Niva Bupa Health Insurance Company
- P/E
- 81.20
Key Fundamentals
MicrocapInsuranceFinancial ServicesPrice-based figures as of · EPS basis: Standalone · TTM
- ROCE
- 3.15%
- Debt to Equity
- 0.07
- EPS (TTM)
- ₹0.95
- Book Value
- ₹20.48
- Market Cap
- —
- P/E (TTM)
- 81.20
- P/B
- 3.77
- ROE
- 3.46%
- Dividend Yield
- 0.00%
- EBITDA
- ₹163 Cr
- 52W High
- ₹91.40
- 52W Low
- ₹67.50
- Volume
- 0
Peer Comparison
Financial Services › Insurance › General Insurance
| ₹1,596.30 | 31.17 | ₹80,888 Cr | 4.24 | 0.44% | 16.60% | 21.90% | ₹29,038 Cr | ₹2,555 Cr | |
| ₹323.85 | 6.40 | ₹56,281 Cr | 0.77 | 4.15% | 14.60% | 17.40% | ₹52,763 Cr | ₹8,877 Cr | |
| ₹530.50 | 36.99 | ₹30,850 Cr | 2.99 | 0.00% | 7.61% | 9.69% | ₹19,114 Cr | ₹844 Cr | |
| ₹160.45 | 34.28 | ₹26,368 Cr | 0.94 | 0.96% | 4.92% | 4.29% | ₹49,962 Cr | ₹776 Cr | |
| ₹257.15 | 48.25 | ₹24,008 Cr | 5.10 | 0.00% | 12.20% | 13.10% | ₹10,196 Cr | ₹492 Cr | |
| Niva Bupa Health Insurance Company (this company) | ₹77.14 | 81.20 | ₹14,080 Cr | 3.77 | 0.00% | 3.46% | 3.15% | ₹7,907 Cr | ₹174 Cr |
| Median 6 companies | ₹290.50 | 35.64 | ₹28,609 Cr | 3.38 | 0.22% | 9.91% | 11.40% | ₹24,076 Cr | ₹810 Cr |
Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.
Tapetide Score
Data-driven rating, 0–100, as of . How it works →
Overall score
Data confidence 97/100
Category scores
- Quality
- 32
- Poor
- Returns, margins, earnings quality 22% weight
- Valuation
- 32
- Poor
- Cheap vs sector & own history 24% weight
- Growth
- 83
- Strong
- Sales & profit trajectory 9% weight
- Financial Health
- 27
- Poor
- Solvency, leverage, coverage 9% weight
- Momentum
- 38
- Weak
- Trend strength, vol-adjusted 12% weight
- Ownership
- 59
- Good
- FII/DII/promoter flows 24% weight
The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.
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 3.54 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.
Technical Indicators
| Group | Signal | Bearish | Neutral | Bullish |
|---|---|---|---|---|
| Overall | Bearish | 8 | 5 | 6 |
| Oscillators | Neutral | 2 | 5 | 2 |
| Moving Averages | Strong Bearish | 6 | 0 | 4 |
Oscillators
Neutral
Overall
Bearish
Moving Averages
Strong Bearish
Key readings
- RSI (14)
- 55.57
- Neutral
- MACD (12,26,9)
- −1.12
- Bullish
- SMA (50)
- 77.65
- Bearish
- SMA (200)
- 79.47
- Bearish
As of
Analyst Rating
9 of 10 analysts rate Buy, 1 Hold, 0 Sell.
As of
Growth Rate
From the financial statements below. 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.
Revenue
| 5Y | +36.50% |
|---|---|
| 3Y | +32.89% |
| 1Y | +24.58% |
| TTM | +27.90% |
Net profit
| 5Y | Turned to profit |
|---|---|
| 3Y | +115.99% |
| 1Y | −38.79% |
| TTM | −42.57% |
Operating cash flow
| 5Y | +28.63% |
|---|---|
| 3Y | +15.13% |
| 1Y | −45.28% |
| TTM | — |
TTM: Reported once a year, so there is no trailing-twelve-month figure.
Operating margin· change in pp
| 5Y | +3.95 pp |
|---|---|
| 3Y | +13.96 pp |
| 1Y | +0.85 pp |
| TTM | −1.42 pp |
Revenue by year
| Mar 2019 | ₹851 Cr |
|---|---|
| Mar 2020 | ₹1,057 Cr |
| Mar 2021 | ₹1,413 Cr |
| Mar 2022 | ₹1,877 Cr |
| Mar 2023 | ₹2,853 Cr |
| Mar 2024 | ₹4,115 Cr |
| Mar 2025 | ₹5,374 Cr |
| Mar 2026 | ₹6,695 Cr |
Net profit by year
| Mar 2019 | −₹48.00 Cr |
|---|---|
| Mar 2020 | −₹62.00 Cr |
| Mar 2021 | −₹50.00 Cr |
| Mar 2022 | −₹197 Cr |
| Mar 2023 | ₹13.00 Cr |
| Mar 2024 | ₹82.00 Cr |
| Mar 2025 | ₹214 Cr |
| Mar 2026 | ₹131 Cr |
Analyst Forecasts
AI Analysis — Bull vs Bear
Niva Bupa Health Insurance, trading at ₹77.14 as of 2026-11-04 with a market cap of ₹14,079.5 crore, is a near debt-free standalone health insurer that has delivered 33% compounded sales growth over three years but trades at a P/E of 81.2x and a P/B of 3.77x with a return on equity of just 3.45%. TTM profit has declined 43% even as top-line growth continues at 28% TTM, presenting a mixed picture of strong revenue momentum against compressed profitability.
