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Star Health Q3 FY26 PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY growth in Profit After Tax (PAT) to ₹449 crore for Q3 FY26, driven by strong premium growth and improved operational efficiency. The Gross Written Premium (GWP) grew 23% YoY to ₹5,047 crore, with the retail segment showing a robust 27% growth. A significant improvement was seen in the Combined Ratio, which dropped to 98.9% from 102.1% a year ago, primarily due to a 301 bps reduction in the Loss Ratio. Investment income also played a crucial role, jumping 176% YoY to ₹569 crore.
Key Highlights
Q3 PAT grew 414% YoY to ₹449 Cr, while 9M PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr in Q3 FY26
Combined Ratio improved by 317 bps to 98.9%, indicating underwriting profitability
Retail GWP grew 27% YoY to ₹4,838 Cr, maintaining a 31.3% market share in the retail segment
Investment income surged 176% YoY to ₹569 Cr in Q3 FY26
💼 Action for Investors
The strong improvement in the combined ratio below 100% and robust retail growth signal a turnaround in underwriting profitability. Investors should monitor the sustainability of the loss ratio moderation and the impact of the transition to Ind AS reporting.
Star Health 9M FY26 PAT Jumps 87% to ₹966 Cr; Combined Ratio Improves to 99.8%
Star Health reported a robust 87% YoY increase in Profit After Tax (PAT) to ₹966 crore for 9M FY26, supported by higher investment income and improved underwriting. Gross Written Premium (GWP) rose 16% to ₹13,856 crore, with the core retail segment growing at 20%. The combined ratio improved to 99.8% from 102.1% YoY, reflecting better expense management and lower loss ratios. However, fresh GWP from the bancassurance channel declined by 8% during the period.
Key Highlights
Net Profit (PAT) surged 87% YoY to ₹966 crore in 9M FY26 compared to ₹516 crore in 9M FY25
Combined Ratio improved to 99.8%, signaling a shift towards underwriting profitability
Retail Health GWP reached ₹13,170 crore, representing a 20% YoY growth and 31% market share
Investment income grew to ₹1,320 crore with an annualized yield of 9.6%
Renewal ratio (persistency) strengthened significantly to 99% compared to 95% in 9M FY25
💼 Action for Investors
The stock remains a strong play on the Indian health insurance sector given its market leadership and improving operational metrics. Investors should monitor the sustainability of the combined ratio below 100% and the recovery in the bancassurance channel.
Star Health 9M FY26 PAT Surges 87% to ₹966 Crore; Combined Ratio Improves to 99.8%
Star Health reported a robust performance for 9M FY26, with Profit After Tax (PAT) under IND AS rising 87% YoY to ₹966 crore. A key highlight is the improvement in the combined ratio to 99.8% from 102.1% in 9M FY25, signaling a return to underwriting profitability. Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore, while the company maintained a dominant 31% market share in the retail health segment. Investment income also provided a significant boost, growing 39% to ₹1,320 crore.
Key Highlights
PAT (IND AS) increased by 87% YoY to ₹966 crore for the nine-month period.
Combined Ratio improved significantly to 99.8% from 102.1% in 9M FY25.
Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore.
Retail health market share remains industry-leading at 31% with a 99% renewal ratio.
Solvency ratio remains strong at 2.14x, providing a comfortable capital cushion.
💼 Action for Investors
The shift to a sub-100% combined ratio is a major positive milestone for underwriting health. Investors should maintain a positive outlook given the strong PAT growth and market leadership, while monitoring competitive pressures on retail market share.
Star Health Q3 FY26: PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY increase in Profit After Tax to ₹449 crore for Q3 FY26, driven by strong premium growth and improved underwriting margins. The Gross Written Premium grew 23% YoY to ₹5,047 crore, with the retail segment leading the charge at 27% growth. Crucially, the combined ratio improved significantly to 98.9% from 102.1% a year ago, indicating the company is now operating profitably on an underwriting basis. Investment income also saw a substantial jump of 176% YoY to ₹569 crore, further boosting the bottom line.
Key Highlights
PAT grew 414% YoY to ₹449 Cr in Q3 FY26, while 9M FY26 PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr, driven by 27% growth in Retail GWP
Combined Ratio improved by 317 bps YoY to 98.9%, with the Loss Ratio moderating to 68.8%
Investment income surged 176% YoY to ₹569 Cr, supported by a healthy investment yield of 9.6%
Maintained market leadership in Retail Health with a 31.3% market share for 9M FY26
💼 Action for Investors
The significant improvement in the combined ratio below 100% and robust retail growth signal a strong operational turnaround. Investors should monitor if this underwriting discipline and loss ratio moderation are sustained in future quarters.
Star Health Q3 FY26 PAT Drops 40% YoY to ₹128 Cr Despite 16.5% Premium Growth
Star Health and Allied Insurance reported a significant 40.4% year-on-year decline in Profit After Tax (PAT) to ₹128.22 crore for the quarter ended December 31, 2025. While Gross Written Premium grew by 16.5% to ₹4,423.43 crore, the bottom line was pressured by a rising combined ratio, which reached 94.31% compared to 92.51% in the previous year. On a positive note, the claims ratio improved to 68.55% from 70.30% YoY. The company also announced the reclassification of two promoter group entities with zero shareholding to the public category.
