Niva Bupa Health Insurance Company Ltd.
NIVABUPAFinancial Services filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
8 transcript(s)/analyst meet(s) served; 0 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 8 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| TRANSCRIPT | 20241129 | 2024-09-30 | yes | |
| TRANSCRIPT | 20250210 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250513 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250805 | 2025-06-30 | yes | |
| TRANSCRIPT | 20251106 | 2025-09-30 | yes | |
| TRANSCRIPT | 20260203 | 2025-12-31 | yes | |
| TRANSCRIPT | 20260513 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260803 | 2026-06-30 | yes |
NIVABUPA
files the general-insurance revenue and shareholders’ accounts. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | insurance general |
| Scope served | standalone |
| Panels on this page | 5 |
Market
No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.
| Last close | 76.13 |
| 52-week range | 68.4 – 88.36 |
| Return 1M | -8.51% |
| Return 3M | -10.21% |
| Return 1Y | -6.23% |
| Return 3Y | not reported for this period |
| Return 5Y | not reported for this period |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-03-31
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Premium earned | 6,068.00 |
| Net premium written | 6,806.00 |
| Income from investments, net | 405.00 |
| Claims incurred | 4,133.00 |
| Claims paid | 3,809.00 |
| Commission, net | 1,227.00 |
| Operating expenses related to insurance business | 1,175.00 |
| Premium deficiency | 0.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.55 | -0.00 |
| institutions foreign | 0.12 | 0.01 |
| institutions domestic | 0.16 | -0.00 |
| mutual funds | 0.09 | -0.00 |
| public | 0.45 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| TRANSCRIPT | 2026-06-30 | 8 |
Financial statements
Filed results, standalone, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Cash flow, as filed
| Line | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|
| Net cash from operating activities | 1,654.00 | -123.00 | 905.00 |
| Net cash from investing activities | -2,348.00 | -29.00 | -961.00 |
| Net cash from financing activities | 771.00 | 19.00 | -5.00 |
| Purchase of property, plant and equipment | 41.00 | 21.00 | 49.00 |
| Net increase in cash | 78.00 | -132.00 | -62.00 |
| con:CFO.BEFORE_TAX | 1,668.00 | -117.00 | 930.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 0.00 | 0.00 | 0.00 |
| con:CF_OTHER.OPERATING | -14.00 | -5.00 | -25.00 |
| con:INVESTMENTS_PURCHASED | 5,993.00 | 2,329.00 | 6,239.00 |
| con:INVESTMENTS_SOLD | 3,309.00 | 2,052.00 | 4,769.00 |
| con:PPE_DISPOSALS | 1.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 |
Revenue account (policyholders), as filed
| Line | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Premium earned | 4,894.00 | 1,220.00 | 1,422.00 | 1,454.00 | 6,068.00 |
| Net premium written | 5,369.00 | 1,288.00 | 1,450.00 | 1,767.00 | 6,806.00 |
| Income from investments, net | 287.00 | 87.00 | 98.00 | 89.00 | 405.00 |
| Claims incurred | 2,997.00 | 950.00 | 1,013.00 | 1,051.00 | 4,133.00 |
| Claims paid | 2,885.00 | 850.00 | 961.00 | 946.00 | 3,809.00 |
| Commission, net | 1,065.00 | 260.00 | 280.00 | 318.00 | 1,227.00 |
| Operating expenses related to insurance business | 1,083.00 | 244.00 | 308.00 | 317.00 | 1,175.00 |
| Premium deficiency | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Underwriting profit or loss | -250.00 | -234.00 | -178.00 | -231.00 | -466.00 |
| Transfer to the profit and loss account | 180.00 | -145.00 | -62.00 | -136.00 | -60.00 |
Profit and loss account (shareholders), as filed
| Line | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Income in the shareholders' account | 385.00 | -81.00 | -8.00 | -67.00 | 163.00 |
| Shareholders' income from investments | 192.00 | 64.00 | 54.00 | 68.00 | 222.00 |
| Shareholders' other income | 13.00 | -0.00 | 0.00 | -0.00 | 1.00 |
| Transfer from the policyholders' account | 180.00 | -145.00 | -62.00 | -136.00 | -60.00 |
| Non-operating expense | 172.00 | 10.00 | 27.00 | 20.00 | 36.00 |
| Profit before exceptional items and tax | 214.00 | -91.00 | -35.00 | -88.00 | 127.00 |
| con:EXTRAORDINARY_ITEMS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Profit for the period | 214.00 | -91.00 | -35.00 | -88.00 | 131.00 |
| Profit carried to the balance sheet | -718.00 | -810.00 | -845.00 | -933.00 | -588.00 |
