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Niva Bupa Health Insurance Company Ltd.
NSE: NIVABUPAFinancial ServicesInsurance - Life
- Last close
- ₹71.93
- Day change
- +₹0.02 (+0.03%)vs
- Market cap
- ₹14,059 crIndian rupees
- Research updated
- 1 report
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About Niva Bupa Health Insurance Company
Niva Bupa Health Insurance Company Ltd. is a prominent player in the health insurance industry, known for offering comprehensive medical insurance products tailored to meet the diverse needs of consumers. The primary function of Niva Bupa is to provide financial coverage for medical expenses incurred by policyholders, ensuring access to quality healthcare without the burden of unpredictable costs. This company specializes in various health insurance plans, including individual insurance, family floater plans, critical illness coverage, and top-up policies, catering to different segments of society and age groups. Niva Bupa impacts sectors such as healthcare, pharmaceuticals, and wellness by facilitating access to advanced medical treatments and preventive healthcare services. With a commitment to service excellence and innovation, Niva Bupa holds a significant role in promoting health security and financial protection in the market. The company's offerings are pivotal in encouraging risk management and financial planning among individuals and families, aligning with evolving healthcare needs and regulatory frameworks in the insurance industry.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: NIVABUPA
- Next results
- Chief executive
- Mr. Krishnan Ramachandran
- Employees
- 9,834
- Headquarters
- Gurugram, India
- ISIN
- INE995S01015
- Website
- nivabupa.com
Public research · Report of
Business model & financial foundation
Niva Bupa (NSE: NIVABUPA), Standalone health insurance (SAHI): revenue of ₹7,829 crore in FY26 (+34.1% on FY25) and net profit of ₹365.3 crore.
- Revenue, FY26 (₹ crore)
- 7,829
- consolidated
- Revenue growth, FY26
- +34.1%
- on FY25
- Net profit, FY26 (₹ crore)
- 365.3
- to owners
- Return on equity, FY26
- 10.6%
- on average equity
- Market capitalisation (₹ crore)
- 14,714
- at the close of 15 Oct 2026
Company profile
Niva Bupa is India's third-largest standalone health insurer, with a 10.1% share of retail health premiums in FY26 and 25.2 million lives insured. About three-quarters of premium is retail indemnity health sold through 2.5 lakh agents, banks, brokers and direct digital; the rest is group (mainly SME) health, personal accident and travel. It is controlled by the UK's Bupa (55.3%) and has been listed on NSE and BSE since 14 Nov 2024.
| Item | Value |
|---|---|
| Legal name | Niva Bupa Health Insurance Company Limited (formerly Max Bupa Health Insurance Company Limited) |
| Exchange and ticker | NSE: NIVABUPA; BSE: 544286 |
| ISIN | INE995S01015 |
| CIN | L66000DL2008PLC182918 |
| Sector | Financial Services |
| Industry | Standalone health insurance (SAHI) |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | S.R. Batliboi & Co. LLP and Nangia & Co. LLP (joint statutory auditors) (since FY26) |
| Market capitalisation | ₹14,714 crore (15 Oct 2026) |
| Shares outstanding | 184.75 crore shares (FY26) |
| Price | ₹78.59 (close, 15 Oct 2026) |
| 52-week range | ₹67.50 - ₹91.40 (to 15 Oct 2026) |
| Website | https://www.nivabupa.com |
Corporate structure and shareholding
Parent: Bupa Singapore Holdings Pte Ltd (55.30%), ultimate parent The British United Provident Association Ltd (UK).
No subsidiary is recorded.
