Buy HDFC Life Insurance; target of Rs 930: Motilal Oswal

Motilal Oswal is bullish on HDFC Life Insurance has recommended buy rating on the stock with a target price of Rs 930 in its research report dated January 15, 2026.

Broker Research

January 19, 2026 / 21:11 IST

Buy

Motilal Oswal's research report on HDFC Life Insurance

HDFC Life Insurance (HDFCLIFE) reported an APE of INR39.7b (in line) in 3QFY26, up 11% YoY. This was led by a 13%/2% YoY growth in individual/group APE. For 9MFY26, APE grew 11% YoY to ~INR100b. HDFCLIFE’s VNB grew 2.5% YoY to INR9.5b (in-line), resulting in a VNB margin of 24% vs 26.1% in 3QFY25 (Our estimate at 24%). For 9MFY26, VNB grew 7% YoY to INR27.7b, leading to a VNB margin of 24.4% (25.1% in 9MFY25). HDFCLIFE reported a 1% YoY growth in shareholders’ PAT to INR4.2b (in line). For 9MFY26, its PAT grew 9% YoY to INR14.1b. EV at the end of 9MFY26 was at INR615.6b, with operating RoEV of 15.6%.

Outlook

We maintain our premium and VNB margin estimates, considering the in-line performance. We reiterate our BUY rating with a revised TP of INR930 (based on 2.3x FY28E EV).

For all recommendations report, click here