Only one out of the 26 analysts who have coverage on LIC after its fourth quarter results, has a “sell” rating on the stock. 22 others have a “buy” rating, while three others have a “hold” rating.
Citi
Citi has a “buy” rating on LIC with a price target of ₹1,475 apiece, an upside of 83.5% from its previous close of ₹804 apiece. This is also the highest price target for the state-run and India’s largest insurer on the street.
LIC’s fourth quarter operational performance was strong, led by a 690 basis points expansion in value of new business (VNB) margin aided by higher non-participating mix from last year and favourable yield curve led by benefits in the swifty-growing non-par book, Citi said.
The company’s enterprise value compressed 3% over September 2025, largely led by elevated negative investment variance, almost similar impact between debt and equity for FY26.
The management highlighted the concerted efforts to sustainably drive improvement in persistency, product innovation, increase productivity of exiting agents, agent base augmentation and higher business through non-agency, Citi said.
With the estimated financial year 2027 Enterprise Value at higher levels than the current market levels, Citi calls LIC’s valuations to be benign.
However, visibility on promoter holding structure is a key overhang even as operational performance remains strong, Citi cautioned in its note.
Bernstein
The brokerage has a “market perform” rating on LIC with a price target of ₹900 apiece.
It said the fourth quarter saw healthy growth in the topline. New sales increased by 22% in the fourth quarter and 18% in FY26 from the previous year, driven by strong non-par sales.
LIC’s management stated that margins could converge toward private peers level in the medium-term, though acknowledged it will be a gradual process.
LIC was once India’s largest IPO, having made their debut in May 2022. The stock remains below its core issue price of ₹949 per share and is down over 40% from its post-listing high of ₹1,222.
Shares of LIC are off opening highs but still trading 2.4% higher at ₹819.1. The stock is down 4% so far this year.
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