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HDFC Life Insurance Company Q2 FY27 Share Price & Earnings Call Analysis

₹517.00+0.56% today
Market cap
₹1.12L Cr
P/E
54.83
ROE
11.28%
PEG
4.65
Price to sales
1.05
Debt to equity
0.16
52W high / low
₹788 / ₹514
Sales growth (5Y)
6.81%
EBITDA margin
1.13%
Net profit margin
1.92%
Promoter holding
50.54%
Sales (last year)
₹1.08L Cr

HDFC Life Insurance Company is engaged in carrying on the business of life insurance. The Company offers a range of individual and group insurance solutions. The portfolio comprises of various insurance and investment products such as Protection, Pension, Savings,(Source : 202003 Annual Report Page No: 175)

Guidance scorecard · Q2 FY27 call

What HDFC Life Insur.'s management guided
and where it ranks in Insurance

#4of 4 in
Insurance
Revenue10–20%MarginsFlatCapexWhat management saidFundraisingPlannedOrder bookWhat management said

RevenueQ2 FY27 call

10–20%
  • Retail protection expected to normalize in growth but remain strong with a 2-year CAGR around 30%.
  • Individual protection has seen strong traction with growth continuing post-GST, expected to sustain momentum after normalization.
  • Agency channel expanding with over 250 branches added, improving productivity and reducing dependency on top agents, supporting retail growth.
  • Growth in retail collection strong, with non-par savings and annuity products gaining attractiveness due to current yield environment.
  • HDFC Bank channel growth recovering with granular branch-level engagement, expected to continue reasonable growth.
  • Annuity products growing rapidly, with a 3x increase year-on-year, reflecting a growing retirement market segment.

2 more points from HDFC Life Insur.'s call on revenue

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Full Q2 FY27 analysis

MarginsQ2 FY27 call

Flat

See what HDFC Life Insur. said on margins — free account, 30 seconds.

Full Q2 FY27 analysis

CapexQ2 FY27 call

  • The board has approved a raise of ₹500 crore in subordinated debt, adding about 4% to the solvency ratio, currently at around 180%.
  • Capital consumption remains high due to writing long-term profitable business under the current capital regime, expected to improve with the transition to the Risk-Based Capital (RBC) framework next year.
  • There are ongoing investments in expanding proprietary distribution and partnerships (e.g., with J&K Bank), supported by enhanced customer-facing and partner-facing technology infrastructure.

2 more points from HDFC Life Insur.'s call on capex

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Full Q2 FY27 analysis

FundraisingQ2 FY27 call

Planned

See what HDFC Life Insur. said on fundraising — free account, 30 seconds.

Full Q2 FY27 analysis

Order bookQ2 FY27 call

Ask what HDFC Life Insur. said on the order book →

Full Q2 FY27 analysis
Full Insurance ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Insurance
on management's own guidance

  1. Niva Bupa Health Insurance Company LtdGood growth
    2
  2. Max Financial Services LtdGood growth
    1
  3. Medi Assist Healthcare Services LtdGood growth
    3
See all potential multibaggersWhere does HDFC Life Insur. rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Insurance companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Max Financial Services Ltd20–40%Flat₹44,689 Cr411.9
2Niva Bupa Health Insurance Company Ltd20–40%Flat₹14,047 Cr80.6
3Medi Assist Healthcare Services Ltd20–40%Flat₹2,286 Cr23.1
4HDFC Life Insur.This stock10–20%Flat₹1.20L Cr58.6

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Pro shows every company guiding 40%+ revenue growth →Full Insurance ranking

HDFC Life Insur. announcements

All announcements →

Financials of HDFC Life Insur.

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

HDFC Life Insur.

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +50.37%50.37%50.37%50.34%50.32%50.32%50.28%50.25%50.21%50.21%50.54%50.53%
FIIs +31.28%30.03%26.63%25.63%25.14%24.96%24.75%24.82%24.27%22.52%19.27%18.75%
DIIs +6.56%7.93%11.24%13.25%13.72%14.10%14.57%14.59%15.23%17.25%20.19%20.53%
Public +11.76%11.64%11.74%10.75%10.76%10.60%10.37%10.32%10.25%10.00%9.98%10.15%
Others +0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.03%0.02%0.02%
No. of Shareholders8,44,7288,58,8448,92,3557,83,8447,91,4477,71,9497,38,6307,26,9597,07,1416,91,6497,05,3267,25,078

Financials of HDFC Life Insur.

