With Axis Bank embracing open architecture and adding a life insurance partner we expect business growth momentum to slow down. Additionally, we continue to watch out for the renewal of partnership with Axis Bank. We cut our APE growth and VNB margin assumptions. We rate MAXF a BUY with a reduced TP of Rs 565 (MAXL: Sep-20E EV + 19.4x Sep-21E VNB). We use a holding company discount to 30%, and continue with a 22% discount on VNB for Axis Bank deal, and a 10x multiple to annual leakage at the holding co level. Key risks include lower growth, higher cost over-runs, and supply overhang as a result of promoter pledges. Increased costs (16.7%, +200bps YoY), dampened VNB margins to 21.0% (+60bps YoY) despite high NPAR savings share (20%, vs. 5% YoY), and change in assumptions (business and tax), aiding margins +230bps.