India Non-Lending Financials: 1QFY27 preview: Skies clearing, go for bright stars

Research evidence excerpt

India Non-Lending Financials: 1QFY27 preview: Skies clearing, go for bright stars

6 July 2026

India Non-Lending Financials EquitiesDiversified Financials

1QFY27 preview: Skies clearing, go for bright stars India

◆ Business environment is improving across sub-segments with Rahil Shah*

faster growth normalisation for AMCs, followed by insurers Analyst, India Financials

HSBC Securities and Capital Markets (India) Private Limited

rahil.shah@hsbc.co.in

◆ We see MAXF, PBFIN and ICICAMC reporting stronger earnings +91 22 6628 3719

than peers; ICICIGI’s high retention ratio can surprise too Abhishek Murarka*

Senior Analyst, India Financials

◆ Our preference sits with companies with levers to make market abhishek.murarka@hsbc.co.in

share gains. Prefer MAXF, PBFIN and ICICIAMC (all Buys) +91 73049 07567

Gaurav Sharma*

Analyst, India Financials

Life insurers − Resilient margins, growth improving: Our discussions with market HSBC Securities and Capital Markets (India) Private Limited

participants indicate that insurance demand is improving, with continued strong gaurav11.sharma@hsbc.co.in

+91 22 2268 2011

momentum for protection and annuity products. However, the recovery in ULIP growth

remains behind. Across our coverage universe, we forecast APE growth of c9-18% y-o-y

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

in 1QFY27. An improving product mix, healthy product-level margins, and a supportive not registered/ qualified pursuant to FINRA regulations

interest rate curve should more than offset headwinds from the GST impact, keeping

margins broadly stable y-o-y for most insurers. We expect MAXF to outperform on both

growth and margins, while HDFCLIFE may see more muted trends. HDFCLIFE is trailing