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Star Health and Allied Insurance Company Limited
NSE: STARHEALTHFinancial ServicesInsurance - Life
- Last close
- ₹530.35
- Day change
- −₹10.85 (−2.00%)vs
- Market cap
- ₹32,600 crIndian rupees
- Research updated
- 1 report
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About Star Health and Allied Insurance Company
Star Health and Allied Insurance Company Limited operates as a health insurance company in India. It specializes in providing a range of health insurance products designed to cater to various segments, including individuals, families, senior citizens, and corporate clients. The company's offerings also extend to personal accident cover and overseas travel insurance, making it a comprehensive provider in the health insurance sector. Star Health is notable for its extensive network of hospitals and healthcare providers, ensuring accessible and cashless treatment options for policyholders. Founded in 2006, it has established itself as a significant player in the Indian health insurance market, leveraging its deep understanding of the healthcare ecosystem to innovate and improve its product offerings. Its presence contributes substantially to the financial sector by providing risk management solutions that support both individual and public health systems. The company plays a crucial role in promoting financial security and healthcare accessibility across diverse demographics, thereby impacting socio-economic development positively.
- Sector
- Financial Services
- Industry
- Insurance - Life
- Listing
- NSE: STARHEALTH
- Next results
- Chief executive
- Mr. Anand Shankar Roy
- Employees
- 18,566
- Headquarters
- Chennai, India
- ISIN
- INE575P01011
- Website
- starhealth.in
Public research · Report of
Business model & financial foundation
Star Health (NSE: STARHEALTH), Standalone health insurance: revenue of ₹17,999 crore in FY26 (+12.9% on FY25) and net profit of ₹911.0 crore.
- Revenue, FY26 (₹ crore)
- 17,999
- standalone
- Revenue growth, FY26
- +12.9%
- on FY25
- Net profit, FY26 (₹ crore)
- 911.0
- to owners
- Return on equity, FY26
- 10.0%
- on average equity
- Market capitalisation (₹ crore)
- 32,109
- at the close of 15 Oct 2026
Company profile
Star Health sells predominantly retail health insurance through a large proprietary agency network and a growing direct digital channel. Underwriting economics depend on earned premium, claims severity and frequency, acquisition amortisation and servicing costs. Invested insurance float adds material investment income, but policyholder assets are not freely distributable shareholder cash.
| Item | Value |
|---|---|
| Legal name | Star Health and Allied Insurance Company Limited |
| Exchange and ticker | NSE: STARHEALTH; BSE: 543412 |
| ISIN | INE575P01011 |
| CIN | L66010TN2005PLC056649 |
| Sector | Financial Services |
| Industry | Standalone health insurance |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | T R Chadha & Co LLP and M S K A & Associates LLP |
| Market capitalisation | ₹32,109 crore (15 Oct 2026) |
| Shares outstanding | 58.84 crore shares (FY26) |
| Price | ₹554.0 (close, 15 Oct 2026) |
| 52-week range | ₹416.5 - ₹624.9 (to 15 Oct 2026) |
| Website | https://www.starhealth.in |
Corporate structure and shareholding
No subsidiary is recorded.
No subsidiaries, associates or joint ventures at 31 March 2026.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 58.02% | 57.98% | 57.98% | 58.01% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 13.51% | 14.07% | 15.05% | 16.04% |
| Domestic institutions | 21.09% | 20.96% | 20.31% | 19.41% |
| of which mutual funds | 13.95% | 12.95% | 11.93% | 10.27% |
| Retail | 2.62% | 2.55% | ||
| Other | 4.04% | 3.99% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Star Health is the listed standalone operating insurer with no subsidiaries, associates or JVs. It sells predominantly retail health cover through agency and D2C; health, personal accident and travel are statutory segments. Retail/group and channel cuts are management views, not statutory segment definitions. Premium receipts finance a liability-backed investment portfolio: total investments are not surplus shareholder cash. Avoid manufacturing EBITDA/FCFF and life-insurance embedded value/VNB.
Primary model basis is standalone Ind AS insurance revenue and claims plus LIC adjustment, acquisition amortisation, net reinsurance expense, insurance finance expense, other operating expenses, treasury investment income, sundry income, other finance cost, total tax and diluted EPS. Legacy IGAAP is kept separate. Ind AS mandatory from FY27 with April2025 transition; FY25/26 supplementary comparatives, FY24 rounded unaudited supplementary comparative. Insurance revenue is earned1/365, not reported1/N written premium. Long-term fresh policies earn over2–3years. Fiscal year ends March; money INR crore, shares crore, EPS INR per diluted share.
