Max Financial Services Ltd.
MFSLFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
17 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 17 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20220808 | 2022-06-30 | yes | |
| TRANSCRIPT | 20221028 | 2022-09-30 | yes | |
| TRANSCRIPT | 20230207 | 2022-12-31 | yes | |
| TRANSCRIPT | 20230519 | 2023-03-31 | yes | |
| TRANSCRIPT | 20230817 | 2023-06-30 | yes | |
| TRANSCRIPT | 20231106 | 2023-09-30 | yes | |
| TRANSCRIPT | 20240213 | 2023-12-31 | yes | |
| TRANSCRIPT | 20240513 | 2024-03-31 | yes | |
| TRANSCRIPT | 20240821 | 2024-06-30 | yes | |
| TRANSCRIPT | 20241028 | 2024-09-30 | yes | |
| TRANSCRIPT | 20241205 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250211 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250519 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250814 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251118 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260218 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260820 | 2026-06-30 | yes |
MFSL
files as a non-banking financial company. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | nbfc |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 1,410.00 |
| 52-week range | 1410.0 – 1870.0 |
| Return 1M | -11.46% |
| Return 3M | -12.5% |
| Return 1Y | -11.04% |
| Return 3Y | 53.86% |
| Return 5Y | 34.9% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 14,970.00 |
| Other income | 7.00 |
| Total income | 14,977.00 |
| Cost of materials consumed | 0.00 |
| Purchases of stock-in-trade | 0.00 |
| Changes in inventories | 0.00 |
| Employee benefit expense | 10.00 |
| Finance costs | 36.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.01 | 0.00 |
| institutions foreign | 0.48 | 0.00 |
| institutions domestic | 0.44 | -0.00 |
| mutual funds | 0.37 | -0.00 |
| public | 0.99 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 17 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2021-12-31 | 2022-03-31 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 6,954.00 | 8,960.00 | 8,896.00 | 9,929.00 | 9,168.00 | 10,165.00 | 12,356.00 | 14,888.00 | 11,799.00 | 13,372.00 | 8,923.00 | 12,822.00 | 9,792.00 | 14,259.00 | 10,802.00 | 14,970.00 |
| Other income | 1.00 | 3.00 | 3.00 | 5.00 | 3.00 | 25.00 | 4.00 | 11.00 | 3.00 | 4.00 | 4.00 | 3.00 | 7.00 | 8.00 | 4.00 | 7.00 |
| Total income | 6,955.00 | 8,962.00 | 8,898.00 | 9,934.00 | 9,171.00 | 10,189.00 | 12,359.00 | 14,899.00 | 11,802.00 | 13,376.00 | 8,927.00 | 12,825.00 | 9,799.00 | 14,267.00 | 10,805.00 | 14,977.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 6.00 | -9.00 | 6.00 | 4.00 | 11.00 | 0.00 | 18.00 | 6.00 | 7.00 | 9.00 | 9.00 | 12.00 | 9.00 | 12.00 | 12.00 | 10.00 |
| Finance costs | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 | 14.00 | 11.00 | 9.00 | 13.00 | 10.00 | 20.00 | 21.00 | 36.00 | 35.00 | 36.00 |
| Depreciation and amortisation | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.00 | 0.00 |
| Other expenses | 6,837.00 | 8,808.00 | 8,567.00 | 9,862.00 | 9,032.00 | 10,025.00 | 12,129.00 | 14,940.00 | 11,604.00 | 13,191.00 | 8,826.00 | 12,691.00 | 9,763.00 | 14,169.00 | 10,795.00 | 14,793.00 |
| Total expenses | 6,853.00 | 8,809.00 | 8,584.00 | 9,876.00 | 9,053.00 | 10,031.00 | 12,161.00 | 14,958.00 | 11,620.00 | 13,214.00 | 8,847.00 | 12,723.00 | 9,792.00 | 14,217.00 | 10,844.00 | 14,839.00 |
