Max Financial Services quarterly results

Q2 FY27 · Jul–Sep 2026

₹ crore	Q2 FY27	Q2 FY26	Change
Revenue	11,601	9,792	+18.5%
EBITDA	135	21.0	+544.7%
EBITDA margin	1.2%	0.2%	+1.0 pts
Profit before tax	109	6.3	+1,626.5%
Net profit	100	5.9	+1,608.7%
EPS	₹2.33	₹0.12	+1,841.7%

Every quarter

₹ crore except per share

Tap a line for its trend	Q2 FY27Sep 2026	Q1 FY27Jun 2026	Q4 FY26Mar 2026	Q3 FY26Dec 2025	Q2 FY26Sep 2025	Q1 FY26Jun 2025	Q4 FY25Mar 2025	Q3 FY25Dec 2024	Q2 FY25Sep 2024	Q1 FY25Jun 2024	Q4 FY24Mar 2024	Q3 FY24Dec 2023	Earlier quartersAlpha Plus

Expenses
	11,601	14,970	10,802	14,259	9,792	12,822	12,376	8,923	13,372	11,799	14,888	12,356	Earlier quartersEvery year the company has filed comes with Alpha Plus.
	4.1	7.1	3.5	8.5	7.0	3.3	20.3	4.1	3.7	3.2	10.7	3.5
	11,605	14,977	10,805	14,267	9,799	12,825	12,396	8,927	13,376	11,802	14,899	12,359
	11.0	10.2	12.2	11.6	9.0	12.4	7.4	9.1	9.4	6.7	6.0	17.7
	30.3	35.5	35.1	35.9	21.1	19.7	15.3	10.2	12.6	9.3	10.8	14.2
	0.5	0.5	0.5	0.5	0.6	0.7	0.7	0.8	0.7	0.7	0.7	0.8
	11,455	14,793	10,795	14,169	9,763	12,691	12,350	8,826	13,191	11,604	14,940	12,129
	11,496	14,839	10,844	14,217	9,792	12,723	12,372	8,847	13,214	11,620	14,958	12,161
	135	167	−6.0	78.0	21.0	119	19.8	87.6	172	189	−58.6	209
	135	166	−6.5	77.5	20.4	118	19.1	86.8	171	188	−59.3	209
Profit
	109	138	−38.1	50.1	6.3	101	24.1	80.7	162	182	−59.4	198
	109	138	−38.1	50.1	6.3	101	24.1	80.7	162	182	−59.4	198
	13.2	12.9	10.5	9.2	13.2	10.3	−13.6	17.6	15.8	20.4	−9.6	23.1
	−4.7	6.8	−15.4	−3.9	−12.9	4.2	−2.6	−6.6	6.9	5.4	0.3	3.6
	8.5	19.6	−4.9	5.3	0.4	14.5	−16.2	10.9	22.8	25.8	−9.3	26.8
	100	118	−31.5	44.8	5.9	86.5	38.3	69.8	139	156	−50.1	171
	100	118	−33.2	44.8	5.9	87.0	40.2	69.8	139	156	−50.1	171
	0.0	0.0	1.7	0.0	−0.0	−0.5	−2.0	0.0	0.0	0.0	0.0	0.0
	−39.8	35.1	−51.6	−13.2	−14.3	9.0	16.5	−3.6	12.0	−0.0	3.7	−0.9
	60.5	153	−83.1	31.6	−8.4	95.4	54.7	66.2	151	156	−46.4	170
