Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 15 Oct - India Ratings assigned IND AAA/Stable to proposed 500 crore subordinated debt.
Source: Bse
Niva Bupa Health Insurance Company Limited (NIVABUPA)
Large CapFinancial Services stocks · Large cap · NSE
Niva Bupa Health Insurance Company Limited is an Indian health insurer focused on providing access to healthcare. The company operates with a multi-channel distribution strategy, leveraging technology and analytics for business model efficiency and customer experience.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 01:03 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags03 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
40NeutralSMA20 -4.8% / mo · MACD +
Stock trend: 38
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
NIVABUPAD candles · FIT view-1.0%Latest close ₹76.28 on 2026-10-19
Bar
+0.4%
RSI
44
MACD hist
0.17
52W pos
37%
2026-10-19O ₹75.96H ₹78.00L ₹74.70C ₹76.28Vol 5.6L 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
NIVABUPANifty Financial ServicesNifty 500
- NIVABUPA
- -11.4%
- Nifty 500
- -5.6%
- Nifty Financial Services
- -6.0%
- Vs Nifty 500
- -5.8 pp
Chart stats
19 Oct 2026- From 52W high
- -16.5%
- 52W range position
- 37%
- ATR (14)
- 3.6%
- Volume vs 20D
- 0.25x
- Avg traded value
- ₹16.4 Cr
- 20D price channel
- ₹72 - ₹83.5
₹91.4
₹67.5 - ₹91.4
₹2.8
Latest completed session
20-session average
37.3% 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 argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED27
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent100
Revenue +27.9% · PAT +94.4% YoY
Technical
Neutral40
Price trend and sector-relative-strength timing.
Valuation
Legacy model-214.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
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
Excellent · 100/100Rev +28% YoY · PAT +94% YoY · margin expansion · +10% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹2,471 Cr | +27.9% | +9.8% |
| EBITDA | ₹184 Cr | +87.8% | +1.1% |
| Operating margin | 7.0% | +200 bps | -100 bps |
| PAT | ₹138 Cr | +94.4% | -13.2% |
| PAT margin | 5.6% | +191 bps | -148 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 82.20
- P/B
- 3.78
- EV/EBITDA
- 66.84
- Market Cap
- 14321.00Cr
Profitability
- ROE
- 3.46%
- ROCE
- 3.15%
- ROA
- 1.54%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 36.00%
- EPS 5Y
- 36.00%
- Revenue 3Y
- 33.00%
- EPS 3Y
- 90.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- —
- Altman Z
- 1.83
- Book Value
- 20.50
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- 905.00 Cr
- EPS TTM
- 0.95
Shareholding
- Promoter Hold
- 55.30%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 42%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,471+9.8% vs prev
Net Profit
₹ CrLatest: 138-13.2% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
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 trend down. RSI 44.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~5.1% over last month) — short-term momentum negative.
- RSI(14) at 44 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 17% off 52W high · 13% 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 1 Base / Transition
1M return
-4.2%
3M return
-11.4%
6M return
-4.7%
1Y return
+3.0%
RS 1D
+5
RS 20D
+17
Sector rank
#9
Industry rank
#17
Stage evidence
- Price is within 5.8% of the 30-week proxy.
- The 30-week proxy changed +0.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 97.68+1.46%
RS vs Nifty 50098
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 27 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth17/25
Quality0/20
Balance Sheet6/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
27
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
27/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 17/25 to the score.
- Balance sheet contributes 6/15 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Fair-value margin of safety is negative at -214.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Insurance valuation: embedded value and VNB quality
Insurance economics depend on long-duration book value and new-business profitability.
Primary lens
P/embedded value where available, plus VNB growth and margin.
Secondary checks
Persistency, product mix, solvency, distribution strength.
Main risk check
Accounting profit is less useful than embedded value quality.
PE
82.2
PB
3.8
EV/EBITDA
66.8
ROE
3.5%
ROCE
3.1%
FCF Yield
—
Debt/Equity
0.1
MoS
-214.9%
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: 20 Oct 2026
v4.3-runtime-valuation
Final score
27
Previous: 27
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-214.9%
Previous: -214.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
27
27
27
27
27
27
27
27
27
27
27
27
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
₹20.93
-264.4% MoS
Growth-justified P/E
25.5
Growth-justified Value
₹24.23
-214.9% MoS
PEG
1.43
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
STARHEALTH
Small
Star Health and Allied Insurance Company Limited
Insurance
match 145
32
37.8
7.6%
-48%
WATCHLIST
CANHLIFE
Large
Canara HSBC Life Insurance Company Limited
Insurance
match 134
20
95.7
8.1%
-545%
OVERVALUED
GODIGIT
Large
Go Digit General Insurance Limited
Insurance
match 127
36
53.4
12.2%
-111%
WATCHLIST
PILANIINVS
Small
Pilani Investment and Industries Corporation Limited
Insurance
match 122
37
—
0.2%
-40%
WATCHLIST
MANAPPURAM
Small
Manappuram Finance Limited
Insurance
match 118
21
21.0
7.0%
-510%
OVERVALUED
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 intactReviewed 2026-10-13T08:16:07.717Z
Management commentary snapshot
Niva Bupa reports strong Q1'FY27 performance with GWP (1/n basis) up 31.7% YoY to ₹2,150 crore and PAT nearly doubling to ₹137.8 crore. Combined Insurance Service Ratio improved to 100.2%, and Retail Health market share increased to 11.1%.
