SBI Life Insurance received a fresh endorsement from brokerage Nuvama, which maintained a ‘Buy’ rating on the stock and revised its target price upward to ₹2,250 from ₹2,100. This implies an upside potential of nearly 24% from the current market price of ₹1,817.
According to the brokerage, strong margins helped SBI Life deliver an earnings beat, strengthening confidence in its growth trajectory. Management commentary remains upbeat, with guidance for mid-teens APE growth and VNB margins in the 26–28% range for FY26E.
The protection portfolio is currently being revamped, and a new money-back product is expected to be launched under the PAR segment, further enhancing the product mix. Nuvama also highlighted that FY26E/27E VNB estimates remain unchanged, but the target valuation multiple has been revised upward to 2.3x FY27E P/EV, reflecting confidence in future performance.
Disclaimer: The views and investment recommendations expressed above are those of the brokerage firm. These do not represent the views of this publication. Investors are advised to consult their financial advisor before making any investment decisions.
