HDFC Life Insurance Company Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹496.55Overvalued by 10.21%vs CMP ₹553.00

P/E (60.8) × ROE (11.3%) × BV (₹90.00) × DY (0.38%)

₹199.41Overvalued by 63.94%vs CMP ₹553.00

MoS: -177.3% (Negative)Confidence: 63/100 (Moderate)Models: 1 Fair, 8 Over

Model	Category	Value	Weight	Signal
PE-ROE	Earnings	₹530.85	22%	Fair (-4%)
Graham Number	Earnings	₹133.26	16%	Over (-75.9%)
Earnings Power	Earnings	₹46.31	13%	Over (-91.6%)
DCF	Cash Flow	₹113.28	13%	Over (-79.5%)
Net Asset Value	Assets	₹81.71	7%	Over (-85.2%)
EV/EBITDA	Enterprise	₹48.27	9%	Over (-91.3%)
Earnings Yield	Earnings	₹87.70	7%	Over (-84.1%)
ROCE Capital	Returns	₹8.08	7%	Over (-98.5%)
Revenue Multiple	Revenue	₹427.76	5%	Over (-22.6%)
Consensus (9 models)		₹199.41	100%	Overvalued

Key Drivers: Wide model spread (₹8–₹531) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 6.9%

*Investments are subject to market risks

Analysis summary

Data coverage: Price-data record updated 25 August 2026, 6:44 am +05:30. Annual results through Mar 2025; quarterly results through Dec 2025; cash flow through Mar 2026. Each section can have a different reporting period. The share price is not live.

Valuation in context

Operating performance

Revenue for Mar 2025 was ₹92,922.00 Cr, versus ₹101,482.00 Cr in Mar 2024 (-8.4% year on year). Net profit for Mar 2025 was ₹1,811.00 Cr, versus ₹1,574.00 Cr in Mar 2024 (15.1% year on year). These are the latest annual periods stored on this page; check the quarterly table separately for more recent developments.

Cash generation

For the same Mar 2025 period, operating cash flow was ₹15,597.00 Cr against net profit of ₹1,811.00 Cr. Cash flow covered 8.61 times reported profit. Cash generation supports the reported profit for this period; check whether this continues over several years. For financial businesses, lending and investment movements can dominate operating cash flow; also examine asset quality, capital adequacy and the business mix.

Balance-sheet check

Reported borrowings were ₹3,099.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How to use the valuation and peer comparisons

The Intrinsic Value panel combines the available model estimates using the displayed weights. Earnings, cash-flow, dividend and asset-based methods can give very different answers. The displayed 12% cost of equity and 4% terminal growth assumptions apply where relevant; historical EPS growth is not a promise of future growth. Use the individual values and their spread to judge sensitivity.

The peer group follows the stored industry classification and may include different business models. Compare reporting periods, leverage and recurring earnings before interpreting a valuation gap. For banks and other financial businesses, capital adequacy and asset quality can be more informative than industrial-company cash-flow ratios.

Sources: Company data source. Check the company filings linked by the source for the reporting basis and exceptional items.

Automatically generated interpretation of the stored financial data, not a separately researched analyst opinion. Missing data is not evidence of poor performance. New filings become available here after the existing data refresh process captures them.

Investment Snapshot

HDFC Life Insurance Company Ltd scores 67/100 (Average)

Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison

Stock Health74/100 · Strong

ROCE 10.3% AverageROE 11.3% AverageD/E 0.18 Low debtInterest Coverage 11.5x StrongProfitable 5/5 available years Reported history

Smart Money45/100 · Moderate

FII holding down -5.55% (6mo) SellingDII holding up 5.60% MF buyingPromoter holding at 50.5% Stable

Earnings Quality75/100 · Strong

CFO/NP ratio: 6.99x Cash-backed earningsOPM stable around 1% Steady

Quarterly Momentum58/100 · Moderate

Revenue (4Q): 3% YoY FlatProfit (4Q): +8% YoY Positive

Industry Rank65/100 · Strong

P/E 60.8 vs industry 136.0 Lower P/EROCE 10.3% vs industry 14.7% Average3Y sales CAGR: 11% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores use stored reporting periods and are screening indicators, not investment recommendations. Missing health ratios are excluded. Broad industry groups and financial-sector accounting can limit comparability.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 6:44 am

Market Cap	1,20,127 Cr.
Current Price	553
Intrinsic Value	₹199.41
High / Low	815/530
Stock P/E	60.8
Book Value	90.0
Dividend Yield	0.38 %
ROCE	10.3 %
ROE	11.3 %
Face Value	10.0
PEG Ratio	8.80

Understand these figures: how to read the P/E ratio, ROE versus earnings per share, and calculate intrinsic value.

