shares were trading 1.04 per cent higher at ₹364.50 on the as of 10.30 am Wednesday, after leading brokerages upgraded their target prices following robust second-quarter results. The stock opened at ₹369 and touched an intraday high of ₹374, with over 9.63 lakh shares changing hands.
Jefferies raised its target price to ₹440 from ₹410, maintaining a ‘Buy’ rating, citing healthy pickup in motor insurance growth that could improve earnings visibility. Citi also increased its target to ₹420 from ₹410, keeping a ‘Buy’ recommendation. The brokerage highlighted the company’s improving underwriting loss ratio of -11.8 per cent and rising market share across key categories.
The insurer reported profit before tax of ₹136 crore for Q2 FY26, jumping 53 per cent from ₹89 crore year-on-year. Profit after tax grew 31 per cent to ₹117 crore. Gross written premium increased 12.6 per cent to ₹2,667 crore during the quarter. The combined ratio improved to 111.4 per cent from 112.2 per cent in the same quarter last year, indicating better operational efficiency.
Assets under management stood at ₹21,345 crore as of September 30, 2025, up 15.4 per cent year-on-year. The company carries unrealized gains of ₹680 crore, representing 88 per cent of H1 FY26 investment income. Solvency ratio remained robust at 2.26 times, well above the regulatory minimum of 1.50 times..