| Profit before exceptional items and tax | 101.00 | 153.00 | 315.00 | 58.00 | 118.00 | 158.00 | 198.00 | -59.00 | 182.00 | 162.00 | 81.00 | 101.00 | 6.00 | 50.00 | -38.00 | 138.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 101.00 | 153.00 | 315.00 | 58.00 | 118.00 | 158.00 | 198.00 | -59.00 | 182.00 | 162.00 | 81.00 | 101.00 | 6.00 | 50.00 | -38.00 | 138.00 |
| Current tax | 11.00 | 8.00 | 50.00 | 8.00 | 14.00 | -12.00 | 23.00 | -10.00 | 20.00 | 16.00 | 18.00 | 10.00 | 13.00 | 9.00 | 11.00 | 13.00 |
| Deferred tax | -0.00 | 1.00 | -4.00 | -2.00 | 3.00 | 0.00 | 4.00 | 0.00 | 5.00 | 7.00 | -7.00 | 4.00 | -13.00 | -4.00 | -15.00 | 7.00 |
| Tax expense | 10.00 | 9.00 | 45.00 | 6.00 | 17.00 | -12.00 | 27.00 | -9.00 | 26.00 | 23.00 | 11.00 | 14.00 | 0.00 | 5.00 | -5.00 | 20.00 |
| Profit for the period | 91.00 | 144.00 | 269.00 | 52.00 | 101.00 | 170.00 | 171.00 | -50.00 | 156.00 | 139.00 | 70.00 | 86.00 | 6.00 | 45.00 | -32.00 | 118.00 |
| Profit attributable to owners | 75.00 | 118.00 | 225.00 | 46.00 | 88.00 | 148.00 | 149.00 | -44.00 | 127.00 | 113.00 | 0.00 | 70.00 | 4.00 | 0.00 | -26.00 | 96.00 |
| Profit attributable to non-controlling interests | 16.00 | 26.00 | 44.00 | 7.00 | 13.00 | 22.00 | 23.00 | -6.00 | 29.00 | 27.00 | 0.00 | 17.00 | 2.00 | 0.00 | -5.00 | 23.00 |
| Other comprehensive income | -2.00 | -2.00 | 3.00 | 3.00 | 3.00 | -4.00 | -1.00 | 4.00 | -0.00 | 12.00 | -4.00 | 9.00 | -14.00 | -13.00 | -52.00 | 35.00 |
| Total comprehensive income | 89.00 | 142.00 | 272.00 | 55.00 | 104.00 | 167.00 | 170.00 | -46.00 | 156.00 | 151.00 | 66.00 | 95.00 | -8.00 | 32.00 | -83.00 | 153.00 |
| Earnings per share, basic | 2.55 | 3.41 | 6.52 | 1.33 | 2.54 | 4.29 | 4.30 | -1.28 | 3.69 | 3.26 | 1.62 | 2.03 | 0.12 | 1.07 | -0.77 | 2.78 |
| Earnings per share, diluted | 2.55 | 3.41 | 6.52 | 1.33 | 2.54 | 4.29 | 4.30 | -1.28 | 3.69 | 3.26 | 1.62 | 2.03 | 0.12 | 1.07 | -0.77 | 2.78 |
| Interest earned | 58.00 | 64.00 | 76.00 | 84.00 | 92.00 | 89.00 | 90.00 | 99.00 | 122.00 | 128.00 | 133.00 | 152.00 | 152.00 | 164.00 | 170.00 | 177.00 |
| Fees and commission income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net gain on fair value changes | 4.00 | 10.00 | 29.00 | -7.00 | 31.00 | 6.00 | 25.00 | 11.00 | 47.00 | 67.00 | -22.00 | 36.00 | 1.00 | 42.00 | -94.00 | 47.00 |
| Dividend income | 1.00 | 0.00 | 0.00 | 1.00 | 1.00 | 2.00 | 0.00 | 0.00 | 1.00 | 3.00 | 1.00 | 1.00 | 3.00 | 1.00 | 1.00 | 1.00 |
| Rental income | 0.00 | 1.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 | 2.00 |
Annual results, as filed
| Line | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Revenue from operations | 18,240.00 | 31,274.00 | 31,181.00 | 31,413.00 | 46,576.00 | 47,674.00 |
| Other income | 2.00 | 14.00 | 6.00 | 18.00 | 42.00 | 22.00 |
| Total income | 18,242.00 | 31,288.00 | 31,188.00 | 31,431.00 | 46,618.00 | 47,696.00 |
| Cost of materials consumed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Purchases of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Changes in inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Employee benefit expense | 36.00 | 61.00 | 37.00 | 29.00 | 35.00 | 45.00 |
| Finance costs | 0.00 | 0.00 | 25.00 | 37.00 | 44.00 | 112.00 |
| Depreciation and amortisation | 11.00 | 5.00 | 5.00 | 5.00 | 3.00 | 2.00 |
| Other expenses | 17,680.00 | 30,684.00 | 30,734.00 | 30,833.00 | 46,127.00 | 47,419.00 |
| Total expenses | 17,799.00 | 30,695.00 | 30,799.00 | 30,904.00 | 46,203.00 | 47,577.00 |
| Profit before exceptional items and tax | 442.00 | 593.00 | 389.00 | 527.00 | 415.00 | 120.00 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit before tax | 442.00 | 593.00 | 389.00 | 527.00 | 415.00 | 120.00 |