No subsidiaries, associates or JVs. Bupa intends to hold at least 51% (ICRA, Aug 2026). Fettle Tone LLP (True North) held 7.18% at Jun-26.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 55.41% | 55.36% | 55.36% | 55.30% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.72% | 10.31% | 10.60% | 12.09% |
| Domestic institutions | 15.31% | 16.04% | 16.49% | 16.17% |
| of which mutual funds | 8.55% | 9.31% | 9.80% | 9.35% |
| Retail | 18.57% | 18.28% | 17.56% | 16.44% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Standalone health insurer, no subsidiaries. Insurance revenue is earned premium under Ind AS 117, not GWP or IGAAP net premium. Retail health drives acquisition and lifetime renewals; group and credit-linked business diversify channels but face pricing/regulation. Bupa holds 55.3%. Separate policyholder investments cannot be distributed as surplus cash.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Health | 7,694 | 98.3% | 349.2 | 95.6% |
| Personal accident | 119.6 | 1.5% | 18.4 | 5.0% |
| Travel | 15.4 | 0.2% | -2.31 | -0.6% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Star Health and Allied Insurance (STARHEALTH) | |
| ICICI Lombard General Insurance (ICICIGI) | |
| Go Digit General Insurance (GODIGIT) | Listed digital-first private general insurer, growth comparable |
| New India Assurance (NIACL) | Largest PSU general insurer and the largest health underwriter by GDPI |
| Bajaj Finserv (Bajaj General) (BAJAJFINSV) | Holding company of a top private general insurer with a large health book |
| Medi Assist Healthcare Services (MEDIASSIST) | Health TPA; read-across on claims volumes and group health |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Insurance revenue (Ind AS 117 / IFRS 17) | n.d. | 3,036 | 4,418 | 5,840 | 7,829 |
| Other operating costs (vendor classification) * | 55.2 | 35.4 | 395.1 | 105.2 | 308.5 |
| Finance cost | n.d. | n.d. | n.r. | 36.6 | 36.7 |
| Profit before tax | n.d. | n.d. | n.r. | 276.0 | 462.5 |
| Income tax | n.d. | n.d. | n.r. | 73.1 | 97.2 |
| Profit after tax (Ind AS / IFRS) | n.d. | 8.51 | 106.4 | 202.9 | 365.3 |
| Diluted EPS (Ind AS / IFRS) (₹) | n.d. | n.d. | n.r. | n.r. | 1.97 |
| Insurance service expenses | 5,522 | 7,495 | |||
| Net expense from reinsurance contracts | 61.5 | 119.8 | |||
| Insurance service result | 256.9 | 214.1 | |||
| Total investment income (P&L) | 475.8 | 612.6 | |||
| Other income | 14.6 | 1.53 | |||
| Other operating expenses (shareholder) | 434.7 | 329.0 | |||
| Exceptional items | 0.00 | 0.00 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity (Ind AS / IFRS) | n.r. | 908.9 | 2,198 | 3,292 | 3,589 |
| Subordinated debt (10.70% NCDs, face value) | 250.0 | 250.0 | 250.0 | ||
| Cash and cash equivalents * | 58.8 | 101.9 | 142.8 | 220.4 | 158.7 |
| Net property, plant and equipment * | 17.2 | 18.7 | 19.6 | 29.2 | 32.2 |
| Capital work in progress * | 0.52 | 3.73 | 0.51 | 9.35 | 3.36 |
| Total assets (Ind AS / IFRS) | n.r. | 9,451 | 11,486 | ||
| Investments (policyholder + shareholder) | 5,458 | 8,175 | 9,876 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | 309.0 | 554.7 | 779.7 | 1,613 | 856.2 |
| Purchase of tangible and intangible assets (positive outflow) | -28.8 | -37.8 | -32.8 | 41.4 | 48.6 |
| Operating cash flow (statutory IGAAP) | 1,654 | 904.9 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity shares outstanding | n.r. | n.r. | 169.95 | 182.70 | 184.75 |
| Quarterly profit and loss (₹ crore) | Q1FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Insurance revenue (Ind AS 117 / IFRS 17) | n.d. | 1,505 | 1,622 | 1,769 | 1,899 | 2,045 | 2,116 | 2,274 |
| Other operating costs (vendor classification) * | 89.1 | 86.0 | -166.3 | 86.6 | 142.1 | 153.8 | 300.6 | |
| Profit before tax | n.d. | 80.8 | 112.2 | 97.9 | 81.8 | 102.1 | 180.7 | 183.7 |
| Income tax | n.d. | 20.8 | 28.9 | 26.5 | 21.5 | 27.9 | 21.4 | 45.9 |
| Profit after tax (Ind AS / IFRS) | n.d. | 60.0 | 83.4 | 71.4 | 60.3 | 74.2 | 159.4 | 137.8 |
| Diluted EPS (Ind AS / IFRS) (₹) | n.d. | n.r. | 0.39 | 0.32 | 0.41 | 0.86 | 0.74 | |
| Finance cost | n.d. | 9.45 | 9.20 | 9.09 | 9.37 | 9.18 | 9.09 | 9.23 |
| Insurance service expenses | 1,425 | 1,506 | 1,742 | 1,792 | 1,986 | 1,975 | 2,127 | |
| Net expense from reinsurance contracts | 29.8 | 19.2 | 19.0 | 18.6 | 52.2 | 30.0 | 45.8 | |
| Total investment income (P&L) | 120.7 | 141.8 | 163.1 | 149.8 | 164.8 | 134.9 | 197.5 | |
| Other income | 1.36 | 12.1 | 0.15 | 0.21 | 0.27 | 0.90 | 0.49 | |
| Other operating expenses (shareholder) | 82.2 | 128.9 | 63.9 | 147.1 | 60.8 | 57.2 | 106.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 45.5% | 32.2% | 34.1% | ||
| Net margin | 0.3% | 2.4% | 3.5% | 4.7% | |
| Return on equity | 0.9% | 6.8% | 7.4% | 10.6% | |
| Return on assets | 2.1% | 3.5% | |||
| EPS, diluted (₹) | 1.97 | ||||
| Book value per share (₹) | 12.93 | 18.02 | 19.43 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on assets: net profit to owners / average total assets.
- EPS, diluted (₹): as reported (Diluted EPS (Ind AS / IFRS)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Niva Bupa Health Insurance Company includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Niva Bupa Health Insurance Company
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 15 Oct 2026; page updated 25 Oct 2026.
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