Trading Window Closure

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015, the trading window for dealing in the company's securities was closed effective October 1, 2026, and will remain closed until 48 hours after the declaration of unaudited financial results, i.e., until October 29, 2026.

Consolidated Financial Results (Rs. in Crores)

Quarterly Performance (Q2 FY27):
  • Revenue from operations: ₹11,601.09
  • Total income: ₹11,605.21
  • Profit before tax: ₹108.77
  • Total tax expense: ₹8.47
  • Profit for the period: ₹100.30
  • Basic EPS: ₹2.33
  • Diluted EPS: ₹2.33
Half-Yearly Performance (H1 FY27):
  • Revenue from operations: ₹26,570.60
  • Total income: ₹26,581.82
  • Profit before tax: ₹246.69
  • Total tax expense: ₹28.10
  • Profit for the period: ₹218.59
  • Basic EPS: ₹5.11
  • Diluted EPS: ₹5.11
Segment-wise Revenue (Q2 FY27):
  • Life Insurance: ₹11,599.96
  • Business Investments: ₹6.13
  • Total: ₹11,606.09
  • Inter-segment elimination: ₹5.00
  • Revenue from operations (net): ₹11,601.09
Segment-wise Results (Q2 FY27):
  • Life Insurance: ₹136.61
  • Business Investments: (₹1.68)
  • Total: ₹134.93
  • Unallocated: (₹26.16)
  • Profit before tax: ₹108.77

Standalone Financial Results (Rs. in Crores)

Quarterly Performance (Q2 FY27):
  • Revenue from operations: ₹3.18
  • Total income: ₹3.18
  • Profit/(Loss) before tax: (₹1.65)
  • Total tax expense: ₹0.00
  • Profit/(Loss) for the period: (₹1.65)
  • Basic EPS: (₹0.05)
  • Diluted EPS: (₹0.05)
Half-Yearly Performance (H1 FY27):
  • Revenue from operations: ₹6.23
  • Total income: ₹8.82
  • Profit/(Loss) before tax: (₹0.92)
  • Total tax expense: ₹0.00
  • Profit/(Loss) for the period: (₹0.92)
  • Basic EPS: (₹0.03)
  • Diluted EPS: (₹0.03)

Key Subsidiary Information

  • Axis Max Life Insurance Limited (AMLI): Ownership reduced to 80.01% as of September 30, 2026 (from 80.98% as of March 31, 2026)
  • Max Life Pension Fund Management Limited: Ownership at 100.00%
  • Max Financial Employees Welfare Trust: Not owned by the company

Regulatory and Legal Matters

  • SEBI Show Cause Notice: The company received a Show Cause Notice from SEBI alleging non-compliances during FY2011 and FY2022 regarding transactions pertaining to shares of AMLI. SEBI issued its final order on August 24, 2026, disposing of the proceedings without any directions or penalties. No adjustments were required in the financial results based on management's assessment.
  • IRDAI Forbearance: AMLI obtained approval from IRDAI to defer the adoption of Ind AS by one year, permitting it to continue following the existing regulatory framework until April 1, 2027.

Capital and Debt Activities

  • AMLI raised ₹686 crore through unsecured, subordinated, listed, rated, redeemable, taxable, non-cumulative, non-convertible debentures (NCDs) with a coupon rate of 8.58% on September 28, 2026. These NCDs are redeemable after 10 years with a call option after 5 years.
  • AMLI fully redeemed subordinated debt of ₹496 crore on July 31, 2026, which was originally issued on August 2, 2021.

Proposed Amalgamation

The Board accorded in-principle approval for the amalgamation of MFSL with AMLI on January 28, 2026, subject to various conditions including regulatory approvals from IRDAI and execution of transaction documents. The amalgamation aims to result in the listing of AMLI and direct shareholding by MFSL shareholders in AMLI. Axis Entities have provided in-principle no objection subject to certain conditions.

Other Comprehensive Income

Consolidated other comprehensive income for Q2 FY27 was a loss of ₹48.27 crore, primarily due to items that will be reclassified to profit or loss in subsequent periods.

Assets and Liabilities

Consolidated (as of September 30, 2026):
  • Total assets: ₹212,718.11 crore
  • Total liabilities: ₹205,682.33 crore
  • Total equity: ₹7,035.78 crore
Standalone (as of September 30, 2026):
  • Total assets: ₹6,762.43 crore
  • Total liabilities: ₹14.74 crore
  • Total equity: ₹6,747.69 crore

Cash Flow

Consolidated net cash flow from operating activities for H1 FY27 was ₹3,098.39 crore, while investing activities used ₹3,846.99 crore, and financing activities generated ₹417.10 crore.

Audit Review

The financial results were reviewed by the Audit Committee and approved by the Board. Statutory auditors S.R. Batliboi & Co. LLP conducted a review in accordance with SRE 2410 and provided moderate assurance that the results are free from material misstatement.