 | Total profit before exceptional items and tax | (3,807.00) | 11,977.00 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | (3,807.00) | 11,977.00 |
| 7 | Tax expense | ||
| 8 | Current tax | 1,052.00 | 4,325.00 |
| 9 | Deferred tax | (1,539.00) | (2,792.00) |
| 10 | Total tax expenses | (487.00) | 1,533.00 |
| 11 | Net Profit Loss for the period from continuing operations | (3,320.00) | 10,444.00 |
| 12 | Profit (loss) from discontinued operations before tax | 205.00 | 149.00 |
| 13 | Tax expense of discontinued operations | 37.00 | 37.00 |
| 17 | Net profit (loss) from discontinued operation after tax | 168.00 | 112.00 |
| 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 | (3,152.00) | 10,556.00 |
| 16 | Other comprehensive income net of taxes | (5,160.00) | (7,010.00) |
| 17 | Total Comprehensive Income for the period | (8,312.00) | 3,546.00 |
| 18 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | (2,635.00) | 8,397.00 | |
| Total profit or loss, attributable to non-controlling interests | (517.00) | 2,159.00 | |
| 19 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (6,813.00) | 2,722.00 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | (1,499.00) | 824.00 | |
| 20 | Details of equity share capital | ||
| Paid-up equity share capital | 6,866.00 | 6,866.00 | |
| Face value of equity share capital | 2 | 2 | |
| 21 | Reserves excluding revaluation reserve | 5,21,313.00 | |
| 22 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings per share from continuing operations | -0.81 | 2.42 | |
| Diluted earnings per share from continuing operations | -0.81 | 2.42 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings per share from discontinued operations | 0.04 | 0.03 | |
| Diluted earnings per share from discontinued operations | 0.04 | 0.03 | |
| ii | Earnings per equity share | ||
| Basic earnings per share | -0.77 | 2.45 | |
| Diluted earnings per share | -0.77 | 2.45 | |
| 23 | Debt equity ratio | 0.0 | 0.0 |
| 24 | Debt service coverage ratio | 0.0 | 0.0 |
| 25 | Interest service coverage ratio | 0.0 | 0.0 |
| 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 | 31-03-2026 |
| C | Whether results are audited or unaudited | Audited |
| D | Nature of report standalone or consolidated | Consolidated |
| Statement of cash flows | ||
| Cash flows from used in operating activities | ||
| Profit before tax | 11,977.00 | |
| Adjustments for reconcile profit (loss) | ||
| Adjustments for finance costs | 14,872.00 | |
| Adjustments for decrease (increase) in inventories | 0.00 | |
| Adjustments for decrease (increase) in trade receivables, current | (15,565.00) | |
| 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 | 8,975.00 | |
| Adjustments for other financial assets, current | 290.00 | |
| Adjustments for other bank balances | 0.00 | |
| Adjustments for increase (decrease) in trade payables, current | 75,173.00 | |
| 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 | 33,465.00 | |
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |
| Adjustments for provisions, current | 9,572.00 | |
| Adjustments for provisions, non-current | 0.00 | |
| Adjustments for other financial liabilities, current | 23,733.00 | |
| Adjustments for other financial liabilities, non-current | (25,342.00) | |
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |
| Adjustments for dividend income | 0.00 | |
| Adjustments for interest income | 10,02,846.00 | |
| Adjustments for share-based payments | 0.00 | |
| Adjustments for fair value losses (gains) | 2,79,256.00 | |
| 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) | 0.00 | |
| Other adjustments for non-cash items | 17,38,191.00 | |
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |
| Total adjustments for reconcile profit (loss) | 11,39,774.00 | |
| Net cash flows from (used in) operations | 11,51,751.00 | |
| Dividends received | 0.00 | |
| Interest paid | 0.00 | |
| Interest received | 0.00 | |
| Income taxes paid (refund) | 4,171.00 | |
| Other inflows (outflows) of cash | (309.00) | |
| Net cash flows from (used in) operating activities | 11,47,271.00 | |
| 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 | 1,21,12,659.00 | |
| Other cash payments to acquire equity or debt instruments of other entities | 1,41,97,524.00 | |
| 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 | 640.00 | |
| Purchase of property, plant and equipment | 24,444.00 | |
| 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 | 17,664.00 | |
| 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 | 10,08,751.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | 5,119.00 | |
| Net cash flows from (used in) investing activities | (11,12,463.00) | |
| 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 | 1,866.00 | |
| Payments to acquire or redeem entity's shares | 0.00 | |
| Payments of other equity instruments | 5,391.00 | |
| 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 | 11,497.00 | |
| Dividends paid | 0.00 | |
| Interest paid | 8,218.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | 0.00 | |
| Net cash flows from (used in) financing activities | 56,669.00 | |
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 91,477.00 | |
| Effect of exchange rate changes on cash and cash equivalents | ||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |
| Net increase (decrease) in cash and cash equivalents | 91,477.00 | |
| Cash and cash equivalents cash flow statement at beginning of period | 4,18,180.00 | |
| Cash and cash equivalents cash flow statement at end of period | 5,09,657.00 | |
| Particulars | Year ended (dd-mm-yyyy) | ||
|---|---|---|---|
