Max Financial Q2 FY27 Results (NSE: MFSL)
Signal: Steady quarter
The read
The key inflection is the Life Insurance segment's profit recovery: segment result rose to ₹136.61 crore from ₹23.73 crore YoY and consolidated PAT reached ₹100.30 crore from ₹5.87 crore, although revenue fell 22.5% QoQ after the prior quarter's higher base and policyholder investment fair-value movements remain volatile.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,601.09 Cr | +18.5% | -22.5% |
| Net profit | ₹100.3 Cr | +1,608.9% | |
| EPS | ₹2.33 | +1,841.7% | |
| EBIT margin | N/A |
P&L walk
Revenue rose to ₹11,601.09 crore, +18.5% YoY but -22.5% QoQ, with Life Insurance segment result at ₹136.61 crore versus ₹23.73 crore YoY; lower PAT conversion was not an issue because PBT increased to ₹108.77 crore from ₹6.30 crore despite finance costs rising 43.4%.
Segments
Life Insurance drove the recovery: segment revenue rose 18.5% YoY to ₹11,599.96 crore and segment result rose to ₹136.61 crore from ₹23.73 crore, while Business Investments remained loss-making at ₹1.68 crore despite improving from a ₹3.35 crore loss.
Key positives
- Life Insurance segment result increased to ₹136.61 crore from ₹23.73 crore YoY, lifting consolidated PBT to ₹108.77 crore from ₹6.30 crore.
- Premium income, net rose 14.6% YoY to ₹10,186.81 crore, supporting 18.5% YoY growth in Life Insurance segment revenue.
- Operating cash flow increased to ₹3,098.39 crore in H1FY27 from ₹1,690.00 crore in H1FY26, while H1 PAT rose to ₹218.59 crore from ₹92.89 crore.
Key concerns
- Revenue declined 22.5% QoQ to ₹11,601.09 crore from ₹14,969.51 crore, indicating substantial sequential volatility despite positive YoY growth.
- Finance costs increased 43.4% YoY to ₹30.29 crore, faster than reported revenue growth of 18.5% YoY.
- Business Investments remained loss-making at ₹1.68 crore in Q2FY27, although the loss narrowed from ₹3.35 crore YoY.
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