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +23,14226,92728,04126,93428,49717,30024,19129,46320,65129,42819,89033,75924,437
Expenses +23,55726,66327,76626,62328,80716,85223,81429,02420,33629,15719,78233,25324,105
Operating Profit-415264275311-310448377439315271108506332
OPM %-1.8%1.0%1.0%1.2%-1.1%2.6%1.6%1.5%1.5%0.9%0.6%1.5%1.4%
Other Income +13610317490279-29124164157174428171247
Interest0000000000000
Depreciation0000000000000
Profit before tax-279367450401-30419500604471445537677579
Tax %-235%-0%8%-20%-1,541%-1%5%9%5%6%7%10%10%
Net Profit +378368412479435421475548448418497611522
EPS in Rs1.761.711.912.232.021.962.212.542.081.942.312.812.40

Financials of HDFC Life Insur.

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +27,21518,14130,64732,26038,85529,38071,52867,12670,207101,48296,92299,432107,513
Expenses +26,34117,18729,67431,18637,64028,23970,29466,34870,127100,83695,89497,679106,296
Operating Profit8749539721,0741,2151,1411,235778806461,0281,7531,217
OPM %3.2%5%3.2%3.3%3.1%3.9%1.7%1.2%0.1%0.6%1.1%1.8%1.1%
Other Income +791081392821363694457661,4374103664651,021
Interest-1489111400000000
Depreciation434541444547515676791041610
Profit before tax9241,0081,0611,3001,2911,4631,6291,4871,4419771,2902,0572,238
Tax %15%19%16%15%1%11%16%11%5%-61%-40%7%
Net Profit +7868178871,1071,2781,2971,3611,3271,3681,5741,8111,9122,048
EPS in Rs3.944.094.445.506.336.436.736.286.377.328.418.869.46
Dividend Payout %18%22%25%25%26%0%30%27%30%27%25%24%

Financials of HDFC Life Insur.

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1,9951,9951,9982,0122,0172,0192,0212,1132,1492,1512,1532,1582,173
Reserves5461,1081,8282,6933,6254,7886,61913,50110,84412,51514,00215,59217,295
Borrowings +0000006006009509502,9503,0993,099
Other Liabilities +66,76773,44191,270105,778124,378125,417170,415214,521234,126287,071330,307369,654401,179
Total Liabilities69,30976,54495,097110,483130,020132,224179,655230,734248,069302,687349,412390,502423,745
Fixed Assets +3463353373363703225856,6059971,5492,1432,716788
CWIP612165108142031281091390
Investments67,02474,14491,723106,590124,958127,256173,564216,551238,197291,128334,756373,340410,087
Other Assets +1,9322,0533,0203,5514,6824,6375,4937,5598,8449,98212,40414,30812,871
Total Assets69,30976,54495,097110,483130,020132,224179,655230,734248,069302,687349,412390,502423,745

Financials of HDFC Life Insur.

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +4,4595,6876,2306,7399,8687,3889,7035,9436,88310,72115,59722,625
Cash from Investing Activity +-3,514-3,962-5,177-4,421-10,182-7,789-8,952-801-10,071-13,622-13,633-23,849
Cash from Financing Activity +-168-212-236-196-33738678-2381,985-4031,607-275
Net Cash Flow7771,5138172,122-651-3641,4294,904-1,203-3,3043,572-1,499
Free Cash Flow4,3525,6546,1836,7069,8257,3519,6435,8876,79710,58715,30022,341
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit510%597%641%627%813%672%806%789%9,190%1,444%1,543%1,302%

Financials of HDFC Life Insur.

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days000020000000
Inventory Days
Days Payable
Cash Conversion Cycle000020000000
Working Capital Days-11-27-20-25-16-17-13-11-12-8-6-6
ROCE %41%36%31%31%23%24%20%12%10%5%7%10%

Guidance history

How HDFC Life Insur.'s guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q2 FY27 call →10–20%Flat—Planned—
Q1 FY27 call →10–20%FlatPlannedNone planned—
Q4 FY26 call →10–20%FlatPlannedPlannedFlat
Q3 FY26 call →10–20%Flat———

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

16out of 100

Momentum score · price trend

16 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months−32.1%20%
Last 6 months−11.9%33%
Last 3 months−5.2%53%

The price is 35.9% below its all-time high of ₹806.95 (27 Jun 2025). Stocks more than 20% below their peak have their score halved, so 32 became 16.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For HDFC Life Insur.: 0.4 × 20 + 0.4 × 33 + 0.2 × 53 = 32, halved to 16 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What HDFC Life Insur.'s management said in earlier quarters

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