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.