AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 30 Sep - Ms. Lavanya R Mundayur appointed CMD of NIACL effective 30 September 2026.
Source: Bse
The New India Assurance Company Limited (NIACL)
Large CapFinancial Services stocks · Large cap · NSE
The New India Assurance Company Ltd. is an Indian multinational general insurance company with 107 years of operation, a strong brand image, and presence in 24 countries. It operates 1,668 offices in India and holds a AAA rating by CRISIL.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals14 Oct 2026 · screener
Latest result25 Jul, 02:02 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Financial Services P/E 17.0 (n=243)
Technical timing lens
Trend score and candlestick chart
48NeutralSMA20 -10.8% / mo · MACD +
Stock trend: 51
Sector RS: 44
Sector 3M: -5.8% vs Nifty 500 -5.6%
Financial Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
NIACLD candles · FIT view+6.1%Latest close ₹174.01 on 2026-10-19
Bar
-3.8%
RSI
47
MACD hist
1.75
52W pos
45%
2026-10-19O ₹180.88H ₹182.33L ₹173.04C ₹174.01Vol 9.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NIACLNifty Financial ServicesNifty 500
- NIACL
- -1.6%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- +4.0 pp
Chart stats
19 Oct 2026- From 52W high
- -28.3%
- 52W range position
- 45%
- ATR (14)
- 5.5%
- Volume vs 20D
- 0.11x
- Avg traded value
- ₹150 Cr
- 20D price channel
- ₹155.6 - ₹195
₹242.6
₹117 - ₹242.6
₹9.6
Latest completed session
20-session average
65.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED16
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +1.5% · PAT -159.4% YoY
Technical
Neutral48
Price trend and sector-relative-strength timing.
Valuation
Legacy model-533.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -159% YoY · margin compression · Rev +2% YoY
Filed 24 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹11,900 Cr | +1.5% | -5.1% |
| EBITDA | ₹-205 Cr | -208.5% | -1178.9% |
| Operating margin | -1.7% | -330 bps | -180 bps |
| PAT | ₹-239 Cr | -159.4% | -141.2% |
| PAT margin | -2.0% | -544 bps | -663 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 39.80
- P/B
- 1.08
- EV/EBITDA
- —
- Market Cap
- 30608.00Cr
Profitability
- ROE
- 4.92%
- ROCE
- 4.29%
- ROA
- 0.70%
- Dividend Y
- 0.81%
Growth (CAGR)
- Revenue 5Y
- 9.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- 7.00%
- EPS 3Y
- 99.00%
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- —
- Altman Z
- 1.12
- Book Value
- 173.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -4532.00 Cr
- EPS TTM
- 4.68
Shareholding
- Promoter Hold
- 85.44%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 55%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 49.8k+14.3% vs prev
Net Profit
₹ CrLatest: 1,417+36.5% vs prev
Return on Equity
%Latest: 5.0+38.8% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 47.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~12.1% over last month) — short-term momentum negative.
- RSI(14) at 47 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 49% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
62
RS percentile
Stage 2 UptrendRecent S2
1M return
-7.3%
3M return
-1.6%
6M return
+6.9%
1Y return
-8.0%
RS 1D
-3
RS 20D
-4
Sector rank
#9
Industry rank
#16
Stage evidence
- Price is 2.5% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +2.7%.
50-DMA
price below
200-DMA
price above
S2 entered
12 Oct 2026
S2 age
6 trading sessions
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 95.45-2.09%
RS vs Nifty 50095
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 16 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation1/30
Growth3/25
Quality0/20
Balance Sheet6/15
Cash Flow3/10
Piotroski
5/9 (+3)
Penalties
0
Raw sum
16
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
16/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 3/10 to the score.
- Growth contributes 3/25 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Fair-value margin of safety is negative at -533.4%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
NBFC valuation: P/B, ROA, borrowing cost, and asset quality
Lenders can look optically cheap before credit losses emerge, so valuation is tied to book quality.
Primary lens
P/B adjusted for ROA/ROE and leverage quality.
Secondary checks
AUM growth, spreads, credit cost, liquidity and ALM risk.
Main risk check
Fast growth with weak asset quality deserves a discount.
