Buy Max Financial Services; target of Rs 1925: Prabhudas Lilladher

buy

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

Choose Stock Exchange: BSE LIVE NSE LIVE

26 Aug, 2025 12:21

Volume

Todays L/H

More

×

Prabhudas Lilladher's research report on Max Financial Services

2QFY26 APE grew 15% YoY driven by NPAR and protection and company expects the momentum to continue. We build an APE growth of 16% in FY26 driven by a strong uptick in retail protection post GST exemption, new launches in NPAR/ annuity and recovery in credit life segment. Q2 VNB margin saw a significant expansion to 25.5% and company expects the drag from GST exemption to be offset by a favorable product mix. We revise our margin estimates upwards to 24.2%/ 24.6% for FY26/ FY27E as the share of NPAR/ protection improves.

Outlook

We value Max Life using the Appraisal Value framework with a TP of Rs1,925 (2.1x FY27E P/EV vs. 2.0 earlier). Strong outlook on growth and margin trajectory to be key positives. Retain BUY.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Max Financial Services - 13112025 - prabhu