| Transfer to reserves | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Final dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Earnings per share, basic | 1.22 | -0.50 | -0.19 | -0.47 | 0.71 |
| Other income | 142.00 | 2.00 | 18.00 | 7.00 | 1.00 |
| con:OTHER_OPERATING_EXPENSES | 420.00 | 78.00 | 142.00 | 128.00 | 499.00 |
| con:INS.PROVISIONS_DOUBTFUL | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INS.PROVISIONS_DOUBTFUL_NON_OPERATING | 1.00 | 2.00 | 2.00 | 5.00 | 5.00 |
| con:INS.NON_OPERATING_EXPENSE_OTHER | 171.00 | 8.00 | 25.00 | 15.00 | 31.00 |
Funds and assets, as filed
| Line | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Paid-up equity share capital | 1,827.00 | 1,845.00 | 1,846.00 | 1,847.00 | 1,847.00 |
| Investments — policyholders' fund | 4,555.00 | 4,752.00 | 5,106.00 | 5,536.00 | 6,062.00 |
| Investments — shareholders' fund | 3,620.00 | 3,360.00 | 3,376.00 | 3,391.00 | 3,608.00 |
| Other assets net of current liabilities | -4,867.00 | -4,864.00 | -5,269.00 | -5,791.00 | -6,218.00 |
| Total assets | 3,308.00 | 3,248.00 | 3,213.00 | 3,136.00 | 3,452.00 |
| Investments | 8,175.00 | 8,112.00 | 8,482.00 | 8,927.00 | 9,670.00 |
| Reserves and surplus | 1,950.00 | — | 1,955.00 | — | 1,959.00 |
| Borrowings | 250.00 | — | 250.00 | — | 250.00 |
| con:LOANS | 0.00 | — | 0.00 | — | 0.00 |
| Property, plant and equipment | 75.00 | — | 81.00 | — | 88.00 |
| Current assets | 1,510.00 | — | 1,243.00 | — | 1,484.00 |
| Current liabilities | 3,749.00 | — | 3,791.00 | — | 4,363.00 |
| con:PROVISIONS | 2,703.00 | — | 2,802.00 | — | 3,460.00 |
Solvency and underwriting ratios, as filed
| Line | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 |
|---|---|---|---|---|---|
| Solvency ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Combined ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Incurred claim ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Expenses of management ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross NPAs — policyholders' fund | 54.00 | 50.00 | 50.00 | 50.00 | 50.00 |
| Gross NPAs, per cent — policyholders' fund | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INS.NPA_NET_PCT_POLICYHOLDERS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INS.SHAREHOLDING_PCT | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2024-11-14 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 55.98 | 55.98 | 55.98 | 55.43 | 0.55 | 0.55 | 0.55 | 0.55 |
| Domestic institutions | 9.57 | 9.83 | 9.70 | 15.06 | 0.15 | 0.16 | 0.16 | 0.16 |
| Mutual funds | — | — | — | 8.11 | 0.09 | 0.09 | 0.10 | 0.09 |
| Insurance companies | 1.23 | 1.22 | 1.23 | 1.17 | 0.01 | 0.01 | 0.01 | 0.01 |
| Foreign institutions | 8.63 | 8.85 | 8.90 | 10.76 | 0.11 | 0.10 | 0.11 | 0.12 |
| Public | 44.02 | 44.02 | 44.02 | 44.57 | 0.45 | 0.45 | 0.45 | 0.45 |
| Non-institutional | 25.83 | 25.35 | 25.42 | 18.75 | 0.19 | 0.18 | 0.18 | 0.16 |
| Shares outstanding | 1827026398 | 1827026398 | 1827026398 | 1845055646 | 1845711746 | 1847198571 | 1847456771 | 1849233703 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Krishnan Ramachandran | Managing Director and CEO | Any other transaction, Remuneration | 99,067,000.00 | 2 |
| Vishwanath Mahendra | Chief Financial Officer | Any other transaction, Remuneration | 20,445,000.00 | 2 |
| Rajat Sharma | Company Secretary | Any other transaction, Remuneration | 2,740,000.00 | 2 |
| Dinesh Kumar Mittal | Independent Director | Any other transaction | 1,600,000.00 | 1 |
| Pradeep Pant | Independent Director | Any other transaction | 1,300,000.00 | 1 |
| Chandrashekhar Bhaskar Bhave | Independent Director | Any other transaction | 900,000.00 | 1 |
| Geeta Dutta Goel | Independent Director | Any other transaction | 100,000.00 | 1 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-03 | Q1FY27 | DEPUTY CEO, DIRECTOR & CEO, DIRECTOR & CFO, OFFICER | Read the call |
| 2026-05-13 | Q4FY26 | CHIEF BUSINESS OFFICER, OFFICER | Read the call |
| 2026-02-03 | Q3FY26 | HEALTH INSURANCE COMPANY LIMITED | Read the call |
| 2025-11-06 | Q2FY26 | LIMITED | Read the call |
| 2025-08-05 | Q1FY26 | COMPANY LIMITED, HEALTH INSURANCE COMPANY LIMITED | Read the call |
| 2025-05-13 | Q4FY25 | COMPANY LIMITED | Read the call |
| 2025-02-10 | Q3FY25 | INSURANCE COMPANY LIMITED, LIMITED | Read the call |
| 2024-11-29 | Q2FY25 | HEALTH INSURANCE COMPANY LIMITED, INSURANCE COMPANY LIMITED, LIMITED | Read the call |
What they said about it, quarter by quarter
| Topic | Q1FY26 | Q1FY27 | Q2FY25 | Q2FY26 | Q3FY25 | Q3FY26 | Q4FY25 | Q4FY26 |
|---|---|---|---|---|---|---|---|---|