Stock P/E, Current Price, and Intrinsic Value Over Time

Stock P/E Current Price Intrinsic Value

View Share Price Target for HDFC Life Insurance Company Ltd

Competitors

Stock Name ⇩	Market Cap ⇩	Current Price ⇩	High / Low ⇩	Stock P/E ⇩	Book Value ⇩	Dividend Yield ⇩	ROCE ⇩	ROE ⇩	Face Value ⇩
HDFC Life Insurance Company Ltd	1,20,127 Cr.	553	815/530	60.8	90.0	0.38 %	10.3 %	11.3 %	10.0
ICICI Prudential Life Insurance Company Ltd	74,173 Cr.	511	707/460	46.1	94.0	0.32 %	10.1 %	12.6 %	10.0
SBI Life Insurance Company Ltd (SBILIFE)	1,69,034 Cr.	1,685	2,133/1,671	65.0	201	0.16 %	15.0 %	13.7 %	10.0
Max Financial Services Ltd	54,176 Cr.	1,570	1,892/1,408	499	153	0.00 %	2.87 %	1.52 %	2.00
Life Insurance Corporation of India	5,38,004 Cr.	425	468/361	8.97	0.00	2.34 %	35.1 %	37.8 %	10.0
Industry Average	191,102.80 Cr	948.80		135.97	107.60	0.64%	14.67%	15.38%	8.40

All Competitor Stocks of HDFC Life Insurance Company Ltd

Quarterly Result

Metric	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	19,577	20,857	23,371	23,142	26,927	28,041	26,934	28,497	17,300	24,191	29,463	20,651	29,428
Expenses	19,787	21,215	23,045	23,557	26,663	27,766	26,623	28,807	16,852	23,814	29,024	20,336	29,157
Operating Profit	-210	-358	326	-415	264	275	311	-310	448	377	439	315	271
OPM %	-1%	-2%	1%	-2%	1%	1%	1%	-1%	3%	2%	1%	2%	1%
Other Income	394	882	114	136	103	174	90	279	-29	124	164	157	174
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0	0	0	0	0	0
Profit before tax	184	525	440	-279	367	450	401	-30	419	500	604	471	445
Tax %	-72%	31%	5%	-235%	-0%	8%	-20%	-1,541%	-1%	5%	9%	5%	6%
Net Profit	316	362	417	378	368	412	479	435	421	475	548	448	418
EPS in Rs	1.47	1.68	1.94	1.76	1.71	1.91	2.23	2.02	1.96	2.21	2.54	2.08	1.94

Last Updated: February 5, 2026, 6:04 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:16 am

Metric	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	17,166	27,215	18,141	30,647	32,260	38,855	29,380	71,528	67,126	70,207	101,482	92,922	103,732
Expenses	16,561	26,341	17,187	29,674	31,186	37,640	28,239	70,294	66,348	70,127	100,836	91,894	102,330
Operating Profit	605	874	953	972	1,074	1,215	1,141	1,235	778	80	646	1,028	1,402
OPM %	4%	3%	5%	3%	3%	3%	4%	2%	1%	0%	1%	1%	1%
Other Income	241	79	108	139	282	136	369	445	766	1,437	410	366	619
Interest	11	-14	8	9	11	14	0	0	0	0	0	0	0
Depreciation	41	43	45	41	44	45	47	51	56	76	79	104	0
Profit before tax	794	924	1,008	1,061	1,300	1,291	1,463	1,629	1,487	1,441	977	1,290	2,021
Tax %	9%	15%	19%	16%	15%	1%	11%	16%	11%	5%	-61%	-40%
Net Profit	725	786	817	887	1,107	1,278	1,297	1,361	1,327	1,368	1,574	1,811	1,890
EPS in Rs	3.64	3.94	4.09	4.44	5.50	6.33	6.43	6.73	6.28	6.37	7.32	8.41	8.77
Dividend Payout %	14%	18%	22%	25%	25%	26%	0%	30%	27%	30%	27%	25%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year	2014-2015	2015-2016	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023	2023-2024	2024-2025
YoY Net Profit Growth (%)	8.41%	3.94%	8.57%	24.80%	15.45%	1.49%	4.93%	-2.50%	3.09%	15.06%	15.06%
Change in YoY Net Profit Growth (%)	0.00%	-4.47%	4.62%	16.23%	-9.36%	-13.96%	3.45%	-7.43%	5.59%	11.97%	-0.00%

