# HDFC Life Insurance Company (HDFCLIFE.NSE)

Canonical: https://gigainvestors.com/s/HDFCLIFE.NSE

Analysis as of: 2026-10-16T07:33:23.751Z. Financial observations: FY2016–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

A wonderful business

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 550.55 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.37×

Chart: Net income; fiscal year observations.

- FY2017: INR 8.9B

- FY2018: INR 11B

- FY2019: INR 13B

- FY2020: INR 13B

- FY2021: INR 14B

- FY2022: INR 13B

- FY2023: INR 14B

- FY2024: INR 16B

- FY2025: INR 18B

- FY2026: INR 19B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Bank / P&C ROTE, median of available years: 13.5%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 10.5%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2017: 23.2%

- FY2018: 23.5%

- FY2019: 22.7%

- FY2020: 19.1%

- FY2021: 15.8%

- FY2022: 8.5%

- FY2023: 10.5%

- FY2024: 10.7%

- FY2025: 11.2%

- FY2026: 10.8%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Book value per share + reinvested dividends, annualized return: 21.9%

- Book return interval: 10 years

- Starting book value per share: INR 15.53

- Ending book value per share: INR 82.23

Chart: Annual book + dividend return; fiscal year observations.

- FY2017: 30.4%

- FY2018: 29.2%

- FY2019: 26.5%

- FY2020: 20.8%

- FY2021: 26.6%

- FY2022: 77.7%

- FY2023: -15.1%

- FY2024: 15.6%

- FY2025: 13.0%

- FY2026: 12.4%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity and common earnings

- Unreported buybacks treated as zero; retained-earnings test is conservative

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.3%

- Share growth excluding flagged crisis recapitalisations: 0.8%

- Five-year share growth excluding flagged crisis recapitalisations: 1.3%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.28×

- Book value created per share: INR 66.69

- Earnings retained per share after dividends and buybacks: INR 51.92

Chart: Shares (first year = 100); fiscal year observations.

- FY2016: 100

- FY2017: 100

- FY2018: 101

- FY2019: 101

- FY2020: 101

- FY2021: 101

- FY2022: 106

- FY2023: 107

- FY2024: 108

- FY2025: 108

- FY2026: 108

### accounting: pass

- Financial accounting warning count: 0

- Loans, annualized growth: 18.1%

- Known restatement years: 0

## Holders

## Price story

Down 32% since Jun 2025 · net income +5.6%

Story as of 2026-10-16T09:59:55.957Z; price observation 2026-10-15.

### Net income · FY2026

net income +5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 8.9B 

- FY2018: INR 11B 

- FY2019: INR 13B 

- FY2020: INR 13B 

- FY2021: INR 14B 

- FY2022: INR 13B 

- FY2023: INR 14B 

- FY2024: INR 16B 

- FY2025: INR 18B 

- FY2026: INR 19B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in life insurance; annual sales are INR 994.3 billion.

- Source: https://www.screener.in/company/HDFCLIFE/consolidated/ (filed 2026-10-16T07:33:23.751Z); FY2026: revenue 994320000000.

### Why customers stay

It earns 13.5% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.751Z); 10-year return on tangible equity observations [[2017,0.23183481442760062],[2018,0.23528161530286928],[2019,0.22651542006380715],[2020,0.1905391508741002],[2021,0.15752314814814813],[2022,0.08498783143332907],[2023,0.10530878934811053],[2024,0.10732851493249693],[2025,0.11209037449705973],[2026,0.10773633802816901]]; median 0.13480676132260394. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 2 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.751Z); Dividend observations: [[2023,3992400000],[2024,4770900000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 1.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.751Z); Closing price 550.55 INR; reporting-to-trading FX 1; FY2026 annual sales per share 460.62182632768435; price multiple 1.1952321156582386. FY2026 cash earnings/share 8.685987733532102. Closing-price date 2026-10-15.

