Analysts predict a 39% increase in SBI Life shares following the Q2 results.

According to the analyst, both the second quarter and the first half of the fiscal year 2026 saw a 14% increase in SBI Life's value of new business (VNB). Its VNB margin increased by 90 basis points over Citi's projections and by 100 basis points over the prior year. It was up 45 basis points in a row. According to Citi, the product mix change towards high-yielding areas is supporting the margin expansion, which is good. It stated that the annual impact of not receiving input tax credit (ITC) advantages is limited to 174 basis points. According to Citi, the management absorbed the most of the effect and continued to be optimistic about a positive improvement in the business mix.