Top stocks to buy: Stock recommendations for February 23, 2026 week - check list

Stock market recommendations: Max Financial, and Delhivery are stocks recommended for buying by Motilal Oswal Financial Services Ltd for the trading week starting February 23, 2026. Below is a detailed analysis:Max FinancialMax Financial Services continues to deliver industry-leading growth supported by strong expansion in Annualized Premium Equivalent (APE) and sustained Value of New Business (VNB) margin improvement. The company reported robust double-digit growth in APE and VNB, with margins expanding to above 24%, driven by a favorable product mix shift toward higher-margin protection and non-participating savings products, alongside moderation in unit-linked contribution. Protection, annuity, and rider segments recorded strong traction, while group credit life witnessed recovery, reinforcing diversified growth drivers. Distribution momentum remains healthy across proprietary, bancassurance, and digital channels, with improving agency productivity and strong growth in non-Axis bank partnerships. Persistency trends have strengthened across long-term cohorts, solvency remains comfortable above regulatory requirements, and assets under management continue to expand steadily. With disciplined margin management, improving operating leverage, and a balanced product strategy, Max Financial Services is well positioned to sustain superior growth within the life insurance sector.DelhiveryThe acquisition of Ecom Express has significantly strengthened Delhivery’s network reach and accelerated consolidation within the logistics sector, enabling the company to gain share as smaller players face margin stress. In 3QFY26, performance remained robust, with EBITDA margins expanding to 7.4%, supported by strong volume traction in the Express Parcel and Part Truck Load segments. Segment-level margin improvement to 18.1% and 11%, respectively, highlights the benefits of operating leverage and improved realizations. With the heavy investment phase largely complete and capital intensity moderating, free cash flow generation is set to improve. Management continues to target steady-state margins of 16–18% in core transportation, with additional upside from Supply Chain Services and newer offerings such as Delhivery Direct and Rapid, positioning the company for structurally stronger profitability ahead.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)