Star Health Insurance
Star Health Insurance
InsuranceKey Fundamentals
SmallcapGeneral InsuranceInsuranceTapetide Score
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Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
3- Stock is trading at 4.18 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 10.2% over last 3 years.
Growth Rate
AI Analysis — Bull vs Bear
Star Health & Allied Insurance has a market capitalisation of about ₹31,600 crore and trades at a P/E of 37.5x and 4.17x book value. Revenue has grown at a 29% CAGR over 5 years and 14% over 3 years, but profit has shrunk at a 3% CAGR over 3 years and return on equity was 8% last year (10% over 3 years). The company is almost debt free and pays no dividend. The stock is up 20% over the past year but has returned -4% annualised over 3 years.
- Revenue has compounded at 29% annually over 5 years and 27% over 10 years, which points to sustained expansion of the premium base in India's under-penetrated health insurance market.
- Top-line growth continues: sales rose 14% CAGR over 3 years and 11% on a TTM basis.
- Profit has compounded at 20% over 5 years and 15% over 10 years, so the long-term earnings trend is positive despite recent volatility.
- TTM profit growth of 10% is roughly in line with TTM sales growth of 11%, a sign that earnings may be stabilising after the 3-year profit CAGR of -3%.
- The company is almost debt free, so it carries little leverage risk and has balance-sheet flexibility on top of its regulatory solvency capital.
- Return on equity has improved over time: 10% over 3 years versus 6% over 5 years and 3% over 10 years, which suggests better capital efficiency as the business scales.
- The stock has gained 20% over the past year, a recovery in sentiment after a weak 3-year period.
- Profit has fallen at a 3% CAGR over 3 years while sales grew 14% CAGR, which points to margin pressure from claims ratios, expense ratios or both.
- At 37.5x earnings, the valuation is demanding for a business whose profit has declined over 3 years and grew 10% TTM.
- The stock trades at 4.17x book value while ROE was only 8% last year and 10% over 3 years. That combination implies the market expects a large improvement in returns.
- ROE dropped from a 3-year average of 10% to 8% last year, which is low for a financial services business and likely below its cost of equity.
- Dividend yield is 0%. The company reports repeated profits but pays nothing out, so shareholders get no income and returns depend entirely on price appreciation.
- Shareholders have lost 4% a year over 3 years, so the stock has underperformed despite 14% annual revenue growth over the same period.
- Revenue growth has slowed from a 29% 5-year CAGR to 14% over 3 years and 11% TTM, which may limit operating leverage as health insurance competition increases.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- August premium up 19.9% YoY Sep 15
Star Health reported August premium of INR 17.09 billion, up 19.9% year-over-year. This points to healthy growth in its retail health insurance business.
- Busy institutional investor outreach Sep 17
Star Health scheduled six investor meetings: Franklin Templeton and Ellerston Capital (Sep 16), Jefferies India Forum in Gurgaon (Sep 18), JP Morgan India Conference in Mumbai (Sep 21), Nomura AM (Sep 22) and Goldman Sachs AM in Chennai (Sep 23). The packed calendar suggests strong institutional interest in the stock.
- ₹55.61 crore block trade Sep 28
About 999,971 shares changed hands on BSE at ₹556.10 each, worth ₹55.61 crore in total. This was an unconfirmed real-time signal, and buyer and seller identities were not yet disclosed, so it could mean either stake churn or a possible supply overhang.
- Sthitaprajna seeks public reclassification Sep 30
Promoter group entity Sthitaprajna Advisors LLP asked to be reclassified from Promoter Group to Public under SEBI Reg 31A, citing the end of Utpal Sheth's role in the LLP. This is a governance housekeeping step with no direct effect on operations.
- Promoter reclassification application withdrawn Sep 16
The board approved withdrawing the reclassification application for promoter group entities IDC Electronics, Interics and Industrial Glass Fiber Industries. The promoter group structure stays unchanged for now.