	79.9	95.6	−26.4	—	4.1	69.6	31.3	—	113	127	−44.1	149
	20.4	22.7	−5.2	0.0	1.8	16.8	7.0	0.0	26.8	28.7	−6.0	22.7
Per share
	₹2.33	₹2.78	−₹0.77	₹1.07	₹0.12	₹2.03	₹0.91	₹1.62	₹3.26	₹3.69	−₹1.28	₹4.30
	₹2.33	₹2.78	−₹0.77	₹1.07	₹0.12	₹2.03	₹0.91	₹1.62	₹3.26	₹3.69	−₹1.28	₹4.30
Revenue detail — as filed
	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.7	0.8	0.2	1.6	1.4
	1.7	2.0	2.0	2.0	1.8	1.8	1.9	1.9	1.5	1.8	1.8	1.7
	3.4	1.5	1.1	0.8	3.0	1.3	1.1	0.8	3.1	1.2	0.4	0.5
	−20.4	47.4	−93.6	41.5	1.3	35.6	−14.5	−21.7	67.2	47.4	11.0	24.8
	11,435	14,742	10,723	—	—	—	—	—	—	—	—	—
Expense detail — as filed
	−0.0	−0.3	0.7	−0.1	−1.8	−0.0	−1.2	−0.0	−0.1	−0.1	0.1	−0.7
Continuing & discontinued operations
	0.0	0.0	2.1	0.0	−0.0	−0.5	−1.6	0.0	0.0	0.0	0.0	0.0
	0.0	0.0	0.4	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other comprehensive income — detail
	−39.8	35.1	−51.6	−13.2	−14.3	9.0	16.5	−3.6	12.0	−0.0	3.7	−0.9
	−0.2	0.0	0.1	0.0	0.1	−0.0	—	0.0	0.0	−0.0	0.0	0.0
	0.0	0.0	0.0	0.0	0.0	0.0	0.1	—	—	—	—	—
	—	—	—	—	—	—	—	0.0	0.0	−0.0	0.0	0.0
	−46.3	41.0	−60.5	−15.5	−16.7	10.5	—	−4.3	14.0	−0.0	4.3	−1.0
	−6.7	6.0	−8.8	−2.3	−2.4	1.5	−16.5	—	—	—	—	—
	—	—	—	—	—	—	—	−0.6	2.0	0.0	0.6	−0.2
	48.0	124	−68.1	—	−7.4	76.9	44.6	—	122	127	−40.9	148
	12.5	29.5	−15.0	—	−1.0	18.5	10.1	—	29.1	28.7	−5.6	22.5
Per share — as-filed variants
	₹2.33	₹2.78	−₹0.81	₹1.07	₹0.12	₹2.03	₹0.96	₹1.62	₹3.26	₹3.69	−₹1.28	₹4.30
	₹2.33	₹2.78	−₹0.81	₹1.07	₹0.12	₹2.03	₹0.96	₹1.62	₹3.26	₹3.69	−₹1.28	₹4.30
	₹0.00	₹0.00	₹0.04	₹0.00	₹0.00	₹0.00	−₹0.05	₹0.00	₹0.00	₹0.00	₹0.00	₹0.00
	₹0.00	₹0.00	₹0.04	₹0.00	₹0.00	₹0.00	−₹0.05	₹0.00	₹0.00	₹0.00	₹0.00	₹0.00
Adjusted (ex-exceptional items) — derived
	109	138	−38.1	50.1	6.3	101	24.1	80.7	162	182	−59.4	198
	100	118	−31.5	44.8	5.9	86.5	38.3	69.8	139	156	−50.1	171
	₹2.33	₹2.78	−₹0.77	₹1.07	₹0.12	₹2.03	₹0.91	₹1.62	₹3.26	₹3.69	−₹1.28	₹4.30

