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HDFC Life Gets 'Buy' From Centrum Broking After Q3 Results; Sees 31% Upside — Here's Why

The brokerage maintains Buy on the stock given the robust demand in tier-2/3 markets, steady market share in the HDFC Bank channel and newer products.

<div class="paragraphs"><p>HDFC Life's APE grew 20% YoY to Rs 103 billion in 9MFY25, led by Non-par and ULIP while there was a decline in the Par business.</p><p> (Source: Alexey Tulenkov/ freepik)</p></div>
HDFC Life's APE grew 20% YoY to Rs 103 billion in 9MFY25, led by Non-par and ULIP while there was a decline in the Par business.

(Source: Alexey Tulenkov/ freepik)

HDFC Life is trading at 1.7x FY27E price/embedded value. We continue to value the stock at an unchanged 2.2x FY27E P/EV - a 40% discount to the long-term mean, leading to target price of Rs780.
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