Niva Bupa Health Insurance Company Ltd
NIVABUPA NSE
Niva Bupa Health Insurance Company Ltd
Financial ServicesNSE: NIVABUPA BSE: 544286 Insurance
Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.[1]
AI Verdict: HOLD Confidence: 5%
Niva Bupa is a high-growth health insurer with 33% sales CAGR over 3 years and near-zero debt, but at a PE of 122.7x and ROE of just 5.64%, the valuation leaves little margin of safety. The 88.89% analyst buy consensus is encouraging, yet the stock needs to demonstrate sustained profitability improvement before the premium is justified.
Key Fundamentals
SmallcapGeneral InsuranceInsuranceMarket Cap
₹15,687 Cr
Volatility
Moderate
P/E Ratio
119.42
EBITDA
₹-502 Cr
Debt to Equity
0.42
Book Value
₹20.48
52W High
₹92.9
52W Low
₹67.5
Technical Indicators
Key Insights
Strengths
2- Company is almost debt free.
- Company has delivered good profit growth of 35.9% CAGR over last 5 years
Weaknesses
4- Stock is trading at 4.22 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Tax rate seems low
- Company has a low return on equity of 5.64% over last 3 years.
Growth Rate
Revenue Growth
9.73% ↘
Net Income Growth
-38.74% ↘
Cash Flow Change
103.55% ↗
ROE
106.20% ↗
ROCE
31.84% ↗
EBITDA Margin (Avg.)
-292.11% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 3d agoHOLD
Risk high
Niva Bupa is a high-growth health insurer with 33% sales CAGR over 3 years and near-zero debt, but at a PE of 122.7x and ROE of just 5.64%, the valuation leaves little margin of safety. The 88.89% analyst buy consensus is encouraging, yet the stock needs to demonstrate sustained profitability improvement before the premium is justified.
Bull Case 7
- Exceptional revenue growth with compounded sales CAGR of 33% over 3 years and 36% over 5 years, indicating strong market share gains in health insurance
- Company is almost debt free, providing financial flexibility and low balance sheet risk in a capital-intensive insurance sector
- Strong analyst consensus with 88.89% buy ratings (8 out of 9 analysts recommending buy) and zero sell ratings
- Compounded profit growth of 36% CAGR over 5 years demonstrates improving operating leverage as the business scales
- TTM sales growth of 25% shows continued momentum even on a larger base, reflecting structural tailwinds in Indian health insurance penetration
- Market cap of Rs 16,053 crore positions it as a mid-cap pure-play health insurer with significant runway in an under-penetrated market
- 3-year compounded profit CAGR of 127% shows the company has turned a corner from losses to sustained profitability
Bear Case 8
- PE ratio of 122.7x is extremely expensive, pricing in years of flawless execution with minimal room for disappointment
- Low return on equity of 5.64% over 3 years suggests the company is not generating adequate returns on shareholder capital
- TTM profit growth of -37% indicates recent earnings decline despite top-line momentum, raising concerns about claims ratio or cost pressures
- Price-to-book of 4.25x is rich for a company delivering only 4% ROE in the last year, implying the market is paying a steep premium over intrinsic value
- Zero dividend yield with no payout despite reporting profits signals either capital inadequacy concerns or lack of shareholder return focus
- Last year ROE declined to 4% from 6% three-year average, showing deteriorating capital efficiency rather than improvement
- Stock has delivered only 7% CAGR over 1 year, significantly underperforming broader indices despite the growth narrative
- Tax rate appears low which may indicate unsustainable tax benefits that could normalize and compress earnings further
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 1
- 30.3% YoY premium growth in May Jun 5
Niva Bupa reported INR 7.23 billion in premiums for May, a 30.3% year-over-year increase, reflecting strong momentum in health insurance collections.
Neutral 1
- New Chairman Ashwani Bhatia appointed Jun 3
Ashwani Bhatia appointed as Non-Executive Independent Director and Chairman for a five-year term, replacing Milind Barve who resigned due to health issues.
TL;DR: Niva Bupa is delivering strong premium growth at 30.3% YoY in May, signaling robust demand and market share expansion in health insurance. Leadership transition with a new chairman is orderly. No visible headwinds in recent news. The growth trajectory remains positive heading into the monsoon season, though sustainability of 30%+ growth rates warrants monitoring.
