MAX Financial Services reported a steady performance in 2QFY25, with new business APE growing 31.3% YoY to INR 21.7 billion and VNB increasing 23.1% YoY to INR 5.1 billion. VNB margins expanded to 23.6%, driven by strong volume growth and rider attachment. The management aims for double-digit VNB growth and margins of 23-24% for FY25, while the target price is set at INR 1,300, reflecting a 20% holding company discount.
