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Nirmal Bang Report
Max Financial Services Ltd remains a preferred play in the life insurance space, with Nirmal Bang reiterating its ‘Buy' rating on the stock and maintaining it as a top pick in the sector, backed by strong product mix, distribution strength and improving growth visibility.
The brokerage has set a target price of Rs 1,980, implying an upside potential of around 25% from current levels, despite a slight downward revision due to a marginal change in ownership in its insurance subsidiary.
Unlike other companies, Max Financial reports its statutory numbers using an non-banking financial company format and not an insurance format.
The brokerage has updated the FY26 P&L and also introduce FY29 estimates based on the recently released public disclosure.
Nirmal Bang's previously established annual premiun equivalent, new business value, and embedded value estimates for FY27 and FY28 are unchanged. Our five-year average return on embedded value multiple over 2029-33E remains at 3.0x, resulting in a target price of Rs 1,980 (Rs 2,000 previously).
The target price has decreased purely due to the value of Max Financial's holding in Axis Max Life falling to 80.01% from 80.98% effective Jun-26.
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