Quarterly Results
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 969 | 1,026 | 1,316 | 1,124 | 1,321 | 1,258 | 1,671 | 1,371 | 1,574 | 1,611 | 2,139 |
| Expenses | 1,027 | 1,071 | 1,215 | 1,228 | 1,387 | 1,282 | 1,420 | 1,464 | 1,627 | 1,705 | 1,773 |
| Operating Profit | -58 | -46 | 100 | -103 | -66 | -24 | 251 | -93 | -53 | -94 | 365 |
| OPM % | -6% | -4% | 8% | -9% | -5% | -2% | 15% | -7% | -3% | -6% | 17% |
| Other Income | 50 | 50 | 57 | 84 | 79 | 37 | -45 | 2 | 18 | 7 | -24 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| PBT | -8 | 5 | 157 | -19 | 13 | 13 | 206 | -91 | -35 | -88 | 341 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -1% |
| Net Profit | -8 | 5 | 157 | -19 | 13 | 13 | 206 | -91 | -35 | -88 | 345 |
| EPS in Rs | — | — | — | — | — | 0.07 | 1.13 | -0.5 | -0.19 | -0.47 | 1.87 |
Profit & Loss
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|
| Sales | 851 | 1,057 | 1,413 | 1,877 | 2,853 | 4,115 | 5,374 | 6,695 |
| Expenses | 880 | 1,094 | 1,435 | 2,328 | 3,183 | 4,228 | 5,296 | 6,570 |
| Operating Profit | -29 | -37 | -22 | -451 | -330 | -113 | 78 | 125 |
| OPM % | -3% | -3% | -2% | -24% | -12% | -3% | 1% | 2% |
| Other Income | 0 | 0 | 0 | 281 | 374 | 224 | 160 | 2 |
| Interest | 3 | 4 | 6 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 16 | 21 | 22 | 27 | 32 | 29 | 25 | 0 |
| PBT | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 127 |
| Tax % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -3% |
| Net Profit | -48 | -62 | -50 | -197 | 13 | 82 | 214 | 131 |
| EPS in Rs | — | — | — | — | — | — | 1.17 | 0.71 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| 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 | 1,231 | 1,939 |
| Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 250 |
| Other Liabilities | 737 | 891 | 1,322 | 1,983 | 2,799 | 3,891 | 6,452 | 7,827 |
| Total Liabilities | 1,000 | 1,237 | 1,899 | 2,738 | 3,877 | 6,192 | 9,760 | 11,864 |
| Fixed Assets | 30 | 39 | 46 | 49 | 52 | 58 | 66 | 88 |
| CWIP | 2 | 2 | 2 | 1 | 4 | 1 | 9 | 0 |
| 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 | 2,106 |
| Total Assets | 1,000 | 1,237 | 1,899 | 2,738 | 3,877 | 6,192 | 9,760 | 11,864 |
Cash Flow
| 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 | 1,613 | 857 |
| CFO/OP | — | — | -1,180 | -75 | -180 | -720 | 2,121 | 725 |
Ratios
| 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 | -322 |
| ROCE % | — | -19% | -10% | -30% | 1% | 5% | 7% | 3% |
Documents
2
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.
3
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.
4
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.
5
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.
Frequently Asked Questions about Niva Bupa Health Insurance Company Ltd
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 is listed on the Indian stock exchanges. It is listed on NSE: NIVABUPA and BSE: 544286. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Niva Bupa Health Insurance Company Ltd belong to?
Niva Bupa Health Insurance Company Ltd operates in the Financial Services sector within the Insurance industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd has a market capitalisation of approximately ₹15686.76 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Niva Bupa Health Insurance Company Ltd?
The Price-to-Earnings (PE) ratio of Niva Bupa Health Insurance Company Ltd is 119.42. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Niva Bupa Health Insurance Company Ltd?
Over the past 52 weeks, Niva Bupa Health Insurance Company Ltd has traded between a low of ₹67.5 and a high of ₹92.9. This range helps investors understand the stock's price volatility and recent trading levels.
How can I research Niva Bupa Health Insurance Company Ltd on Tapetide?
On Tapetide, you can view Niva Bupa Health Insurance Company Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.
Company Information
Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.[1]