HDFC Life Insurance Company Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:	13%
5 Years:	26%
3 Years:	11%
TTM:	-5%

Compounded Profit Growth
10 Years:	8%
5 Years:	5%
3 Years:	8%
TTM:	15%

Stock Price CAGR
10 Years:	%
5 Years:	6%
3 Years:	10%
1 Year:	0%

Return on Equity
10 Years:	15%
5 Years:	11%
3 Years:	10%
Last Year:	11%

Last Updated: September 5, 2025, 5:45 am

Balance Sheet

Last Updated: July 1, 2026, 2:00 am

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,995	1,995	1,998	2,012	2,017	2,019	2,021	2,113	2,149	2,151	2,153	2,158
Reserves	546	1,108	1,828	2,693	3,625	4,788	6,619	13,501	10,844	12,515	14,002	15,592
Borrowings	0	0	0	0	0	0	600	600	950	950	2,950	3,099
Other Liabilities	66,767	73,441	91,270	105,778	124,378	125,417	170,415	214,521	234,126	287,071	330,307	369,654
Total Liabilities	69,309	76,544	95,097	110,483	130,020	132,224	179,655	230,734	248,069	302,687	349,412	390,502
Fixed Assets	346	335	337	336	370	322	585	6,605	997	1,549	2,143	2,716
CWIP	6	12	16	5	10	8	14	20	31	28	109	139
Investments	67,024	74,144	91,723	106,590	124,958	127,256	173,564	216,551	238,197	291,128	334,756	373,340
Other Assets	1,932	2,053	3,020	3,551	4,682	4,637	5,493	7,559	8,844	9,982	12,404	14,308
Total Assets	69,309	76,544	95,097	110,483	130,020	132,224	179,655	230,734	248,069	302,687	349,412	390,502

Reserves and Borrowings Chart

Cash Flow

Month	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operating Activity +	4,459	5,687	6,230	6,739	9,868	7,388	9,703	5,943	6,883	10,721	15,597	22,625
Cash from Investing Activity +	-3,514	-3,962	-5,177	-4,421	-10,182	-7,789	-8,952	-801	-10,071	-13,622	-13,633	-23,849
Cash from Financing Activity +	-168	-212	-236	-196	-337	38	678	-238	1,985	-403	1,607	-275
Net Cash Flow	777	1,513	817	2,122	-651	-364	1,429	4,904	-1,203	-3,304	3,572	-1,499
Free Cash Flow	4,352	5,654	6,183	6,706	9,825	7,351	9,643	5,887	6,797	10,587	15,300	22,341
CFO/OP	510%	597%	641%	627%	813%	672%	806%	789%	9,190%	1,444%	1,543%	1,302%

Free Cash Flow

Free cash flow reported in the stored cash-flow statement (₹ Cr)
Period	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Free Cash Flow	4,352.00	5,654.00	6,183.00	6,706.00	9,825.00	7,351.00	9,643.00	5,887.00	6,797.00	10,587.00	15,300.00	22,341.00

This table and the chart use the Free Cash Flow row from the same stored cash-flow statement. Free cash flow generally measures operating cash flow after capital expenditure; check the source definition and reporting basis. It is not operating profit minus borrowings.