Key Highlights
Gross Written Premium (GWP) increased 16.5% YoY to ₹4,423.43 crore in Q3 FY26.
Profit After Tax (PAT) fell sharply to ₹128.22 crore from ₹215.14 crore in Q3 FY25.
Combined Ratio deteriorated to 94.31% from 92.51% YoY, indicating higher operating costs.
Claims Ratio showed improvement, declining to 68.55% from 70.30% in the same quarter last year.
Solvency Ratio remains strong at 2.14x, significantly above the regulatory minimum of 1.50x.
💼 Action for Investors
Investors should be cautious as the sharp decline in profitability despite strong top-line growth suggests rising operational pressures. Monitor management commentary regarding the increase in the combined ratio and strategies for margin recovery.
FIVESTAR Q3FY26: AUM Grows 16% YoY to ₹1.29 Lakh Cr; Asset Quality Weakens as GNPA Hits 3.18%
Five-Star Business Finance reported a 16% YoY growth in Assets Under Management (AUM) reaching ₹1,29,641 Mn for Q3FY26. However, Profit After Tax (PAT) growth was muted at just 1% YoY (₹2,770 Mn) due to a significant deterioration in asset quality. Gross Stage 3 assets (GNPA) rose sharply to 3.18% from 1.62% a year ago, and 30+ DPD increased to 12.81%. While the company continues its physical expansion with 835 branches, profitability metrics like ROA and ROE have seen notable compression.
Key Highlights
AUM increased 16% YoY to ₹129,641 Mn, though quarterly disbursements fell 18% QoQ to ₹9,764 Mn.
Gross Stage 3 assets (GNPA) deteriorated to 3.18% compared to 1.62% in Q3FY25 and 2.64% in Q2FY26.
Net Interest Margin (NIM) compressed by 52 bps YoY to 16.04%, impacting overall profitability.
Return on Assets (ROA) dropped to 7.00% from 8.10% YoY, while Return on Equity (ROE) fell to 15.80%.
Operational footprint expanded to 835 branches across 11 states, adding 106 branches over the last 12 months.
💼 Action for Investors
Investors should exercise caution as the sharp rise in NPAs and 30+ DPD suggests rising credit stress in the micro-entrepreneur segment. It is advisable to wait for signs of stabilization in asset quality and collection efficiency before increasing exposure.
Five-Star Business Finance Q3 PAT at ₹277 Cr; GNPA Rises to 3.18% Amid Collection Focus
Five-Star Business Finance reported a modest 1% YoY PAT growth to ₹277 Cr for Q3FY26, while AUM grew 16% YoY to ₹12,964 Cr. Asset quality saw significant pressure as Gross Stage 3 assets spiked to 3.18% from 1.62% YoY, leading management to intentionally reduce disbursements by 18% QoQ to focus on collections. Despite the asset quality stress, the company maintained a healthy RoA of 7.00% and saw a sharp improvement in the cost of incremental debt to 8.19%. The company is aggressively expanding its collection vertical, nearly doubling its collection officer headcount YoY to 2,452.
Key Highlights
AUM grew 16% YoY to ₹12,964 Cr, though disbursements fell 18% QoQ to ₹976 Cr due to a strategic shift toward collections.
Gross Stage 3 assets increased to 3.18% vs 1.62% YoY; Net Stage 3 assets rose to 1.94% vs 0.81% YoY.
Return on Assets (RoA) compressed to 7.00% from 8.10% YoY, while RoE dropped to 15.80% from 18.49% YoY.
Cost of funds improved to 9.12% from 9.63% YoY, supported by a low incremental debt cost of 8.19% during the quarter.
Branch network expanded to 835 branches across 11 states with 35 new branches added in Q3.
💼 Action for Investors
Investors should exercise caution as the sharp rise in NPAs and the intentional slowdown in disbursements indicate significant stress in the borrower segment. Monitor Q4 results closely to see if the expanded collection team can successfully roll back slippages and stabilize asset quality as guided by management.
Five-Star Business Finance Q3 PAT at ₹277 Cr; Asset Quality Weakens as GNPA Rises to 3.18%
Five-Star Business Finance reported a marginal year-on-year net profit growth to ₹277 crore for Q3 FY26, though profit declined sequentially from ₹286 crore in Q2. Total income grew by 12.5% YoY to ₹822 crore, but the bottom line was pressured by a significant spike in impairment costs, which rose to ₹57 crore from ₹23 crore in the previous year's quarter. Most concerning for investors is the sharp deterioration in asset quality, with Gross Stage 3 assets climbing to 3.18% from 1.79% in March 2025. However, the company remains exceptionally well-capitalized with a CRAR of 51.63%.
Key Highlights
Total Income for Q3 FY26 increased 12.5% YoY to ₹822.22 crore.
