Earnings · Life Insurance Corporation of India
LIC reports its September-quarter numbers on 5 November 2026. Here are the date, the profit and VNB base to beat, the one broker estimate found, and the figures to read first.
Quick answer
LIC Q2 results are due on Thursday, 5 November 2026. The base to beat is Rs 10,098 crore consolidated profit and about Rs 3,167 crore of value of new business in Q2 FY26 (my calculation). Q1 FY27 was Rs 13,492 crore and Rs 3,136 crore. Centrum expects VNB of Rs 4,320 crore.
Latest update (Saturday, 31 October 2026, 11:15 AM IST): The results are not out. Goodreturns reported on 23 October that the board meets on 5 November; the filing time is not announced. This page becomes the live analysis after the filing.
Earlier entries:
- Friday, 23 October 2026, 1:34 PM IST: Goodreturns published the 5 November board-meeting date and the Centrum estimates.
- Thursday, 6 August 2026: LIC reported Q1 FY27 after market hours, as carried by Kotak Neo.
Key takeaways
- Date: board meeting on Thursday, 5 November 2026, from one report of the filing.
- Profit base: Q2 FY26 consolidated profit of Rs 10,098 crore; Q1 FY27 was Rs 13,492 crore.
- VNB base: about Rs 3,167 crore in Q2 FY26 (my calculation) and Rs 3,136 crore in Q1 FY27.
- Estimate: Centrum expects VNB of Rs 4,320 crore, APE of Rs 18,800 crore and a 22.9% margin. No profit estimate found.
- Trap: consolidated and standalone profit differ, and six-month VNB is not Q2 VNB.
In plain words: A results preview is a checklist made before the numbers arrive. For an insurer it means four marks: profit, value of new business, premium and solvency. Knowing last year’s marks lets you judge the new figures in minutes.
Data note: Figures are as of Saturday, 31 October 2026, 11:15 AM IST. The results date comes from one secondary report; the filing itself was not opened for this page. Base figures are company results as reported by Angel One, Business Standard, Kotak Neo and Goodreturns. The only estimate found is from Centrum Broking. Derived numbers are my calculation.
When are the LIC Q2 results?
The LIC Q2 results date is Thursday, 5 November 2026. The board meets to approve the results for the quarter and half-year ended 30 September 2026.
Goodreturns, published at 1:34 PM IST on 23 October 2026, says the board meeting is on Thursday, 5 November to approve the September-quarter results, and cites a filing dated 14 October. A Univest preview dated 11 September said the date was not yet confirmed, which is consistent with the filing coming later. Kotak Neo’s partial weekly list for 5 November did not name LIC, so this is a single-source date until you see the exchange page.
The filing time is not announced. Last year LIC’s Q2 numbers appeared on 6 and 7 November 2025, and Business Standard carried them in the evening of 7 November. A similar after-hours release is possible, but it is not confirmed for this year.
What will the board approve?
The board will consider the results for the quarter and half-year ended 30 September 2026. LIC files standalone and consolidated statements, and different outlets quote different ones. SEBI’s listing regulations give 45 days after quarter-end, which is 14 November 2026, so 5 November is well inside the limit.
Is the date confirmed?
| Fact | Source | Status | What to do |
|---|---|---|---|
| Board meeting on Thursday, 5 November 2026 | Goodreturns (23 Oct 2026, 1:34 PM IST) | Single secondary report | Open the BSE or NSE filing to confirm |
| Not named in Kotak Neo’s partial 5 November list | Kotak Neo (30 Oct 2026) | List is partial | Do not read as a conflict |
| Filing time | Not announced | Unknown | Do not act on unconfirmed screenshots |
Cite this table: PositionalCalls, “LIC Q2 FY27 Date Check, as of 30 October 2026”.
Treat any article that gives another date as unreliable until you see the filing. A Univest page from September still calls the date unconfirmed, so check the publication date of anything you read.
What is the base to beat for LICWhat is the base to beat for the LIC Q2 results?rsquo;s September quarter?
