Star Health Insurance
Star Health Insurance
Financial ServicesKey Fundamentals
SmallcapGeneral InsuranceInsuranceTapetide Score
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Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
3- Stock is trading at 4.37 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 10.2% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoStar Health & Allied Insurance is India's largest standalone health insurer with a ~31-32% retail health market share and FY25 GWP of ₹16,781-17,553 crore (10-15% YoY growth). The company trades at a P/E of 39.5x and P/B of 4.39x with a market cap of ~₹32,967 crore, while FY25 PAT of ₹787 crore reflected pressure from a combined ratio of 101.1%, though FY26 results show recovery with PAT rising 16% to ₹911 crore and combined ratio improving to 98.8%.
- Dominant market position with ~31-32% share in India's retail health insurance segment and 42% share among standalone health insurers, providing significant scale advantages
- Strong long-term revenue trajectory with compounded sales growth of 29% over 5 years and 27% over 10 years, reflecting the secular tailwind of underpenetrated health insurance in India
- FY26 results show meaningful recovery — PAT grew 16% YoY to ₹911 crore and combined ratio improved from 101.1% in FY25 to 98.8% in FY26, with Q4 FY26 combined ratio at 95.7%
- Massive distribution network of 742,000+ agents across 902+ branches with 71% digital premium collection in retail health, creating a moat that is difficult for competitors to replicate
- Fresh retail GWP grew 25-37% YoY in recent quarters, indicating strong new customer acquisition alongside 98-99% renewal persistency by value
- Company has reduced debt on its balance sheet, improving financial flexibility for growth investments
- ROE expanding from 10.1% in FY25 to 13.1% in FY26, showing improving capital efficiency as operating metrics recover
- Health insurance penetration in India remains very low relative to peers, offering a long structural growth runway — the company targets ₹24,000 crore GWP by FY27
- FY25 combined ratio breached 100% at 101.1% (up from 97.3% in FY24), meaning the company was losing money on its core underwriting operations before investment income
- Claims ratio deteriorated sharply from 66.5% in FY24 to 70.7% in FY25, reflecting medical inflation and rising claim frequency that may persist
- Valuation is demanding at 39.5x P/E and 4.39x P/B for a company with 3-year ROE of only 10.2% and 3-year compounded profit CAGR of negative 3%
- Stock has delivered negative 5% CAGR over 3 years and trades nearly 60% below its IPO price, reflecting sustained investor disappointment
- Zero dividend yield despite being a mature market leader, meaning shareholders depend entirely on capital appreciation for returns
- TTM sales growth has decelerated to 11% from 14% over 3 years and 29% over 5 years, suggesting the high-growth phase may be moderating
- Intense competition from general insurers, new-age digital insurers, and government schemes like Ayushman Bharat could pressure margins and market share over time
- Compounded profit growth of 20% over 5 years masks volatile profitability — TTM profit growth is only 10% and 3-year profit CAGR is negative 3%
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 3h ago- Home healthcare 50%+ growth target Aug 18
Star Health anticipates its home health care program to grow over 50% within a year, signaling intent to scale home-based services as a growth lever.
- NHCX unified platform advocacy Aug 21
Co-MD Anand Roy advocated for universal ICMR guideline adherence and compared NHCX to UPI, proposing it as a unified hospital-insurer connectivity platform that could reduce integration friction.
- Multiple analyst/investor meets scheduled Sep 11
Star Health scheduled a series of analyst meetings in Sep 2026: Franklin Templeton one-on-one (Sep 16, Chennai), Ellerston Capital virtual session (Sep 16), Jefferies India Forum group meet (Sep 18, Gurgaon), Elara India Dialogue (Sep 1, Mumbai), and Eternity Capital virtual call (Sep 2).
- AGM approves board reappointments Aug 28
Star Health held its 21st AGM on Aug 28, 2026, approving FY26 standalone financials and reappointment of director Deepak Ramineedi alongside appointment of nominee director Utpal Hemendra Sheth.
TL;DR: Star Health's recent news flow is dominated by routine corporate activity — a busy schedule of analyst/investor meetings and standard AGM approvals with no negative surprises. On the positive side, the company is signaling growth ambitions through a 50%+ home healthcare expansion target and advocacy for industry-wide digital infrastructure via NHCX. No material headwinds surfaced in recent weeks, and the active investor engagement calendar suggests management is proactively courting institutional interest heading into Q2 FY27.