Open the chart

From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

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MFSL₹1,224.60

Max Financial Services Ltd.

· Banking & Finance

Annual Quarterly₹ CrorePeersHDFCLIFE SBILIFE ICICIPRULI INDIANB IDFCFIRSTB ICICIGI FEDERALBNK PAYTMMcap ₹42,041 Cr

View

In ₹ Crore except Per Share 3 Months Ending	Q3 FY24 31/12/2023	Q4 FY24 31/03/2024	Q1 FY25 30/06/2024	Q2 FY25 30/09/2024	Q3 FY25 31/12/2024	Q4 FY25 31/03/2025	Q1 FY26 30/06/2025	Q2 FY26 30/09/2025	Q3 FY26 31/12/2025	Q4 FY26 31/03/2026	Q1 FY27 30/06/2026	Q2 FY27 30/09/2026
Revenue from Operations	12,355.7	14,887.8	11,798.8	13,372.4	8,923.2	12,375.8	12,821.7	9,791.6	14,258.9	10,801.9	14,969.5	11,601.1
Other Income	3.5	10.7	3.2	3.7	4.1	20.3	3.3	7.0	8.5	3.5	7.1	4.1
Total Income	12,359.2	14,898.5	11,802.0	13,376.1	8,927.4	12,396.1	12,824.9	9,798.6	14,267.4	10,805.5	14,976.6	11,605.2
Expenses
+ Employee Benefit Expense	17.7	6.0	6.7	9.4	9.1	7.4	12.4	9.0	11.6	12.2	10.2	11.0
+ Finance Costs	14.2	10.8	9.3	12.6	10.2	15.3	19.7	21.1	35.9	35.1	35.5	30.3
+ Depreciation & Amortisation	0.8	0.7	0.7	0.7	0.8	0.7	0.7	0.6	0.5	0.5	0.5	0.5
+ Other Expenses	12,129.3	14,940.4	11,603.7	13,191.4	8,826.5	12,349.8	12,690.8	9,763.4	14,169.4	10,795.1	14,792.8	11,454.6
Total Expenses	12,161.2	14,957.9	11,620.3	13,214.0	8,846.6	12,372.0	12,723.4	9,792.3	14,217.4	10,843.6	14,838.7	11,496.4
EBITDA	209.4	-58.6	188.6	171.6	87.6	19.8	118.6	21.0	78.0	-6.0	166.9	135.5
EBIT	208.6	-59.3	187.8	170.9	86.8	19.1	117.9	20.4	77.5	-6.5	166.4	134.9
Profit
PBT before Exceptional Items	198.0	-59.4	181.8	162.1	80.7	24.1	101.5	6.3	50.1	-38.1	137.9	108.8
Pretax Income	198.0	-59.4	181.8	162.1	80.7	24.1	101.5	6.3	50.1	-38.1	137.9	108.8
+ Current Tax	23.1	-9.6	20.4	15.8	17.6	-13.6	10.3	13.2	9.2	10.5	12.9	13.2
+ Deferred Tax	3.6	0.3	5.4	6.9	-6.6	-2.6	4.2	-12.9	-3.9	-15.4	6.8	-4.7
Tax Expense	26.8	-9.3	25.8	22.8	10.9	-16.2	14.5	0.4	5.3	-4.9	19.6	8.5
Net Income	171.2	-50.1	155.9	139.3	69.8	38.3	86.5	5.9	44.8	-31.5	118.3	100.3
+ Net Income — Continuing Ops	171.2	-50.1	155.9	139.3	69.8	40.2	87.0	5.9	44.8	-33.2	118.3	100.3
+ Net Income — Discontinued Ops	0.0	0.0	0.0	0.0	0.0	-2.0	-0.5	-0.0	0.0	1.7	0.0	0.0
+ Other Comprehensive Income	-0.9	3.7	-0.0	12.0	-3.6	16.5	9.0	-14.3	-13.2	-51.6	35.1	-39.8
Total Comprehensive Income	170.4	-46.4	155.9	151.3	66.2	54.7	95.4	-8.4	31.6	-83.1	153.4	60.5
Net Income to Common	148.6	-44.1	127.3	112.6	—	31.3	69.6	4.1	—	-26.4	95.6	79.9
Minority Interest	22.7	-6.0	28.7	26.8	0.0	7.0	16.8	1.8	0.0	-5.2	22.7	20.4
Per Share
Basic EPS	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12	1.07	-0.77	2.78	2.33