The base to beat is Q2 FY26 consolidated profit of Rs 10,098 crore and value of new business of about Rs 3,167 crore, against Rs 13,492 crore and Rs 3,136 crore in Q1 FY27.
| Measure | Q2 FY26 (Sep 2025) | Q1 FY27 (Jun 2026) | Note |
|---|---|---|---|
| Consolidated net profit, Rs crore | 10,098 (+31%) | 13,492 (+22.81%) | Angel One; Kotak Neo |
| Standalone net profit, Rs crore | 10,053 (+31.9%) | Not in sources | Business Standard |
| Net premium income, Rs crore | 1,26,930 (+5.5%) | About 1.28 lakh crore (+6.7%) | Kotak Neo; one source calls Q1 total premium Rs 1.27 trillion |
| Value of new business, Rs crore | About 3,167 (my calculation) | 3,136 (+61.32%) | Q2 is H1 5,111 minus Q1 1,944 |
| VNB margin | Not in sources for Q2 alone | 22.90% | H1 FY26 margin was 17.6% |
| Solvency ratio | Not in sources | 2.42 (2.17 a year earlier) | Kotak Neo |
Cite this table: PositionalCalls, “LIC Base-to-Beat Table, as of 30 October 2026”.
Here is the first useful sum. Q1 FY27 consolidated profit of Rs 13,492 crore is already +33.6% above Q2 FY26’s Rs 10,098 crore (13,492 divided by 10,098, my calculation). A flat Q2 would therefore show about 34% growth. But LIC’s profit is lumpy: Q2 FY26 profit fell 7.8% from Q1 FY26, so a flat quarter is not the safe assumption.
How is the Q2 FY26 VNB worked out?
Business Standard gives VNB of Rs 5,111 crore for the six months to 30 September 2025. Kotak Neo’s Q1 FY27 figures imply Q1 FY26 VNB of Rs 1,944 crore (3,136 divided by 1.6132, my calculation). Subtracting gives about Rs 3,167 crore for Q2 FY26 (5,111 minus 1,944, my calculation). The sources do not state Q2 FY26 VNB directly, so treat it as derived.
Centrum’s own numbers agree. It expects VNB of Rs 4,320 crore, up 36.3%, which implies a base near Rs 3,169 crore (4,320 divided by 1.363). That is within Rs 2 crore of the derived figure. Q1 FY27 VNB of Rs 3,136 crore is -1.0% against that base (my calculation).
What does the VNB margin show?
VNB margin is VNB divided by annual premium equivalent, or APE. Q1 FY27 margin was 22.90%, up from 15.4% a year earlier per Goodreturns, and H1 FY26 was 17.6%. Centrum’s numbers imply a Q2 FY26 APE near Rs 16,348 crore (18,800 divided by 1.15) and a Q2 FY26 margin near 19.4% (3,167 divided by 16,348, my calculation), consistent with its statement of a 350 bps gain.
LIC Q2 results preview: what do analysts expect?
One estimate was found. Centrum Broking expects VNB of Rs 4,320 crore, up 36.3%, APE of Rs 18,800 crore, up 15%, and a VNB margin of 22.9%. No profit estimate was found.
| Item | Centrum Broking estimate | Growth on Q2 FY26 | Note |
|---|---|---|---|
| Value of new business | Rs 4,320 crore (Rs 43.2 billion) | +36.3% | Goodreturns, 23 Oct 2026 |
| Annual premium equivalent | Rs 18,800 crore (Rs 188 billion) | +15% | Used to derive the base |
| Gross premium income | Rs 1.4 trillion | +12.9% | Not the same as net premium income |
| VNB margin | 22.9% | About +350 bps | Same as Q1 FY27 margin |
| Net profit | None found | Not applicable | Do not read VNB as profit |
Cite this table: PositionalCalls, “LIC Q2 FY27 Broker View, as of 30 October 2026”.
Centrum’s VNB of Rs 4,320 crore is +37.8% on Q1 FY27 and +36.4% on the derived Q2 FY26 base (my calculation). It assumes the 22.9% margin holds while APE rises from about Rs 16,348 crore to Rs 18,800 crore. One house is not a consensus.
