Max Financial Services (MAXF IN) – Q1FY27 Result Update – Healthy growth trend; favourable mix supports margin – BUY
Published on 14 Aug 2026
Q1FY27 APE grew 15% YoY led by robust growth in protection, PAR and annuity segment; we expect growth momentum to sustain in FY27E supported by continued traction in protection/annuity, increasing contribution from newer partnerships and expansion to tier 2/3 markets. Q1 VNB margin expanded to 23.2% driven by favourable yield-curve movement and higher protection mix/operating leverage. We slightly tweak our APE growth estimates at 16%/17% for FY27/FY28E and retain our margin estimates at 25.0%/ 25.1% for FY27/ FY28E. We value MAXF using the Appraisal Value framework with an unchanged multiple of 1.9x FY28E P/EV and TP of INR2,025. Reiterate ‘BUY’.