| Current tax | 182.00 | 26.00 | 62.00 | 80.00 | 15.00 | 43.00 |
| Deferred tax | -13.00 | 7.00 | 8.00 | -5.00 | 7.00 | -28.00 |
| Tax expense | 170.00 | 33.00 | 70.00 | 75.00 | 22.00 | 15.00 |
| Profit for the period | 273.00 | 560.00 | 318.00 | 452.00 | 393.00 | 106.00 |
| Profit attributable to owners | 145.00 | 425.00 | 253.00 | 378.00 | 340.00 | 84.00 |
| Profit attributable to non-controlling interests | 128.00 | 134.00 | 65.00 | 73.00 | 52.00 | 22.00 |
| Other comprehensive income | 13.00 | -4.00 | -12.00 | -8.00 | 2.00 | -70.00 |
| Total comprehensive income | 286.00 | 555.00 | 306.00 | 444.00 | 395.00 | 35.00 |
| Earnings per share, basic | 5.38 | 14.51 | 7.34 | 10.97 | 9.85 | 2.45 |
| Earnings per share, diluted | 5.38 | 14.51 | 7.34 | 10.97 | 9.85 | 2.45 |
| Interest earned | 171.00 | 212.00 | 227.00 | 302.00 | 370.00 | 638.00 |
| Fees and commission income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Net gain on fair value changes | 21.00 | 85.00 | 96.00 | 39.00 | 74.00 | -15.00 |
| Dividend income | 3.00 | 2.00 | 3.00 | 3.00 | 3.00 | 6.00 |
| Rental income | 0.00 | 1.00 | 2.00 | 6.00 | 7.00 | 8.00 |
Balance sheet, as filed
| Line | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|
| Total assets | 131,824.00 | 142,837.00 | 162,773.00 | 182,791.00 | 196,872.00 | 198,936.00 |
| Property, plant and equipment | 2.00 | 2.00 | 1.00 | 1.00 | 1.00 | 1.00 |
| Capital work-in-progress | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Goodwill | 525.00 | 525.00 | 525.00 | 525.00 | 525.00 | 525.00 |
| Other intangible assets | 2.00 | 2.00 | 0.00 | 2.00 | 0.00 | 0.00 |
| Inventories | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and cash equivalents | 987.00 | 677.00 | 858.00 | 459.00 | 529.00 | 2,137.00 |
| Total equity and liabilities | 131,824.00 | 142,837.00 | 162,773.00 | 182,791.00 | 196,872.00 | 198,936.00 |
| Equity | 3,968.00 | 4,239.00 | 4,370.00 | 6,273.00 | 6,451.00 | 6,420.00 |
| Equity share capital | 69.00 | 69.00 | 69.00 | 69.00 | 69.00 | 69.00 |
| Other equity | 3,450.00 | 3,683.00 | 3,797.00 | 5,100.00 | 5,235.00 | 5,213.00 |
| Total liabilities | — | — | — | — | 190,420.00 | 192,516.00 |
Cash flow, as filed
| Line | 2021-09-30 | 2022-03-31 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 2,110.00 | 8,496.00 | 9,922.00 | 1,040.00 | 6,107.00 | -734.00 | 1,690.00 | 11,473.00 |
| Net cash from investing activities | -2,895.00 | -8,835.00 | -9,228.00 | -1,370.00 | -5,004.00 | -1,064.00 | -3,023.00 | -11,125.00 |
| Net cash from financing activities | 427.00 | 388.00 | -233.00 | -81.00 | -117.00 | 1,507.00 | 660.00 | 567.00 |
| Purchase of property, plant and equipment | 55.00 | 128.00 | -2.00 | 101.00 | 223.00 | 92.00 | 129.00 | 244.00 |
| Net increase in cash | -358.00 | 48.00 | 462.00 | -412.00 | 986.00 | -291.00 | 3,509.00 | 915.00 |
| con:CFO.BEFORE_TAX | 4,744.00 | 8,566.00 | 10,017.00 | 4,800.00 | 6,120.00 | 3,709.00 | 6,680.00 | 11,518.00 |
| con:INTEREST_RECEIVED.OPERATING | -2,644.00 | 0.00 | 0.00 | -3,814.00 | 0.00 | -4,434.00 | -5,016.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | -47.00 | 0.00 | 0.00 | -30.00 | 0.00 | -19.00 | -57.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 37.00 | 70.00 | 95.00 | -25.00 | 13.00 | 28.00 | 31.00 | 42.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -3.00 |
| con:INVESTMENTS_PURCHASED | 527,845.00 | 1,340,478.00 | 1,208,202.00 | 507,186.00 | 113,956.00 | 75,200.00 | 66,674.00 | 141,975.00 |
| con:INVESTMENTS_SOLD | 521,786.00 | 1,325,895.00 | 1,193,616.00 | 502,129.00 | 101,524.00 | 69,777.00 | 58,809.00 | 121,127.00 |
