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MAX Financial posts Q1 loss despite higher income

May 12, 2026 4 mins read Firehose Gupta

MAX FINANCIAL SERVICES LIMITED — Quarter and year ended March 31, 2026

Particulars 3 months ended 31.03.2026 (Unaudited) (See note 12) 3 months ended 31.12.2025 (Unaudited) (See note 12) 3 months ended 31.03.2025 (Unaudited) (See note 12) Year ended 31.03.2026 (Audited) Year ended 31.03.2025 (Audited)
1. Revenue from operations
(a) Interest Income 169.97 164.02 139.31 637.50 521.92
(b) Dividend Income 1.07 0.78 1.14 6.12 6.29
(c) Rental Income 1.98 1.98 1.92 7.59 7.06
(d) Net gain on fair value changes (93.59) 41.53 (14.49) (15.22) 78.31
(e) Policyholders’ Income from Life Insurance operations 10,722.51 14,050.62 12,247.76 47,038.12 45,854.83
(f) Sale of services – – 0.12 – 0.50
2. Total Revenue from operations 10,801.94 14,258.93 12,375.76 47,674.11 46,468.91
3. Other income 3.54 8.50 20.32 22.32 28.33
4. Total income (2+3) 10,805.48 14,267.43 12,396.08 47,696.43 46,497.24
5. Expenses
(a) Finance costs 35.13 35.93 15.30 111.86 47.36
(b) Impairment on financial instruments (including reversals) 0.66 (0.07) (1.24) (1.23) (1.42)
(c) Employee benefits expenses 12.17 11.55 15.68 45.03 36.49
(d) Depreciation, amortisation and impairment 0.49 0.52 0.71 2.31 2.87
(e) Legal and professional expenses 2.29 3.38 2.56 11.70 10.65
(f) Policyholders’ Expenses of Life Insurance operations 10,787.39 14,161.01 12,299.65 47,387.65 45,879.71
(g) Other expenses 5.42 5.05 39.34 19.34 71.48
6. Total expenses 10,843.55 14,217.37 12,372.00 47,576.66 46,047.14
7. Profit / (loss) before tax (4-6) (38.07) 50.06 24.08 119.77 450.10
8. Tax expense
Relating to other than revenue account of Life Insurance policyholders
– Current tax 11.20 9.21 7.25 43.93 61.09
– Deferred tax charge/ (Credit) (15.39) (3.90) (2.55) (27.92) 3.12
– Adjustment of tax relating to earlier periods (See note 4) (0.68) – (20.85) (0.68) (20.85)
Total tax expense (4.87) 5.31 (16.15) 15.33 43.36
9. Profit / (loss) after tax from continuing operations for the period/year (7-8) (33.20) 44.75 40.23 104.44 406.74
Profit /(Loss) from discontinued operations before tax 2.05 0.01 (1.63) 1.49 (3.04)
Tax Income/(Expense) on discontinued operations (0.37) – (0.32) (0.37) (0.32)
10. Profit/(Loss) after tax from discontinued operations for the period/year 1.68 0.01 (1.95) 1.12 (3.36)
11. Profit / (loss) for the period/year (9+10) (31.52) 44.76 38.28 105.56 403.38
12. Other comprehensive income (OCI)
Relating to revenue account of life insurance policyholders
(i) Items that will not be reclassified to profit or loss in subsequent periods 5.58 (0.96) 0.21 (2.78) (7.37)
(ii) Items that will be reclassified to profit or loss in subsequent periods (5,244.45) (1,035.18) 1,353.69 (10,213.31) 2,650.84
Less: Transferred to policyholders’ fund in the balance sheet 5,238.87 1,036.14 (1,353.90) 10,216.09 (2,643.47)
Relating to Others
(i) Items that will not be reclassified to profit or loss in subsequent periods 0.06 0.02 (0.08) 0.11 (0.07)
Income tax relating to items that will not be reclassified to profit or loss – – 0.02 – 0.02
(ii) Items that will be reclassified to profit or loss in subsequent periods (60.46) (15.48) 19.32 (82.17) 29.06
Income tax relating to items that will be reclassified to profit or loss 8.80 2.25 (2.81) 11.96 (4.23)
13. Other comprehensive income/(loss) (51.60) (13.21) 16.45 (70.10) 24.78
14. Total comprehensive income / (loss)(11+13) (83.12) 31.55 54.73 35.46 428.16
15. Profit attributable to
Owners of the company (26.35) 36.56 31.31 83.97 327.21
Non-controlling interests (5.17) 8.20 6.97 21.59 76.17
16. Other comprehensive income/(loss) attributable to
Owners of the company (41.78) (10.69) 13.31 (56.75) 20.06
Non-controlling interests (9.82) (2.52) 3.14 (13.35) 4.72
17. Total comprehensive income attributable to
Owners of the company (68.13) 25.87 44.63 27.22 347.27
Non-controlling interests (14.99) 5.68 10.11 8.24 80.89
18. Paid up Equity Share Capital (Face value of Rs. 2 each) 68.66 68.63 68.69 68.66 68.69
