Shareholders meeting

July 27, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 021 Mumbai – 400 051 Scrip Code: 500271 Symbol: MFSL Sub: Notice of the 38th Annual General Meeting and Annual Report for the FY 2025-26 Dear Sir/ Madam, Pursuant to the provisions of Regulation 30 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and further to our letter dated July 24, 2026, informing about the 38th Annual General Meeting (“AGM”) of the Company scheduled to be held on Wednesday, August 19, 2026 at 10:00 A.M. (IST) through Video Conference (“VC”)/Other Audio Visual Means (“OAVM”) in compliance with applicable provisions of the Companies Act, 2013 and Rules framed thereunder, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the relevant circulars issued by Securities and Exchange Board of India (“SEBI”) and Ministry of Corporate Affairs (“MCA”), we wish to inform the following: 1. The Annual Report for the financial year 2025-26 and the notice of AGM are being sent through electronic mode to all the members of the Company whose email addresses are registered with the Company/ Registrar and Share Transfer Agent (“RTA”) or the Depository Participant(s) (“DP”). These documents are also available on the Company’s website at www.maxfinancialservices.com. 2. Pursuant to the requirement of Section 91 of the Companies Act, 2013, the Register of Members and Share Transfer Books of the Company will remain closed from Thursday, August 13, 2026, to Wednesday, August 19, 2026 (both days inclusive). 3. The Company is providing the facility to vote by electronic means (remote e-voting as well as e-voting at the AGM) on all the resolutions set out in the AGM notice to the members, who are holding shares on the cut-off date i.e. Wednesday, August 12, 2026. The remote e-voting will commence from Saturday, August 15, 2026, at 0900 hrs. (IST) and shall end on Tuesday, August 18, 2026, at 1700 hrs. (IST). 4. The Annual Report for the financial year 2025-26 and the Notice of AGM are enclosed herewith. Further, a letter providing the web-link, including the exact path, for accessing the Notice of AGM and Annual Report is sent to those shareholders who have not registered their email addresses with the Company/ RTA or the DP. A copy of the said letter is enclosed for your record. You are requested to take note of the above. Thanking you, Yours faithfully, For Max Financial Services Limited Siddhi Suneja Company Secretary and Compliance Officer Encl : as above MAX FINANCIAL SERVICES LIMITED CIN: L24223HR1988PLC145368 Corporate Office: L20M(21), Max Towers, Plot No. C-001/A/1, Sector-16B, Noida- 201301 P: + 91 120 4696000 I Email: corpsecretarial@maxindia.com I Website: www.maxfinancialservices.com Regd. Office: Plot No. 90-C, Sector – 18, Urban Estate, Gurugram, Haryana - 122015 INTEGRATE, OUTPERFORM AND ENHANCE VALUE ANNUAL REPORT 2025-26 ANNUAL REPORT 2025-26 Scan the QR code for additional information about the Company To know more about the Company log on to www.maxfinancialservices.com Forward-looking statements Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. CONTENTS CORPORATE REVIEW 04 24 Our Enterprise CEO Letter to Shareholders Our Path 08 Business Review 28 Management Discussion 09 32 Our Values and Analysis - MFSL Management Discussion 10 40 Board of Directors and Analysis - AMLI Letter to Shareholders 20 Max India Foundation 72 STRATEGIC REVIEW Corporate Governance 82 105 Board’s Report Report General Shareholder 99 Business Responsibility and 131 Information Sustainability Report FINANCIAL REVIEW Standalone Financial 190 Consolidated Financial 249 Statements Statements CORPORATE REVIEW CORPORATE REVIEW STRATEGIC REVIEW FINANCIAL REVIEW OUR ENTERPRISE Max Financial Services Limited (MFSL) is part of India’s leading business conglomerate – the Max Group. Focused on Life Insurance, MFSL actively manages an 80.01%* majority stake in Axis Max Life Insurance Limited (formerly known as Max Life Insurance Company Limited). Axis Max Life Insurance is a Joint Venture between Max Financial Services Limited and Axis Bank Limited. It offers comprehensive protection and long-term savings life insurance solutions, through its multichannel distribution including agency and third-party distribution partners. The Company is listed on the NSE and BSE. Some of the past joint venture partners of Max Group include Radiant Life Care Private Limited, Bupa Finance Plc., Life Healthcare (South Africa), New York Life, Hutchison Telecommunications, Motorola, Schering AG, Avent Inc., Gist-brocades (GB), The Upjohn Company, Comsat International Ventures and Atotech BV. These partnerships have consistently grown, developed, and matured into strong relationships. Axis Max Life Insurance (AMLI) is the material subsidiary of Max Financial Services Limited. AMLI a part of the $7-Bn Max group, an Indian multi business corporation – is India’s fourth largest private life insurance company. In FY26, AMLI reported an Embedded Value (EV) of `28,871 crores. The Operating Return on EV (RoEV) stood at 18.7%. The New Business Margin (NBM) for FY2026 was 25.2% (at actual costs), and the Value of New Business (VNB) at `2,647 crores (at actual costs), with a growth of 26%. On September 27, 2023, Max Financial Services Ltd. (MFSL) Shareholders approved the Axis Max Life Insurance (AMLI) proposal to raise further capital by way of a preferential issue of equity shares to Axis Bank, for an aggregate investment of up to `1,612 crores in AMLI, at fair market value determined basis DCF methodology (Equity infusion). Pursuant to receipt of all regulatory approvals, Axis Bank had subscribed to 6.02% of the equity share capital of AMLI on April 17, 2024. In addition, Axis Bank had subscribed to 0.98% of the equity share capital of AMLI on June 01, 2026 for an investment of `381 Crore. On completion of equity infusion, Axis entities collectively hold 19.99% of the equity share capital of AMLI and MFSL's shareholding in AMLI stood reduced to 80.01% of the equity share capital of AMLI (as of June 01, 2026). AMLI has 462 branch units across India as of March 31, 2026. *as on June 01, 2026 04 | ANNUAL REPORT 2025-26 CORPORATE REVIEW STRATEGIC REVIEW FINANCIAL REVIEW OUR ENTERPRISE New Max India Limited (MIL) was formed in June 2020 after Max India – the erstwhile arm of the $7 billion Max Group, India’s leading business conglomerate – merged its healthcare assets into Max Healthcare and demerged its senior care and other allied businesses in June 2020 into a new wholly owned subsidiary called Advaita Allied Health Services Limited which was later renamed as Max India Limited. Max India is now the holding company of Max Group’s Senior Care business, i.e. Antara Senior Living Limited (Residences for Seniors) and Antara Assisted Care Services Limited (Care Homes and Services and AGEasy). Max Group Antara Senior Living Limited (ASLL) and Antara Assisted Care Services Limited (AACSL) are wholly owned [Showing first 8,000 characters — download PDF for full document]