HDFC Life, ICICI Pru, Rallis India, AWL Agri, Just Dial & ICICI Lombard: Target prices

A couple of brokerages such as Emkay Global, MOFSL and Nuvama Institutional Equities on Wednesday came out with reports on HDFC Life Insurance Company, ICICI Prudential Life Insurance Company, ICICI Lombard, Rallis India, AWL Agri Business and Just Dial, following their June quarter results. These brokerages largely retained their ratings on the stocks, with minor changes to target prices, if any. Here's what they said post the Q1 results:   

ICICI Prudential Life Insurance Company share price target: Rs 675 

Emkay Global said ICICI Pru Life delivered a largely in-line performance, led by 5 per cent decline in APE. VNB margin came at 24.5 per cent, higher than the estimated 24.2 per cent. The improvement in VNB margin was driven by lower contribution by ULIPs and a strong 24 per cent growth in Retail Protection. The management continues to focus on absolute VNB growth, while the product mix will mirror customer demand. 

"Ahead, FY26 remains a story of two halves, with growth likely to pick up in H2FY26E. To bake in the Q1 developments, we have reduced our APE estimates by 2 per cent over FY26-28; however, we have increased our VNB margin estimates by 30-40 bps, resulting in largely unchanged VNB over FY26-28E. Ahead, growth revival will be key to the stock’s re-rating. We maintain ADD, with an unchanged Jun-26E target price of Rs 675, implying FY27E P/EV of 1.6x and implied P/VNB of 14.3x," Emkay said.

HDFC Life Insurance Company share price target: Rs 920
HDFC Life Insurance: Nuvama said HDFC Life's Q1FY26 total APE grew 12.4 per cent YoY against an estimate of 0.8 per cent. Both retail and group businesses grew evenly at 12.4 per cent YoY and 12 per cent YoY, respectively. 

"Despite surrender value impact and lower fixed cost absorption, HDFC Life reported a 7 bps YoY increase in VNB margin to 25.1 per cent, resulting in a Q1FY26 VNB of Rs 810 crore (up 12.7 per cent YoY), i.e. 1.9 per cent above our estimate. The company aims to grow VNB in line with top line in FY26," Nuvama said.

The brokerage maintained FY26 and FY27 VNB estimates and FY26–28E RoEV of 16 per cent. It reiterated its ‘Buy’ rating on HDFC Life with an unchanged target price of Rs 920, implying FY26/27 P/EV of 3.1 times/2.7 times.

AWL Agri Business share price target: Rs 397
AWL Agri Business reported a 20 per cent YoY increase in Q1FY26 revenue driven primarily by higher realisation in the Edible Oil segment. However, Ebitda declined 41 per cent YoY as input costs remained elevated. A commodity derivative gain partially offset the impact of this steep Ebitda drop, Nuvama said.

"Volume fell 5 per cent YoY due to underperformance in rice (G2G business discontinued post-Q3FY25; excluding that, volume fell 2 per cent YoY) and sluggish Palm sales. Gross margin/EBITDA margin dipped 340bp YoY/222bp YoY to 9.4 per cent/2.1 per cent. Factoring in a weak Q1, we are cutting FY26E/27E Ebitda by 6.8 per cent/5.3 per cent. Rolling forward our estimates to FY27, we derive an SotP-based target price of Rs 397 (earlier Rs 401); maintain ‘BUY’," Nuvama said.

ICICI Lombard share price target: Rs 2,400
MOFSL said ICICI Lombard’s Q1 gross written premium was up 2 per cent YoY in 1QFY26 at Rs 8,100 crore, which was in line with its estimate, impacted by 1/n regulation and its cautious approach to the motor segment. NEP grew 14 per cent YoY to Rs 5,140 crore, which was in also in line.

"The claims ratio stood at 73 per cent (in line) vs. 74 per cent in 1QFY25. The commission ratio increased to 16.8 per cent (our estimate 16 per cent) vs 15 per cent in 1QFY25 and the opex ratio came in at 13.2 per cent (our estimate 12.5 per cent) vs 13.3 per cent in 1QFY25," MOFSL said. This brokerage has reiterated its 'Buy' with a target price of Rs 2,400 on the stock. 

Just Dial share price target: Rs 1,280
Nuvama said Just Dial's Q1FY26 revenue was in line with its estimate. EBITDA margin at 29 per cent fell short of estimate of 30.2 per cent. PAT, on the other hand, beat estimates due to higher other income. Paid campaigns slowed down. Collections dipped sharply QoQ. Margin too declined due to higher employee cost and advertisement expense. 

"We are changing FY26E/27E EPS by +6.8 per cent/-4.3 per cent based on cuts to our growth and profitability expectations, with higher other income in near term lifting EPS in FY26E. Our DCF yields a target price of Rs 1,280 (earlier Rs 1,300). Maintain ‘BUY’ due to valuation support," Nuvama said.

Rallis India share price target: Rs 202

Rallis India’s Q1FY26 performance testifies to a robust beginning to this year’s Kharif season, Nuvama said. The company reported a solid quarter beating all headline estimates. Sales and Ebitda shot up 22.2 per cent and 56.3 per cent YoY, respectively. PAT nearly doubled YoY.

"Growth was well distributed across the three portfolios: Domestic B2C, Domestic & International B2B, and Seeds. All grew in healthy double digits. While the placement quarter showed strength, watch out for liquidation in Q2FY26E. We are raising FY26E/27E EPS by 6.2 per cent/6.5 per cent and rolling forward the valuation to FY28E. Valuing the stock at 15x Q1FY28E EPS yields a revised target of Rs 202 (earlier Rs 182); maintain ‘REDUCE’," Nuvama said.