Shares of SBI Life Insurance Company Ltd . gained nearly 5% on Monday, October 27, reacting to their September quarter earnings and positive brokerage commentary.

Brokerages Citi, Jefferies and Nuvama have "buy" calls and see up to a 39% upside on the stock.

Citi

Citi has a "buy" rating and a target price of ₹2,550 per share. The stock ended the previous session at ₹1,839.8 apiece.

The analyst said SBI LIfe's value of new business (VNB) increased 14% in the second quarter as well as the first half of the financial year 2026. Its VNB margin expanded by 100 basis points from the previous year, which was also 90 basis points higher than Citi's estimates. It was up 45 basis points sequentially.

Citi said the margin expansion, backed by product mix shift towards high-yielding segment

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