HDFC Life | Asia Pacific 1QFY27: VNB beat; all eyes on HDFC Bank channel. OW.

研报英文原文证据摘录

HDFC Life | Asia Pacific 1QFY27: VNB beat; all eyes on HDFC Bank channel. OW.

Update

July 15, 2026 09:02 PM GMT

Morgan Stanley India Company Private Limited+MHDFC Life | Asia Pacific Subramanian Iyer

Equity Analyst

1QF27: VNB beat; all eyes on Subramanian.Iyer@morganstanley.comMeera Midha +91 22 6118-2234

Research Associate

Meera.Midha@morganstanley.com +91 22 6118-1232

HDFC Bank channel. OW. Sakshi V Chaplot

What’s Changed Sakshi.Chaplot@morganstanley.com +91 22 6118-2228

HDFC Life (HDFL.NS) From To

Price Target Rs745.00 Rs730.00

Reaction to earnings

Unchanged Modest upside Modest revision lower HDFC Life (HDFL.NS, HDFCLIFE IS)

Impact to our thesis Financial results versus consensus Direction of next 12-month

India Financials | India

consensus EPS

Source: Company data, LSEG Refinitiv, Visible Alpha, FactSet. Morgan Stanley Research. Note: This is based on VNB. Stock Rating Overweight

Industry View Attractive

Price target Rs730.00

VNB (+9% YoY) was 5% ahead of MSe; and also ahead of Up/downside to price target (%) 28

Shr price, close (Jul 15, 2026) Rs568.75

consensus. Weak growth in the HDFC Bank channel has 52-Week Range Rs815.00-543.00

continued to weigh on overall APE growth and the outlook. ShMktout,cap,dil,currcurr(bn)(mn) US$12.22,067

Management cited some pickup in 1Q; sustenance remains a Avg daily trading value (mn) US$24

monitorable. We trim forecasts and PT but remain OW on Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 8.86 10.18 11.69 13.17

attractive valuation. Life Emb Val (Rs bn) 621.4 728.3 833.8 956.2

NB profit (Rs mn) 40,340 45,255 53,106 62,293

Common divs (Rs mn) 4,084 4,411 2,251 2,431

Key Takeaways Life ROEV (%) 15.0 15.0 14.8 15.0

Price to embedded 2.1 1.6 1.4 1.3

VNB margin improved QoQ to 25.0% from 24.0%.