LIC VNB Q2 FY27: what to expect
Two things move VNB: how much new business LIC sells, which is APE, and the mix of products, which sets the margin. Kotak Neo said Q1 first-year premium rose to Rs 9,217 crore from Rs 7,525 crore, and non-par business is a bigger share than last year. A 22.9% margin held for a second quarter would be a good sign; a slip towards the 17.6% of H1 FY26 would be a bad one.
Goodreturns noted that the stock had fallen 7.3% over the month to 23 October. The share count and price level changed over the past year, so this page does not compare today’s price with 2025 figures. It is context, not a forecast of the result.
LIC net profit Q2 FY27: what could it look like?
These are arithmetic scenarios, not forecasts. A flat Q1 profit of Rs 13,492 crore would be +33.6% on Q2 FY26, and a repeat of last year’s 7.8% quarterly dip would be +23.2%.
Assumptions: consolidated net profit; start point Rs 13,492 crore (Q1 FY27); Q2 FY26 profit Rs 10,098.48 crore.
| Change over Q1 FY27 | Q2 FY27 profit, Rs crore | Change on Q2 FY26 |
|---|---|---|
| -20% | 10,794 | +6.9% |
| -10% | 12,143 | +20.2% |
| 0% | 13,492 | +33.6% |
| +10% | 14,841 | +47.0% |
Cite this table: PositionalCalls, “LIC Q2 FY27 Profit Scenarios, as of 30 October 2026”.
Assumptions for VNB: base APE of Rs 16,348 crore (my calculation from Centrum’s numbers); base VNB of Rs 3,167 crore; margins of 20.0%, 22.9% and 25.0%.
| APE growth on Q2 FY26 | VNB at 20.0% margin | VNB at 22.9% margin | VNB at 25.0% margin |
|---|---|---|---|
| +10% (Rs 17,983 crore) | Rs 3,597 crore (+13.6%) | Rs 4,118 crore (+30.0%) | Rs 4,496 crore (+42.0%) |
| +15% (Rs 18,800 crore) | Rs 3,760 crore (+18.7%) | Rs 4,305 crore (+35.9%) | Rs 4,700 crore (+48.4%) |
| +20% (Rs 19,617 crore) | Rs 3,923 crore (+23.9%) | Rs 4,492 crore (+41.8%) | Rs 4,904 crore (+54.9%) |
Cite this table: PositionalCalls, “LIC Q2 FY27 VNB Scenarios, as of 30 October 2026”.
Three worked examples
- Flat profit: 13,492 divided by 10,098 gives +33.6% on the year.
- Last year’s pattern: 13,492 times (1 minus 0.078) is Rs 12,440 crore, which is +23.2% on Q2 FY26.
- The Centrum VNB: 4,320 divided by 3,136 is +37.8% on Q1, so VNB would need to climb sharply on the quarter.
The scenarios hold other lines constant. In practice investment income, bonus and reserve movements, tax and the product mix all change profit. Profit and VNB can move in opposite directions, so read both.
Compare consolidated with consolidated, and six months with six months. LIC figures that look alike differ by tens of crore or by whole periods.
| Figure | Q2 FY26 | Q1 FY27 | The trap |
|---|---|---|---|
| Consolidated net profit, Rs crore | 10,098 | 13,492 | Quoted by Angel One and Kotak Neo |
| Standalone net profit, Rs crore | 10,053 | Not in sources | Quoted by Business Standard; differs by about Rs 45 crore |
| Net premium income, Rs crore | 1,26,930 | About 1.28 lakh crore | Not gross premium income |
| Total premium, Rs crore | 2,45,680 for six months | About 1.27 trillion (one source) | Six-month figure is not Q2 |
| VNB, Rs crore | 5,111 for six months; about 3,167 for Q2 | 3,136 | Six-month VNB is not Q2 VNB |
| VNB margin | 17.6% for six months | 22.90% | Different periods |
Cite this table: PositionalCalls, “LIC Definition-Trap Table, as of 30 October 2026”.