| con:PPE_DISPOSALS | 0.00 | 1.00 | 0.00 | 1.00 | 2.00 | 66.00 | 1.00 | 6.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 555.00 | 555.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 843.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 10.15 | 10.15 | 6.52 | 6.52 | 6.52 | 6.52 | 3.34 | 3.34 | 1.74 | 1.74 | 0.02 | 0.01 | 0.01 | 0.01 |
| Domestic institutions | 34.06 | 34.35 | 35.10 | 36.89 | 39.92 | 40.74 | 44.00 | 42.69 | 47.30 | 47.29 | 0.47 | 0.47 | 0.45 | 0.44 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 39.24 | 0.39 | 0.39 | 0.37 | 0.37 |
| Insurance companies | 3.01 | 3.09 | 3.79 | 4.13 | 4.82 | 5.42 | 6.19 | 6.23 | 5.84 | 6.25 | 0.07 | 0.06 | 0.06 | 0.06 |
| Foreign institutions | 47.71 | 48.46 | 51.54 | 50.89 | 47.71 | 46.60 | 46.24 | 47.50 | 44.75 | 44.72 | 0.45 | 0.45 | 0.48 | 0.48 |
| Public | 89.85 | 89.85 | 93.48 | 93.48 | 93.48 | 93.48 | 96.66 | 96.66 | 98.26 | 98.26 | 0.98 | 0.99 | 0.99 | 0.99 |
| Non-institutional | 8.08 | 7.05 | 6.84 | 5.70 | 5.85 | 6.14 | 6.43 | 6.47 | 6.21 | 6.25 | 0.06 | 0.06 | 0.06 | 0.06 |
| Shares outstanding | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 | 345114771 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Axis Bank Limited | Entity with significant influence | Any other transaction, Dividend received, Investment | 24,438,767,000.00 | 10 |
| Max Financial Services Limited Employees’ Provident Fund Tru | Entities with joint control or sig | Any other transaction | 366,119,000.00 | 2 |
| Mr. Prashant Tripathi | Key management personnel of subsid | Remuneration, Sale of goods or services | 43,483,000.00 | 2 |
| Max India Foundation | Entities with joint control or sig | Any other transaction | 40,000,000.00 | 1 |
| Mr. Anurag Chauhan | Key management personnel of subsid | Remuneration, Sale of goods or services | 32,413,000.00 | 2 |
| Max Estates Limited | Entities with joint control or sig | Any other transaction, Sale of goods or services | 30,903,000.00 | 4 |
| Mr. Amrit Pal Singh | Key management personnel of entity | Remuneration, Sale of goods or services | 28,700,000.00 | 3 |
| Max India Limited | Entities with joint control or sig | Any other transaction, Purchase of goods or services | 15,495,000.00 | 10 |
| New Delhi House Services Limited | Entities with joint control or sig | Any other transaction, Purchase of goods or services | 11,516,000.00 | 5 |
| Mr. V Krishnan | Key management personnel of entity | Remuneration | 11,047,000.00 | 1 |
| Mr. Ranbeer Dhariwal | Key management personnel of subsid | Remuneration | 8,177,000.00 | 1 |
| Delhi Guest House Pvt Limited | Entities with joint control or sig | Any other transaction, Purchase of goods or services | 5,554,000.00 | 2 |
| Mr. K Narasimha Murthy | Key management personnel of entity | Any other transaction, Remuneration | 4,860,000.00 | 4 |
| Max UK Limited | Entities with joint control or sig | Purchase of goods or services | 4,800,000.00 | 1 |
| SKA Diagnostic Private Limited | Entities with joint control or sig | Any other transaction, Purchase of goods or services | 3,750,000.00 | 2 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-20 | Q1FY27 | Read the call | |
| 2026-02-18 | Q3FY26 | Read the call | |
| 2025-11-18 | Q2FY26 | Read the call | |
| 2025-08-14 | Q1FY26 | Read the call | |
| 2025-05-19 | Q4FY25 | Read the call | |
| 2025-02-11 | Q3FY25 | Read the call | |
| 2024-10-28 | Q2FY25 | Read the call | |
| 2024-08-21 | Q1FY25 | Read the call | |
| 2024-05-13 | Q4FY24 | Read the call | |
