| 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 | 01-04-2026 |
| Date of end of financial year | 31-03-2027 |
| Date of board meeting when results were approved | 27-10-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 25-09-2026 |
| 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 | 27-10-2026 17:30:00 |
| End date and time of board meeting | 27-10-2026 18:00:00 |
| 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 | 01-07-2026 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 | 30-09-2026 |
| 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 | 18,122.00 | 35,773.00 |
| (ii) | Dividend Income | 336.00 | 483.00 |
| (iii) | Rental Income | 167.00 | 365.00 |
| (iv) | Fees and commission Income | 0.00 | 0.00 |
| (v) | Net gain on fair value changes | (2,041.00) | 2,703.00 |
| (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 | 11,43,525.00 | 26,17,736.00 |
| Total other revenue from operations | 11,43,525.00 | 26,17,736.00 | |
| Total Revenue From Operations | 11,60,109.00 | 26,57,060.00 | |
| Other income | 412.00 | 1,122.00 | |
| Total income | 11,60,521.00 | 26,58,182.00 | |
| 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 | 1,102.00 | 2,118.00 | |
| Finance costs | 3,029.00 | 6,582.00 | |
| Depreciation, depletion and amortisation expense | 51.00 | 101.00 | |
| 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 | (1.00) | (34.00) | |
| (f) | Other expenses | ||
| 1 | Legal and professional expenses | 258.00 | 440.00 |
| 2 | Policyholder's expenses from life insurance operations | 11,44,639.00 | 26,23,448.00 |
| 3 | Other expenses | 566.00 | 858.00 |
| Total other expenses | 11,45,463.00 | 26,24,746.00 | |
| Total expenses | 11,49,644.00 | 26,33,513.00 | |
| 3 | Total profit before exceptional items and tax | 10,877.00 | 24,669.00 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 10,877.00 | 24,669.00 |
| 7 | Tax expense | ||
| 8 | Current tax | 1,317.00 | 2,603.00 |
| 9 | Deferred tax | (470.00) | 207.00 |
| 10 | Total tax expenses | 847.00 | 2,810.00 |
| 11 | Net Profit Loss for the period from continuing operations | 10,030.00 | 21,859.00 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 17 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 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 | 10,030.00 | 21,859.00 |
| 16 | Other comprehensive income net of taxes | (3,980.00) | (471.00) |
| 17 | Total Comprehensive Income for the period | 6,050.00 | 21,388.00 |
| 18 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | 7,992.00 | 17,548.00 | |
| Total profit or loss, attributable to non-controlling interests | 2,038.00 | 4,311.00 | |
| 19 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | (3,189.00) | (358.00) | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | (791.00) | (113.00) | |
| 20 | Details of equity share capital | ||
| Paid-up equity share capital | 6,868.00 | 6,868.00 | |
| 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 | 2.33 | 5.11 | |
| Diluted earnings per share from continuing operations | 2.33 | 5.11 | |
| 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 | 2.33 | 5.11 | |
| Diluted earnings per share | 2.33 | 5.11 | |
| 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 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 |
| 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 | 24,669.00 | |
| 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 | 52,326.00 | |
| 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 | (881.00) | |
| Adjustments for other financial assets, current | (5,734.00) | |
| Adjustments for other bank balances | 0.00 | |
| Adjustments for increase (decrease) in trade payables, current | (44,714.00) | |
| 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 | 15,898.00 | |
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 0.00 | |
| Adjustments for provisions, current | (4,218.00) | |
| Adjustments for provisions, non-current | 0.00 | |
| Adjustments for other financial liabilities, current | 9,345.00 | |
| Adjustments for other financial liabilities, non-current | (33,391.00) | |
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |
| Adjustments for dividend income | 0.00 | |
| Adjustments for interest income | 0.00 | |
| Adjustments for share-based payments | 0.00 | |
| Adjustments for fair value losses (gains) | (4,36,087.00) | |
| 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 | 12,83,724.00 | |
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |
| Total adjustments for reconcile profit (loss) | 8,36,268.00 | |
| Net cash flows from (used in) operations | 8,60,937.00 | |
| Dividends received | 0.00 | |
| Interest paid | (8,552.00) | |
| Interest received | (5,57,505.00) | |
| Income taxes paid (refund) | 2,145.00 | |
| Other inflows (outflows) of cash | 0.00 | |
| Net cash flows from (used in) operating activities | 3,09,839.00 | |
| 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 | 51,98,666.00 | |
| Other cash payments to acquire equity or debt instruments of other entities | 61,20,912.00 | |
| 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 | 67.00 | |
| Purchase of property, plant and equipment | 12,479.00 | |
| 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 | 11,268.00 | |
| 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 | 5,61,410.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | (183.00) | |
| Net cash flows from (used in) investing activities | (3,84,699.00) | |
| 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 | 38,058.00 | |
| 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 | 68,502.00 | |
| Proceeds from borrowings | 0.00 | |
| Repayments of borrowings | 49,600.00 | |