PE
39.8
PB
1.1
EV/EBITDA
—
ROE
4.9%
ROCE
4.3%
FCF Yield
—
Debt/Equity
0.0
MoS
-533.4%
Score movement
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.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
16
Previous: 16
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-533.4%
Previous: -533.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
17
17
17
17
17
17
17
16
16
16
16
16
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹134.97
-28.9% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹27.47
-533.4% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RECLTD
Large
REC Limited
NBFC / Capital Markets / Insurance
match 144
60
5.1
20.1%
+81%
UNDERVALUED
SUNDARMFIN
Large
Sundaram Finance Limited
NBFC / Capital Markets / Insurance
match 129
29
20.8
15.0%
+31%
OVERVALUED
SAMMAANCAP
Large
Sammaan Capital Limited
NBFC / Capital Markets / Insurance
match 126
8
—
-3.2%
—
OVERVALUED
SBFC
Large
SBFC Finance Limited
NBFC / Capital Markets / Insurance
match 125
19
28.8
11.6%
-3%
OVERVALUED
UTIAMC
Large
UTI Asset Management Company Limited
NBFC / Capital Markets / Insurance
match 124
33
21.0
10.3%
-254%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T18:16:12.805Z
Management commentary snapshot
NIACL reported robust FY26 PAT growth of 40% YoY to Rs. 1,384 Cr, driven by better investment returns, despite a higher combined ratio of 122.57% and significant wage revision impact. Gross Written Premium grew 8.15% YoY, with Indian business outpacing industry growth.
While PAT growth was strong due to investment income, core underwriting profitability remains a concern with a combined ratio of 122.57% and negative underwriting results. The impact of wage revisions and persistent issues in Motor TP segment's incurred claim ratio highlight structural challenges. Market share gains are positive, but sustainability depends on improving underwriting performance.
Current business mix
Gross Written Premium by Segment (FY26)
Latest issuer-disclosed distribution across 7 reported categories.
Health & PA47.6%
Fire14.6%
Motor TP14.1%
Motor OD11.7%
Others9.3%
Marine2.4%
Crop0.3%
Growth engines
Indian Business Growth
Domestic gross direct premium income grew by 10.9% in FY26, outpacing the general insurance industry growth of 9.3%.
Market Share Gains
YoY market share in the Indian business increased from 12.56% to 12.74% in FY26.
Retail and MSME Focus
Management is optimistic about FY27 growth prospects with a strong focus on retail and MSME segments.
New Product Launches
Company is launching innovative new products and entering new lines like parametric insurance.
Capacity and execution
Domestic Presence
Operates 1,668 offices in India, underlining strong domestic presence.
Tailwinds
Better Investment Returns
Adverse impact of wage revision was partially offset by better investment returns during FY26.
Health Segment Improvement
The Health segment witnessed an improvement in loss ratio during FY26.
Headwinds
Wage Revision Impact
Absorbed full impact of wage revision and family pension amounting to Rs. 3525 Cr during FY26, with Rs. 597 Cr in Q4.
Motor TP Premium Stagnation
Incurred claim ratio impacted by higher loss ratio in Motor Third Party segment where premium revision has not yet happened.
Aviation Segment Loss
Unfortunate loss in the aviation segment contributed to higher incurred claim ratio in FY26.
Competitive Motor Segment
Motor segment performance was impacted by the intense competitive environment.
Risk radar
Underwriting Losses
Underwriting results were negative at Rs. (8,882) Cr for FY26, impacted by wage arrears and retirement benefits.
High Combined Ratio
Combined ratio for FY26 was 122.57%, indicating that claims and expenses exceed premiums earned.
Motor TP Profitability
Lack of premium revision in Motor TP segment continues to impact profitability and incurred claim ratio.
Management accountability
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.
Analyst reading lens
Compare BOTH
The presentation provides both annual (FY26 vs FY25) and quarterly (Q4 FY26 vs Q4 FY25) results. Annual comparison is crucial for overall performance, while Q4 provides insight into recent momentum and the immediate impact of wage revisions.
Sector KPIs management disclosed
Gross Written Premium (GWP)
Grew 8.15% YoY to Rs. 47,174 Cr in FY26; Q4 FY26 GWP grew 1.63% YoY to Rs. 11,619 Cr.
Profit After Tax (PAT)
Improved 40% YoY to Rs. 1,384 Cr in FY26; Q4 FY26 PAT improved 61% YoY to Rs. 558 Cr.
Combined Ratio
Increased to 122.57% in FY26 from 116.78% in FY25; Q4 FY26 combined ratio was 118.34% vs 111.46% in Q4 FY25.