Business Standard’s Q2 FY26 report gives VNB of Rs 5,111 crore and a margin of 17.6%, both for six months. A page that sets those against a Q2 FY27 figure compares half a year with one quarter. Likewise Q1 FY27 premium appears as Rs 1.28 lakh crore net premium (Kotak Neo) and Rs 1.27 trillion total premium (Goodreturns), so confirm the line before you compare.
Standalone versus consolidated
Standalone is the corporation alone. Consolidated adds subsidiaries and associates. The gap was about Rs 45 crore in Q2 FY26, small next to profit, but a headline built on one basis and compared with the other can be wrong by that much.
The estimate base trap
Centrum’s gross premium estimate of Rs 1.4 trillion implies a base near Rs 1.24 trillion, while the reported Q2 FY26 net premium income was Rs 1,26,930 crore. They are different lines, so do not set the estimate against the reported figure.
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- The LIC filing time and headline numbers, stamped
- Base-to-beat tables for the next company results
- Links to updated Q2 FY27 pages
VNB is the cleanest read on new business. The Q2 question is whether it climbs towards Rs 4,320 crore at a margin near 22.9%.
| Measure | Q1 FY26 | Q1 FY27 | Q2 FY27 view |
|---|---|---|---|
| VNB, Rs crore | 1,944 (derived) | 3,136 (+61.32%) | 4,320 (Centrum) |
| VNB margin | 15.4% | 22.90% | 22.9% (Centrum) |
| First-year premium, Rs crore | 7,525 | 9,217 | Not in sources |
| Renewal premium, Rs crore | 59,885 | 61,833 | Not in sources |
| Single premium, Rs crore | 51,923 | 56,369 | Not in sources |
| Solvency ratio | 2.17 | 2.42 | Not in sources |
Cite this table: PositionalCalls, “LIC VNB and Premium Marks, as of 30 October 2026”.
Premium by type rose in every line in Q1 FY27. First-year premium grew about 22% (9,217 over 7,525, my calculation), which is the line that feeds new business. Renewal premium grew about 3%, so most of the growth came from new sales.
Solvency of 2.42 is a measure of capital against liabilities. It rose from 2.17 a year earlier. Read the filing for the exact definition and any change.
Which other results land the same week as LIC?
Kotak Neo’s weekly list shows Bajaj Finserv, which owns insurance arms, reporting on Tuesday, 3 November, and Hindalco on Friday, 6 November.
The list is partial and dates may change. For the format of a results read, see our recent posts on ITC Q2 results, Titan Q2 results and SBI Q2 results. They cover other sectors, so only the method carries over. The Q2 results calendar lists the companies that have reported.
If you hold LIC shares and plan to sell later, our guide to capital gains tax on shares covers how gains are taxed. It is general information, not tax advice.
How to read the LIC Q2 results in 10 minutes
Read seven lines in order: consolidated profit, VNB, VNB margin, APE, net premium, solvency and the notes on one-off items.
| What to read | Mark to compare | Question to ask |
|---|---|---|
| Consolidated net profit | Rs 10,098 crore (Q2 FY26); Rs 13,492 crore (Q1 FY27) | Is it above the base, and which basis is quoted? |
| Value of new business | About Rs 3,167 crore; Rs 3,136 crore; Rs 4,320 crore estimate | Did VNB rise on Q1? |
| VNB margin | 22.90% in Q1 | Did the margin hold near 22.9%? |
| APE | About Rs 16,348 crore base; Rs 18,800 crore estimate | Did APE grow near 15%? |
| Net premium income | Rs 1,26,930 crore (Q2 FY26) | Is it the same line, net premium? |
| Solvency ratio | 2.42 in Q1 | Did it stay comfortably above the minimum? |
| Notes | Investment gains and one-off items | Is profit driven by investments? |
Cite this table: PositionalCalls, “LIC Results-Day Decoder, as of 30 October 2026”.
How to read the LIC filing on NSE or BSE
Open the exchange announcement, find the consolidated statement and compare each line with the base table above, same measure, same basis.
- Open the BSE corporate announcements page or the NSE corporate filings page and search for Life Insurance Corporation of India.
- Choose the financial results announcement for the quarter and half-year ended 30 September 2026.
