S
Star Health & Allied Insurance Company Ltd
STARHEALTH NSE
Star Health & Allied Insurance Company Ltd
InsuranceNSE: STARHEALTH BSE: 543412 General Insurance
Key Fundamentals
SmallcapGeneral InsuranceInsuranceMarket Cap
₹34,332 Cr
Volatility
Moderate
P/E Ratio
40.77
EBITDA
₹834 Cr
Return on Equity
7.35%
Debt to Equity
0.06
Book Value
₹128.94
EPS
₹14.96
52W High
₹624.9
52W Low
₹416.55
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
Log in to view Star Health & Allied Insurance Company Ltd insights
34 extracted metrics + investor summaries across FY07–FY26.
Tapetide Score
Data-driven rating, 0–100. How it works →
Technical Indicators
Key Insights
Strengths
1- Company is almost debt free.
Weaknesses
3- Stock is trading at 4.53 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 10.2% over last 3 years.
Growth Rate
Revenue Growth
10.68% ↘
Net Income Growth
-13.76% ↘
Cash Flow Change
35.89% ↗
ROE
-19.67% ↘
ROCE
-38.64% ↘
EBITDA Margin (Avg.)
-19.34% ↘
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 5d agoAI opinion · based on fundamentals
Risk medium
Star Health & Allied Insurance is India's largest standalone health insurer with a ~31-33% retail health insurance market share and a market cap of ₹33,753 crore. The company reported FY26 PAT of ₹911 crore (16% YoY growth) with combined ratio improving to 98.8% from 101.1% in FY25, but trades at 40x PE and 4.45x book value with a 3-year ROE of only ~10% and zero dividend payout.
Bull Case 8
- Dominant market position with ~31-33% retail health insurance market share in India and 42% share among standalone health insurers
- Combined ratio improved sharply to 98.8% in FY26 from 101.1% in FY25, with Q4 FY26 reaching 95.7% — indicating the business has turned underwriting profitable
- Company is virtually debt-free, providing financial flexibility and lower risk compared to leveraged peers
- FY26 PAT grew 16% YoY to ₹911 crore, with Q3 FY26 showing 414% YoY Ind AS profit growth to ₹449 crore, indicating operating leverage kicking in
- 5-year compounded sales CAGR of 29% and 10-year CAGR of 27% demonstrates consistent top-line momentum in a structurally underpenetrated market
- Large distribution network of ~800,000 agents with digital fresh business growing over 41% in H1 FY25, diversifying channel mix
- Solvency ratio at 2.09-2.22x, well above the regulatory minimum of 1.5x, providing capital adequacy buffer
- Management has guided to double GWP to ₹30,000 crore and triple net profit to ₹2,500 crore by FY28, implying significant growth runway
Bear Case 8
- Stock trades at 40x PE and 4.45x price-to-book, a premium valuation for a company with only 10% 3-year average ROE
- 3-year ROE averages just 10% and last year was 8%, well below the cost-of-equity investors typically demand at this valuation
- Zero dividend payout despite repeated profitability — no capital return to shareholders despite retained earnings
- 3-year compounded profit CAGR is negative at -3%, showing earnings have been volatile and inconsistent over the medium term
- Stock 3-year CAGR is -3%, meaning shareholders who held through the period have seen capital erosion despite business growth
- TTM revenue growth has decelerated to 11% from 5-year CAGR of 29%, suggesting the high-growth phase may be moderating
- Health insurance sector faces rising claims inflation, with claim ratio spiking 220 bps YoY to 67.6% in Q1 FY25, indicating medical cost pressures persist
- Retail health insurance market share has slipped from ~33% to ~29% in recent quarters as competition from general insurers and new entrants intensifies
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 4h ago Positives 1
- Q1 profit up 25% YoY Jul 29
Net profit rose 25.2% YoY to ₹549.7 crore in Q1FY27, driven by strong health insurance revenue growth and stable expense ratios.
Neutral 4
- 97 promoter entities seek reclassification Aug 12
97 entities linked to Late Rakesh Jhunjhunwala's promoter group have requested reclassification to Public category, including 9 entities disclosed on Aug 12.
- Active investor engagement globally Aug 7
Star Health scheduled multiple analyst meets including Motilal Oswal conference (Aug 17), Emkay Confluence (Aug 14), Hornbill Capital (Aug 20), and Hong Kong sessions with FMR, BlackRock, and Shikhara (Aug 5-6).
- AGM scheduled Aug 28 Aug 2
21st AGM set for August 28, 2026, with remote e-voting from August 25 and record date of August 21.
- Q1 FY27 earnings call released Jul 30
Audio recording of Q1 FY2027 earnings call held on July 30 at 08:30 AM IST has been made available to investors via stock exchange disclosure.
TL;DR: Star Health delivered solid Q1FY27 results with 25% profit growth on healthy revenue expansion. No material headwinds emerged in recent news flow. The promoter reclassification of Jhunjhunwala-linked entities is procedural and unlikely to affect operations. Active institutional engagement across domestic and international investors signals sustained market interest, and the earnings momentum trend is positive heading into Q2.
Quarterly Results
| 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
| 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
| 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
| 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
| 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% |
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
1
Disclosure Under Regulation 31A Of SEBI (Listing Obligations And Disclosure Requirements) Regulations 2015 12 Aug 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 Insurance sector within the General 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 ₹34332.15 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 40.77. 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 ₹416.55 and a high of ₹624.9. 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 7.35%. 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]