Max Financial Services Ltd (MFSL) Q2 FY27 Results Analysis: Normalized PAT Jumps 53% QoQ, Net Premiums Surge 40%
Max Financial Services Ltd's Q2 FY27 numbers came in mixed, with revenue of Rs. 11,601.09 Cr (+18.48% YoY) and PAT growth of +1608.69% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Revenue (Q2) | Rs. 11,601.09 Cr (+18.48% YoY) |
| PAT (Q2) | Rs. 100.30 Cr (+1608.69% YoY) |
| EPS (Q2) | Rs. 2.33 (+1841.67% YoY) |
| Market cap | Rs. 42,792.47 Cr |
| CMP | Rs. 1,231.30 |
Quarter Snapshot
MFSL's Q2 FY27 revenue grew 18.48% YoY to Rs.11,601.09 crore with PAT of Rs.100.30 crore (Rs.2.33 EPS vs Rs.0.12 year-ago), while normalized PAT excluding fair-value swings rose 53.51% QoQ to Rs.119.12 crore. The reported QoQ decline is an investment-mark effect, not an insurance-volume effect, as net premiums grew 40.02% QoQ. No management guidance was available to score against, so results are read as growth signals rather than beats.
Key Investment Insights
Key Positives
- Revenue from operations grew 18.48% YoY to Rs.11,601.09 crore
- Net premium income grew 14.63% YoY and 40.02% QoQ to Rs.10,186.81 crore
- PAT grew 1,608.69% YoY to Rs.100.30 crore; EPS Rs.2.33 vs Rs.0.12 year-ago
- Normalized PAT (ex fair-value swings) rose 53.51% QoQ to Rs.119.12 crore
- H1 revenue Rs.26,570.60 crore, +17.50% YoY; H1 PAT to owners Rs.175.48 crore vs Rs.73.76 crore
- H1 operating cash flow grew 83.34% YoY to Rs.3,098.39 crore
- Life Insurance segment result of Rs.136.61 crore vs Rs.23.73 crore year-ago
- Owners' equity grew 8.26% since March 2026 to Rs.5,718.16 crore; policyholders' fund assets grew 7.66%
Risk Factors
- Net gain on fair value changes swung from +Rs.47.44 crore in Q1 to −Rs.20.41 crore in Q2, driving a 22.50% QoQ revenue decline
- Reported PAT fell 15.21% QoQ
- Finance costs rose 43.42% YoY to Rs.30.29 crore
- Year-ago base was weak even before MTM (ex-FV PBT of Rs.5.03 crore), flattering YoY optics
- Non-controlling interests absorbed 20.32% of consolidated PAT
- Standalone entity posted a loss of Rs.(1.65) crore in Q2
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Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.