- Find the consolidated statement, then the standalone one.
- Check the unit and whether a column is for the quarter or six months.
- Read net premium income, total income and net profit.
- Open the press release or presentation for VNB, margin and APE.
- Check the notes for one-off items.
- Compare every figure with the base table.
What it costs: reading a filing is free. If you trade the stock, brokerage, securities transaction tax and other charges apply, so check your broker’s current schedule. Tax angle: dividends and gains follow the current tax rules, so see our guide to capital gains tax on shares or ask a tax adviser. Scam warning: on results day, fake “result alert” groups and sure-shot tips circulate. Nobody can guarantee a gain, and official filings are free.
What is the results-day checklist for LIC?
- Confirm the date on the BSE or NSE announcement page.
- Note the filing time and stamp what you read with it.
- Open the consolidated statement before any headline.
- Compare net profit with Rs 10,098 crore and Rs 13,492 crore.
- Check that VNB is for the quarter, not six months.
- Read VNB against Rs 3,136 crore and Rs 4,320 crore.
- Check the VNB margin against 22.90%.
- Check solvency and any one-off note.
- Write your own plan before the price moves.
What are the risks around the LIC Q2 results?
How to grade LIC’s September-quarter numbers: a reading guide
Use the table as a reading aid, not a forecast. The cut-offs are my illustration, built from the Q1 marks and the Centrum estimate.
Assumptions: Centrum’s Rs 4,320 crore VNB and 22.9% margin as the stronger marks; Q1 FY27 VNB of Rs 3,136 crore and consolidated profit of Rs 13,492 crore as the in-line marks.
| Mark | Stronger | In line | Weaker |
|---|---|---|---|
| Value of new business | Above Rs 4,320 crore | Rs 3,136 to 4,320 crore | Below Rs 3,136 crore |
| VNB margin | 22.9% or higher | 20% to 22.9% | Below 20% |
| Annual premium equivalent | Above Rs 18,800 crore | Rs 16,348 to 18,800 crore | Below Rs 16,348 crore |
| Consolidated net profit | Above Rs 13,492 crore | Rs 10,098 to 13,492 crore | Below Rs 10,098 crore |
| Solvency ratio | 2.42 or higher | 2.2 to 2.42 | Below 2.2 |
Cite this table: PositionalCalls, “LIC Q2 FY27 Reading Guide, as of 30 October 2026”.
Worked example: suppose VNB is Rs 3,900 crore, margin 22.0%, APE Rs 17,700 crore and profit Rs 12,000 crore. VNB is in line (3,900 is 24.4% above Q1), the margin is in line, APE is in line and profit is in line, 18.8% above Q2 FY26 (12,000 divided by 10,098, my calculation). Profit growth is well below the 33.6% flat-quarter figure, so a headline of slower growth would not mean a weak quarter.
A strong reading describes the quarter only. It is not a signal to buy, sell or hold, and a weak one is not a signal either. Prices react to many things, including what the market already expected.
What do most people miss on LIC results day?
- Six months is not Q2. Rs 5,111 crore VNB and the 17.6% margin are half-year figures.
- Profit is lumpy. Q2 FY26 fell 7.8% on the quarter even as it rose 31% on the year.
- The Q2 VNB base is derived. About Rs 3,167 crore, cross-checked by Centrum’s own growth rate.
- Two profit figures exist. Consolidated Rs 10,098 crore and standalone Rs 10,053 crore.
- Estimates are on VNB, not profit. Centrum gave no profit forecast.
- Premium lines differ. Net, gross and total premium are not interchangeable.
- The filing time is unknown. Avoid acting on an unconfirmed screenshot.
Analyst’s note: how to think about this quarter
- What stands out (reasoning): a strong VNB print in Q1 meets a base near Rs 3,167 crore, so VNB growth should look large while profit growth depends on investment items.
- Easy to miss: the margin, not the premium, drove most of the Q1 VNB gain.
- What would change the view: a margin well below 20%, or a profit fall driven by investments.
- Caution: one quarter does not fix a long-term value. This page gives no target or recommendation.
