Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 26 Aug
Source: Bse
HDFC Life Insurance Company Limited (HDFCLIFE)
Large CapFinancial Services stocks · Large cap · NSE
HDFC Life Insurance Company Limited is an Indian life insurance provider offering a range of individual and group insurance solutions. It focuses on long-term savings and protection, leveraging a diversified distribution network including HDFC Bank, agency, and non-bank alliances.
Data qualityVerify one data layerQuote updated 19 Oct, 03:31 pm ISTPost-result recalculation pendingDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result15 Oct, 03:55 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
48NeutralMACD + · near 52W low
Stock trend: 50
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
HDFCLIFED candles · FIT view-7.3%Latest close ₹545.50 on 2026-10-19
Bar
-1.4%
RSI
51
MACD hist
1.01
52W pos
13%
2026-10-19O ₹553.00H ₹555.75L ₹542.30C ₹545.50Vol 15.2L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
HDFCLIFENifty Financial ServicesNifty 500
- HDFCLIFE
- -3.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +2.2 pp
Chart stats
19 Oct 2026- From 52W high
- -30.8%
- 52W range position
- 13%
- ATR (14)
- 2.8%
- Volume vs 20D
- 0.36x
- Avg traded value
- ₹219 Cr
- 20D price channel
- ₹513.4 - ₹567.4
₹788.5
₹508.7 - ₹788.5
₹15.2
Latest completed session
20-session average
31.6% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED19
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average35
Revenue +5.8% · PAT +16.4% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-263.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence71
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Sept 2026
Average · 35/100Rev +6% YoY · PAT +16% YoY · operating leverage
Filed 15 Oct 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹21,855.8 Cr | +5.8% | -35.3% |
| EBITDA | NDF | NDF | NDF |
| Operating margin | NDF | NDF | NDF |
| PAT | ₹521.6 Cr | +16.4% | -14.6% |
| PAT margin | 2.4% | +22 bps | +58 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 59.80
- P/B
- 6.04
- EV/EBITDA
- 101.07
- Market Cap
- 118188.00Cr
Profitability
- ROE
- 11.30%
- ROCE
- 10.30%
- ROA
- 0.46%
- Dividend Y
- 0.38%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 7.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 12.00%
Balance Sheet
- Debt/Equity
- 0.17
- Interest Coverage
- —
- Altman Z
- 0.54
- Book Value
- 90.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 7/5
- OCF
- 22625.00 Cr
- EPS TTM
- 9.14
Shareholding
- Promoter Hold
- 50.54%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 13%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 96.9k-4.5% vs prev
Net Profit
₹ CrLatest: 1,811+15.1% vs prev
Return on Equity
%Latest: 12.9+2.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 51.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 51 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 7% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
27
RS percentile
Stage 4 Downtrend
1M return
-1.0%
3M return
-3.4%
6M return
-9.7%
1Y return
-27.0%
RS 1D
-1
RS 20D
+16
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is 4.4% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -3.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price above
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 73.54-0.33%
RS vs Nifty 50074
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 19 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth4/25
Quality4/20
Balance Sheet3/15
Cash Flow4/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
19
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
19/100 · legacy band OVERVALUED
Positive drivers
- Cash flow contributes 4/10 to the score.
- Quality contributes 4/20 to the score.
- Balance sheet contributes 3/15 to the score.
Main drags
- Altman Z is 0.5, in distress territory.
- Fair-value margin of safety is negative at -263.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
59.8
PB
6.0
EV/EBITDA
101.1
ROE
11.3%
ROCE
10.3%
FCF Yield
—
Debt/Equity
0.2
MoS
-263.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
19
Previous: 19
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-263.9%
Previous: -263.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
19
19
19
19
19
19
19
19
19
19
19
19
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹136.05
-301.0% MoS
Growth-justified P/E
16.4
Growth-justified Value
₹149.9
-263.9% MoS
PEG
6.64
Comparable companies
Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ICICIPRULI
Large
ICICI Prudential Life Insurance Company Limited
Insurance
match 159
23
37.3
10.0%
-18%
OVERVALUED
CANHLIFE
Large
Canara HSBC Life Insurance Company Limited
Insurance
match 155
20
95.7
8.1%
-545%
OVERVALUED
MFSL
Mid
Max Financial Services Limited
Insurance
match 151
11
407.0
1.5%
-23112%
OVERVALUED
LICI
Large
Life Insurance Corporation Of India
Insurance
match 142
67
8.3
37.8%
+68%
UNDERVALUED
SBILIFE
Large
SBI Life Insurance Company Limited
Insurance
match 131
27
64.2
13.7%
-40%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-23T03:41:04.510Z
Management commentary snapshot
Q1 FY27 saw overall APE growth of 9% (individual APE 7%), VNB up 9%, and PAT up 12% YoY. New business margins improved sequentially to 25%, while 13-month persistency moderated. AUM crossed INR 4 trillion, and solvency improved to 185%.
HDFC Life delivered Q1 FY27 results broadly in line with management's FY27 aspirations, with strong growth in protection and annuities. While the HDFC Bank channel remains subdued, other channels show robust performance. Margin expansion is noted, but management prioritizes growth.
Current business mix
Individual APE by Product
Latest issuer-disclosed distribution across 5 reported categories.
Unit-linked products44.0%
Non-par savings22.0%
Participating products15.0%
Retail protection8.0%
Annuities11.0%
Growth engines
Retail Protection
Retail Protection continued to outperform the company average growing by 42% and retail sum assured should also continue to outpace the industry.
