Max Financial Services Ltd (MFSL) Q3FY26 Management Mirror - Dec-2025 Qtr
VNB Margins & Financial Targets
Reaffirmed (Dec'25 Qtr): Full-year FY26 VNB margin guidance remains 24% to 25%, consistent with the range set at the year's start (Jun'25 Qtr).
Reaffirmed (Sep'25 Qtr): Management maintained the 24-25% target despite estimating a 300-350 basis point gross margin impact from adverse GST changes (non-availability of input tax credit).
Modified (Dec'25 Qtr): Stated that 70-80% of the GST impact is already mitigated in the run rate, with full mitigation expected over a few quarters.
Reaffirmed (Sep'25 Qtr): Targeted Operating ROEV of 18-19% over the next 2-3 years.
3 more themes on the ELITE plan.