Free Cash Flow Chart

Financial Efficiency Indicators

Month	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	0	0	0	0	0	2	0	0	0	0	0	0
Inventory Days
Days Payable
Cash Conversion Cycle	0	0	0	0	0	2	0	0	0	0	0	0
Working Capital Days	-11	-11	-27	-20	-25	-16	-17	-13	-11	-12	-8	-6
ROCE %	49%	41%	36%	31%	31%	23%	24%	20%	12%	10%	5%	7%

Financial Efficiency Indicators Chart

Share Holding Pattern

Month	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Promoters	50.39%	50.37%	50.37%	50.37%	50.34%	50.32%	50.32%	50.28%	50.25%	50.21%	50.21%	50.54%
FIIs	30.53%	31.28%	30.03%	26.63%	25.63%	25.14%	24.96%	24.75%	24.82%	24.27%	22.52%	19.27%
DIIs	6.87%	6.56%	7.93%	11.24%	13.25%	13.72%	14.10%	14.57%	14.59%	15.23%	17.25%	20.19%
Public	12.18%	11.76%	11.64%	11.74%	10.75%	10.76%	10.60%	10.37%	10.32%	10.25%	10.00%	9.98%
Others	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.02%
No. of Shareholders	8,75,877	8,44,728	8,58,844	8,92,355	7,83,844	7,91,447	7,71,949	7,38,630	7,26,959	7,07,141	6,91,649	7,05,326

Shareholding Pattern Chart

No. of Shareholders

HDFC Life Insurance Company Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund Name	No of Shares	AUM (%)	Amount Invested (Cr)	Previous Number of Shares	Previous Date	Percentage Change
SBI Large Cap Fund	29,000,000	3.87	2119.9	22,200,000	2026-02-23 00:39:08	30.63%
ICICI Prudential India Opportunities Fund	14,540,677	3.02	1062.92	13,412,607	2026-02-23 00:39:08	8.41%
ICICI Prudential Large Cap Fund	12,697,919	1.21	928.22	11,981,572	2026-02-23 00:39:08	5.98%
ICICI Prudential Value Fund	11,682,154	1.41	853.97	10,831,139	2026-01-26 07:39:12	7.86%
Quant ELSS Tax Saver Fund	8,067,787	5.03	589.76	N/A	N/A	N/A
Nippon India Small Cap Fund	6,169,571	0.69	451	5,739,968	2025-12-15 00:54:27	7.48%
Nippon India Large Cap Fund	5,500,000	0.8	402.05	N/A	N/A	N/A
SBI Large & Midcap Fund	5,280,000	1.03	385.97	N/A	N/A	N/A
ICICI Prudential Banking and Financial Services	5,241,538	3.5	383.16	4,884,950	2025-12-15 00:54:27	7.3%
SBI ELSS Tax Saver Fund	5,183,940	1.19	378.95	N/A	N/A	N/A

