Shares of SBI Life Insurance Company saw sharp swings on Thursday following the Q3 results, even as most brokerages struck an optimistic tone on the insurer’s growth and margin outlook.
At 10.56 am, the stock was trading 2 per cent lower at ₹2,003.50 on the NSE, after moving between the day’s low of ₹1,984.20 and a high of ₹2,065. The stock had closed the previous session at ₹2,053.20.
SBI Life reported a 4.7 per cent year-on-year rise in consolidated net profit to ₹576.74 crore for Q3 FY26, aided by more than 20 per cent growth in net premium income.
Morgan Stanley maintained an outperform rating on the stock at a target price of ₹2,550. It raised its VNB forecasts, flagged upside risks to annualised premium equivalent growth and margins, and said continued valuation re-rating is likely.
Citi reiterated its buy and lifted the target price to ₹2,700 from ₹2,550, citing sustained improvement in product-level margins and further headroom for expansion. The brokerage highlighted SBI Life’s ongoing agency expansion and said productivity gains should support growth going ahead.
Jefferies maintained buy at a target price of ₹2,510, noting that the quarter saw an encouraging rebound in performance. While strong premium growth was partly offset by GST-related margin pressure, the brokerage said full-year guidance remains intact and expects margins to normalise in the coming periods.
Domestic brokerage Motilal Oswal pointed out that VNB margins in Q3 were impacted by GST, though this was cushioned by rising traction in protection products, higher rider attachment rates and a favourable shift toward traditional policies. The brokerage expects sustained momentum in non-linked products and continued investments in agency and digital channels to drive growth, while reiterating its buy rating with a revised target price of ₹2,570.
HDFC Securities said SBI Life delivered healthy APE and VNB growth of 15 per cent and 18 per cent year-on-year, respectively, beating its estimates, aided by a rebound in new operating profit and a sharp surge in the participating segment. Although VNB margins were slightly lower due to the one-time impact of new labour laws, the brokerage highlighted diversification away from ULIPs, cost leadership and the company’s access to SBI’s vast distribution network as key strengths. It maintained buy recommendation with a revised target price of ₹2,400.
Published on January 29, 2026
