Max Financial Services Limited has informed the stock exchanges of a change in its Corporate Identity Number, following the relocation of its registered office from the state of Punjab to Haryana. The intimation was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and was received by the company on May 13, 2026, at 10:22 hrs IST.

Change in Corporate Identity Number

The company's CIN has been updated as detailed below, reflecting the jurisdictional shift from the Registrar of Companies, Chandigarh, to the Registrar of Companies, Haryana.

Background and Regulatory Process

The change in CIN is a consequence of the company altering the provisions of its Memorandum of Association by way of a special resolution, specifically with respect to the place of its registered office. The registered office has been moved from Punjab to Haryana, outside the jurisdiction of the existing Registrar of Companies, Chandigarh, to the Registrar of Companies, Haryana. This alteration was confirmed by an order of the Regional Director bearing the date February 17, 2026.

The disclosure is in continuation of the company's earlier intimations to the exchanges dated August 07, 2025, March 24, 2026, and April 9, 2026, related to this matter. The Certificate of Registration of the Regional Director's order for Change of State was issued under Section 13(5) of the Companies Act, 2013, and was digitally signed by the Registrar of Companies, ROC Haryana, on May 12, 2026.

Updated Registered Office Details

Following the relocation, the company's registered office address and corporate details have been updated as follows:

The intimation was signed by Siddhi Suneja, Company Secretary and Compliance Officer of Max Financial Services Limited, on May 13, 2026. The company has requested the exchanges to take the aforesaid change on record.

Three major brokerages have reaffirmed their bullish stance on Max Financial Services , maintaining Buy ratings backed by strong quarterly performance, improving margins, and robust growth metrics across key insurance business parameters.

Brokerage Ratings and Target Prices at a Glance

The following table summarises the current ratings and target prices assigned by each brokerage:

Citi: Raised Target Price on Strong Quarter and Margin Gains

Citi has maintained a Buy rating on Max Financial Services with a raised target price of ₹2725. The brokerage attributed its positive outlook to another strong quarter, driven by margin improvement stemming from operating leverage and a lower ITC drag. Citi also highlighted healthy persistency trends and positive operating variance supporting the back book as key contributors to the company's performance. The brokerage noted attractive valuations while flagging that it continues to monitor investor interest in the company's proposed QIP. Additionally, Citi expressed expectations of sustained above-industry growth for private insurers.

MOSL: Strong FY26 Metrics Underpin Continued Confidence

MOSL has retained its Buy rating with a target price of ₹1980, citing strong FY26 performance as the primary basis for its recommendation. The brokerage pointed to the following key highlights:

• 20% YoY APE growth during FY26
• 26% VNB growth during FY26
• 4Q VNB margins of 28.2%, better than expected
• Stable operating RoEV of 18.7%

MOSL also noted expectations of sustained VNB margins, as the company reinvests gains from product mix improvements into future growth opportunities.

Nomura: Consistent Actuarial Performance and Robust Protection Growth

Nomura maintained its Buy rating with a target price of ₹2080, citing consistent actuarial performance for the second consecutive year. The brokerage noted that FY26 VNB margins came in at 25.2%, beating estimates. Strong protection growth was also highlighted, with proprietary channels contributing 45% of APE mix. Nomura flagged expectations of 17% APE/VNB growth during FY27–29, while acknowledging sector overhang from distribution reforms as a factor to watch.

Key Financial and Operational Metrics Summary

The table below consolidates the major financial and operational data points cited across the three brokerage reports:

Overall, the convergence of Buy ratings from Citi, MOSL, and Nomura reflects broad brokerage confidence in Max Financial Services' operational trajectory, margin profile, and growth outlook within the private insurance sector.