Incurred Claim Ratio (ICR)
Increased to 98.65% in FY26 from 96.61% in FY25; Q4 FY26 ICR was 95.85% vs 94.43% in Q4 FY25.
Management forward view
Optimistic FY27 Outlook
CMD remains optimistic about the Company’s growth prospects in FY27.
Strategic Focus
Strong focus on retail and MSME segments for future growth.
Diversification
Emphasis on growth in segments other than Motor and Health where competitive intensity is high.
Risk Management
Further impetus on risk management initiatives and taking steps to improve the global credit rating.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Combined Ratio | 122.57% (FY26) | Watch for sustained improvement below 115% to indicate better underwriting profitability. |
| Motor TP Premium Revision | Not yet happened | Monitor for any regulatory updates on premium revisions in the Motor Third Party segment. |
| Investment Income Contribution | Rs. 11,112 Cr (FY26) | Assess if investment income can continue to offset underwriting losses and drive PAT growth. |
| Solvency Ratio | 1.84x (FY26) | Track for stability or improvement, as it declined slightly from 1.91x in FY25. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
margin outlookpartially delivered
Loss ratios are expected to improve in the second half of the financial year.
Timeframe: H2FY26Direction: improveConfidence: expected
"loss ratios are expected to improve in the second half of the financial year"
Outcome check: OPM moved from -0.6% to average 0.0% (+0.6 pp).
margin outlooknot yet verifiable
Loss ratios are expected to improve in the second half of the financial year.
Timeframe: H2FY26Direction: improveConfidence: expected
"loss ratios are expected to improve in the second half of the financial year"
market share expansionnot yet verifiable
The company intends to enter new lines of business, such as parametric insurance.
Timeframe: FY26Direction: expansionConfidence: implicit
"Entering new lines like parametric insurance"
market share expansionnot yet verifiable
The company intends to enter new lines of business, such as parametric insurance.
Timeframe: FY26Direction: expansionConfidence: implicit
"Entering new lines like parametric insurance"
operational efficiencynot yet verifiable
The company is taking steps to improve its global credit rating.
Timeframe: FY26Direction: improveConfidence: implicit
"taking steps to improve the global credit rating"
operational efficiencynot yet verifiable
The company is taking steps to improve its global credit rating.
Timeframe: FY26Direction: improveConfidence: implicit
"taking steps to improve the global credit rating"
operational efficiencynot yet verifiable
Claim automation efforts will continue for faster claim settlement.
Timeframe: ongoing/futureDirection: improveConfidence: implicit
"Claim automation efforts continue for faster claim settlement"
operational efficiencynot yet verifiable
Claim automation efforts will continue for faster claim settlement.
Timeframe: ongoing/futureDirection: improveConfidence: implicit
"Claim automation efforts continue for faster claim settlement"
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Management has 100% delivered/partly-delivered outcomes on 2 checked claims. It ranks around the 20th percentile of the scored universe and 35th percentile within Financial Services. Main check: financial discipline is weak at 32/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
108 docs text-extracted · 29 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Financial Services: 35th pctile, median 62 · Large: 11th pctile, median 73
Evidence depth
Financial-only
108 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
100% delivered or partly delivered
2/6 claims checked · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
62
acceptable · leverage and solvency
Discipline
32
weak · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 85.4%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Operating cash flow is negative at ₹-4532 Cr.
- ▸Altman Z is 1.12.
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 4.3%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching The New India Assurance Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 9 Sep - CAG appointed S Ramanand Aiyar & Co and Chokshi & Chokshi LLP as statutory auditors for FY2026-27.
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Change in Directorate 11 Sep - S. Sivasankar given additional charge as CMD from 1 August 2026 for three months.
Source: Bse
Announcement
Announcement Under Regulation 30 27 Aug - Income Tax Department refunded Rs. 781.39 crore, including Rs. 59.63 crore interest, for AY 2022-23.
Source: Bse
Investor presentationJul 2026
Jul 2026 · PPT
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Cessation 31 Jul - Ms. Girija Subramanian ceased as CMD effective July 31, 2026, on superannuation.
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 6 Jul - PFA the Newspaper advertisement intimating about the 107th AGM of the company to be held on 27th July, 2026 at 11.30 am.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Jul - PFA the extract of newspaper publication- Submission of notice to equity shareholders of the company regarding transfer of equity shares of the company to IEPF …
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 6 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 25 Jun - Mr. Hari Har Mishra appointed Government Nominee Director on board, effective June 25, 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Company Ir
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.