Niva Bupa Health Insurance Company Ltd

NIVABUPA

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Market Cap

₹ 13,813 Cr

P/E

149.56

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

STABLE

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Niva Bupa Health Insurance Company Limited is a standalone health insurer with a strong focus on the retail health market, primarily underwriting health insurance, personal accident, critical illness, and travel policies.

The company achieved a substantial overall growth rate of 23% for H1 FY '26, with profit after tax more than doubling compared to the previous year, highlighting its strong financial performance.

In Q2 FY '26, Niva Bupa launched ReAssure 3.0, a next-generation retail health insurance product, which has gained significant traction in the market, reinforcing their innovative product strategy.

The company has effectively utilized technological advancements, including AI and a transition to a modern microservices-based core system, to enhance operational efficiencies and customer experience.

Niva Bupa's strategic initiatives, such as reducing GST on health insurance premiums and focusing on customer-centric approaches, aim to drive increased demand and improve affordability in the health insurance segment.

Sector

Insurance

Industry

General Insurance

Market Cap

13,813 Cr

Volatility

Low Risk

P/E Ratio

149.6

Industry P/E

18.1

PEG Ratio

2.4

P/B Ratio

3.6

52W High

95.00

52W Low

61.01

Sales CAGR

30.59%

36.06%

—

10Y

—

Profit CAGR

160.87%

—

10Y

—

ROE

TTM

2.43%

4.06%

—

10Y

—

ROCE

TTM

2.28%

7.03%

—

10Y

—

Technicals

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Forecasts

No. of Analysts

17

1Y Price Target

88.74 ▲ 14.40%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GICRE	380.30	67,106 Cr	7.01	0.99	2.61	14.17	11.80	4.32
MFSL	1696.15	58,575 Cr	357.32	11.04	0.00	3.04	3.53	0.10
GODIGIT	347.20	32,242 Cr	63.46	6.96	0.00	10.97	10.50	2.18
NIACL	167.00	27,571 Cr	23.73	0.96	1.08	4.03	2.35	0.97
STARHEALTH	467.50	27,549 Cr	51.68	3.70	0.00	7.16	8.87	2.51
NIVABUPA	74.99	13,813 Cr	149.56	3.63	0.00	2.43	2.28	0.87
CANHLIFE	123.50	11,733 Cr	100.41	7.73	0.32	12.30	0.46	0.26

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	852	992	1,032	1,319	1,159	1,360	1,241	1,565	1,308	1,538
Expenses	865	969	1,021	1,152	1,136	1,301	1,237	1,470	1,454	1,600
Operating Profit	-13	23	12	167	23	58	3.41	95	-145	-62
OPM %	-1.58	2.31	1.14	12.64	2.00	4.30	0.27	6.07	-11.10	-4.03
Other Income	-59	-30	-7.21	-9.71	-42	-45	9.83	111	54	27
Interest	—	—	—	—	—	—	—	—	—	—
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	-72	-7.59	4.58	157	-19	13	13	206	-91	-35
Tax %	—	—	—	—	—	—	—	—	—	—
Net Profit	-72	-7.59	4.58	157	-19	13	13	206	-91	-35
EPS in Rs	—	—	—	—	-0.10	—	0.07	1.10	-0.60	-0.19

Standalone Profit Loss (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	2,114	3,165	4,196	5,324	5,473
Expenses	2,068	2,814	4,008	5,144	5,462
Operating Profit	46	351	188	180	12
OPM %	2.16	11.09	4.48	3.38	0.21
Other Income	-242	-338	-106	33	129
Interest	—	—	—	—	0.00
Depreciation	—	—	—	—	0.00
Profit Before Tax	-197	13	82	214	141
Tax %	—	—	—	—	0.00
Net Profit	-197	13	82	214	141
EPS in Rs	—	—	-0.53	—	0.38
Dividend Payout %	0.00	0.00	0.00	0.00	—

