Max Financial Services Q4 Profit Rises 17% To ₹45 Crore, Revenue Climbs 15%

Mumbai: Max Financial Services Limited reported a 17 percent year-on-year rise in consolidated net profit to ₹44.8 crore in Q4 FY26, while revenue from operations increased to ₹14,259 crore. The company recovered from a loss of ₹31.5 crore in Q3 FY26 as policyholders’ income and insurance operations strengthened during the March quarter. Compared with ₹10,802 crore revenue in Q3 FY26, ₹12,376 crore in Q4 FY25 and annual revenue of ₹47,674 crore in FY26, the insurer’s quarterly performance reflected stronger operating momentum at Axis Max Life Insurance.

Total income for the quarter stood at ₹14,267 crore against ₹10,805 crore in Q3 FY26 and ₹12,396 crore in the corresponding quarter last year. Total expenses rose to ₹14,217 crore from ₹10,844 crore in Q3 FY26 and ₹12,372 crore a year earlier, mainly due to higher policyholders’ expenses and insurance contract liabilities. Profit before tax more than doubled year-on-year to ₹50.1 crore from ₹24.1 crore, aided by operational improvement and reserve adjustments in the life insurance business.

Policyholders’ income from life insurance operations increased to ₹14,051 crore during the quarter from ₹10,723 crore sequentially and ₹12,248 crore a year ago. Premium income rose sharply to ₹13,473 crore from ₹9,491 crore in Q3 FY26, while benefits payout increased to ₹5,782 crore. The company said its subsidiary’s appointed actuary released ₹280 crore of reserves held for extreme mortality events, which lifted profit before tax for the quarter and full year. However, the group also recognised an incremental employee benefits expense of ₹96.5 crore following implementation of the new Labour Codes.

For FY26, consolidated revenue from operations rose 2.6 percent to ₹47,674 crore from ₹46,469 crore in FY25. Net profit for the year declined sharply to ₹105.6 crore from ₹403.4 crore in the previous year. During the year, Axis Max Life Insurance raised ₹800 crore through listed non-convertible debentures, while Max Financial also approved a proposed amalgamation with Axis Max Life Insurance, subject to regulatory approvals.

Max Financial Services said the SEBI proceedings related to historical compliance matters remain pending, with no financial impact recognised in FY26 results. This report is based on audited financial statements and is not investment advice.

Disclaimer: This article is based on the company’s regulatory filing for Q4 FY26. It is for informational purposes only and does not constitute investment advice or a recommendation.