13 Nov 2025 | 5 Mins Read
Buy Max Financial Services, target price Rs 1925: Prabhudas Lilladher
Flipitmoney
Prabhudas Lilladher's report on Max Financial Services shows 2QFY26 APE growth at 15% YoY driven by NPAR and protection. The company expects continued momentum, with estimated 16% APE growth in FY26 due to strong retail protection, new NPAR/anuity launches, and credit life recovery. Revised VNB margin estimate is 24.2-24.6% for FY26-27E. Buy rating retained with a target price of Rs1,925.