Quarterly Results
| Particulars | Jun 2023 | 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 | 3,293 | 3,461 | 3,578 | 3,688 | 3,816 | 4,058 | 4,146 | 4,081 | 4,880 | 4,378 | 4,566 | 4,648 | 5,522 |
| Expenses | 2,909 | 3,296 | 3,191 | 3,502 | 3,391 | 3,912 | 3,861 | 4,089 | 4,292 | 4,303 | 4,395 | 4,500 | 4,773 |
| Operating Profit | 384 | 165 | 387 | 186 | 425 | 147 | 285 | -7 | 588 | 75 | 172 | 148 | 749 |
| OPM % | 12% | 4.8% | 11% | 5% | 11% | 3.6% | 7% | -0.2% | 12% | 1.7% | 3.8% | 3.2% | 14% |
| Other Income | 0 | 2 | 1 | 3 | 1 | 2 | 2 | 6 | 0 | 3 | 2 | 4 | -8 |
| Interest | 0 | 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 | 0 |
| PBT | 384 | 167 | 388 | 190 | 426 | 149 | 287 | -1 | 588 | 78 | 173 | 151 | 742 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 25% | -159% | 25% | 29% | 26% | 26% | 26% |
| Net Profit | 288 | 125 | 290 | 142 | 319 | 111 | 215 | 1 | 438 | 55 | 128 | 111 | 550 |
| EPS in Rs | 4.95 | 2.15 | 4.95 | 2.43 | 5.45 | 1.89 | 3.66 | 0.01 | 7.45 | 0.93 | 2.18 | 1.89 | 9.34 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,069 | 1,595 | 2,012 | 2,888 | 3,775 | 4,987 | 5,050 | 10,602 | 12,096 | 14,021 | 16,101 | 17,825 | 19,114 |
| Expenses | 1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 17,001 | 17,971 |
| Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 824 | 1,143 |
| OPM % | -11% | 10% | 7% | 7% | 6% | 9% | -28% | -13% | 7% | 8% | 6% | 4.6% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 12 | 9 | 1 |
| Interest | 1 | 2 | 3 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 18 | 20 | 23 | 28 | 29 | 46 | 43 | 52 | 59 | 71 | 79 | 0 |
| PBT | -140 | 137 | 118 | 171 | 182 | 413 | -1,446 | -1,397 | 826 | 1,129 | 861 | 754 | 1,144 |
| Tax % | 0% | 0% | 0% | 1% | 30% | 35% | -25% | -25% | 25% | 25% | 25% | 26% | — |
| Net Profit | -140 | 137 | 118 | 170 | 128 | 268 | -1,086 | -1,041 | 619 | 845 | 646 | 557 | 844 |
| EPS in Rs | -3.87 | 3.53 | 2.59 | 3.73 | 2.81 | 5.46 | -19.81 | -18.08 | 10.63 | 14.44 | 10.99 | 9.47 | 14.34 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 362 | 387 | 456 | 456 | 456 | 491 | 548 | 576 | 582 | 585 | 588 | 588 |
| Reserves | -220 | -27 | 334 | 504 | 773 | 1,153 | 2,947 | 4,045 | 4,862 | 5,799 | 6,471 | 6,987 |
| Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | 470 |
| Other Liabilities | 954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | 16,019 |
| Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 |
| Fixed Assets | 46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 357 | 404 |
| CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 | 9 |
| Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,703 | 19,780 |
| Other Assets | 535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | 3,871 |
| Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | — | — | 321 | 557 | 776 | 647 | 890 | 56 | 1,276 | 1,310 | 1,379 | 1,873 |
| Investing | — | — | -497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 | -1,067 |
| Financing | — | — | 310 | 249 | 333 | 122 | 2,613 | 2,509 | -268 | 23 | -4 | -31 |
| Net Cash Flow | — | — | 134 | 143 | 379 | -237 | 1,086 | -1,221 | -89 | 156 | 224 | 775 |
| Free Cash Flow | — | — | 283 | 521 | 746 | 614 | 844 | -7 | 1,229 | 1,187 | 1,297 | 1,797 |
| CFO/OP | — | — | 228 | 260 | 397 | 168 | -70 | -4 | 145 | 119 | 170 | 250 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | 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 | 0 | 0 | 0 | 0 |
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -255 | -179 | -191 | -196 | -260 | -238 | -397 | -258 | -255 | -249 | -261 | -286 |
| ROCE % | — | 55% | 21% | 19% | 14% | 25% | -51% | -31% | 15% | 18% | 12% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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46 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about Star Health Insurance
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Company Information
Star Health & Allied Insurance Ltd (Star) is India’s first Standalone Health Insurance provider and is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in FY21 with leadership in the attractive retail health segment.[1]
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