Motilal Oswal Recommends BUY on HDFC Life, Sets Target at INR 930

• HDFC Life Insurance reported an APE of INR 39.7 billion in 3QFY26, an 11% YoY increase, driven by individual and group APE growth.
• Value of New Business (VNB) grew 2.5% YoY to INR 9.5 billion, with a VNB margin of 24% in 3QFY26.
• Shareholders' PAT saw a 1% YoY growth to INR 4.2 billion in 3QFY26, and 9% YoY growth for 9MFY26.
• EV at the end of 9MFY26 stood at INR 615.6 billion, with an operating RoEV of 15.6%.
• Motilal Oswal maintains a BUY rating on HDFC Life with a revised target price of INR 930, based on 2.3x FY28E EV.

Why It Matters: Motilal Oswal recommends buying HDFC Life Insurance, projecting a target price of INR 930.