| 2024-02-13 | Q3FY24 | Read the call | |
| 2023-11-06 | Q2FY24 | Read the call | |
| 2023-08-17 | Q1FY24 | Read the call | |
| 2023-05-19 | Q4FY23 | Read the call | |
| 2023-02-07 | Q3FY23 | INSURANCE | Read the call |
| 2022-10-28 | Q2FY23 | Read the call | |
| 2022-08-08 | Q1FY23 | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | Q2FY26 | Q3FY23 | Q3FY24 | Q3FY25 | Q3FY26 | Q4FY23 | Q4FY24 | Q4FY25 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | — | — | — | — | — | — | — |
| Capital allocation | — | Any sort of a time line in mind and considering that now whatever amount, but the cash outgo for Axis Bank increases will this 7% acquisition be likel… | Direct customer acquisition channels also improved efficiency and expanded into new verticals contributing significantly to overall growth. | — | — | — | Direct customer acquisition channels also enhance their efficiency and ventured into new verticals significantly contributing to overall growth. | Sir, just wanted to clarify, on your dividend strategy, you had mentioned 1 or 2 years back that you will not be paying out dividends. |
| Costs | — | — | — | Thus, our digital initiatives are improving operational efficiency, enhancing customer satisfaction, and driving cost savings as well. | — | — | — | — |
| Debt and cash | But we are getting something over and above that cost base and in a hypothetical scenario where in the future, if there is some at least transient imp… | In this regard, we would like to inform you that the parties had entered into revised agreements, in terms of which Axis Bank and its subsidiaries hav… | — | — | — | — | We have the par designs, the non-par designs, annuity, protection designs etc, but within that there's always an innovation possibility either on feat… | — |
| Demand | — | And as time is progressing both elements of demand and supply are actually improving upon and that we continue to be very optimistic on this long-term… | Quarter 3 performance reflects an 82% growth in Protection and Health, indicating robust demand in this segment supported by innovative launches. | So, is it a kind of a strategic shift that, okay, now you are comfortable with selling even higher ULIPs if there is a demand? | So it is, I think it has it is there is a demand component to it, which always remains structurally intact given the inherent role long-term guarantee… | — | So of course, there is a pipeline of products. | So there was a period of time of tightening of demand which affected growth in FY '22-23, but as we look forward, even in this particular year, we hav… |
| Guidance | As you had mentioned that you are maintaining the growth guidance but if I look at your base in second half, it is slightly more benign than what we h… | This revision has been done consequent to the guidance received by Max Life from IRDAI. | We anticipate these partnerships to become meaningful in the next financial year. | And with further investments, we expect that brands will reach out to the segments that we intend to cover more and more as we go forward. | We continue to reinforce our guidance, which we had set out at the start of the year that -- which is for FY '26, the NBMs will land in the range of 2… | I mean, very, very strong performance for Q4.First question is on the growth outlook for FY '24 considering the base effect, whatever happened, the ta… | We anticipate these partnerships to become a significant part of our total business in the upcoming financial year and going forward. | And in that backdrop, how do you see the growth in this FY '26 and margins, would you be kind of guiding for FY '26 margin by and large stable or sort… |