| Capex | — | — | So, for growth to happen at the industry level, given that the business model today is by and large conversation led, companies need to undertake cape… | — | — | — | — | — |
| Capital allocation | So the deferred acquisition cost is consistent. | — | Our expense on iGAAP may seem to be higher, but IFRS normalizes that difference in growth rate in terms of deferred acquisition cost. | — | — | Let me take the one on acquisition cost first. | — | It's in line with what happened in the asset management industry where they have a total expense ratio and they manage costs, including acquisition co… |
| Costs | — | In terms of translating this into claims cost savings, the answer is yes. | — | — | — | And this KPI, gives you, the audience, the investor, the analyst, a sense on how well we are doing on what I believe is the most essential raw materia… | So last year we experienced unit cost inflation as measured by ACS of 5%. | — |
| Demand | — | — | Overall titrating customer demand need to have access to healthcare facilities on a cashless basis, plus having the right provider in the network to d… | And like you rightly pointed out that the demand has been fairly strong. | — | So, I think his leadership will be very, very instrumental in driving and giving fresh impetus to a number of initiatives around health insurance and … | Is this kind of impacting demand or how are you seeing this kind of behavior in the industry? | — |
| Guidance | And lastly, sir, have we shared any guidance for FY '26 or if you want to share a little longer also, whichever way? | So, in addition to the work that I updated you all last quarter around infections, robotic surgeries, and modern treatments, there's also work and we … | Largely, from a debt perspective, we expect this to be the yield we envisage going forward roughly around these levels. | And with regard to the long-term ROE guidance, so now that you've had more of a handle, so are you able to change your guidance? | — | — | And sir, what's our guidance for FY26 and '27 | And on commission, Supratim to your point, we await guidance from the authority in terms of how they would like to move forward. |
| Margin | — | — | — | One is decrease in gross commission as a percentage of GWP due to change in mix, etc. But most importantly, because of operating leverage with expense… | So that's something which is going to give us and is giving us operating leverage and new renewal mix. | Most importantly, because of operating leverage, where the expenses have gone up by 13%, GWP has gone up by 32%. | — | And that plan, as Vishwanath often says, does factor in for basis points worsening, if you will, on retail claim ratio, but more than compensated by o… |
| People | — | — | You know, that could be adding, you know, adding offices, adding sales headcount, manning bank branches with more sales headcount and so on and so for… | — | — | — | — | — |
| Pricing | You indicated that you've taken about 7% or 8% price hike in your flagship product this quarter. | And our retail market share, which is only available on a reported basis, has moved up to 11.1% for Q1. Just a brief comment that we have seen a chall… | Secondly, I wanted to understand that based on some of your peers, what we understand is the industry is going through another round of price hikes. | The other is how much of this impact would you be able to offset through a price hike? | I just wanted to know what is the pricing differential here, how much are the premiums lower and what are additional facilities that you plan to give? | So, we write this business when the pricing is supportive for us, and also when our value proposition is resonating. | And if the claim inflation is coming down, does that mean that the price hikes that we have been taking around 10%, does that need to be revised downw… | — |
| Revenue growth | — | So, sir, if I look at the insurance revenue, so that is grown by 28% versus the GWP growth of 23 and the GWP one by N basis is bit higher than that. | So, in order to see lives growth at the industry level, as you can expect from retail branch banking or as you can expect from, let's say, retail stor… | Secondly, on your comments around GST and the growth offsetting any loss of commissions for distributors, while I do understand that, would you be tak… | — | Agency saw growth of 43% in Quarter 3 and for the 9 months the growth is 32%. | — | So under IFRS, the top line is gross earned premium. |