19. Other Equity – – – 5,213.13 5,205.83
20. Earnings per share (EPS) (Rs.) (not annualised) – Continued operations
(a) Basic EPS (0.81) 1.07 0.96 2.42 9.61
(b) Diluted EPS (0.81) 1.07 0.96 2.42 9.61
21. Earnings per share (EPS) (Rs.) (not annualised) – Discontinued operations
(a) Basic EPS 0.04 – (0.05) 0.03 (0.08)
(b) Diluted EPS 0.04 – (0.05) 0.03 (0.08)
Particulars 3 months ended 31.03.2026 (Unaudited) 3 months ended 31.12.2025 (Unaudited) 3 months ended 31.03.2025 (Unaudited) Year ended 31.03.2026 (Audited) Year ended 31.03.2025 (Audited)
1 Segment Revenue
a) Life Insurance 10,802.09 14,258.01 12,374.53 47,671.49 46,463.97
b) Business Investments 20.22 6.31 6.25 38.71 25.66
Total 10,822.31 14,264.32 12,380.78 47,710.20 46,489.63
Less: Inter segment elimination (net) 20.37 5.39 5.02 36.09 20.72
Revenue from operations (net) 10,801.94 14,258.93 12,375.76 47,674.11 46,468.91
2 Segments Results
a) Life Insurance (2.68) 80.56 16.30 221.56 470.08
b) Business Investments (3.78) (3.06) 5.81 (12.23) (0.95)
Total (6.46) 77.50 22.11 209.33 469.13
Less: Inter segment elimination (net) – – – – –
Sub-total (6.46) 77.50 22.11 209.33 469.13
Unallocated (31.61) (27.44) 1.97 (89.56) (19.03)
Profit / (loss) before tax (excluding discontinuing operations) (38.07) 50.06 24.08 119.77 450.10
Less: Provision for taxation (includes provision for Deferred Tax) (4.87) 5.31 (16.15) 15.33 43.36
Profit / (loss) for the period/year (excluding discontinuing operations) (33.20) 44.75 40.23 104.44 406.74
Particulars As at 31.03.2026 (Audited) As at 31.03.2025 (Audited)
3 Segment Assets
a) Life Insurance 198,519.88 189,765.96
b) Business Investments 6,941.19 6,898.96
c) Discontinued Operations – 53.85
Total Segment Assets 205,461.07 196,718.77
Inter-segment elimination (net) (6,525.51) (6,539.13)
Add: Unallocated assets
Total Assets 198,935.56 190,179.64
Particulars As at 31.03.2026 (Audited) As at 31.03.2025 (Audited)
4 Segment Liabilities
a) Life Insurance 192,508.98 183,800.71
b) Business Investments 193.17 157.13
c) Discontinued Operations – 3.05
Total Segment Liabilities 192,702.15 183,960.89
Inter-segment elimination (net) (186.58) (184.49)
Add: Unallocated liabilities
Total Liabilities 192,515.57 183,776.40
Particulars As at 31.03.2026 (Audited) As at 31.03.2025 (Audited)
A ASSETS
1. Financial assets
(a) Cash and cash equivalents 2,137.15 1,070.55
(b) Bank balance other than (a) above – 52.94
(c) Investments 9,715.61 9,135.32
(d) Other financial assets 333.42 298.38
(e) Life Insurance Policyholders’ Fund 184,222.04 177,085.55
(f) Assets classified as held for sale and discontinued operations – 53.85
Total financial assets 196,408.22 187,696.59
2. Non-financial Assets
(a) Current tax assets (net) 9.95 9.18
(b) Deferred tax assets (net) 28.71 –
(c) Investment Property 80.77 82.29
(d) Property, plant and equipment 0.96 1.57
(e) Goodwill 525.25 525.25
(f) Right to use assets 0.24 0.84
(g) Other non-financial assets 276.52 339.24
(h) Life Insurance Policyholders’ Fund 1,604.94 1,524.68
Total non-financial assets 2,527.34 2,483.05
Total assets 198,935.56 190,179.64
B LIABILITIES AND EQUITY
I LIABILITIES
1. Financial liabilities
(a) Payables
(I) Trade Payables
(i) Total outstanding dues of micro enterprises and small enterprises 5.35 0.49
(ii) Total outstanding dues of creditors other than micro enterprises and small enterprises 2,589.99 1,815.85
(b) Debt Securities 1,858.40 1,025.46
(c) Lease liability 0.25 0.87
(d) Other financial liabilities 1,157.31 912.21
(e) Life Insurance Policyholders’ Fund 185,663.83 178,611.23
(f) Liabilities classified as held for sale and discontinued operations – 3.05
Total financial liabilities 191,275.13 182,369.16
2. Non-financial liabilities
(a) Provisions 166.34 70.73
(b) Current tax liabilities (net) 7.07 4.76
(c) Deferred tax liabilities (net) – 11.19
(d) Other non-financial liabilities 1,058.90 1,316.32
(e) Life Insurance Policyholders’ Fund 8.13 4.24
Total non-financial liabilities 1,240.44

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