Standalone Balance Sheet (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1,409	1,511	1,700	1,827
Reserves	123	331	1,283	1,949
Borrowings	250	250	250	250
Other Liabilities	1,983	2,799	3,891	5,734
Total Liabilities	3,765	4,890	7,124	9,760
Fixed Assets	50	56	59	75
CWIP	0.52	3.73	0.51	9.35
Investments	2,401	3,366	5,458	8,175
Other Assets	287	451	674	1,500
Total Assets	2,738	3,877	6,192	9,760

Standalone Cash Flows (in ₹ Crores)

Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	338	593	813	1,654
Cash from Investing Activity	-723	-829	-1,882	-2,348
Cash from Financing Activity	374	280	1,110	771
Net Cash Flow	-12	43	41	78

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2024	Nov 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	62.94%	55.98%	55.98%	55.98%	55.43%	55.41%
FIIs	0.00%	8.63%	8.63%	8.90%	10.76%	10.72%
DIIs	37.06%	9.57%	9.57%	9.70%	15.06%	15.31%
Public	0.00%	25.83%	25.83%	25.42%	18.75%	18.56%
Total Shareholders	86	1,60,440	1,60,442	1,36,017	1,54,883	1,58,550

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Jun 02, 2025	Fettle tone llp	Bulk	Sell	82.11	751.01 Cr	9,14,63,415	5.00
Jun 02, 2025	Fettle tone llp	Bulk	Sell	82.76	674.19 Cr	8,14,63,414	4.45
Jun 02, 2025	Sbi mutual fund	Bulk	Buy	82.00	124.41 Cr	1,51,72,318	0.83
Jun 02, 2025	Dsp mutual fund	Bulk	Buy	82.00	114.95 Cr	1,40,18,374	0.76
Jun 02, 2025	Dsp mutual fund	Bulk	Buy	82.00	110.39 Cr	1,34,62,422	0.73
Jun 02, 2025	Dsp mutual fund	Bulk	Buy	82.00	101.62 Cr	1,23,92,956	0.67
Jun 02, 2025	Irage broking services llp	Bulk	Buy	83.36	90.47 Cr	1,08,52,566	0.59
Jun 02, 2025	Patronus tradetech llp	Bulk	Buy	82.99	84.38 Cr	1,01,66,931	0.55
Jun 02, 2025	Krishnan ramachandran	Bulk	Sell	82.30	82.30 Cr	1,00,00,000	0.54
Jun 02, 2025	Share india securities limited	Bulk	Sell	82.50	22.47 Cr	27,23,935	0.14

Projection

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Documents

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Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

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Q3 FY25

Investor Presentation

Q2 FY25

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Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
GICRE	380.30	67,106 Cr	7.01	0.99	2.61	14.17	11.80	4.32
MFSL	1696.15	58,575 Cr	357.32	11.04	0.00	3.04	3.53	0.10
GODIGIT	347.20	32,242 Cr	63.46	6.96	0.00	10.97	10.50	2.18
NIACL	167.00	27,571 Cr	23.73	0.96	1.08	4.03	2.35	0.97
STARHEALTH	467.50	27,549 Cr	51.68	3.70	0.00	7.16	8.87	2.51
NIVABUPA	74.99	13,813 Cr	149.56	3.63	0.00	2.43	2.28	0.87
CANHLIFE	123.50	11,733 Cr	100.41	7.73	0.32	12.30	0.46	0.26

Oscillators

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Neutral

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Overview

Detailed Summary

The company achieved a substantial overall growth rate of 23% for H1 FY '26, with profit after tax more than doubling compared to the previous year, highlighting its strong financial performance.

In Q2 FY '26, Niva Bupa launched ReAssure 3.0, a next-generation retail health insurance product, which has gained significant traction in the market, reinforcing their innovative product strategy.

Sector

Insurance

Industry

General Insurance

Market Cap

13,813 Cr

Volatility

Low Risk

P/E Ratio

149.6

Industry P/E

18.1

PEG Ratio

2.4

P/B Ratio

3.6

52W High

95.00

52W Low

61.01

Sales CAGR

30.59%

36.06%

—

10Y

—

Profit CAGR

160.87%

—

10Y

—

ROE

TTM

2.43%

4.06%

—

10Y

—

ROCE

TTM

2.28%

7.03%

—

10Y

—