Max Financial Services (MAXF IN) Initiate at Buy: Transforming for tomorrow – growth on all fronts

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Max Financial Services (MAXF IN) Initiate at Buy: Transforming for tomorrow – growth on all fronts

9 June 2026

Max Financial Services (MAXF IN) Equities Insurance

Initiate at Buy: Transforming for tomorrow – growth on

all fronts India

◆ AMLI, the key operating subsidiary of MAXF, is one of the

INITIATE AT BUY

fastest growing life insurance companies in India

TARGET PRICE (INR) PREVIOUS TARGET (INR)◆ We think its focus on diversifying distribution and products

will drive sustainable, predictable growth with stable margins 2,120.00

◆ Sustained operating performance and progress on potential SHARE PRICE (INR) UPSIDE/DOWNSIDE

merger are key catalysts; initiate at Buy with TP of INR2,120 1,604.20 +32.2%

(as of 05 Jun 2026)

Improving fundamentals: Axis Max Life Insurance (AMLI), the key subsidiary of Max MARKET DATA

Market cap (INRm) 553,633 Free float 77%

Financial (MAXF), is the fourth-largest private life insurer in India. Over the past three Market cap (USDm) 5,831 BBG MAXF IN

years, AMLI grew its retail annualised premium equivalent (APE) at a c18% CAGR and 3m ADTV (USDm) 15 RIC MAXI.BO

expanded its market share in FY26 within private insurers by c154bp to 10.4%. A key

FINANCIALS AND RATIOS (INR)

differentiator is its dual-engine distribution, combining proprietary channels (agency/ Year to 12/2026a 12/2027e 12/2028e 12/2029e

online) with strategically important bancassurance through multiple partners, including VNB/share 12.84 15.33 17.93 20.88

VNB/share (prev) na na na na

Axis Bank. The business has also navigated regulatory headwinds and is now operating Change (%) na na na na

within a range-bound value of new business (VNB) margin of 25-26%. These improving Consensus 12.84 14.97 17.53 20.29 P/EV (x) 2.4 2.0 1.7 1.4