Niva Bupa Health Insurance Company
NIVABUPA NSE
Niva Bupa Health Insurance Company
InsuranceNSE: NIVABUPA BSE: 544286 General Insurance
Key Fundamentals
MicrocapGeneral InsuranceInsuranceMarket Cap
₹14,629 Cr
Volatility
Moderate
P/E Ratio
84.14
EBITDA
₹163 Cr
Return on Equity
3.45%
Debt to Equity
0.07
Book Value
₹20.48
52W High
₹91.4
52W Low
₹67.5
Tapetide Score
Data-driven rating, 0–100. How it works →
Key Insights
Strengths
2- Company is almost debt free.
- Company has delivered good profit growth of 35.9% CAGR over last 5 years
Weaknesses
3- Stock is trading at 3.90 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 5.20% over last 3 years.
Growth Rate
Revenue Growth
21.1% lower than
3Y
Net Income Growth
-38.74% lower than
3Y
Cash Flow Change
-45.31% lower than
3Y
ROE
-39.05% lower than
3Y
ROCE
-57.29% lower than
3Y
EBITDA Margin (Avg.)
-43.62% lower than
3Y
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 2d agoAI opinion · based on fundamentals
Risk high
Niva Bupa Health Insurance, with a market cap of ₹14,629 Cr, is a fast-growing standalone health insurer reporting 28% TTM sales growth and a 5-year sales CAGR of 36%. However, profitability remains under pressure with a TTM profit decline of 43%, a 3-year average ROE of just 5%, and the stock trades at a P/E of 84.5x and P/B of 3.88x with zero dividend payout.
Bull Case 7
- Strong revenue momentum with TTM sales growth of 28% and a 5-year compounded sales CAGR of 36%, reflecting robust premium growth in India's underpenetrated health insurance market.
- Company is almost debt-free, providing financial flexibility to invest in distribution expansion and product innovation without leverage risk.
- Delivered a 5-year compounded profit CAGR of 36%, demonstrating an ability to scale profits alongside topline growth over a medium-term horizon.
- 3-year compounded profit CAGR of 127% indicates a sharp earnings recovery from prior loss-making years, showing the business model can generate operating leverage.
- Health insurance penetration in India remains low at under 1% of GDP, giving standalone health insurers like Niva Bupa a long structural growth runway as awareness and affordability improve.
- Standalone health insurers have been gaining market share from general insurers in India; Niva Bupa's 33% 3-year sales CAGR suggests it is capturing this shift effectively.
- Debt-free balance sheet and growing scale position the company to absorb claims volatility without capital adequacy concerns, a key advantage in the insurance sector.
Bear Case 8
- P/E ratio of 84.5x is elevated, pricing in significant future growth and leaving limited margin of safety if growth slows or claims ratios worsen.
- TTM profit has declined 43% year-on-year, signaling near-term earnings pressure despite strong topline growth — potentially from rising claims costs or competitive pricing.
- 3-year average ROE of just 5% and last-year ROE of 3% indicate the company is generating poor returns on shareholders' equity relative to its valuation.
- Stock trades at 3.88x book value despite low single-digit ROE, suggesting the valuation is not supported by current profitability metrics.
- Zero dividend yield with no payout despite reporting profits, meaning shareholders rely entirely on capital appreciation with no income cushion.
- 1-year stock CAGR of -3% shows the market has already started repricing the stock downward, reflecting skepticism about near-term earnings delivery.
- Health insurance is intensely competitive in India with general insurers, other standalone players, and government schemes all vying for market share, which can compress margins.
- 5-year average ROE of only 3% suggests that even over a longer horizon, the company has struggled to generate meaningful returns on equity for shareholders.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 2d ago Neutral 1
- AGM approves board appointments Aug 12
Niva Bupa held its 18th AGM on August 12, 2026, approving reappointment of directors, auditor fees, and remuneration revisions for key executives. Routine corporate governance matter with no material impact on operations.
TL;DR: Limited recent news flow for Niva Bupa, with only a routine AGM covering standard board and pay approvals. No material headwinds or positive catalysts emerged from the available coverage. Investors should watch for upcoming quarterly results and any regulatory developments in the health insurance sector for directional cues.
