State-owned Life Insurance Corporation of India (LIC) has reported a net profit exceeding Rs 23,400 crore in the January-March quarter of FY26, making it the most profitable company in India’s financial sector. LIC also maintained its leading position among Central Public Sector Enterprises (CPSEs) in terms of quarterly profit for the same period. The company’s consolidated net profit surged by 23% to Rs 23,420 crore in the March quarter compared to the previous year.
SBI and HDFC Bank were outperformed by LIC during the quarter, with SBI posting a net profit of Rs 19,684 crore and HDFC Bank reporting a profit of Rs 19,221 crore. However, on an annual basis, SBI surpassed LIC in overall profitability for FY26, with a net profit of Rs 80,032 crore compared to LIC’s Rs 57,419 crore. Private sector banks like ICICI Bank and HDFC Bank also reported substantial annual profits of Rs 50,147 crore and Rs 74,670 crore, respectively.
In the same quarter, other public sector companies also reported significant earnings. Indian Oil Corporation (IOC) recorded a net profit of Rs 11,378 crore, while Coal India and Power Finance Corporation (PFC) earned Rs 10,839 crore and Rs 8,598 crore, respectively. NTPC reported a quarterly profit of Rs 8,747 crore, and companies like Power Grid Corporation of India, REC Limited, and Steel Authority of India Limited (SAIL) also posted profits.
Following its strong quarterly performance, LIC’s shares surged nearly 5% in opening trade on the BSE on May 23, reaching Rs 839 apiece. The company’s Assets Under Management (AUM) increased by 5% year-on-year to Rs 57,29,396 crore as of March 31, 2026, compared to the previous year.