| Margin | So adjusting for that, that 250-odd bps, if you can break it down between how much has come from the product mix, how much may be product level improv… | Overall, from a margin perspective, this quarter has been pretty satisfying. | In pursuit of a balanced approach that considers both shareholder outcomes and customer needs, we introduced several new offerings for the year, contr… | Product Innovation to Drive Margins The last quarter also saw us being compliant with the surrender guidelines and my second topic, hence, is to talk … | Some quantification or granularity in this figure from the current margin perspective and how do we see it in the next year would be very helpful. | Second, on the margin side, sir, what I wanted to understand is that this quarter, as I see the product mix has moved favourably in the direction of n… | All these achievements culminated in achieving new business margin of 26.5% within our guided range of 26% to 27% right at the midpoint. | At a total level, our Banca contributes now about 55%-56%, of that absolute 48% is from Axis Bank and it remains a solid number and we are very hopefu… |
| People | — | Sir, I just wanted to understand which way those low hanging fruits which were available, where you have managed to cut the cost despite deploying mor… | — | — | — | We are making investments to grow our headcount in the direct channel. | — | — |
| Pricing | Is there any system you have built or you will be putting into place like smarter sourcing, pricing discipline or any digital efficiencies that will h… | And Max Financial Services Limited January 31, 2023 number two, if the pricing has changed from an Axis Bank perspective and given that the regulator … | Just wanted to understand, from the perspective that now that Axis deal has happened at a different pricing than what envisaged four years back, and o… | Coming to the other areas, on product, just like to clarify that we have taken all actions with respect to pricing as well as the negotiations that we… | This the proportion of that also in the book is kind of reducing and some bit of likely drop in persistency was also baked into our thinking when we w… | — | Secondly, on the non-par business, what kind of pricing actions we would have taken in possibly Q4 or afterwards? | Have we started to take any action on pricing to reflect brand strength? |
| Revenue growth | Axis Bank, since you specifically asked, we have seen a growth of almost around 7% as far as Axis Bank is concerned. | Our proprietary channel APE resulted in a growth of 19% for the first 9 months, led by strong growth in both online and offline crop channels. | Furthermore, our focus on product segments of our choice is evident in the growth of our Protection, Health, Annuity segment, which constitutes now 16… | In Quarter 3, individual adjusted sales grew by 16%, outperforming both private sector growth, which was at 13%, and overall growth of industry, which… | A quick update on key financial metrics. • At the MFSL level, the revenue, excluding investment income now stands at INR 24,625 crore. a strong growth… | So at a very high level, I think as management, we remain bullish on growth at Axis Bank. | I'm very happy to share that our full year individual adjusted first-year premium sales experienced a robust growth of 16%, surpassing the private sec… | 32,620 crore, a growth of 12% in FY '25 Consolidated PAT stands at Rs. |