Quarterly Results
| Particulars | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 969 | 1,026 | 1,316 | 1,124 | 1,321 | 1,258 | 1,671 | 1,932 | 1,574 | 1,611 | 2,251 | 2,471 |
| Expenses | 1,027 | 1,071 | 1,215 | 1,228 | 1,387 | 1,282 | 1,420 | 1,834 | 1,627 | 1,705 | 2,069 | 2,287 |
| Operating Profit | -58 | -46 | 100 | -103 | -66 | -24 | 251 | 98 | -53 | -94 | 182 | 184 |
| OPM % | -6% | -4.4% | 8% | -9% | -5% | -1.9% | 15% | 5% | -3.4% | -6% | 8% | 7% |
| Other Income | 50 | 50 | 57 | 84 | 79 | 37 | -45 | 0 | 18 | 7 | -1 | 0 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | -8 | 5 | 157 | -19 | 13 | 13 | 206 | 98 | -35 | -88 | 181 | 184 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 27% | 0% | 0% | 12% | 25% |
| Net Profit | -8 | 5 | 157 | -19 | 13 | 13 | 206 | 71 | -35 | -88 | 159 | 138 |
| EPS in Rs | — | — | — | — | — | 0.07 | 1.13 | 0.39 | -0.19 | -0.47 | 0.86 | 0.75 |
Profit & Loss
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 851 | 1,057 | 1,413 | 1,877 | 2,853 | 4,115 | 5,374 | 6,695 | 7,907 |
| Expenses | 880 | 1,094 | 1,435 | 2,328 | 3,183 | 4,228 | 5,292 | 6,534 | 7,689 |
| Operating Profit | -29 | -37 | -22 | -451 | -330 | -113 | 83 | 160 | 218 |
| OPM % | -3.4% | -3.5% | -1.5% | -24% | -12% | -2.7% | 1.5% | 2.4% | 2.8% |
| Other Income | 0 | 0 | 0 | 281 | 374 | 224 | 155 | 2 | 23 |
| Interest | 3 | 4 | 6 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 16 | 21 | 22 | 27 | 32 | 29 | 25 | 36 | 0 |
| PBT | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 127 | 242 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -3% | — |
| Net Profit | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 131 | 174 |
| EPS in Rs | — | — | — | — | — | — | 1.17 | 0.71 | 0.95 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity Capital | 981 | 1,126 | 1,350 | 1,409 | 1,511 | 1,700 | 1,827 | 1,847 |
| Reserves | -719 | -780 | -773 | -903 | -683 | 351 | 1,949 | 1,939 |
| Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 250 |
| Other Liabilities | 737 | 891 | 1,322 | 1,983 | 2,799 | 3,891 | 5,735 | 7,240 |
| Total Liabilities | 1,000 | 1,237 | 1,899 | 2,738 | 3,877 | 6,192 | 9,760 | 11,276 |
| Fixed Assets | 30 | 39 | 46 | 49 | 52 | 58 | 66 | 85 |
| CWIP | 2 | 2 | 2 | 1 | 4 | 1 | 9 | 3 |
| Investments | 816 | 1,067 | 1,622 | 2,401 | 3,366 | 5,458 | 8,175 | 9,670 |
| Other Assets | 152 | 129 | 230 | 287 | 455 | 675 | 1,510 | 1,518 |
| Total Assets | 1,000 | 1,237 | 1,899 | 2,738 | 3,877 | 6,192 | 9,760 | 11,276 |
Cash Flow
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Operating | — | — | 257 | 338 | 593 | 813 | 1,654 | 905 |
| Investing | — | — | -374 | -723 | -829 | -1,882 | -2,348 | -961 |
| Financing | — | — | 280 | 374 | 280 | 1,110 | 771 | -5 |
| Net Cash Flow | — | — | 164 | -12 | 43 | 41 | 78 | -62 |
| Free Cash Flow | — | — | 229 | 309 | 555 | 780 | 1,614 | 857 |
| CFO/OP | — | — | -1,180 | -75 | -180 | -720 | 2,000 | 577 |
Ratios
| Particulars | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -264 | -270 | -290 | -341 | -313 | -298 | -351 | -354 |
| ROCE % | — | -19% | -10% | -30% | 1% | 5% | 7% | 3% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Niva Bupa Health Insurance Company insights
40 extracted metrics + investor summaries across FY19–FY27.
Documents
1
Announcement under Regulation 30 (LODR)-Press Release / Media Release
2d - Niva Bupa reported FY26 PAT of ₹366 crore, GWP ₹8,586 crore, and 80% PAT growth. 2d - Niva Bupa reported FY26 PAT of ₹366 crore, GWP ₹8,586 crore, and 80% PAT growth.
2
Announcement under Regulation 30 (LODR)-Change in Directorate
8 May - Board appointed two directors, elevated Ankur Kharbanda to Deputy CEO, granted 12.25 million ESOPs; two directors resigned. 8 May - Board appointed two directors, elevated Ankur Kharbanda to Deputy CEO, granted 12.25 million ESOPs; two directors resigned.
3
Announcement under Regulation 30 (LODR)-Change in Management
8 May - Board approved two non-executive appointments, Ankur Kharbanda’s elevation, 12.25 million ESOPs, and two resignations effective May 8, 2026. 8 May - Board approved two non-executive appointments, Ankur Kharbanda’s elevation, 12.25 million ESOPs, and two resignations effective May 8, 2026.
4
Grant Of Stock Options
8 May - Board appointed two non-executive directors, elevated Ankur Kharbanda to Deputy CEO, approved 12.25 million ESOPs, noted two resignations. 8 May - Board appointed two non-executive directors, elevated Ankur Kharbanda to Deputy CEO, approved 12.25 million ESOPs, noted two resignations.
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
8 May - Company hosted audio recording of May 8, 2026 earnings call for Q4 and FY2026 results. 8 May - Company hosted audio recording of May 8, 2026 earnings call for Q4 and FY2026 results.
2
Receipt Of Order From The Insurance Regulatory And Development Authority Of India (IRDAI) 20 Aug 2026
General_Announcements
Frequently Asked Questions about Niva Bupa Health Insurance Company
What does Niva Bupa Health Insurance Company Ltd do?
Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.[1]
Where is Niva Bupa Health Insurance Company Ltd (NIVABUPA) listed?
Niva Bupa Health Insurance Company Ltd trades as NIVABUPA on the NSE and under code 544286 on the BSE.
Which sector does Niva Bupa Health Insurance Company Ltd belong to?
Niva Bupa Health Insurance Company Ltd is classified under the Insurance sector, in the General Insurance industry.
What is the market capitalisation of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd has a market capitalisation of ₹14,629 Cr, which places it in the Mid Cap band.
What is the PE ratio of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd trades at a PE ratio of 84.14, against a book value of ₹20.48 per share.
What is the 52-week high and low of Niva Bupa Health Insurance Company Ltd?
Over the last 52 weeks Niva Bupa Health Insurance Company Ltd has traded between ₹67.5 and ₹91.4.
What is the Return on Equity (ROE) of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd reported a return on equity of 3.45%. Its debt-to-equity ratio is 0.07.
Company Information
Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.[1]
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