Niva Bupa Health Insurance Company Ltd.
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ABOUT
AI Sector View
AI GENERATEDFinancial Services
Financials remain one of the clearest macro beneficiaries. Loan growth was 18.3% (Aug/26) versus deposit growth 14.7% (Aug/26), SCB credit growth was 17.5% YoY (2026-07), UPI transactions rose 22.0% YoY (2026-07), and M3 money supply grew 15.0% YoY (2026-07). Sector flows have also turned meaningfully supportive, with INR 13171 crore net FPI inflow over 3 months to 2026-08-31 after INR -114652 crore in the prior 3 months.
PROS
- Latest quarter profit grew 92.9% YoY, showing strong momentum
- Attractively priced for its growth - PEG of 0.3
- Institutional investors have been accumulating - FII+DII up 2.4pp
- Company converts assets efficiently - asset turnover of 1.8x
CONS
- Company is loss-making at the operating / net level
- Promoter holding has decreased over last 2 years: -44.2pp
- Company has a low return on equity of 6.1% over last 3 years
- Free cash flow has been persistently negative
- Operating margins have contracted to -7.7% from 13.2%
- Effective tax rate is unusually low at 0.0% - earnings may be flattered
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| LICI | 403.70 | 8.50 | 510680.31 | 2.48 | 135866.90 | 23.98 | 1276231.60 | 6.69 | 37.75 | -76.97 |
| SBILIFE | 1695.00 | 65.39 | 170067.75 | 0.16 | 7249.30 | 21.97 | 200782.10 | 16.88 | 14.15 | -127.01 |
| HDFCLIFE | 530.00 | 58.30 | 115147.22 | 0.40 | 611.19 | 11.46 | 16727.63 | 15.05 | 10.01 | -98.79 |
| ICICIGI | 1459.00 | 30.02 | 72892.05 | 0.93 | 4031.70 | 439.66 | 59500.40 | 1058.48 | 23.62 | -10.35 |
| ICICIPRULI | 471.25 | 40.60 | 68388.76 | 0.35 | 623.91 | 61.94 | 19180.08 | 17.17 | 11.82 | 79.46 |
| GICRE | 349.55 | 6.91 | 61325.05 | 3.79 | 1743.67 | -31.10 | 11097.77 | -1.56 | 22.43 | -10.45 |
| STARHEALTH | 562.20 | 39.20 | 33092.42 | 0.00 | 549.73 | 109.40 | 4917.20 | 24.86 | 9.70 | 2.89 |
| NIACL | 198.15 | 42.45 | 32655.12 | 0.76 | -2391.50 | -695.39 | 97472.80 | 934.31 | 5.44 | -24.14 |
| GODIGIT | 255.85 | 48.07 | 23669.82 | 0.00 | 86.39 | -37.55 | 2006.96 | 7.61 | 13.56 | -15.23 |
| NIVABUPA | 79.97 | 41.09 | 14791.61 | 0.00 | 137.80 | 250.70 | 2273.72 | 86.37 | 3.75 | -0.22 |
| CANHLIFE | 151.95 | 109.92 | 14435.25 | 0.26 | 281.40 | 1101.54 | 20475.20 | 1138.35 | 8.35 | -112.52 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 900 | 950 | 1,218 | 1,018 | 1,213 | 1,136 | 1,527 | 1,220 | 1,422 | 1,454 | 1,972 | 2,274 | |
| 1,027 | 1,071 | 1,215 | 1,228 | 1,387 | 1,282 | 1,420 | 1,464 | 1,627 | 1,705 | 1,773 | 2,288 | |
| Operating Profit | -127 | -122 | 3 | -209 | -174 | -146 | 107 | -244 | -205 | -252 | 199 | -14 |
| OPM % | -14.06% | -12.82% | 0.24% | -20.58% | -14.31% | -12.84% | 7.02% | -20.01% | -14.43% | -17.31% | 10.07% | -0.63% |
| 119 | 126 | 154 | 191 | 187 | 159 | 99 | 153 | 170 | 164 | 143 | 198 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -8 | 5 | 157 | -19 | 13 | 13 | 206 | -91 | -35 | -88 | 341 | 184 |
| Tax % | -0.00% | 0.00% | 0.00% | -0.00% | 0.00% | 0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -1.16% | 25.00% |
| Net Profit | -8 | 5 | 157 | -19 | 13 | 13 | 206 | -91 | -35 | -88 | 345 | 138 |
| -0.05 | 0.03 | 0.92 | -0.11 | 0.08 | 0.07 | 1.13 | -0.50 | -0.19 | -0.47 | 1.87 | 0.75 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7,121 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7,394 | |