- The company is almost debt free with a debt-to-equity ratio of just 0.07, giving it significant financial flexibility and low solvency risk in a capital-intensive insurance sector.
- Revenue has compounded at 33% CAGR over three years and 36% over five years, reflecting strong and sustained premium growth well above the industry average.
- TTM sales growth remains healthy at 28%, indicating that top-line momentum has not meaningfully decelerated despite a broader economic slowdown.
- Profit has compounded at 127% CAGR over three years, showing the company's ability to scale from earlier losses toward profitability as its book of business matures.
- Five-year compounded profit growth of 36% demonstrates a longer-term trend of improving underwriting and operating leverage.
- The stock is trading roughly 16% below its 52-week high of ₹91.4, which may reflect some correction from peak optimism while the underlying business growth trajectory remains intact.
- India's health insurance penetration remains low relative to developed markets, providing a long structural runway for a dedicated standalone health insurer to grow premiums.
- TTM profit has declined 43%, a sharp reversal from the three-year 127% CAGR, raising concerns about whether recent profitability was sustainable or driven by one-off items.
- Return on equity stands at just 3.45% currently and has averaged only 5% over three years and 3% over five years, indicating the company is not generating adequate returns on shareholder capital.
- The stock trades at 3.77 times book value despite the low ROE, which is a premium valuation that is difficult to justify when capital efficiency remains weak.
- The company pays zero dividend despite reporting repeated profits, offering no income return to shareholders and suggesting either capital needs or a lack of distributable surplus confidence.
- ROCE is negative at -2.9%, meaning the overall return on capital employed — including policyholder funds — is destroying value at the operating level.
- One-year stock CAGR is just 1%, indicating the market has delivered virtually no price appreciation over the past year despite the premium valuation the stock carries.
- EPS of ₹0.95 TTM is thin on an absolute basis, and the 43% TTM profit decline suggests that loss ratios or expense ratios may be moving adversely.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
TL;DR: Niva Bupa delivered a strong Q2FY27 with 124% profit growth, robust 34.8% GWP expansion, and meaningful improvement in its combined ratio to 93.20%. No material headwinds surfaced in the period. The growth and profitability trajectory is clearly improving, and if the company sustains sub-95% combined ratios alongside 30%+ premium growth, the outlook remains constructive.
- Net profit surges 124% YoY Nov 4
Q2FY27 net profit rose 124% YoY to ₹13.56 crore, with gross written premium up 34.8% YoY to ₹248.41 crore and total insurance revenue up 27% YoY to ₹241.23 crore.
- Combined ratio improves meaningfully Nov 4
Combined operating ratio improved to 93.20% from 96.62% YoY, indicating better underwriting discipline. Solvency ratio remains healthy at 2.03x, well above regulatory minimums.
- Consolidated SEBI compliance policies Nov 4
Board approved merging its Fair Disclosure Code and Leak Inquiry Policy into a single document under SEBI PIT Regulations, with an Inquiry Committee to submit findings within 15 working days.
- Director Roger Davis passes away Oct 19
Non-Executive Director Roger William John Davis passed away on October 17, 2026, also ceasing membership of the Risk Management Committee.
Quarterly Results
₹ Cr| 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 (₹) | — | — | — | — | — | 0.07 | 1.13 | 0.39 | −0.19 | −0.47 | 0.86 | 0.75 |
Profit & Loss
₹ Cr| 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 | 1.34 | 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 (₹) | — | — | — | — | — | — | 1.17 | 0.71 | 0.95 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
₹ Cr| 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
₹ Cr| 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/EBITDA | — | — | −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
31 extracted metrics across FY19–FY27.
Documents
- Q1 FY27 concall · Aug 2026Transcript PPT Recording
- Q4 FY26 concall · May 2026Transcript PPT
- Q3 FY26 concall · Feb 2026Transcript PPT
- Concall · Nov 2025Transcript PPT Recording
- 15 Oct 2026
- 21 Aug 2026
- 16 Jul 2026
- 26 Jun 2026
- 27 Jun 2025
- General announcements 28 Oct 2026
Frequently Asked Questions about Niva Bupa Health Insurance Company
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Company Information
Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.
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