The company demonstrates robust growth in gross written premium and profitability, alongside improved operational efficiency as evidenced by the lower Combined Insurance Service Ratio. Expansion in market share and customer satisfaction metrics suggest a healthy underlying business, supporting the growth thesis despite a slight dip in solvency.
Current business mix
Product Mix (By GWP) Q1'FY2027
Latest issuer-disclosed distribution across 3 reported categories.
Retail Health74.8%
Group Health23.8%
PA & Travel1.4%
Growth engines
Retail Health Segment Growth
Retail Health GWP (with 1/n) grew 47.1% YoY in Q1'FY27, significantly outpacing the overall GWP growth.
Digital Transformation & Automation
100% of new policies were applied via website and mobile apps, 97.5% of payments were digital, and 89.2% of renewals completed without human intervention in Q1'FY27.
Enhanced Customer Experience
Weighted Episodal NPS improved to 62 in Q1'FY27, a 5-point improvement over Q1'FY26, reflecting service excellence.
Diversified Distribution Network
Added 13K individual agents, 13 Banca & Other Corporate Agents, and 10 Brokers in Q1'FY27, expanding reach.
Capacity and execution
Individual Agents
Increased by 13,000 to 251,834 in Q1'FY27.
Banca & Other Corporate Agents
Increased by 13 to 134 in Q1'FY27.
Brokers
Increased by 10 to 603 in Q1'FY27.
Employees
Increased by 392 to 10,583 in Q1'FY27.
Tailwinds
Accelerating Health Segment Growth
The Indian health segment (including PA) demonstrated 22.4% growth in Q1'FY27, accelerating from 10.3% in Q1'FY26.
Enhanced Financial Transparency
Management views the transition to Ind AS as a significant milestone, elevating financial transparency and aligning with global benchmarks.
Risk radar
Regulatory Changes
Forward-looking statements are subject to risks and uncertainties associated with regulatory changes pertaining to the industry.
Competition
Forward-looking statements are subject to risks and uncertainties associated with changes in competition in the industry.
Medical Cost Inflation
Retail Health Claims Cost Index grew by a 7.5% CAGR (FY2019 to Q1'FY2027), driven by medical cost inflation, disease mix, and medical advancements.
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 YOY
The company's presentation explicitly compares Q1'FY27 results against Q1'FY26 for all key financial and operational metrics. The MD & CEO commentary also highlights YoY growth figures, making it the most relevant comparison basis.
Sector KPIs management disclosed
Gross Written Premium (with 1/n)
GWP grew 31.7% YoY to ₹2,150.0 crore in Q1'FY27 from ₹1,631.9 crore in Q1'FY26.
Retail Health GWP (with 1/n)
Retail Health GWP grew 47.1% YoY to ₹1,607.1 crore in Q1'FY27 from ₹1,092.4 crore in Q1'FY26.
Profit After Tax (Ind AS)
PAT for Q1'FY27 was ₹137.8 crore, nearly doubling from ₹71.4 crore in Q1'FY26 (+92.9% YoY).
Combined Insurance Service Ratio (Ind AS)
CISR improved to 100.2% in Q1'FY27 from 103.2% in Q1'FY26.
Management forward view
Commitment to Service Excellence
The Weighted Episodal NPS of 62, an improvement of 5 points over Q1'FY26, reflects the company's continued pursuit of service excellence.
Strategic Focus
Management aims to build a granular, growth-oriented, and profitable health insurance franchise through multi-channel distribution, technology, talent, and disciplined underwriting.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Retail Health GWP Growth (with 1/n) | 47.1% YoY in Q1'FY27 | Sustained high growth rates in the core retail health segment. |
| Combined Insurance Service Ratio (CISR) | 100.2% in Q1'FY27 | Further improvement towards sub-100% levels, indicating enhanced underwriting profitability. |
| Solvency Ratio | 2.25x in Q1'FY27 | Stability or improvement in capital adequacy, especially given the slight decline YoY. |
| Renewal Rate for Retail Health Indemnity | 95.8% in Q1'FY27 | Maintenance of high customer retention rates, crucial for long-term value creation. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited 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: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 28th percentile within Financial Services. Main check: results consistency is weak at 29/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
47 docs text-extracted · 19 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Financial Services: 28th pctile, median 62 · Large: 9th pctile, median 73
Evidence depth
Financial-only
47 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · 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
43
weak · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
29
weak · quarterly consistency
Trust positives
- ▸Promoter holding is 55.3%.
- ▸Promoter pledge is zero.
- ▸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 3.2%.
- ▸ROE is low at 3.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Niva Bupa Health Insurance Company Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 16 Sep - Vikas Jain becomes Chief Transformation Officer; Karan Bhatia appointed CIO, effective September 16, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 24 Sep
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 17 Sep - AM Best assigns Niva Bupa A- FS rating, a- issuer rating, aaa.IN NSR; outlook stable.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 26 Aug
Source: Bse
Credit rating
Announcement under Regulation 30 (LODR)-Credit Rating 20 Aug - ICRA reaffirmed issuer rating AAA Stable and assigned AA+ Stable to proposed ₹500 crore subordinated debt.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Aug
Source: Bse
Credit ratingJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Credit Rating 15 Jul - ICRA assigned Niva Bupa issuer rating [ICRA]AAA(Stable) on July 15, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 18 Jul - Copy of newspaper publication - Notice of AGM
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 17 Jul
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.