| Payments of lease liabilities | 6,231.00 | |
| Dividends paid | 0.00 | |
| Interest paid | 0.00 | |
| Income taxes paid (refund) | 0.00 | |
| Other inflows (outflows) of cash | (9,019.00) | |
| Net cash flows from (used in) financing activities | 41,710.00 | |
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | (33,150.00) | |
| 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 | (33,150.00) | |
| Cash and cash equivalents cash flow statement at beginning of period | 5,09,657.00 | |
| Cash and cash equivalents cash flow statement at end of period | 4,76,507.00 | |
| Particulars | Year ended (dd-mm-yyyy) | ||
|---|---|---|---|
| Date of start of reporting period | 01-04-2026 | ||
| Date of end of reporting period | 30-09-2026 | ||
| Whether results are audited or unaudited | Unaudited | ||
| Nature of report standalone or consolidated | Consolidated | ||
| Assets | |||
| 1 | Finanical Asset | ||
| Cash and cash equivalents | 51,522.00 | ||
| 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 | 10,89,325.00 | ||
| Other Financial assets | |||
| 1 | Life Insuance Policyholder's fund and other financial assets | 1,98,78,655.00 | |
| Total of Other Financial assets | 1,98,78,655.00 | ||
| Total Financial Assets | 2,10,19,502.00 | ||
| 2 | Non Financial Asset | ||
| Inventories | 0.00 | ||
| Current tax assets (Net) | 780.00 | ||
| Deferred tax Assets (Net) | 2,741.00 | ||
| Investment Property | 8,001.00 | ||
| Biological assets other than bearer plants | 0.00 | ||
| Property, Plant and Equipment | 92.00 | ||
| 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 | |||
| 1 | Other non-financial assets | 26,878.00 | |
| 2 | Life Insurance Policyholder's Fund | 1,61,292.00 | |
| Total of Other non-financial assets | 1,88,170.00 | ||
| Total Non Financial Assets | 2,52,309.00 | ||
| Total assets | 2,12,71,811.00 | ||
| Equity and liabilities | |||
| 1 | Equity | ||
| Equity attributable to owners of parent | |||
| Equity share capital | 6,868.00 | ||
| Other equity | 5,64,948.00 | ||
| Total equity attributable to owners of parent | 5,71,816.00 | ||
| Non controlling interest | 13176200000 | ||
| Total equity | 7,03,578.00 | ||
| 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 | 303.00 | ||
| (ii) total outstanding dues of creditors other than micro enterprises and small enterprises | 2,18,099.00 | ||
| 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 | 2,01,341.00 | |
| (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 | 2,00,63,259.00 | |
| Total of Other financial liabilities | 2,00,63,259.00 | ||
| Total Financial Liabilities | 2,04,83,002.00 | ||
| 2.2 | Non-Financial Liabilities | ||
| (a) | Current tax liabilities (Net) | 951.00 | |
| (b) | Provisions | 12,436.00 | |
| (C ) | Deferred tax liabilities (Net) | 0.00 | |
| Other non-financial liabilities | |||
| 1 | Other non-financial liabilities & Life Insurance Policyholders fund | 71,844.00 | |
| Total of Other non-financial liabilities | 71,844.00 | ||
| Total Non Financial Liabilities | 85,231.00 | ||
| Total liabilities | 2,05,68,233.00 | ||
| Total equity and liabilites | 2,12,71,811.00 | ||
| 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 | 01-07-2026 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 | 30-09-2026 |
| 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 | 11,59,996.00 | 26,56,838.00 |
| 2 | Business Investment | 613.00 | 1,225.00 |
| 3 | Inter-Segment | 0.00 | 0.00 |
| Total Segment Revenue | 11,60,609.00 | 26,58,063.00 | |
| Less: Inter segment revenue | 500.00 | 1,003.00 | |
| Revenue from operations | 11,60,109.00 | 26,57,060.00 | |
| 2 | Segment Result | ||
| Profit (+) / Loss (-) before tax and interest from each segment | |||
| 1 | Life Insurance | 13,661.00 | 30,485.00 |
| 2 | Business Investment | (168.00) | (357.00) |
| 3 | Inter-Segment | 0.00 | 0.00 |
| Total Profit before tax | 13,493.00 | 30,128.00 | |
| i. Finance cost | 0.00 | 0.00 | |
| ii. Other Unallocable Expenditure net off Unallocable income | 2,616.00 | 5,459.00 | |
| Profit before tax | 10,877.00 | 24,669.00 | |
| 3 | (Segment Asset - Segment Liabilities) | ||
| Segment Asset | |||
| 1 | Life Insurance | 2,12,29,465.00 | 2,12,29,465.00 |
| 2 | Business Investment | 6,93,472.00 | 6,93,472.00 |
| 3 | Inter-Segment | (6,51,126.00) | (6,51,126.00) |
| Total Segment Asset | 2,12,71,811.00 | 2,12,71,811.00 | |
| Un-allocable Assets | 0.00 | 0.00 | |
| Net Segment Asset | 2,12,71,811.00 | 2,12,71,811.00 | |
| 4 | Segment Liabilities | ||
| Segment Liabilities | |||
| 1 | Life Insurance | 2,05,67,745.00 | 2,05,67,745.00 |
| 2 | Business Investment | 18,788.00 | 18,788.00 |
| 3 | Inter-Segment | (18,300.00) | (18,300.00) |
| Total Segment Liabilities | 2,05,68,233.00 | 2,05,68,233.00 | |
| Un-allocable Liabilities | 0.00 | 0.00 | |
| Net Segment Liabilities | 2,05,68,233.00 | 2,05,68,233.00 | |
| 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 | 01-07-2026 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 | 30-09-2026 |
| 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 | -2200000 | -2000000 |
| Total Amount of items that will not be reclassified to profit and loss | -2200000 | -2000000 | |
| 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 | -463200000 | -52800000 |
| Total Amount of items that will be reclassified to profit and loss | -463200000 | -52800000 | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | (674.00) | (77.00) |
| 5 | Total Other comprehensive income | (3,980.00) | (471.00) |
| Whether results are audited or unaudited | Unaudited |
|---|---|
| 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 | ||
|---|---|---|---|---|---|