| Segment | gross direct premium, FY26 (₹ crore) | Share | net earned premium, FY26 (₹ crore) | Share | segment result as reported, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Statutory AS17 Health Insurance | 18,428 | 99.0% | 16,434 | 99.0% | 347.5 | 46.1% |
| Statutory AS17 Personal Accident | 170.4 | 0.9% | 159.2 | 1.0% | 9.31 | 1.2% |
| Statutory AS17 Travel (FY25 Others) | 8.21 | 0.0% | 3.88 | 0.0% | -1.08 | -0.1% |
| Annexure income credited/expenses debited to P&L | 398.6 | 52.8% |
Segments as the company reports them (standalone); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Niva Bupa Health Insurance (NIVABUPA) | Closest listed standalone health insurer; different distribution and maturity. |
| ICICI Lombard General Insurance (ICICIGI) | Listed multiline insurer with material health business and mature underwriting returns. |
| New India Assurance (NIACL) | Listed public-sector insurer with significant health exposure; ownership and mix differ. |
| Go Digit General Insurance (GODIGIT) | Listed digital multiline insurance challenger; expense and growth benchmark. |
| Care Health Insurance | Private standalone health competitor taking retail premium share. |
| ManipalCigna Health Insurance | Private standalone health competitor; premium growth and distribution comparison. |
| Aditya Birla Health Insurance | Private standalone health competitor with wellness-focused positioning. |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Other operating costs (vendor classification) * | 262.2 | 162.1 | 228.3 | 245.8 | 354.2 |
| Insurance revenue (Ind AS 117) | 13,663 | 15,943 | 17,999 | ||
| Insurance claims (ISE: incurred claims incl. LIC adj.) | 9,087 | 11,134 | 12,274 | ||
| Insurance acquisition cash flow amortisation | 3,216 | 3,737 | 4,240 | ||
| Net expense from reinsurance contracts | 108.0 | 158.6 | 153.8 | ||
| Insurance service result | 1,252 | 913.5 | 1,330 | ||
| Investment income (Ind AS) | 1,173 | 1,260 | 1,091 | ||
| Insurance finance income/expense (net) | 19.0 | 41.7 | 94.8 | ||
| Other income | 4.00 | 8.20 | -0.48 | ||
| Other expenses (not directly attributable) | 875.0 | 1,030 | 1,037 | ||
| Other finance costs | 55.0 | 55.2 | 55.0 | ||
| Profit before tax | 1,480 | 1,054 | 1,234 | ||
| Tax (current + deferred) | 377.0 | 267.5 | 323.0 | ||
| Profit after tax | 1,103 | 786.8 | 911.0 | ||
| PAT to owners | 1,103 | 786.8 | 911.0 | ||
| Diluted EPS (₹) | n.r. | 13.39 | 15.48 | ||
| IGAAP net earned premium | 12,938 | 14,822 | 16,597 | ||
| IGAAP gross written premium | 16,781 | 18,622 | |||
| IGAAP profit before tax | -1,397 | 826.4 | 1,129 | 861.1 | 754.3 |
| IGAAP tax | 283.8 | 215.2 | 197.3 | ||
| IGAAP profit after tax | -1,041 | 618.6 | 845.0 | 645.9 | 557.0 |
| IGAAP diluted EPS (₹) | -18.65 | 10.41 | 14.19 | 10.99 | 9.47 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Investments (Ind AS, total) | 15,860 | 18,296 | 21,008 | ||
| Net debt (borrowings less cash and investments) | n.r. | -18,474 | -21,339 | ||
| Insurance contract liabilities | 9,150 | 10,999 | |||
| Reinsurance contract assets | 1,039 | 615.4 | |||
| IGAAP net worth | 6,396 | 6,589 | 6,339 | 7,022 | 7,589 |
| IGAAP investments | 15,491 | 17,898 | 20,012 | ||
| IGAAP cash and bank balances | 563.5 | 309.4 | 444.6 | 668.4 | 1,444 |
| IGAAP borrowings (face) | 720.0 | 470.0 | 470.0 | 470.0 | 470.0 |
| IGAAP outstanding premiums (gross) | 558.0 | 990.5 | 1,192 | ||
| IGAAP total assets (vendor gross-up) * | 18,054 | 20,785 | 24,064 | ||
| Total equity (Ind AS) | 7,830 | 8,667 | 9,578 | ||
| Borrowings (Ind AS) | n.r. | 489.7 | 489.9 | ||
| Cash and cash equivalents (Ind AS) | n.r. | 668.4 | 821.6 | ||
| Total assets (Ind AS) | n.r. | 20,746 | 23,313 | ||
| IGAAP payables (vendor) * | 99.4 | 99.5 | 72.8 | 70.3 | 301.3 |
| IGAAP net block (vendor) * | 105.1 | 144.3 | |||
| Property, plant and equipment (Ind AS) | 266.6 | 201.6 | |||
| IGAAP cwip (vendor) * | 4.00 | 16.5 | 24.0 | 8.56 | |
| IGAAP receivables (vendor) * | 3.18 | 3.15 | 40.7 | ||