Diluted EPS	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12	1.07	-0.77	2.78	2.33
Revenue Detail — as filed
+ Sale of Services	1.4	1.6	0.2	0.8	0.7	0.1	0.0	0.0	0.0	0.0	0.0	0.0
+ Rental Income	1.7	1.8	1.8	1.5	1.9	1.9	1.8	1.8	2.0	2.0	2.0	1.7
+ Dividend Income	0.5	0.4	1.2	3.1	0.8	1.1	1.3	3.0	0.8	1.1	1.5	3.4
+ Net Gain on Fair Value Changes	24.8	11.0	47.4	67.2	-21.7	-14.5	35.6	1.3	41.5	-93.6	47.4	-20.4
+ Other Operating Revenue	—	—	—	—	—	—	—	—	—	10,722.5	14,742.1	11,435.3
Expense Detail — as filed
+ Impairment on Financial Instruments	-0.7	0.1	-0.1	-0.1	-0.0	-1.2	-0.0	-1.8	-0.1	0.7	-0.3	-0.0
Continuing & Discontinued Operations
+ Discontinued Operations — before Tax	0.0	0.0	0.0	0.0	0.0	-1.6	-0.5	-0.0	0.0	2.1	0.0	0.0
+ Tax — Discontinued Operations	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.4	0.0	0.0
Other Comprehensive Income — detail
+ Other Comprehensive Income	-0.9	3.7	-0.0	12.0	-3.6	16.5	9.0	-14.3	-13.2	-51.6	35.1	-39.8
+ Items NOT to be Reclassified to P&L	0.0	0.0	-0.0	0.0	0.0	—	-0.0	0.1	0.0	0.1	0.0	-0.2
+ Tax on Items NOT to be Reclassified	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
+ Tax on Items NOT to be Reclassified — alt tag	0.0	0.0	-0.0	0.0	0.0	—	—	—	—	—	—	—
+ Items to be Reclassified to P&L	-1.0	4.3	-0.0	14.0	-4.3	—	10.5	-16.7	-15.5	-60.5	41.0	-46.3
+ Tax on Items to be Reclassified	—	—	—	—	—	-16.5	1.5	-2.4	-2.3	-8.8	6.0	-6.7
+ Tax on Items to be Reclassified — alt tag	-0.2	0.6	0.0	2.0	-0.6	—	—	—	—	—	—	—
Comprehensive Income — Owners of Parent	147.8	-40.9	127.3	122.3	—	44.6	76.9	-7.4	—	-68.1	123.9	48.0
Comprehensive Income — Non-controlling Interests	22.5	-5.6	28.7	29.1	—	10.1	18.5	-1.0	—	-15.0	29.5	12.5
Per Share — as-filed variants
Basic EPS — Continuing Operations	4.30	-1.28	3.69	3.26	1.62	0.96	2.03	0.12	1.07	-0.81	2.78	2.33
Diluted EPS — Continuing Operations	4.30	-1.28	3.69	3.26	1.62	0.96	2.03	0.12	1.07	-0.81	2.78	2.33
Basic EPS — Discontinued Operations	0.00	0.00	0.00	0.00	0.00	-0.05	0.00	0.00	0.00	0.04	0.00	0.00
Diluted EPS — Discontinued Operations	0.00	0.00	0.00	0.00	0.00	-0.05	0.00	0.00	0.00	0.04	0.00	0.00
Adjusted (ex-Exceptional Items) — derived
Pretax Income (Adjusted, as filed)	198.0	-59.4	181.8	162.1	80.7	24.1	101.5	6.3	50.1	-38.1	137.9	108.8
Net Income Adj (tax-effected)	171.2	-50.1	155.9	139.3	69.8	38.3	86.5	5.9	44.8	-31.5	118.3	100.3
EPS Adj	4.30	-1.28	3.69	3.26	1.62	0.91	2.03	0.12	1.07	-0.77	2.78	2.33
Other Filed Concepts — mapped but not yet placed in the schedule
Face Value	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00	2.00
Interest Earned	90.4	99.3	122.0	127.7	133.0	139.3	151.6	151.9	164.0	170.0	176.5	181.2
Paid Up Equity Capital	68.7	68.7	68.7	68.7	68.7	68.7	68.6	68.6	68.6	68.7	68.7	68.7