- Reader action: read the same-basis figures first and match each to the base table.
Bottom line
Known: LIC meets on 5 November 2026 per one report; the base is Rs 10,098 crore profit and about Rs 3,167 crore VNB, and Q1 FY27 was Rs 13,492 crore and Rs 3,136 crore.
Not known yet: the filing time, the actual figures and any profit estimate.
Your move: use the decoder table and compare same-basis figures.
Next read: the Q2 results calendar, which lists the companies reporting next.
Part of the stock market research series.
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- Filing alerts for LIC and other large companies
- The profit and VNB figures explained
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LIC Q2 results: frequently asked questions
When are the LIC Q2 results?
The LIC Q2 results are due on Thursday, 5 November 2026, according to Goodreturns (23 October 2026), which cites a filing dated 14 October. The board meets to approve results for the September quarter. The filing time is not announced; confirm on the BSE or NSE announcement page.
What was LIC net profit in Q2 FY26?
LIC reported consolidated net profit of Rs 10,098.48 crore in Q2 FY26, up 31%, as reported by Angel One, and standalone net profit of Rs 10,053.39 crore, up 31.9%, as reported by Business Standard. The two bases differ by about Rs 45 crore.
What did LIC report in Q1 FY27?
For the June 2026 quarter, Kotak Neo reported consolidated net profit of Rs 13,492 crore (up 22.81%), value of new business of Rs 3,136 crore (up 61.32%), a VNB margin of 22.90% and a solvency ratio of 2.42.
What do analysts expect in the LIC Q2 results preview?
One estimate was found. Centrum Broking, cited by Goodreturns, expects VNB of Rs 4,320 crore (up 36.3%), annual premium equivalent of Rs 18,800 crore (up 15%) and a VNB margin of 22.9%. No profit estimate was found.
What is VNB and why does it matter for LIC?
Value of new business, or VNB, is the estimated value of the policies sold in the period. VNB margin is VNB divided by annual premium equivalent, or APE. Analysts watch VNB because reported profit swings with investment gains.
Why does LIC profit swing between quarters?
Insurers book large investment and valuation items, so profit can move by thousands of crore. LIC’s Q2 FY26 profit fell 7.8% from the previous quarter, as reported by Angel One, even as it rose 31% on the year.
Compare the same line with the same line. Net premium income was Rs 1,26,930 crore in Q2 FY26, while Centrum’s Rs 1.4 trillion estimate is gross premium income. Six-month figures such as VNB of Rs 5,111 crore are not Q2 figures.
Is LIC consolidated or standalone profit the headline?
Both are published. Kotak Neo and Angel One quote consolidated profit, while Business Standard quotes standalone. For Q1 FY27 only consolidated Rs 13,492 crore was found, so confirm which basis any figure uses.
Where can I read the LIC Q2 results filing?
Use the BSE corporate announcements page or the NSE corporate filings page and search for Life Insurance Corporation of India. Open the financial results PDF. Ignore forwarded “result alert” images and any message that promises sure-shot calls.
By when must LIC publish its Q2 results?
SEBI’s listing regulations give listed companies 45 days after quarter-end for quarterly results. For the quarter ended 30 September 2026 that is 14 November 2026 (my calculation), so a 5 November meeting is well inside the limit.
Sources
- BSE corporate announcements: where the LIC filing appears.
- NSE corporate filings: financial results: the same filing on NSE.
- Goodreturns: LIC Q2 results FY27 board meeting date and outlook, 23 October 2026.
- Kotak Neo: LIC Q1 FY27 results, August 2026.
- Angel One: LIC Q2 FY26 results, 7 November 2025.
- Business Standard: LIC Q2 FY26 standalone profit, 7 November 2025.
- Kotak Neo: Q2 results this week, 30 October 2026.
- Univest: LIC Q2 results FY27 preview, 11 September 2026.
Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: I checked the results date in one report, took base figures from company results as reported by Angel One, Business Standard and Kotak Neo, took the estimate from Goodreturns citing Centrum Broking, and marked every derived number as my calculation. Figures are as of Saturday, 31 October 2026, 11:15 AM IST.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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