HDFC Life: Prabhudas Lilladher Recommends 'BUY' with Rs 900 Target

• Prabhudas Lilladher recommends 'BUY' for HDFC Life Insurance Company with a target price of Rs 900.
• Q3FY26 Annualized Premium Equivalent (APE) grew 11% year-on-year, boosted by retail protection after GST rationalization.
• Overall APE growth is projected at 13% for FY26 and 14% for FY27E, driven by ULIP/PAR momentum and credit life recovery.
• 9MFY26 Value of New Business (VNB) margin was 24.4%, impacted by GST exemption, but mitigation is expected in Q4.
• VNB margin estimates are increased by 20-40 basis points for FY26-FY28E, with confidence in growth delivery.

Why It Matters: Prabhudas Lilladher maintains a 'BUY' rating on HDFC Life, citing strong growth prospects and a Rs 900 target.