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Even as markets remain closed on account of the Brihanmumbai Municipal Corporation (BMC) elections, it is a packed day on Thursday for Dalal Street as the third-quarter earnings season hits full stride. Investors are bracing for a flurry of financial report cards today, headlined by the dual Nifty 50 heavyweights Jio Financial Services and HDFC Life Insurance. While the market tracks HDFC Life for its VNB margins and premium growth, all eyes will be on Mukesh Ambani's Jio Financial to see if its digital-first lending and insurance pivot is gaining tangible momentum in the competitive fintech landscape.
The action extends deep into the midcap and financial services space, with retail brokerage giant Angel One and ER&D specialist L&T Technology Services (LTTS) also set to post their numbers. Angel One remains a crucial barometer for retail participation and trading volumes, while the LTTS results will be scrutinised for signs of recovery in global tech spending.
The broader market will also digest results from mid-tier financials and infrastructure. South Indian Bank, Fedbank Financial Services and Nuvoco Vistas are some of the other counters in focus.
Key monitorables for HDFC Life this quarter include demand sustainability, commentary on the new insurance amendment bill, and potential changes in distribution commission regulations.
Sterling & Wilson Q3 Highlights (Consolidated, YoY)
HDFC Life is expected to report an Annual Premium Equivalent (APE) of Rs 3,980 crore for Q3, which represents an 11.5% year-on-year growth but a 5% decline sequentially. APE is a key indicator of revenue growth for the company.
The Value of New Business (VNB) is projected at Rs 950 crore, showing a modest 2.15% increase compared to the previous year, though it is down 6% quarter-on-quarter. VNB reflects the profitability of new business generated during the period.
The VNB margin is anticipated to come in at 23.87%, which is lower by 218 basis points on a yearly basis and 22 basis points compared to the previous quarter. This suggests some pressure on margins, possibly due to changes in product mix and other operational factors.
NSE MD & CEO Ashish Kumar Chauhan
Photo Credit: Vijay Sartape/NDTV Profit
NSE MD & CEO Ashish Kumar Chauhan also spoke at the AIBI event, offering his thoughts on the Indian IPO space.
"India is a global leader in the number of IPOs. In 2025 alone, NSE facilitated 220 IPOs," he said.
Photo Credit: PTI
SEBI Chief Tuhin Kanta Pandey, speaking at the Association of Investment Bankers of India (AIBI) event, highlighted how there is a broad-based wealth creation happening in India.
"There is a wider participation in wealth creation not just market deepening. India remains fastest growing economies and 4th largest economy in the world."
"India's capital markets have never been so resilient our aim is to continue this momentum. Dependence on FPI has reduced in today's markets."
According to analysts' consensus estimates compiled by Bloomberg, L&T Technology Services is projected to report a consolidated revenue of Rs 3,029 crore for the December quarter, up 1.64% from Rs 2,980 crore in the previous quarter.
Net profit may increase 3.3% to Rs 340 crore from Rs 329 crore in the previous quarter.
Let's start the day with an update from Indian auto giant Maruti Suzuki India. The company is set to hold a board meeting on Jan. 28 to consider Q3 results, according to an exchange filing.
Hello and welcome. While we keep monitoring the BMC elections 2026, it promises to be a busy day for the Dalal Street as well. Lots of exciting Q3 earnings coming up, including two Nifty 50 counters in HDFC Life and Jio Financial Services. I will take you through the day's earnings as and when it happens.
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