HDFCLIFE
HDFC Life Insurance Company share price & financials
- Price
- ₹563.65
- Market cap
- ₹1.2L Cr
- Sector
- Financial Services
- Calls analysed
- 7
HDFC Life Insurance Company Limited Q1 FY27
What went well
- Overall APE grew 9%, supported by robust growth in credit life and group business.
- Retail Protection grew 42%, outperforming the company average.
- Value of New Business (VNB) grew 9% to INR 879 crores.
What to watch
- Business through the HDFC Bank channel remained subdued this quarter due to softer volumes at the overall bank level.
- 13-month persistency moderated by ~200 basis points to 84%.
What HDFC Life Insurance Company Limited does
HDFC Life Insurance is one of India's leading private life insurers, offering individual and group solutions across protection, pension, savings, investment, annuity and health needs. It earns from new-business and renewal premiums underwritten across a diversified distribution mix of bancassurance, agency, non-bank alliances and direct channels, and manages the resulting policyholder and shareholder funds. Majority-owned by HDFC Bank, it operates alongside wholly owned subsidiaries in pension fund management and international reinsurance.
Segments
- Unit-Linked (UL)
- Participating (Par)
- Non-Par Savings
- Protection (Term)
- Annuity
- Market position
- Among top-3 private life insurers in India (No.2 by private-sector individual WRP)
- Lives insured (FY26)
- Over 46 million
- Distribution partnerships
- Over 500 (banks, NBFCs, MFIs, SFBs, brokers, ecosystem partners)
- Offices / branches
- 652 in India plus 1 international office (Dubai)
- Products in portfolio
- Over 60 individual and group products incl. optional riders
- Geographic reach
- 28 states and all union territories in India
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 4 delivered 2 missed 9 open- APE Growth FY25 delivered said Q3 FY25 Promised: 18%-20% APE growth Q1 FY27: Historical promise, no further update required.
- VNB Growth FY25 missed said Q3 FY25 Promised: deliver a VNB growth of upwards of 15% Q1 FY27: Historical promise, no further update required.
- Key Metrics / VNB Doubling revised down said Q4 FY25 Promised: Double every 4-4.5 years (implying ~16-17% CAGR) Q1 FY27: Promise superseded by the new 9-10% normalized 3-year VNB CAGR guidance (promise_id: vnb-cagr-3yr-fy29).
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 14.6%, net profit up 11.5% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 28,497 | 17,300 | 24,191 | 29,463 | 20,651 −28% | 29,428 +70% | 19,890 −18% | 33,759 +15% |
| EBITDA | -310 | 448 | 377 | 439 | 315 +202% | 271 −40% | 108 −71% | 506 +15% |
| Net profit | 435 | 421 | 475 | 548 | 448 +3% | 418 −1% | 497 +5% | 611 +11% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −31.8% 1Y
1Y: ₹777.6 on 10 Sept 2025 → ₹530. High ₹787.8 (22 Sept 2025), low ₹514 (9 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.4%
- 15 Jul
- Q4 FY26
- −0.9%
- 23 Apr
- Q3 FY26
- −1.4%
- 15 Jan
- Q2 FY26
- +2.4%
- 15 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 12.3% a year over 3 years, FY23 to FY26. Operating margin widened to 1.1%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹70.2k Cr | ₹101.5k Cr | ₹96.9k Cr | ₹99.4k Cr |
| Operating profit | ₹4 Cr | ₹450 Cr | ₹826 Cr | ₹1.1k Cr |
| Operating margin | 0.0% | 0.4% | 0.9% | 1.1% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹1.4k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.9k Cr |
| Net margin | 1.9% | 1.6% | 1.9% | 1.9% |
| ROCE | 10.0% | 5.0% | 7.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2.0k Cr | ₹2.1k Cr | ₹2.1k Cr | ₹2.2k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Reserves | ₹6.6k Cr | ₹13.5k Cr | ₹10.8k Cr | ₹12.5k Cr | ₹14.8k Cr | ₹15.6k Cr |
| Borrowings | ₹600 Cr | ₹600 Cr | ₹950 Cr | ₹950 Cr | ₹2.4k Cr | ₹3.1k Cr |
| Other liabilities | ₹170.4k Cr | ₹214.5k Cr | ₹234.1k Cr | ₹287.1k Cr | ₹351.7k Cr | ₹369.7k Cr |
| Total liabilities | ₹179.7k Cr | ₹230.7k Cr | ₹248.1k Cr | ₹302.7k Cr | ₹371.0k Cr | ₹390.5k Cr |
| Fixed assets | ₹585 Cr | ₹6.6k Cr | ₹997 Cr | ₹1.5k Cr | ₹674 Cr | ₹2.7k Cr |
| Capital work in progress | ₹14 Cr | ₹20 Cr | ₹31 Cr | ₹28 Cr | ₹0 Cr | ₹139 Cr |
| Investments | ₹173.6k Cr | ₹216.6k Cr | ₹238.2k Cr | ₹291.1k Cr | ₹360.2k Cr | ₹373.3k Cr |
| Other assets | ₹5.5k Cr | ₹7.6k Cr | ₹8.8k Cr | ₹10.0k Cr | ₹10.2k Cr | ₹14.3k Cr |
| Total assets | ₹179.7k Cr | ₹230.7k Cr | ₹248.1k Cr | ₹302.7k Cr | ₹371.0k Cr | ₹390.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +5.62 pp while FIIs trimmed −5.48 pp. The shareholder count shrank 5% to 7,05,326.