ROCE Trend

EPS Trend

Key Financial Ratios

Month	Mar 25	Mar 24	Mar 23	Mar 22	Mar 21
FaceValue	10.00	10.00	10.00	10.00	10.00
Basic EPS (Rs.)	8.41	7.32	6.41	6.49	6.74
Diluted EPS (Rs.)	8.41	7.31	6.41	6.48	6.73
Cash EPS (Rs.)	8.89	7.68	6.72	6.55	6.98
Book Value[Excl.RevalReserv]/Share (Rs.)	75.03	68.19	60.44	73.89	55.38
Book Value[Incl.RevalReserv]/Share (Rs.)	75.03	68.19	60.44	73.89	55.38
Revenue From Operations / Share (Rs.)	450.17	471.80	326.64	317.74	353.71
PBDIT / Share (Rs.)	6.82	5.17	6.93	7.13	8.93
PBIT / Share (Rs.)	6.34	4.80	6.58	6.87	8.68
PBT / Share (Rs.)	5.75	4.43	6.19	6.74	8.59
Net Profit / Share (Rs.)	8.41	7.32	6.37	6.28	6.73
NP After MI And SOA / Share (Rs.)	8.41	7.32	6.37	6.28	6.73
PBDIT Margin (%)	1.51	1.09	2.12	2.24	2.52
PBIT Margin (%)	1.40	1.01	2.01	2.16	2.45
PBT Margin (%)	1.27	0.93	1.89	2.12	2.42
Net Profit Margin (%)	1.86	1.55	1.94	1.97	1.90
NP After MI And SOA Margin (%)	1.86	1.55	1.94	1.97	1.90
Return on Networth / Equity (%)	11.20	10.73	10.53	8.50	12.15
Return on Capital Employeed (%)	0.40	0.35	0.58	0.64	1.01
Return On Assets (%)	0.51	0.52	0.55	0.57	0.75
Long Term Debt / Equity (X)	0.18	0.06	0.07	0.03	0.05
Total Debt / Equity (X)	0.18	0.06	0.07	0.03	0.05
Asset Turnover Ratio (%)	0.29	0.36	0.29	0.33	0.45
Current Ratio (X)	1.03	0.91	0.86	0.90	0.77
Quick Ratio (X)	1.03	0.91	0.86	0.90	0.77
Dividend Payout Ratio (NP) (%)	23.75	25.94	26.25	30.78	0.00
Dividend Payout Ratio (CP) (%)	22.48	24.71	24.87	29.53	0.00
Earning Retention Ratio (%)	76.25	74.06	73.75	69.22	0.00
Cash Earning Retention Ratio (%)	77.52	75.29	75.13	70.47	0.00
Interest Coverage Ratio (X)	11.52	13.90	18.07	58.91	97.97
Interest Coverage Ratio (Post Tax) (X)	14.80	20.37	16.27	50.45	80.68
Enterprise Value (Cr.)	148727.28	135546.16	107111.55	112936.58	140107.92
EV / Net Operating Revenue (X)	1.53	1.34	1.53	1.68	1.96
EV / EBITDA (X)	101.27	121.92	71.92	74.96	77.61
MarketCap / Net Operating Revenue (X)	1.52	1.34	1.53	1.69	1.97
Retention Ratios (%)	76.24	74.05	73.74	69.21	0.00
Price / BV (X)	9.14	9.28	8.26	7.28	12.56
Price / Net Operating Revenue (X)	1.52	1.34	1.53	1.69	1.97
EarningsYield	0.01	0.01	0.01	0.01	0.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

Frequently asked questions

What is the intrinsic value of HDFC Life Insurance Company Ltd and is it undervalued?

HDFC Life Insurance Company Ltd: the stored intrinsic value estimate is ₹199.41, compared with a stored share price of ₹553.00. The model value is 63.9% below that quote. The model classifies this as overvalued; it is an estimate dependent on the inputs and assumptions, not a price target or a buy/sell recommendation. The estimate uses the available valuation models and weights shown in the Intrinsic Value panel, including earnings, cash-flow and asset-based approaches where data permits. It is not a P/E-only calculation.

What share price and 52-week range are shown for HDFC Life Insurance Company Ltd?

The stored share price is ₹553.00. Price-data record updated: 25 August 2026, 6:44 am +05:30. This is not a live quote. The stored 52-week high / low is 815/530; this is a rolling range, not a financial-year range.

How have HDFC Life Insurance Company Ltd's revenue and profit changed?

Does HDFC Life Insurance Company Ltd's profit convert into cash?

What should I check in HDFC Life Insurance Company Ltd's balance sheet?

Reported borrowings were ₹3,099.00 Cr in Mar 2026. Read this alongside cash, interest costs and repayment obligations; reserves are an accounting balance and are not the same as available cash.

How should I compare HDFC Life Insurance Company Ltd's P/E with other stocks?

The stored P/E is 60.80. Compare companies with similar business models, growth, leverage and accounting periods. The industry group on this page is broad, and its average can be affected by outliers. A lower P/E alone does not establish undervaluation.

What could change HDFC Life Insurance Company Ltd's intrinsic value estimate?

Changes in sustainable earnings, cash generation, capital needs, debt and share count can change the estimate. The displayed model uses a 12% cost of equity and 4% terminal growth assumption where applicable. Higher discount rates or weaker growth generally reduce discounted values. Compare the individual model values and weights, and verify fresh filings before relying on the result.