Agency Channel
Our agency channel grew ahead of the company average at 21%, with particularly healthy traction in protection and annuity.
Non-bank Alliances
Our non-bank alliances also delivered a strong quarter with retail protection growing by 60% year-on-year.
Variable Annuity Proposition
Annuity saw strong momentum on the back of our variable annuity proposition launched in Q4 FY26 and which now accounts for just under half of our annuity mix.
Capacity and execution
Agency Branch Expansion
Branches opened in our agency channel in the past 24 months contribute almost 16% to our agency APE. The new branches were in Tier 2, Tier 3 markets.
Overall Branch Network
We have reached 700-plus branches across maybe 600-plus cities, which is a significant reach. We have slowed down the expansion.
Tailwinds
Improving Macro Backdrop
The improving macro backdrop is constructive for long-term savings and protection businesses like ours.
Favorable Yield Environment
Non-par savings crossed mid-20s on a run rate basis, aided by calibrated rate actioning across select cohorts supported by a favorable yield environment.
Benign Competitive Environment
Most of the competition is now completely benign on those products, which were obviously not profitable for them as well.
Credit Environment
Credit Protect also delivered healthy growth of 19%, supported by a recovery in the MFI segment, as the credit environment has been good and disbursements are up.
Headwinds
HDFC Bank Channel Subdued
Business through the HDFC Bank channel remains subdued this quarter, reflecting softer volumes at the overall bank level.
Geopolitical Escalations
Geopolitical escalations and risks can resurface quickly and we are watching this closely, given bearing on oil prices and broader market sentiment.
El Nino Impact
El Nino also remains a factor we are tracking, though we do not see this as a broad-based risk at this stage.
Residual GST Impact
Residual GST impact now stands at 60 basis points, and we remain on track to fully neutralize it over the coming quarters.
Risk radar
Regulatory Changes
The RBI regulations on third-party product distribution finalized last month and effective January 1st, provide a framework around best-selling practices for distributors.
Market Volatility
Unit-linked demand remained resilient despite market volatility.
Persistency Moderation
Our 13-month persistency moderated by around 200 basis points to 84% broadly in line with our expectations and driven largely by specific cohorts and softer collections in unit-linked products.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing overall business growth and profitability trends, especially in a sector that can have seasonal variations. QoQ comparison is important for tracking sequential momentum in new business margins, persistency, and channel-specific performance, particularly for the HDFC Bank channel's recovery.
Sector KPIs management disclosed
Overall APE Growth
Overall APE growth was stronger at 9%, supported by robust growth in credit life and group business.
Individual APE Growth
Q1 individual APE grew by 7%.
Value of New Business (VNB) Growth
Our value of new business grew 9% to INR 879 crores during the quarter.
New Business Margins (NBM)
New business margins stood at 25%, aided by better product profile, which helped absorb scale-related pressure and a GST impact of approximately 60 basis points.
Management forward view
FY27 Growth Aspiration
For FY27, our aspiration remains unchanged, to grow in line with or faster than the industry and to deliver VNB growth broadly in line with APE growth.
Margin Strategy
Going forward, while margins should improve with scale and product mix, we will continue to prioritize growth over margin expansion. And hence, we expect new business margins to remain range bound at current levels.
HDFC Bank Channel Outlook
While it is early days, we see growth pick up as a matter of time rather than anything structural, and we expect the channel to progressively contribute to growth as the year progresses.
Product Portfolio Balance
We expect our product portfolio to remain balanced. We do not anticipate ULIP mix increasing meaningfully from current levels and expect the share of non-par savings products to improve gradually.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| HDFC Bank Channel Growth | Marginally lower or flattish in Q1 FY27. | Progressive contribution to growth as the year progresses, with market share trending closer to last year's run rate. |
| New Business Margins (NBM) | 25% in Q1 FY27. | Margins to remain range bound at current levels, with any inherent improvement reinvested back into the business for growth. |
| 13-month Persistency | 84% in Q1 FY27. | Improvement through the year, with management expecting it to be in the 84%-85% range. |
| GST Impact Neutralization | 60 basis points residual impact. | Full neutralization of the remaining GST impact over the coming quarters. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
71Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 66th percentile of the scored universe and 78th percentile within Financial Services. Main check: balance sheet trust is weak at 55/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
84 docs text-extracted · 44 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
66th percentile
overall median 67 · Financial Services: 78th pctile, median 62 · Large: 42nd pctile, median 73
Evidence depth
Financial-only
84 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
55
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸7 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸3/4 latest quarters had positive YoY PAT growth.
Trust risks
- ▸Altman Z is 0.54.
- ▸Profit margin is 1.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching HDFC Life Insurance Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
Concall transcriptJul 2026
Jul 2026 · Transcript
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Allotment 16 Jun - HDFC Life allotted 1.45 crore shares to HDFC Bank on June 16, 2026, raising about ₹1,000 crore.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 25 Jun - Please find attached file for further details
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 12 Jun - Copy of Newspaper Publication w.r.t 26th Annual General Meeting and Final Dividend
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 25 May
Source: Bse
Announcement
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 18 May - Postal ballot approved issuance of 1,45,23,906 shares to HDFC Bank on preferential basis.
Source: Bse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Bse
Concall transcriptApr 2026
Apr 2026 · Transcript
Source: Bse
Investor presentationApr 2026
Apr 2026 · PPT
Source: Bse
Concall transcriptApr 2026
Apr 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.