Overview

Detailed Summary

Niva Bupa Health Insurance Company Limited is a standalone health insurer focusing on the retail health market. It underwrites health insurance, personal accident, critical illness, and travel insurance products in India. The company is a joint venture between Bupa Singapore Holdings and Fettle Tone LLP.
In 9M'FY2026, Niva Bupa reported a Gross Written Premium (GWP) of ₹6,309 crore, up 25.9% year-on-year. Profit after tax for the same period stood at ₹208 crore, reflecting a robust growth of 74.3% over the previous year.
Niva Bupa's digital transformation and multi-channel distribution approach have significantly expanded business reach, with digital channels showing an impressive growth of 49% for the nine months. Their Retail Health market share increased to 10.0%.
The introduction of Niva Bupa's ReAssure 3.0 product, designed to combat high medical inflation, has been successful since its launch. It offers unlimited sum insured and comprehensive OPD services, enhancing customer attraction and retention.
The company maintains a strong focus on technological advancements, evidenced by its AI-driven claims management and customer engagement processes. These initiatives aim to enhance efficiency and customer satisfaction.

Sector: Insurance
Industry: General Insurance
Market Cap: 13,405 Cr
Volatility: Low Risk
P/E Ratio: -449.9
Industry P/E: 15.4
PEG Ratio: —
P/B Ratio: 3.5
52W High: 95.00
52W Low: 61.01

Sales CAGR

1Y: 30.59%
3Y: 36.06%
5Y: —
10Y: —

Profit CAGR

1Y: 160.87%
3Y: —
5Y: —
10Y: —

ROE

TTM: 2.43%
3Y: 4.06%
5Y: —
10Y: —

ROCE

TTM: 2.28%
3Y: 7.03%
5Y: —
10Y: —

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Peers

Financial Services Financial Services Insurance General Insurance

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
MFSL		1470.70	50,578 Cr	356.10	9.54	0.00	3.04	3.53	0.09
GODIGIT		320.45	29,690 Cr	58.21	6.41	0.00	10.55	10.50	2.19
STARHEALTH		465.25	27,581 Cr	61.83	3.70	0.00	7.16	8.87	2.10
NIACL		123.10	20,287 Cr	16.98	0.70	1.46	4.03	2.35	1.00
CANHLIFE		144.60	13,732 Cr	117.56	8.74	0.28	7.89	0.29	0.26
NIVABUPA		72.56	13,405 Cr	-449.92	3.52	0.00	2.43	2.28	-0.08
MEDIASSIST		319.20	2,398 Cr	42.87	3.08	0.00	14.05	13.35	3.97
Median: 7 Co.	—	319.20	20,287 Cr	58.21	3.70	0.00	7.16	3.53	1.00

Financial Statements

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Standalone Quarterly Results (in ₹ Crores)

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	992	1,032	1,319	1,159	1,360	1,241	1,565	1,308	1,538	1,550
Expenses	969	1,021	1,152	1,136	1,301	1,237	1,470	1,454	1,600	1,685
Operating Profit	23	12	167	23	58	3.41	95	-145	-62	-136
OPM %	2.31	1.14	12.64	2.00	4.30	0.27	6.07	-11.10	-4.03	-8.75
Other Income	-30	-7.21	-9.71	-42	-45	9.83	111	54	27	48
Interest	—	—	—	—	—	—	—	—	—	—
Depreciation	—	—	—	—	—	—	—	—	—	—
Profit Before Tax	-7.59	4.58	157	-19	13	13	206	-91	-35	-88
Tax %	—	—	—	—	—	—	—	—	—	—
Net Profit	-7.59	4.58	157	-19	13	13	206	-91	-35	-88
EPS in Rs	—	—	—	-0.10	—	0.07	1.10	-0.60	-0.19	-0.47

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	—	-0.16
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	Dec 2025
Promoters	62.94%	55.98%	55.98%	55.98%	55.43%	55.41%	55.36%
FIIs	0.00%	8.63%	8.63%	8.90%	10.76%	10.72%	10.32%
DIIs	37.06%	9.57%	9.57%	9.70%	15.06%	15.31%	16.04%
Public	0.00%	25.83%	25.83%	25.42%	18.75%	18.56%	18.28%
Total Shareholders	86	1,60,440	1,60,442	1,36,017	1,54,883	1,58,550	1,47,718

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