“This is regarding our notification dated June 28, 2024, detailing the GST Order (covering the period from July 1, 2017, to March 31, 2022, Tax demand – ₹132.7 crore, including applicable interest and a penalty of ₹132.7 crore) received from the Joint Commissioner, CGST & Central Excise, Thane Commissionerate, Maharashtra on June 27, 2024 (GST Order),” stated a filing to the stock exchange.
This order pertains to a prior GST directive received on June 27, 2024, covering the timeframe from July 1, 2017, to March 31, 2022, with a tax demand of ₹132.7 crore, including interest and a matching penalty.
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HDFC Life indicated that the appellate order has upheld the total demand as stated in the original GST directive from the Joint Commissioner, CGST & Central Excise, Thane Commissionerate.
The company further mentioned that this order will not materially impact its financial operations. HDFC Life plans to challenge the order by appealing to the GST Appellate Tribunal.
Fourth Quarter Results
For Q4FY26, HDFC Life Insurance Company reported a total annualised premium equivalent (APE) of ₹5,254 crore, slightly below the CNBC-TV18 poll estimate of ₹5,329 crore.
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The value of new business (VNB) was ₹1,261 crore, compared to the CNBC-TV18 poll estimate of ₹1,269 crore. The VNB margin was 24%, slightly above the poll estimate of 23.85%.
APE rose by 1.3% year-on-year to ₹5,254 crore, up from ₹5,186 crore during the same period last year, while VNB decreased by 8.4% year-on-year to ₹1,261 crore, down from ₹1,376 crore in the same quarter of the previous year. The VNB margin stood at 24%, compared to 26.50% a year earlier.
The company reported a 6% year-on-year increase in profit after tax, reaching ₹1,910 crore for FY26, while underlying profit grew by 16% when adjusted for one-time impacts from labor code and GST changes.
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Since the start of the year, shares of HDFC Life Insurance Company have fallen by approximately 23.30%. Beginning the year at ₹750.35 on January 1, the stock hit early peaks near ₹758 before entering a downward trend that intensified through March and April. By the end of June, the stock was trading lower, closing at ₹575.50 on June 30, 2026.
