| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Net Premium Income Rs. 20,078.21 Cr (+16.88% YoY) |
| Previous quarter PAT | Rs. 724.93 Cr (+21.97% YoY) |
| Previous quarter VoNB margin | 26.2% |
| Market cap | Rs. 166,475.49 Cr |
| CMP | Rs. 1,658.0 |
The board will meet on Tuesday, October 27, 2026, to approve the audited financial results for the quarter and half year ended September 30, 2026. The trading window has been closed since October 1, 2026, and reopens 48 hours after the results declaration.
At the 26th AGM held via video conference on August 14, 2026, shareholders confirmed the interim dividend declared on February 25, 2026 as the final dividend for FY26. The per-share dividend amount was not disclosed in the company's filings.
The quarter's central test is whether the VoNB margin, which bottomed out at 26.2% in Q1 FY27, re-enters the upper half of the guided 26-28% band as the one-off group/GTI mix that took 60 bps off Q1 fades. Industry new-business flow stayed robust through the quarter — NBP up 20.7% YoY in July, 33.07% in August and 21.32% in September — but growth was concentrated in low-margin group single premium, and SBI Life's own monthly prints cooled to +9% total APE in July and +2% NBP in September, making the 14% FY27 APE guidance dependent on banca re-acceleration and the J&K Bank tie-up commencing in Q2. On costs, the residual GST drag is guided to shrink from the 1.1% hit in Q1 before full mitigation by 3QFY27, while the opex ratio of 7.7% and total cost ratio of 12.0% in Q1 are expected to streamline over the next three quarters per management. Investment conditions turned less friendly through the quarter — the 10-year G-sec yield hardened about 30 bps to 7.05% by September 21 and the Nifty closed below 23,150 on September 15 with FII outflows of Rs. 44,013 cr — pointing to a softer equity-variance contribution than Q1's +2.15% EV boost. The call should also cover the deferred annuity launch committed for this quarter, the status of the appeal against the Rs. 1.13 Cr GST demand order, and management's first read on the IRDAI proposal to cap credit-life single-premium commissions at 2%.
VNB margin vs the 26-28% guidance band: Q1 printed 26.2% against a 27.4% year-ago quarter, with management guiding toward the upper end as mix normalizes.
APE trajectory vs the 14% FY27 growth target
Product launches and credit-protect uptick
Cost ratios, persistency and regulatory markers
Operating metric trajectory: Q1 FY27 operating metrics showed broad-based improvement outside one cohort.
The VoNB margin slipped to 26.2% from 27.4% a year ago, with 40 bps from operating assumption changes at the March 2026 annual review and 60 bps from one-time group term insurance (GTI) business carrying a lower margin. Management said individual margins excluding group business improved significantly and that margins have bottomed out in Q1.
Management has guided to 14% APE growth and a 26-28% VNB margin for FY27, with margins expected to move toward the upper end of the band as product mix normalizes. Q1 FY27 APE grew 36% YoY on a group-heavy mix, though monthly prints cooled thereafter, with July total APE up 9% and September NBP up 2%.
The company received a GST demand of Rs. 1,12,99,508 (about Rs. 1.13 Cr) dated September 25, 2026 under Section 74 of the RGST Act 2017, relating to excess input tax credit for April-August 2025. SBI Life is filing an appeal against the order.
As of the July 24, 2026 call, the new regular-pay deferred annuity plan was expected to launch within the next quarter. The product had earlier been committed for launch by Q1 or Q2 of the current fiscal year.