As filed, sign as filed — read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown, so depth follows the filer: pre-Ind-AS, insurance and NBFC blocks stay hidden unless they were actually reported. Alternate tags for the same idea (e.g. two spellings of a deferred-tax element) are kept as separate lines rather than merged, because merging them would be a guess. Ratios, per-share figures and counts render as raw numbers, not ₹ Crore. No consensus estimates → no Est columns. Click any row to chart it.

« ‹ › »Latest: Q2 FY27 · ConsolidatedFA Financial Analysis · alphave

Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.

Max Financial Services Q2 FY27 results (July–September 2026)

Filed with NSE on Tuesday, 27 October 2026 at 6:59 pm IST

Max Financial Services (NSE: MFSL) reported its Q2 FY27 results (July–September 2026) on Tuesday, 27 October 2026 at 6:59 pm IST. Consolidated net profit attributable to shareholders was ₹79.9 crore, down 16.4% from ₹95.6 crore in Q1 FY27. Revenue from operations was ₹11,601 crore, up 18.5% year on year and down 22.5% from the previous quarter.

Q2 FY26 results (a year earlier): 11 November 2025
Q3 FY27 results due by: 14 February 2027

Q2 FY27 at a glance · consolidated

Net profit (shareholders'): ₹79.9 Crprofit ₹4.1 Cr in Q2 FY26−16.4% vs Q1 FY27Total incl. minority interest ₹100 Cr
Revenue from operations: ₹11,601 Cr+18.5% vs Q2 FY26−22.5% vs Q1 FY27
Operating margin (EBIT): 1.2%+1.0 pts vs Q2 FY26+0.1 pts vs Q1 FY27EBIT ₹135 Cr
EBITDA: ₹135 Cr+544.7% vs Q2 FY26−18.8% vs Q1 FY27margin 1.2%
Earnings per share (basic): ₹2.33−16.2% vs Q1 FY27
Net profit margin: 0.7%+0.6 pts vs Q2 FY26+0.1 pts vs Q1 FY27

Questions

What was Max Financial Services' net profit in Q2 FY27?

Consolidated net profit attributable to shareholders was ₹79.9 crore, down 16.4% from ₹95.6 crore in Q1 FY27. Including the minority shareholders' share, total profit was ₹100 crore.

How were Max Financial Services' Q2 FY27 results?

A net profit of ₹79.9 crore, null. Revenue was up 18.5% at ₹11,601 crore. The operating margin was 1.2%, up 1.0 percentage points from 0.2% a year earlier. Against Q1 FY27, net profit was down 16.4% and revenue down 22.5%.

What was Max Financial Services' operating margin in Q2 FY27?

Operating profit (EBIT — revenue less operating expenses, before finance costs and other income) was ₹135 crore, a margin of 1.2%, against 1.1% in Q1 FY27 and 0.2% in Q2 FY26. EBITDA was ₹135 crore, 1.2% of revenue.

What was Max Financial Services' revenue in Q2 FY27?

Revenue from operations was ₹11,601 crore, up 18.5% year on year and down 22.5% from the previous quarter.

What was Max Financial Services' EPS in Q2 FY27?

Basic earnings per share were ₹2.33, against ₹0.12 in Q2 FY26.

When did Max Financial Services announce its Q2 FY27 results?

On Tuesday, 27 October 2026 at 6:59 pm IST, in its results filing to the stock exchanges. A year earlier it reported Q2 FY26 on 11 November 2025.

What was Max Financial Services' net profit in the first half of FY27?

Consolidated net profit attributable to shareholders for the first half of FY27 (April–September 2026) was ₹175 crore, up 137.9% from ₹73.8 crore in the same months a year earlier. Revenue from operations was ₹26,571 crore, up 17.5%.

What is Max Financial Services' net profit margin?

Max Financial Services' net profit margin was 0.7% in Q2 FY27 (net profit attributable to shareholders as a share of revenue from operations), against 0.0% in Q2 FY26 (up 0.6 percentage points). For FY26 as a whole it was 0.2%.

What was Max Financial Services' net profit in FY26?

Consolidated net profit attributable to shareholders was ₹84 crore in FY26 (April 2025–March 2026), down 74.3% from ₹327 crore in FY25. It was ₹340 crore in FY24 and ₹378 crore in FY23: down 77.8% over three years, an average fall of 39.5% a year.

How has Max Financial Services' profit changed over the last four quarters?

Net profit attributable to shareholders by quarter: a profit of ₹44.8 crore in Q3 FY26, a loss of ₹26.4 crore in Q4 FY26, a profit of ₹95.6 crore in Q1 FY27 and a profit of ₹79.9 crore in Q2 FY27. That is a combined profit of ₹194 crore over the four quarters, up 10.9% from ₹175 crore in the four quarters before. Revenue from operations: ₹14,259 crore, ₹10,802 crore, ₹14,970 crore and ₹11,601 crore.

What was Max Financial Services' revenue in FY26?

Revenue from operations was ₹47,674 crore in FY26 (April 2025–March 2026), up 2.6% from ₹46,469 crore in FY25. It was ₹46,576 crore in FY24 and ₹31,413 crore in FY23: up 51.8% over three years, 14.9% a year on average.

When will Max Financial Services announce its Q3 FY27 results?

Q3 FY27 covers October–December 2026. Listed companies must publish quarterly results within 45 days of the quarter's end (SEBI listing rules, Regulation 33), so the results are due by 14 February 2027. The company tells the exchanges the date of the board meeting at least two working days before it.

Where do these Max Financial Services figures come from?

From Max Financial Services' own consolidated results filings to NSE, in ₹ crore as filed (Q2 FY27 on 27 October 2026). Growth compares the same consolidated figures a year and a quarter earlier.

Consolidated figures from the company's filings to NSE. Every company's results dates this season are in the Q2 FY27 results calendar, part of Alpha Plus.