Niva Bupa Health Insurance Company logo

Niva Bupa Health Insurance Company

NIVABUPA NSE

Key Fundamentals

MicrocapGeneral InsuranceInsurance
Market Cap
₹13,728 Cr
Volatility
Moderate
P/E Ratio
76.82
EBITDA
₹163 Cr
Return on Equity
3.45%
Debt to Equity
0.07
Book Value
₹20.48
52W High
₹91.4
52W Low
₹67.5

Tapetide Score

Data-driven rating, 0–100. How it works →

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 3.56 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.

Growth Rate

Revenue Growth
21.1% lower than 3Y
Net Income Growth
-38.74% lower than 3Y
Cash Flow Change
-45.31% lower than 3Y
ROE
-39.05% lower than 3Y
ROCE
-57.29% lower than 3Y
EBITDA Margin (Avg.)
-43.62% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Niva Bupa Health Insurance has a market capitalisation of about Rs 14,119 crore and trades at a P/E of 81 and a P/B of 3.72. Revenue has grown at a 36% CAGR over 5 years and 28% on a TTM basis, but TTM profit fell 43% and ROE was 3% last year and 5.2% on a 3-year average. The company pays no dividend, is described as almost debt free, and the stock is down 4% over the past year.

Bull Case 7
  • Revenue has compounded at 36% over 5 years and 33% over 3 years. This points to fast gains in premium volume within India's standalone health insurance segment.
  • Top-line momentum is still intact, with TTM revenue growth of 28%. Growth has slowed from the 5-year rate of 36% but remains high in absolute terms.
  • Profit has grown at a 127% CAGR over 3 years and 36% over 5 years. This shows the business moved into sustained profitability as it gained scale.
  • The company is described as almost debt free. That limits financial leverage risk on top of the underwriting risk it already carries as an insurer.
  • Paying 0% dividend lets the company keep all its earnings. A fast-growing insurer can put that capital toward solvency requirements and expansion instead of payouts.
  • The stock has fallen only 4% over the past year. Over the same period revenue grew 28%, so the valuation multiples have eased somewhat relative to the top line.
  • ROE is 3% last year and 5.2% over 3 years. For an insurer still growing sales above 25% a year, this may reflect an early-stage profitability phase rather than a permanent ceiling.
Bear Case 7
  • TTM profit fell 43% even though revenue grew 28%. This suggests pressure on margins from claims ratios, expenses or investment income.
  • The stock trades at a P/E of 81. That multiple already assumes a sharp earnings recovery, and profits are currently declining.
  • Return on equity is low: 5.2% over 3 years, 3% over 5 years and 3% last year. These returns are likely below the company's cost of equity.
  • The P/B is 3.72, or 3.77 on another basis. That is a steep premium to book for a business earning single-digit ROE.
  • The dividend yield is 0% even though the company reports repeated profits. Shareholders get no cash return while they wait for profitability to improve.
  • Revenue growth has slowed from a 36% 5-year CAGR to 33% over 3 years and 28% TTM. Continued slowing could weaken the growth case behind the premium valuation.
  • Returns and profits have been volatile. The stock is down 4% over 1 year, and profit growth has swung from a 127% 3-year CAGR to a 43% TTM decline, which makes earnings hard to predict.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

4d ago
Positives 2
  • August premiums jump 37.5% YoY Sep 15

    Niva Bupa reported August premiums of INR 8.43 billion, up 37.51% year-over-year. That points to continued strong growth in its core health insurance business.

  • Niche99 ESG 'Leader' rating Sep 16

    SEBI-registered agency Niche99 gave the company a '67 Leader' ESG rating for FY25 and FY26. It assigned the score independently, using public domain data.

Neutral 2
  • Short-notice investor call scheduled Sep 24

    The company will hold a virtual call for sell-side and buy-side investors on September 24, 2026, at 6:00 pm IST. It was scheduled on short notice, so the market may watch closely for any new disclosures.

  • Karan Bhatia named CIO Sep 16

    Karan Bhatia became Chief Investment Officer effective September 16, 2026. Vikas Jain moves into the role of Chief Transformation Officer.

TL;DR: Niva Bupa's business momentum looks strong: August premiums grew 37.51% YoY to INR 8.43 billion, and it earned a 'Leader' ESG rating. None of these articles report a clear headwind. The main unknowns are the short-notice investor call on Sep 24 and the handover to a new CIO, which could change investment strategy. The trend is improving, and what management says on the upcoming call will be key to whether the growth story holds up.

Quarterly Results

Particulars Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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 in Rs
—
—
—
—
—
0.07
1.13
0.39
-0.19
-0.47
0.86
0.75
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
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
2
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 in Rs
—
—
—
—
—
—
1.17
0.71
0.95
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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
Figures in ₹ Crores

Cash Flow

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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/OP
—
—
-1,180
-75
-180
-720
2,000
577
Figures in ₹ Crores

Ratios

Particulars Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 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

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Public3.99%Promot.55.30%FIIs12.09%Others12.45%DIIs16.17%As ofJun 2026

Documents

Frequently Asked Questions about Niva Bupa Health Insurance Company

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 trades as NIVABUPA on the NSE and under code 544286 on the BSE.
Which sector does Niva Bupa Health Insurance Company Ltd belong to?
Niva Bupa Health Insurance Company Ltd is classified under the Insurance sector, in the General Insurance industry.
What is the market capitalisation of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd has a market capitalisation of ₹13,728 Cr, which places it in the Mid Cap band.
What is the PE ratio of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd trades at a PE ratio of 76.82, against a book value of ₹20.48 per share.
What is the 52-week high and low of Niva Bupa Health Insurance Company Ltd?
Over the last 52 weeks Niva Bupa Health Insurance Company Ltd has traded between ₹67.5 and ₹91.4.
What is the Return on Equity (ROE) of Niva Bupa Health Insurance Company Ltd?
Niva Bupa Health Insurance Company Ltd reported a return on equity of 3.45%. Its debt-to-equity ratio is 0.07.

Company Information

Incorporated in 2008, Niva Bupa Health Insurance Ltd is a Tech driven leading health insurer in India.[1]

Website nivabupa.com
Listed 2024-11-14
Face Value ₹ 10
Issued Size 1,84,71,10,571

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