NIVABUPA
Large CapNiva Bupa Health Insurance Company Limited
Financial Services
Niva Bupa Health Insurance Company Limited is an Indian health insurer focused on providing access to healthcare. The company reported strong Gross Written Premium (GWP) and Profit After Tax (PAT) growth in FY2026, driven by its retail health segment and improved operational efficiency.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust needs verification, price trend is neutral, and recent execution is weak.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 100/100Rev +28% YoY · PAT +67% YoY · margin expansion · +33% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,139 Cr | +28.0% | +32.8% |
| EBITDA | ₹365 Cr | +45.4% | +488.3% |
| Operating margin | 17.0% | +200 bps | +2300 bps |
| PAT | ₹345 Cr | +67.5% | NDF |
| PAT margin | 16.1% | +380 bps | +2159 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Niva Bupa reports robust FY2026 performance with GWP up 27.4% YoY to ₹9,432.9 crore and PAT surging 80.4% YoY to ₹366.1 crore, driven by retail health growth and improved combined ratio.
The company demonstrates strong growth in GWP and PAT, coupled with an improving Combined Insurance Service Ratio (CISR) and expanding retail health market share. Strategic focus on digital transformation, diversified distribution, and customer experience appears to be yielding positive results, supporting the investment thesis.
Product Mix (By GWP) FY2026
Latest issuer-disclosed distribution across 3 reported categories.
Retail Health GWP Growth
positiveRetail Health GWP grew 35.0% YoY to ₹6,581.5 crore in FY2026.
Digital Sales & Automation
positive100% of new policies were applied via website and mobile apps, and 96.5% of payments were made digitally in FY2026.
Diversified Distribution Channels
positiveAdded 58,000 individual agents, 53 brokers, and 18 Banca & other corporate agents in FY2026.
Product Innovation
positiveLaunched 'Health Plus Xtend' and 'Tiered Network Rider' products in FY2026.
Individual Agents
positiveTotal 238,517 individual agents as of FY2026, with an addition of 58,000 in FY2026.
Banca & Other Corporate Agents
positiveTotal 121 Banca & other corporate agents as of FY2026, with an addition of 18 in FY2026.
Brokers
positiveTotal 593 brokers as of FY2026, with an addition of 53 in FY2026.
Network Hospitals
positiveNetwork of hospitals expanded to 10,566 in FY2026 from 10,421 in FY2025.
Resilient Indian Economy
positiveIndian economy's GDP growth moved up to 7.6% in FY2026 from 7.1% in FY2025.
Health Insurance Sector Growth
positiveHealth segment (including PA) demonstrated a 16.7% growth in FY2026, up from 9.1% in FY2025.
Regulatory Transparency
positiveIRDAI mandate for Ind AS reporting from April 1, 2026, is viewed as a positive step for enhanced disclosure and transparency.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The presentation provides both annual (FY2026 vs FY2025) and quarterly (Q4 FY2026 vs Q4 FY2025) data. Annual comparison is crucial for assessing overall business health and strategic execution, while quarterly data shows recent momentum and sequential performance.
Gross Written Premium (GWP) (without 1/n)
positiveGWP for FY2026 was ₹9,432.9 crore, a 27.4% increase YoY. Q4 FY2026 GWP was ₹3,123.4 crore, up 30.4% YoY.
Profit After Tax (PAT) (IFRS)
positivePAT for FY2026 was ₹366.1 crore, an 80.4% increase YoY from ₹202.9 crore in FY2025. Q4 FY2026 PAT was ₹157.8 crore, up 89.3% YoY.
Combined Insurance Service Ratio (CISR) (IFRS)
positiveCISR for FY2026 was 101.4%, an improvement from 103.0% in FY2025. Q4 FY2026 CISR was 97.4%, improved from 102.0% in Q4 FY2025.
Retail Health Market Share (with 1/n)
positiveRetail Health market share reached 10.1% in FY2026, up from 9.4% in FY2025.
Focus on Service Excellence
positiveWeighted Episodal NPS crossed 60 for FY2026, an improvement of 5 points over FY2025, reflecting continued pursuit of service excellence.
People-First Culture
positiveNiva Bupa is proud to be recognized among India’s Top 25 Best Workplaces in BFSI for FY2026.
AI Transformation
positiveThe company is transforming its value chain using AI, with projects underway and planned for FY227 across various functions like recruitment, marketing, claims, and customer service.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Combined Insurance Service Ratio (CISR) | 101.4% (FY2026) | Continued improvement towards profitability and efficiency. |
| Retail Health Market Share | 10.1% (FY2026) | Sustained growth and competitive positioning in the retail health segment. |
| Solvency Ratio (I-GAAP) | 2.49x (FY2026) | Stability or improvement in capital adequacy, given the decline from FY2025. |
| Claims Ratio | 64.9% (FY2026) | Management's ability to control claims costs and improve underwriting discipline. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
59NeutralSMA20 +8.7% / mo
Technical chart
NIVABUPAdaily · 1Y+9.5%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 55. Wait for confirmation.
- SMA20 rising (~4.3% over last month) — short-term momentum positive.
- RSI(14) at 55 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 7% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 15/25 to the score.
- Balance sheet contributes 7/15 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Fair-value margin of safety is negative at -257.7%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 21st percentile of the scored universe and 37th percentile within Financial Services. Main check: financial discipline is weak at 40/100.
Mixed Trust Lite: Promoter holding is 55.4%. Key concern: 2 latest quarters had PAT decline worse than 25% YoY.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Financial Services: 37th pctile, median 62 · Large: 14th pctile, median 74
37 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 55.4%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.08.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸Only 0 years of positive FCF.
- ▸ROCE is low at 3.5%.
- ▸ROE is low at 3.8%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 116.00
- P/B
- 4.02
- EV/EBITDA
- 123.82
- Market Cap
- 15227.00Cr
Profitability
- ROE
- 3.82%
- ROCE
- 3.45%
- ROA
- 1.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 90.00%
Balance Sheet
- Debt/Equity
- 0.08
- Interest Coverage
- —
- Altman Z
- 1.88
- Book Value
- 20.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 905.00 Cr
- EPS TTM
- 0.71
Shareholding
- Promoter Hold
- 55.36%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 59%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Financial Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.