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    Buy SBI Life Insurance; target of Rs 2570: Motilal Oswal

    Motilal Oswal is bullish on SBI Life Insurance has recommended buy rating on the stock with a target price of Rs 2570 in its research report dated January 28, 2026.

    Broker Research
    January 30, 2026 / 21:02 IST
    Buy

    Motilal Oswal's research report on SBI Life Insurance

    SBI Life Insurance (SBILIFE) reported a 24% YoY growth in new business APE to INR86b (6% beat) for 3QFY26. For 9MFY26, APE grew 16% YoY to INR185.2b. Absolute VNB grew 22% YoY to INR22.9b (in line), reflecting a VNB margin of 26.6% for the quarter vs 26.9% in 3QFY25 (vs our est. of 27.5%). For 9MFY26, VNB grew 17% YoY to INR50.4b, reflecting a VNB margin of 27.2% (+30bp YoY), including a 110bp impact due to GST exemption.

    Outlook

    We have largely maintained our APE/VNB estimates, factoring in FY25-28 CAGR of 15%/16% with an operating RoEV of 18%+. We reiterate our BUY rating with a revised TP of INR2,570 (based on 2.2x FY28E P/EV).

    For all recommendations report, click here

    Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

    SBI Life Insurance_29012026_Motilal Oswal

    Broker Research
    first published: Jan 30, 2026 09:02 pm

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