- Promoters
- 50.5%
- FIIs
- 19.3%
- DIIs
- 20.2%
- Public
- 10.0%
- Others
- 0.0%
Since Jun 2025
- DIIs +5.62 pp
- FIIs −5.48 pp
- Public −0.39 pp
How it drifted, 12 quarters
Over this window DIIs went from 6.9% to 20.2% — +13.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.4%, FIIs 30.5%, DIIs 6.9%, Public 12.2%, Others 0.0%.Dec '23: Promoters 50.4%, FIIs 31.3%, DIIs 6.6%, Public 11.8%, Others 0.0%.Mar '24: Promoters 50.4%, FIIs 30.0%, DIIs 7.9%, Public 11.6%, Others 0.0%.Jun '24: Promoters 50.4%, FIIs 26.6%, DIIs 11.2%, Public 11.7%, Others 0.0%.Sep '24: Promoters 50.3%, FIIs 25.6%, DIIs 13.3%, Public 10.8%, Others 0.0%.Dec '24: Promoters 50.3%, FIIs 25.1%, DIIs 13.7%, Public 10.8%, Others 0.0%.Mar '25: Promoters 50.3%, FIIs 25.0%, DIIs 14.1%, Public 10.6%, Others 0.0%.Jun '25: Promoters 50.3%, FIIs 24.8%, DIIs 14.6%, Public 10.4%, Others 0.0%.Sep '25: Promoters 50.3%, FIIs 24.8%, DIIs 14.6%, Public 10.3%, Others 0.0%.Dec '25: Promoters 50.2%, FIIs 24.3%, DIIs 15.2%, Public 10.3%, Others 0.0%.Mar '26: Promoters 50.2%, FIIs 22.5%, DIIs 17.3%, Public 10.0%, Others 0.0%.Jun '26: Promoters 50.5%, FIIs 19.3%, DIIs 20.2%, Public 10.0%, Others 0.0%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- SBI Mutual Fund Mutual fund newly disclosed 4.23% held
- Nippon Life India Mutual Fund Mutual fund newly disclosed 1.37% held
- NPS Trust Pension / PF newly disclosed 1.18% held
- Government Pension Fund Global Sovereign newly disclosed 1.14% held
- ICICI Prudential Mutual Fund Mutual fund +0.59 pp 4.48% held
- HDFC Bank Limited Bank +0.33 pp 50.54% held
The same filing shows 1 holder trimming and 3 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of HDFC Life Insurance Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| HDFC Bank Limited Bank | 50.54% | +0.33 pp |
| ICICI Prudential Mutual Fund Mutual fund | 4.48% | +0.59 pp |
| SBI Mutual Fund Mutual fund | 4.23% | newly disclosed |
| Exide Industries Limited | 4.01% | unchanged |
| Camas Investments Pte. Ltd. FPI fund | 1.68% | unchanged |
| Nippon Life India Mutual Fund Mutual fund | 1.37% | newly disclosed |
| NPS Trust Pension / PF | 1.18% | newly disclosed |
| Government Pension Fund Global Sovereign | 1.14% | newly disclosed |
| Quant Mutual Fund Mutual fund | 1.06% | −0.25 pp |
| HDB Financial Services Limited | 0.00% | unchanged |
| HDFC Securities IFSC Limited | 0.00% | unchanged |
| Griha Investments | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in HDFCLIFE
Filings to Aug 2026
2 new, 15 added, 7 trimmed, 0 sold out — net +43.36 L shares (+3.2%).
- Held by funds
- ₹7.5k Cr
- 41 schemes
- Biggest holder
- SBI Large Cap Fund
- ₹1.6k Cr · 2.9% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Large Cap Fund SBI Mutual Fund | ₹1.6k Cr | held | Aug '21 |
| SBI Nifty 50 ETF SBI Mutual Fund | ₹1.1k Cr | +1.10 L | Aug '21 |
| SBI Large and Midcap Fund SBI Mutual Fund | ₹743 Cr | held | Jan '26 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹706 Cr | held | Feb '24 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹553 Cr | held | Jan '26 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹465 Cr | held | Aug '21 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹447 Cr | −1.13 L | Mar '25 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹356 Cr | +1.32 L | Jul '20 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
15 added, 7 trimmed — net +43.36 L shares (+3.2%)
- Funds are sitting on
- -15%
- vs est. average cost
- Held by funds
- ₹7.5k Cr
- 41 schemes · ≈ 6.5% of the company
- Biggest holder
- SBI Large Cap Fund
- ₹1.6k Cr · 2.9% of that fund
- Longest holder
- Nippon India ETF Nifty 100
- 8y · since Sep '18
Shares held by these funds +149%
Aug '23 13.87 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse HDFC Life Insurance Company Limited
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