2025-10-16 02:47:22 pm | Source: Motilal Oswal Financial Services ltd
Buy Max Financial Services Ltd for the Target Rs. 2,000 by Motilal Oswal Financial Services Ltd
* Strongest APE growth among our coverage names, led by agency and banca channel.
* Across private players within our coverage, VNB growth is expected to be the strongest (in double digits).
* VNB margin is projected to improve with a shift towards nonlinked products and better ULIP margin.
* The outlook on the reverse merger with Max Fin will be keenly watched.
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