| Date of start of reporting period | 01-04-2025 | ||
| Date of end of reporting period | 31-03-2026 | ||
| Whether results are audited or unaudited | Audited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Assets | |||
| 1 | Finanical Asset | ||
| Cash and cash equivalents | 2,13,715.00 | ||
| Bank Balance other than (a) above | 0.00 | ||
| Derivative financial instruments | 0.00 | ||
| Receivables | |||
| (I) Trade Receivables | 0.00 | ||
| (II) Other Receivables | 0.00 | ||
| Loans | 0.00 | ||
| Investments | 9,71,561.00 | ||
| Other Financial assets | |||
| 1 | Life Insuance Policyholder's fund and other financial assets | 1,84,55,546.00 | |
| Total of Other Financial assets | 1,84,55,546.00 | ||
| Total Financial Assets | 1,96,40,822.00 | ||
| 2 | Non Financial Asset | ||
| Inventories | 0.00 | ||
| Current tax assets (Net) | 995.00 | ||
| Deferred tax Assets (Net) | 2,871.00 | ||
| Investment Property | 8,077.00 | ||
| Biological assets other than bearer plants | 0.00 | ||
| Property, Plant and Equipment | 96.00 | ||
| Capital work-in-progress | 0.00 | ||
| Intangible assets under development | 0.00 | ||
| Goodwill | 52,525.00 | ||
| Other Intangible assets | 24.00 | ||
| Other non-financial assets | |||
| 1 | Other non-financial assets | 27,652.00 | |
| 2 | Life Insurance Policyholder's Fund | 1,60,494.00 | |
| Total of Other non-financial assets | 1,88,146.00 | ||
| Total Non Financial Assets | 2,52,734.00 | ||
| Total assets | 1,98,93,556.00 | ||
| Equity and liabilities | |||
| 1 | Equity | ||
| Equity attributable to owners of parent | |||
| Equity share capital | 6,866.00 | ||
| Other equity | 5,21,313.00 | ||
| Total equity attributable to owners of parent | 5,28,179.00 | ||
| Non controlling interest | 11382000000 | ||
| Total equity | 6,41,999.00 | ||
| 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 | 535.00 | ||
| (ii) total outstanding dues of creditors other than micro enterprises and small enterprises | 2,58,999.00 | ||
| 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 | 1,85,840.00 | |
| (d) | Borrowings (Other than Debt Securities) | 0.00 | |
| (e) | Deposits | 0.00 | |
| (f) | Subordinated Liabilities | 0.00 | |
| Other financial liabilities | |||
| 1 | Life Insuance Policyholder's fund and other financial liabilities | 1,86,82,139.00 | |
| Total of Other financial liabilities | 1,86,82,139.00 | ||
| Total Financial Liabilities | 1,91,27,513.00 | ||
| 2.2 | Non-Financial Liabilities | ||
| (a) | Current tax liabilities (Net) | 707.00 | |
| (b) | Provisions | 16,634.00 | |
| (C ) | Deferred tax liabilities (Net) | 0.00 | |
| Other non-financial liabilities | |||
| 1 | Other non-financial liabilities | 1,05,890.00 | |
| 2 | Life Insurance Policyholder Fund | 813.00 | |
| Total of Other non-financial liabilities | 1,06,703.00 | ||
| Total Non Financial Liabilities | 1,24,044.00 | ||
| Total liabilities | 1,92,51,557.00 | ||
| Total equity and liabilites | 1,98,93,556.00 | ||
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| Whether results are audited or unaudited | Unaudited | Audited | |
| Nature of report standalone or consolidated | Consolidated | Consolidated | |
| 1 | Segment Revenue (Income) | ||
| (net sale/income from each segment should be disclosed) | |||
| 1 | Life Insurance | 10,80,209.00 | 47,67,149.00 |
| 2 | Business Investments | 2,022.00 | 3,871.00 |
| 3 | InterSegment | 0.00 | 0.00 |
| Total Segment Revenue | 10,82,231.00 | 47,71,020.00 | |
| Less: Inter segment revenue | 2,037.00 | 3,609.00 | |
| Revenue from operations | 10,80,194.00 | 47,67,411.00 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Life Insurance | (268.00) | 22,156.00 |
| 2 | Business Investments | (378.00) | (1,223.00) |
| 3 | InterSegment | 0.00 | 0.00 |
| Total Profit before tax | (646.00) | 20,933.00 | |
| i. Finance cost | 0.00 | 0.00 | |
| ii. Other Unallocable Expenditure net off Unallocable income | 3,161.00 | 8,956.00 | |
| Profit before tax | (3,807.00) | 11,977.00 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Life Insurance | 1,98,51,988.00 | 1,98,51,988.00 |
| 2 | Business Investments | 6,94,119.00 | 6,94,119.00 |
| 3 | InterSegment | (6,52,551.00) | (6,52,551.00) |
| Total Segment Asset | 1,98,93,556.00 | 1,98,93,556.00 | |
| Un-allocable Assets | 0.00 | 0.00 | |
| Net Segment Asset | 1,98,93,556.00 | 1,98,93,556.00 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Life Insurance | 1,92,50,898.00 | 1,92,50,898.00 |
| 2 | Business Investments | 19,317.00 | 19,317.00 |
| 3 | InterSegment | (18,658.00) | (18,658.00) |
| Total Segment Liabilities | 1,92,51,557.00 | 1,92,51,557.00 | |
| Un-allocable Liabilities | 0.00 | 0.00 | |
| Net Segment Liabilities | 1,92,51,557.00 | 1,92,51,557.00 | |
| 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 | 01-01-2026 | 01-04-2025 |
| B | Date of end of reporting period | 31-03-2026 | 31-03-2026 |
| C | Whether results are audited or unaudited | Unaudited | Audited |
| 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 | Amount of items that will not be reclassified to profit and loss | 600000 | 1100000 |
| Total Amount of items that will not be reclassified to profit and loss | 600000 | 1100000 | |
| 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 | Amount of items that will be reclassified to profit and loss | -604600000 | -821700000 |
| Total Amount of items that will be reclassified to profit and loss | -604600000 | -821700000 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | (880.00) | (1,196.00) |
| 5 | Total Other comprehensive income | (5,160.00) | (7,010.00) |
| 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 | ||
|---|---|---|---|---|---|