Q2 FY25 Update:
No. of shares = 215 crores (As of 31-12-2023 as per published data)
Embedded value (As of Q2 FY25) = 52,110 Crores
VNB (As of Q2 FY25) = 1,660 Crores
IEV + VNB (As of Q2 FY25) / share = (52,110 + 1,660) / 215 = 250.09
Valuation(As of 07 Nov 2024) = 711 / 250.09 = 2.84x
It has moved up from 2.47x to 2.84x during Q4 FY24 and Q2FY25.
If my calculations are correct, then the share price looks close to Fair Value to me or marginally undervalued.
Share Price has moved up from 475 to 711 during Mid 2022 to November 2025 i.e. about 50% which looks reasonable for a large cap stock.
Currently with No negative taxation imposed during current FY, slow growth from here looks possible but Insurance being highly regulated sector, predicting future growth is difficult based on my experience.
Disclosure: Invested from lower levels during corrections in 2022 and Holding from 5+ years perspective. No addition during 2024 to the position.
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