TL;DR: Star Health's business is growing well, with August premium up 19.9% YoY to INR 17.09 billion and a busy September schedule of meetings with large global and domestic institutions. No clear headwinds appeared in this news set. Still, the changes in promoter group classification and the ₹55.61 crore block trade at ₹556.10 are worth tracking for signs of stake changes or selling pressure. The trend looks stable to improving, and the next checks are whether premium growth holds through the coming months and whether claims ratios stay under control.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 3,293 | 3,461 | 3,578 | 3,688 | 3,816 | 4,058 | 4,146 | 4,081 | 4,880 | 4,378 | 4,566 | 4,648 | 5,522 |
| Expenses | 2,909 | 3,296 | 3,191 | 3,502 | 3,391 | 3,912 | 3,861 | 4,089 | 4,292 | 4,303 | 4,395 | 4,500 | 4,773 |
| Operating Profit | 384 | 165 | 387 | 186 | 425 | 147 | 285 | -7 | 588 | 75 | 172 | 148 | 749 |
| OPM % | 12% | 4.8% | 11% | 5% | 11% | 3.6% | 7% | -0.2% | 12% | 1.7% | 3.8% | 3.2% | 14% |
| Other Income | 0 | 2 | 1 | 3 | 1 | 2 | 2 | 6 | 0 | 3 | 2 | 4 | -8 |
| 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 | 384 | 167 | 388 | 190 | 426 | 149 | 287 | -1 | 588 | 78 | 173 | 151 | 742 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 25% | -159% | 25% | 29% | 26% | 26% | 26% |
| Net Profit | 288 | 125 | 290 | 142 | 319 | 111 | 215 | 1 | 438 | 55 | 128 | 111 | 550 |
| EPS in Rs | 4.95 | 2.15 | 4.95 | 2.43 | 5.45 | 1.89 | 3.66 | 0.01 | 7.45 | 0.93 | 2.18 | 1.89 | 9.34 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 19,114 |
| Expenses | 1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 17,001 | 17,971 |
| Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 824 | 1,143 |
| OPM % | -11% | 10% | 7% | 7% | 6% | 9% | -28% | -13% | 7% | 8% | 6% | 4.6% | 6% |
| Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 12 | 9 | 1 |
| Interest | 1 | 2 | 3 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 18 | 20 | 23 | 28 | 29 | 46 | 43 | 52 | 59 | 71 | 79 | 0 |
| PBT | -140 | 137 | 118 | 171 | 182 | 413 | -1,446 | -1,397 | 826 | 1,129 | 861 | 754 | 1,144 |
| 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 | 844 |
| 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 | 14.34 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | — |
Balance Sheet
| Particulars | 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 | 6,987 |
| Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | 470 |
| Other Liabilities | 954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | 16,019 |
| Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 |
| Fixed Assets | 46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 357 | 404 |
| CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 | 9 |
| Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,703 | 19,780 |
| Other Assets | 535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | 3,871 |
| Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 |
Cash Flow
| Particulars | 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 | 1,873 |
| Investing | — | — | -497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 | -1,067 |
| Financing | — | — | 310 | 249 | 333 | 122 | 2,613 | 2,509 | -268 | 23 | -4 | -31 |
| Net Cash Flow | — | — | 134 | 143 | 379 | -237 | 1,086 | -1,221 | -89 | 156 | 224 | 775 |
| Free Cash Flow | — | — | 283 | 521 | 746 | 614 | 844 | -7 | 1,229 | 1,187 | 1,297 | 1,797 |
| CFO/OP | — | — | 228 | 260 | 397 | 168 | -70 | -4 | 145 | 119 | 170 | 250 |
Ratios
| Particulars | 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 | -286 |
| ROCE % | — | 55% | 21% | 19% | 14% | 25% | -51% | -31% | 15% | 18% | 12% | 10% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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46 extracted metrics + investor summaries across FY07–FY27.
Documents
Frequently Asked Questions about Star Health Insurance
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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]
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