MFSL IN EQUITY
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| CUSTOMER | BASIS | EST ₹CR | RANGE | % REV | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| AXISBANKAxis Bank Ltd. | UNSTATED | 5,352 | 5,352–5,352 | 11.2% | — | FY26 | EST | 70% |
| “With Axis Bank as its co-promoter, Axis Max Life is well positioned to capture these opportunities through stronger distribution, product innovation, customer-…” AR p.25 · 31-MAR-26 DOC | ||||||||
| Business | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “He currently serves as Senior Adviser to NUS Business School, one of Asia’s leading business schools.” AR p.15 · 31-MAR-26 · +1 DOC | ||||||||
| AUBANKAU Small Finance Bank Ltd. | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “Currently, Ms. Thadani serves as an Independent Director on the Boards of Max Estates Ltd., Max Financial Services Limited, AU Small Finance Bank, and Mirae As…” AR p.17 · 31-MAR-26 · +1 DOC | ||||||||
| MANKINDMankind Pharma Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “Mr. Anand serves as an Independent Director at several leading corporates such as Mankind Pharma Limited, Bharat Serums and Vaccines Limited, JK Paper Limited,…” AR p.18 · 31-MAR-26 DOC | ||||||||
| Business | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “He currently serves as Head of India & Malaysia Operations within the International Life Business Group of MS&AD Insurance Group Holdings, Inc. Prior to this r…” AR p.20 · 31-MAR-26 · +1 DOC | ||||||||
| Parties | UNSTATED | — | — | — | — | FY26 | EST | 75% |
| “CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES All transactions entered by the Company during the financial year with related parties were in the ordinary cour…” AR p.115 · 31-MAR-26 · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “During the previous year, Axis Max Life Insurance Limited (“AMLI”) a subsidiary company has received a favourable order from Hon’ble Delhi High Court in August…” AR p.366 · 31-MAR-26 · +1 DOC | ||||||||
| AXISBANKAxis Bank Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 75% |
| “and (ii) that these transactions allegedly conferred additional benefits to the Axis Bank group beyond the commission structure permitted by the Insurance Regu…” AR p.125 · 31-MAR-25 DOC | ||||||||
| Office | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “In other developments of FY2026, the Company has registered a branch office as an IFSC Insurance Office (IIO) at IFSC GIFT City, Gandhinagar, expanding its int…” AR p.54 · 31-MAR-26 DOC | ||||||||
| Office | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “Subsequently, a Certificate of Registration of Regional Director order for change of State of Registered Office of the Company, dated May 12, 2026, was issued …” AR p.110 · 31-MAR-26 DOC | ||||||||
| Securities and Exchange Board of India | UNSTATED | — | — | — | — | FY26 | EST | 70% |
| “(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing wit…” AR p.127 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | — | FY25 | EST | 70% |
| “MFSL and AMLI: Stakeholder group from whom complaint is received Grievance redressal mechanism in place and web- link of policy FY 2025-26 FY 2024-25 Number of…” AR p.140 · 31-MAR-26 · +1 DOC | ||||||||
| Others | UNSTATED | — | — | — | SG&A | FY26 | EST | 70% |
| “34E : NET CHANGE IN INSURANCE CONTRACT LIABILITIES (POLICYHOLDERS) (Rs. in lakhs) Particulars Year ended 31.03.2026 Year ended 31.03.2025 Net change in insuran…” AR p.313 · 31-MAR-26 · +1 DOC | ||||||||
| Authority. | UNSTATED | — | — | — | — | FY27 | EST | 70% |
| “all pending claims, redeemed the surplus funds to the Company in accordance in the manner prescribed under the Code, and is in process of filing the dissolutio…” AR p.365 · 31-MAR-26 DOC | ||||||||
| CDSLCentral Depository Services (India) Ltd. | UNSTATED | — | — | — | — | FY26 | EST | 60% |
| “The password to open the .pdf file is your 8-digit client ID for the NSDL account, the last 8 digits of the client ID for the CDSL account, or the folio number…” AR p.378 · 31-MAR-26 · +1 DOC | ||||||||
| SUPPLIER | BASIS | EST ₹CR | RANGE | % COST | BUCKET | PERIOD | METHOD | CONF |
|---|---|---|---|---|---|---|---|---|
| APLAPOLLOAPL Apollo Tubes Ltd. | UNSTATED | — | — | — | SG&A | FY25 | EST | 75% |
| “He also serves as a director on the boards of various companies, including Max Estates Limited, Max Financial Services Limited, Niva Bupa Health Insurance Comp…” AR DOC | ||||||||
| Authority. | UNSTATED | — | — | — | SG&A | FY26 | EST | 75% |
| “The Subsidiary Company obtained a license from the Insurance Regulatory and Development Authority of India (‘IRDAI’) for carrying on life insurance business on…” AR p.271 · 31-MAR-26 · +1 DOC | ||||||||
| SOURCE | READ | % | LAST READ |
|---|---|---|---|
| ANNUAL | 2/2 | 100% | 15-OCT-26 |
| CONCALL | 2/2 | 100% | 15-OCT-26 |
| SCREENER | 1/1 | 100% | 15-OCT-26 |
| SIGNAL | VALUE | AS OF | INPUTS |
|---|---|---|---|
| CUSTOMER HHI | 1.000 | 14-NOV-26 | Axis Bank Ltd. share 100% |
| CUST MOM 1M | +3.3% | 14-NOV-26 | from 15-OCT-26 · AU Small Finance Bank Ltd. -3.6% w 0 · Mankind Pharma Ltd. +12.5% w 0 · Axis Bank Ltd. +3.3% w 1 · Central Depository Services (India) Ltd. +11.9% w 0 |
| SUPP MOM 1M | +5.3% | 14-NOV-26 | from 15-OCT-26 · APL Apollo Tubes Ltd. +5.3% |