| Receivables | n.r. | n.a. | n.a. |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Free cash flow (vendor definition) * | -7.56 | 1,229 | 1,186 | 1,296 | 1,795 |
| Cash from operations (Ind AS) | n.r. | n.d. | n.d. | ||
| Capex (Ind AS cash flow) | n.r. | n.d. | n.d. | ||
| IGAAP operating cash flow (direct method) | 1,310 | 1,379 | 1,873 | ||
| IGAAP purchase of fixed assets (cash outflow) | -62.8 | -46.5 | -123.5 | -82.7 | -78.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding, period end (crore) | 55.80 | 57.84 | 58.53 | 58.78 | 58.84 |
| Insurance revenue / reported direct GWP (x) | 0.90x | 0.95x | 0.97x | ||
| Claims / insurance revenue (x) | 0.67x | 0.70x | 0.68x | ||
| Acquisition amortisation / insurance revenue (x) | 0.24x | 0.23x | 0.24x | ||
| Net reinsurance expense / insurance revenue | 0.01x | 0.01x | 0.01x | ||
| Other expenses / insurance revenue | 0.06x | 0.06x | 0.06x | ||
| Insurance finance expense / insurance revenue | 0.00x | 0.00x | 0.01x | ||
| Tax / PBT | 0.25x | 0.25x | 0.26x | ||
| Effective diluted shares (PAT / diluted EPS) | 58.53 | 58.76 | 58.85 | ||
| Fiscal period fraction of one calendar year (x) | 1.00x | 1.00x | 1.00x | ||
| Annualised investment yield on closing assets (x) | 0.07x | 0.07x | 0.05x | ||
| Equity change less current-period PAT | 50.6 | -0.29 | |||
| IGAAP CFO / PAT (x) | 1.55x | 2.13x | 3.36x | ||
| Gross outstanding premium growth YoY (x) | 0.78x | 0.20x | |||
| IGAAP NEP growth YoY (x) | 0.15x | 0.12x | |||
| Outstanding premium growth less NEP growth (x) | 0.63x | 0.08x | |||
| Contingent liabilities / IGAAP net worth (x) | 0.05x | 0.04x | 0.04x | ||
| Three-year cumulative IGAAP CFO / PAT (x) | 2.23x |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Insurance revenue (Ind AS 117) | n.r. | 4,093 | 4,100 | 4,336 | 4,429 | 4,562 | 4,671 | 4,917 |
| Other finance costs | 14.2 | 13.6 | 14.2 | 13.8 | 13.4 | 13.6 | 12.8 | |
| Profit before tax | n.r. | 117.3 | 361.6 | 588.1 | 111.6 | 594.0 | -59.7 | 741.7 |
| Tax (current + deferred) | n.r. | 29.9 | 90.4 | 149.9 | 32.1 | 145.3 | -4.32 | 192.0 |
| Profit after tax | 124.2 | 87.4 | 271.2 | 438.2 | 79.6 | 448.7 | -55.4 | 549.7 |
| Diluted EPS (₹) | n.r. | 1.49 | 4.61 | 7.45 | n.r. | 7.62 | -0.94 | 9.33 |
| Other operating costs (vendor classification) * | 56.4 | 68.9 | 56.1 | 65.3 | 99.7 | 102.8 | ||
| Insurance claims (ISE: incurred claims incl. LIC adj.) | 2,902 | 2,798 | 2,971 | 3,143 | 3,143 | 3,017 | 3,318 | |
| Insurance acquisition cash flow amortisation | 950.3 | 933.1 | 1,018 | 1,028 | 1,075 | 1,119 | 1,153 | |
| Net expense from reinsurance contracts | 38.3 | 33.6 | 58.9 | 44.7 | 20.0 | 30.1 | 20.7 | |
| Insurance service result | 202.9 | 334.9 | 287.8 | 213.9 | 324.0 | 504.6 | 425.1 | |
| Investment income (Ind AS) | 357.0 | 207.1 | 309.7 | 586.4 | 165.9 | 568.7 | -229.6 | 643.7 |
| Insurance finance income/expense (net) | 8.22 | 8.47 | 42.5 | 17.9 | 17.1 | 17.3 | 38.8 | |
| Other income | 1.05 | 4.41 | 0.38 | 0.85 | 0.47 | -1.82 | 7.51 | |
| Other expenses (not directly attributable) | 271.3 | 265.3 | 229.9 | 237.4 | 268.6 | 302.0 | 283.0 | |
| PAT to owners | 124.2 | 87.4 | 271.2 | 438.2 | 79.6 | 448.7 | -55.4 | 549.7 |
| IGAAP profit after tax | 111.3 | 215.1 | 0.51 | 262.5 | 128.2 | 111.3 | ||
| IGAAP profit before tax | 148.8 | 287.0 | -0.87 | 352.0 | 173.4 | 151.2 | ||
| IGAAP net earned premium | 3,798 | 4,250 | 4,327 |
Standalone, restated. 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 | 16.7% | 12.9% | |||
| Net margin | 8.1% | 4.9% | 5.1% | ||
| Return on equity | 14.1% | 9.5% | 10.0% | ||
| Return on assets | 3.8% | 4.1% | |||
| EPS, diluted (₹) | 13.39 | 15.48 | |||
| Book value per share (₹) | 133.8 | 147.5 | 162.8 |
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).
- 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 Star Health and Allied 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
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
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 Star Health and Allied 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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