Upgrades

SBI Life reported an impressive performance for Q4FY25/FY25 with VNB margin at 30.5%/27.8%, respectively, clocking in 7.2% VNB growth for FY25.

We maintain our BUY recommendation on the stock

We maintain our BUY rating on the stock.

We maintain our BUY recommendation on the stock.

We remain optimistic about the company's long-term prospects. With a 10% upside potential from the CMP, we maintain our BUY rating on the stock.

Revenue/EBITDA/PAT exceeded our estimates by 8.4%/32.6%/110.3%; EBITDA margin surpassed our estimate by 440 bps

Moderate APE growth of 2% YoY in Q4FY25, 9% YoY in FY25; while VNB margins expand ~200bps YoY in Q4

Muted advances and deposits growth, with low signs of improvement in near term

Q4FY25 earnings were a mixed bag. Net interest income (NII), at Rs. 13,811 crore (in line), grew by ~6% y-o-y/2%q-o-q. NIMs marginally improved by 4 bps q-o-q to 3.97% led by better asset quality and income tax refund.