## Monthly share-price history (INR per share)

- 2017-12: INR 386.00 per share

- 2018-01: INR 427.00 per share

- 2018-02: INR 461.20 per share

- 2018-03: INR 454.45 per share

- 2018-04: INR 518.05 per share

- 2018-05: INR 491.15 per share

- 2018-06: INR 456.15 per share

- 2018-07: INR 502.70 per share

- 2018-08: INR 461.75 per share

- 2018-09: INR 391.60 per share

- 2018-10: INR 372.30 per share

- 2018-11: INR 396.70 per share

- 2018-12: INR 387.15 per share

- 2019-01: INR 371.60 per share

- 2019-02: INR 352.25 per share

- 2019-03: INR 378.50 per share

- 2019-04: INR 404.55 per share

- 2019-05: INR 441.65 per share

- 2019-06: INR 464.05 per share

- 2019-07: INR 493.50 per share

- 2019-08: INR 557.15 per share

- 2019-09: INR 601.15 per share

- 2019-10: INR 626.20 per share

- 2019-11: INR 571.50 per share

- 2019-12: INR 626.05 per share

- 2020-01: INR 599.20 per share

- 2020-02: INR 544.10 per share

- 2020-03: INR 441.35 per share

- 2020-04: INR 501.05 per share

- 2020-05: INR 523.20 per share

- 2020-06: INR 549.00 per share

- 2020-07: INR 627.10 per share

- 2020-08: INR 574.80 per share

- 2020-09: INR 559.40 per share

- 2020-10: INR 589.75 per share

- 2020-11: INR 646.80 per share

- 2020-12: INR 676.50 per share

- 2021-01: INR 677.95 per share

- 2021-02: INR 700.65 per share

- 2021-03: INR 696.20 per share

- 2021-04: INR 665.10 per share

- 2021-05: INR 665.90 per share

- 2021-06: INR 686.30 per share

- 2021-07: INR 664.05 per share

- 2021-08: INR 717.75 per share

- 2021-09: INR 722.40 per share

- 2021-10: INR 680.45 per share

- 2021-11: INR 680.80 per share

- 2021-12: INR 649.55 per share

- 2022-01: INR 622.45 per share

- 2022-02: INR 523.20 per share

- 2022-03: INR 538.20 per share

- 2022-04: INR 582.40 per share

- 2022-05: INR 598.95 per share

- 2022-06: INR 550.00 per share

- 2022-07: INR 555.50 per share

- 2022-08: INR 575.20 per share

- 2022-09: INR 530.45 per share

- 2022-10: INR 540.45 per share

- 2022-11: INR 590.60 per share

- 2022-12: INR 566.25 per share

- 2023-01: INR 578.85 per share

- 2023-02: INR 488.80 per share

- 2023-03: INR 499.20 per share

- 2023-04: INR 529.75 per share

- 2023-05: INR 592.35 per share

- 2023-06: INR 651.20 per share

- 2023-07: INR 646.85 per share

- 2023-08: INR 644.75 per share

- 2023-09: INR 637.40 per share

- 2023-10: INR 618.35 per share

- 2023-11: INR 690.75 per share

- 2023-12: INR 646.70 per share

- 2024-01: INR 576.60 per share

- 2024-02: INR 582.00 per share

- 2024-03: INR 633.35 per share

- 2024-04: INR 583.65 per share

- 2024-05: INR 549.85 per share

- 2024-06: INR 595.05 per share

- 2024-07: INR 715.50 per share

- 2024-08: INR 738.70 per share

- 2024-09: INR 718.00 per share

- 2024-10: INR 720.15 per share

- 2024-11: INR 657.75 per share

- 2024-12: INR 617.05 per share

- 2025-01: INR 638.05 per share

- 2025-02: INR 608.50 per share

- 2025-03: INR 685.70 per share

- 2025-04: INR 743.70 per share

- 2025-05: INR 776.85 per share

- 2025-06: INR 814.30 per share

- 2025-07: INR 755.50 per share

- 2025-08: INR 772.05 per share

- 2025-09: INR 756.45 per share

- 2025-10: INR 731.85 per share

- 2025-11: INR 764.30 per share

- 2025-12: INR 749.85 per share

- 2026-01: INR 731.00 per share

- 2026-02: INR 715.30 per share

- 2026-03: INR 590.60 per share

- 2026-04: INR 586.90 per share

- 2026-05: INR 594.80 per share

- 2026-06: INR 575.85 per share

- 2026-07: INR 548.50 per share

- 2026-08: INR 543.35 per share

- 2026-09: INR 521.20 per share

- 2026-10: INR 550.55 per share

## Annual estimated value (INR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations