S
Star Health & Allied Insurance Company Ltd
STARHEALTH NSE
Star Health & Allied Insurance Company Ltd
Financial ServicesNSE: STARHEALTH BSE: 543412 Insurance
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]
AI Verdict: HOLD Confidence: 5%
Star Health trades at a steep PE of 61.3x with declining TTM profit growth of -12%, making the valuation hard to justify despite strong 1-year stock CAGR of 35%. The company is debt-free with consistent sales growth of 27% over 10 years, but low ROE of 9.66% and zero dividend payout limit near-term upside.
Key Fundamentals
SmallcapGeneral InsuranceInsuranceMarket Cap
₹34,012 Cr
Volatility
High Risk
P/E Ratio
60.94
EBITDA
₹-483 Cr
Return on Equity
9.4%
Debt to Equity
0.07
Book Value
₹162.77
EPS
₹14.96
52W High
₹597.4
52W Low
₹412.6
Technical Indicators
Key Insights
Strengths
2- Company is almost debt free.
- Company's median sales growth is 21.0% of last 10 years
Weaknesses
3- Stock is trading at 3.53 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 9.66% over last 3 years.
Growth Rate
Revenue Growth
3.00% ↗
Net Income Growth
-13.77% ↘
Cash Flow Change
5.24% ↗
ROE
-27.78% ↘
ROCE
-46.56% ↘
EBITDA Margin (Avg.)
-150.26% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 1d agoHOLD
Risk high
Star Health trades at a steep PE of 61.3x with declining TTM profit growth of -12%, making the valuation hard to justify despite strong 1-year stock CAGR of 35%. The company is debt-free with consistent sales growth of 27% over 10 years, but low ROE of 9.66% and zero dividend payout limit near-term upside.
Bull Case 7
- Company is virtually debt-free, providing financial flexibility and lower risk in a volatile macro environment
- Strong 10-year compounded sales growth of 27% CAGR demonstrates durable demand in health insurance penetration
- 70% of analysts (14 out of 20) have a Buy rating, reflecting institutional confidence in the business model
- 1-year stock CAGR of 35% indicates strong recent momentum and re-rating by the market
- Median sales growth of 21% over last 10 years shows consistency in top-line execution
- 5-year compounded profit growth of 20% shows the company has delivered earnings expansion over a longer cycle
- Market cap of Rs 34,869 crore positions Star Health as the largest standalone health insurer, offering scale advantages
Bear Case 8
- PE ratio of 61.3x is significantly elevated versus financial services sector median of ~20-25x, pricing in excessive optimism
- TTM compounded profit growth has turned negative at -12%, showing earnings deterioration in the most recent period
- 3-year ROE of only 9.66% is below the cost of equity for most investors, indicating poor capital efficiency
- Zero dividend yield despite repeated profitability suggests poor shareholder return policy
- Price-to-book of 3.57x is expensive for a company generating sub-10% ROE, implying the stock is overvalued on asset basis
- 3-year compounded profit growth is negative at -3%, indicating structural margin pressure from rising claims
- 3-year stock CAGR of only 2% versus 35% in the last year suggests most gains are recent and potentially fragile
- Last year ROE fell to 7% from 3-year average of 10%, showing a deteriorating return profile
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 14h ago Positives 2
- May premium up 19.1% YoY Jun 5
Star Health reported gross written premium of INR 14.28 billion in May 2025, a 19.1% year-over-year increase, indicating sustained growth in health insurance collections.
- Executive pay & promoter reclassification Jun 17
Shareholders approved remuneration revisions for key executives and reclassified promoters to public category via postal ballot, signaling governance improvements.
Neutral 3
- No encumbrance on promoter shares Jun 20
Both Rekha Jhunjhunwala and Safecrop Investments India LLP confirmed zero encumbrance on promoter-held shares for FY 2025-26 under SEBI disclosure norms.
- Analyst meet at JM Financial forum Jun 19
Star Health will host an analyst meeting on June 24, 2026, in Mumbai as part of the India Finance Forum Conference organised by JM Financial.
- Investor meets scheduled Jun 3-10 May 29
Star Health scheduled multiple analyst meetings: Nomura Investment Forum in Singapore on Jun 3, Chennai meetings on Jun 4 and Jun 10 with Amansa Capital, all to discuss Q4FY26 performance.
TL;DR: Star Health shows healthy momentum with May premiums growing 19.1% YoY to INR 14.28 billion, and no material headwinds visible in recent news flow. Governance actions like promoter reclassification and clean encumbrance disclosures reinforce transparency. Active investor engagement across multiple forums suggests management confidence in Q4FY26 results. The trend is stable-to-positive, with premium growth trajectory being the key metric to watch in coming quarters.
Quarterly Results
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,131 | 3,293 | 3,461 | 3,578 | 3,688 | 3,816 | 4,058 | 4,146 | 4,081 | 4,233 | 4,378 | 4,566 | 4,648 |
| Expenses | 2,996 | 2,909 | 3,296 | 3,191 | 3,502 | 3,391 | 3,912 | 3,861 | 4,089 | 3,882 | 4,303 | 4,395 | 4,500 |
| Operating Profit | 135 | 384 | 165 | 387 | 186 | 425 | 147 | 285 | -7 | 351 | 75 | 172 | 148 |
| OPM % | 4% | 12% | 5% | 11% | 5% | 11% | 4% | 7% | 0% | 8% | 2% | 4% | 3% |
| Other Income | 1 | 0 | 2 | 1 | 3 | 1 | 2 | 2 | 6 | 1 | 3 | 2 | 4 |
| 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 | 136 | 384 | 167 | 388 | 190 | 426 | 149 | 287 | -1 | 352 | 78 | 173 | 151 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | -159% | 25% | 29% | 26% | 26% |
| Net Profit | 102 | 288 | 125 | 290 | 142 | 319 | 111 | 215 | 1 | 263 | 55 | 128 | 111 |
| EPS in Rs | 1.75 | 4.95 | 2.15 | 4.95 | 2.43 | 5.45 | 1.89 | 3.66 | 0.01 | 4.47 | 0.93 | 2.18 | 1.89 |
Profit & Loss
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Expenses | 1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 17,080 |
| Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 745 |
| OPM % | -11% | 10% | 7% | 7% | 6% | 9% | -28% | -13% | 7% | 8% | 6% | 4% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 11 | 9 |
| Interest | 1 | 2 | 3 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 18 | 20 | 23 | 28 | 29 | 46 | 43 | 52 | 59 | 71 | 0 |
| PBT | -140 | 137 | 118 | 171 | 182 | 413 | -1,446 | -1,397 | 826 | 1,129 | 861 | 754 |
| 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 |
| 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 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Balance Sheet
| 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 | 8,990 |
| Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | 490 |
| Other Liabilities | 954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | 13,551 |
| Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 23,619 |
| Fixed Assets | 46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 161 | 287 |
| CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 | 0 |
| Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,898 | 21,008 |
| Other Assets | 535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | 2,325 |
| Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 23,619 |
Cash Flow
| 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 | — |
| Investing | — | — | -497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 | — |
| Financing | — | — | 310 | 249 | 333 | 122 | 2,613 | 2,509 | -268 | 23 | -4 | — |
| Net Cash Flow | — | — | 134 | 143 | 379 | -237 | 1,086 | -1,221 | -89 | 156 | 224 | — |
| Free Cash Flow | — | — | 283 | 521 | 746 | 614 | 844 | -7 | 1,229 | 1,187 | 1,297 | — |
| CFO/OP | — | — | 228 | 260 | 397 | 168 | -70 | -4 | 145 | 119 | 170 | — |
Ratios
| 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 | -44 |
| ROCE % | — | 55% | 21% | 19% | 14% | 25% | -51% | -31% | 15% | 18% | 12% | 9% |
Documents
1
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 May - Star Health and Allied Insurance Company Limited has informed about the Schedule of Group Analysts/Investors meet dated May 08, 2026 4 May - Star Health and Allied Insurance Company Limited has informed about the Schedule of Group Analysts/Investors meet dated May 08, 2026
2
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 May - Star Health and Allied Insurance Company Limited has informed about the schedule of meet with single Analyst/Investor dated May 08, 2026. 4 May - Star Health and Allied Insurance Company Limited has informed about the schedule of meet with single Analyst/Investor dated May 08, 2026.
3
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 May - Star Health and Allied Insurance Company Limited intimated Schedule of Analyst/Investor meet dated May 07, 2026. 4 May - Star Health and Allied Insurance Company Limited intimated Schedule of Analyst/Investor meet dated May 07, 2026.
4
Announcement under Regulation 30 (LODR)-Newspaper Publication
30 Apr - Star Health and Allied Insurance Company Limited has informed regarding copy of newspaper publication 30 Apr - Star Health and Allied Insurance Company Limited has informed regarding copy of newspaper publication
5
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
4 May - Star Health and Allied Insurance Company Limited has informed about the Schedule of Group Analysts/Investors meet dated May 08, 2026 4 May - Star Health and Allied Insurance Company Limited has informed about the Schedule of Group Analysts/Investors meet dated May 08, 2026
2
Intimation Under Regulation 31A Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015. 18 Jun 2026
General_Announcements
Frequently Asked Questions about Star Health & Allied Insurance Company Ltd
What does Star Health & Allied Insurance Company Ltd do?
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]
Where is Star Health & Allied Insurance Company Ltd (STARHEALTH) listed?
Star Health & Allied Insurance Company Ltd is listed on the Indian stock exchanges. It is listed on NSE: STARHEALTH and BSE: 543412. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Star Health & Allied Insurance Company Ltd belong to?
Star Health & Allied 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 Star Health & Allied Insurance Company Ltd?
Star Health & Allied Insurance Company Ltd has a market capitalisation of approximately ₹34012.39 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Star Health & Allied Insurance Company Ltd?
The Price-to-Earnings (PE) ratio of Star Health & Allied Insurance Company Ltd is 60.94. 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 Star Health & Allied Insurance Company Ltd?
Over the past 52 weeks, Star Health & Allied Insurance Company Ltd has traded between a low of ₹412.6 and a high of ₹597.4. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Star Health & Allied Insurance Company Ltd?
Star Health & Allied Insurance Company Ltd has a Return on Equity (ROE) of 9.40%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Star Health & Allied Insurance Company Ltd on Tapetide?
On Tapetide, you can view Star Health & Allied 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
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]