| Operating Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -273 |
| OPM % | — | — | — | — | — | — | — | — | — | — | -3.83% |
| 1 | 3 | 0 | 0 | 0 | 7 | 6 | 3 | 13 | 1 | 675 | |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before Tax | -4 | 23 | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 127 | 402 |
| Tax % | -0.00% | 0.00% | -0.00% | -0.00% | -0.00% | -0.00% | 0.00% | 0.00% | 0.00% | -3.13% | 10.44% |
| Net Profit | -4 | 23 | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 131 | 360 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.48 | 1.17 | 0.71 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 118%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- -2%
RETURN ON EQUITY
- 10 Years:
- -6%
- 5 Years:
- -3%
- 3 Years:
- 6%
- Last Year:
- 4%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 926 | 926 | 981 | 1,126 | 1,350 | 1,409 | 1,511 | 1,700 | 1,827 | 1,847 |
| -693 | -670 | -719 | -780 | -773 | -901 | -680 | 350 | 1,231 | 1,366 | |
| 0 | 0 | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 250 | |
| -233 | -256 | -262 | -346 | -577 | -757 | -1,081 | 1 | -0 | -11 | |
| Total Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,301 | 3,308 | 3,452 |
| 32 | 37 | 30 | 39 | 46 | 49 | 52 | 58 | 66 | 85 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 9 | 3 |
| Cash & Bank | 18 | 28 | 30 | 19 | 30 | 59 | 102 | 143 | 220 | 159 |
| -50 | -65 | -60 | -58 | -76 | -108 | -154 | 2,099 | 3,012 | 3,205 | |
| Total Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2,301 | 3,308 | 3,452 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 77 | 106 | 166 | 214 | 449 | 582 | 1,135 | 813 | 1,654 | 905 | |
| Cash from Investing | -24 | -43 | -120 | -303 | -374 | -761 | -829 | -1,882 | -2,348 | -961 |
| Cash from Financing | 28 | 0 | 55 | 145 | 280 | 374 | 280 | 1,110 | 771 | -5 |
| 12 | -28 | 29 | -51 | 164 | -49 | 43 | 41 | 78 | -62 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-26 - Niva Bupa Health Insurance Company Limited has informed the Exchange regarding Allotment of 4,11,000 Equity Shares.
2026-08-20 - Niva Bupa Health Insurance Company Limited has informed the Exchange about Credit Rating
2026-08-20 - Niva Bupa Health Insurance Company Limited has informed the Exchange about receipt of the Order from the Insurance Regulatory and Development Authority of India
2026-08-13 - Niva Bupa Health Insurance Company Limited has submitted the Exchange a copy Scrutinizers report of Annual General Meeting held on August 12, 2026
2026-08-12 - Niva Bupa Health Insurance Company Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 12, 2026
2026-08-11 - Niva Bupa Health Insurance Company Limited has informed the Exchange regarding 'Receipt of approval from Insurance Regulatory and Development Authority of India ( IRDAI ) for appointment of Mr. Ashwani Bhatia (DIN: 07423221) as the Chairperson of Niva Bupa Health Insurance Company Limited ( the Company )'.
2026-08-03 - Niva Bupa Health Insurance Company Limited has informed the Exchange about Transcript
2026-08-03 - Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-30 - Niva Bupa Health Insurance Company Limited has informed the Exchange about Link of Recording
News
Recent coverage and analyst commentary for NIVABUPA
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