Net Profit stood at ₹277.03 crore, a sequential decline of 3.2% from ₹286.14 crore in Q2 FY26.
Gross Stage 3 Assets (GNPA) ratio deteriorated significantly to 3.18% compared to 1.79% in March 2025.
Impairment on financial instruments spiked to ₹57.10 crore in Q3 FY26 versus ₹23.29 crore in Q3 FY25.
Capital Adequacy Ratio (CRAR) remains very strong at 51.63% with a low Debt-Equity ratio of 1.16.
💼 Action for Investors
Investors should monitor the rising NPA trend closely as it indicates increasing credit stress in the small business lending segment. While the company has a massive capital cushion, the rising credit costs are likely to cap near-term stock performance until asset quality stabilizes.
IndoStar Capital Finance Raises ₹500 Crore via Private Placement of NCDs
IndoStar Capital Finance Limited has completed the allotment of 50,000 Non-Convertible Debentures (NCDs) to raise INR 500 crore through a private placement. The issuance is structured across three series with coupon rates of 8.85%, 8.90%, and 9.10%, maturing between May 2028 and January 2029. These instruments are secured by a first pari-passu charge on the company's loan receivables and portfolio assets. This capital infusion will likely support the NBFC's growth objectives and liquidity management.
Key Highlights
Total allotment of 50,000 NCDs with a face value of INR 1 lakh each, amounting to INR 500 crore
Series XXVIII (INR 200 Cr) carries an 8.85% coupon with a 28-month tenor maturing May 2028
Series XXIX (INR 150 Cr) carries an 8.90% coupon with a 30-month tenor maturing July 2028
Series XXX (INR 150 Cr) carries a 9.10% coupon with a 36-month tenor maturing January 2029
NCDs are secured by a first pari-passu charge on the company's receivables and portfolio assets
💼 Action for Investors
Investors should monitor how effectively the company utilizes this capital to grow its loan book while maintaining asset quality. The successful fundraise at these rates indicates stable credit confidence from institutional lenders.
IndoStar Appoints Shivam Choudhary as CTO and Amit Kothari as Chief AI Officer
IndoStar Capital Finance has announced a strategic leadership shuffle in its technology division effective January 20, 2026. Mr. Shivam Choudhary, a veteran with 19 years of experience in IT and fintech innovation, has been appointed as the new Chief Technology Officer. Simultaneously, the former CTO, Mr. Amit Kothari, has been re-designated as the Chief AI Officer. This move underscores the company's commitment to digital transformation and the integration of artificial intelligence into its financial services operations.
Key Highlights
Appointment of Shivam Choudhary as Chief Technology Officer effective January 20, 2026
Shivam Choudhary brings 19 years of experience in digital transformation and multi-million-dollar IT budget management
Re-designation of former CTO Amit Kothari to the specialized role of Chief AI Officer
Strategic focus on fintech innovation and enterprise technology solutions to optimize operations
💼 Action for Investors
Investors should view this as a positive step toward modernizing the company's tech stack and AI capabilities. Monitor how these leadership changes impact the company's digital lending efficiency and customer experience over the coming quarters.
Prostarm Declared L-1 Bidder for SAIL's 2 MW Roof Top Solar Project Worth ₹6.71 Cr
Prostarm Info Systems Limited has been declared the lowest (L-1) bidder by Steel Authority of India Limited (SAIL) for a solar energy project. The contract involves the supply, installation, and commissioning of a 2 MW (AC) Roof Top Solar PV System at SAIL's Burnpur Plant in West Bengal. The total consideration for this domestic order is approximately ₹6.71 Crores. The project is scheduled for completion within a 12-month timeframe.
Key Highlights
Declared L-1 bidder by Steel Authority of India Limited (SAIL) for a 2 MW solar project
Total contract value is ₹6.71 Crores for supply, installation, and commissioning
Project to be executed at the Burnpur Plant in West Bengal
Execution timeline for the contract is 12 months
💼 Action for Investors
Investors should view this as a positive development showing the company's ability to win contracts from major PSUs like SAIL. Monitor the formal contract signing and subsequent execution progress over the next year.
Megastar Foods Appoints Industry Veteran Vipin Kumar as Chief Operating Officer
Megastar Foods Limited has appointed Mr. Vipin Kumar as the Chief Operating Officer (COO) and Senior Management Personnel, effective January 6, 2026. Mr. Kumar is a Chartered Accountant with approximately 28 years of extensive experience in the agro and food business sectors. His background includes significant expertise in business and strategic development, which is expected to strengthen the company's operational leadership. This appointment follows the recommendation of the Nomination and Remuneration Committee to bolster the senior management team.
Key Highlights
Mr. Vipin Kumar appointed as Chief Operating Officer effective January 6, 2026
Brings 28 years of rich experience in strategic development within the agro and food industry
Qualified Chartered Accountant since 1987 with a background in professional practice and business
Designated as Senior Management Personnel to drive operational and strategic growth
💼 Action for Investors
Investors should monitor how the new COO's extensive industry experience impacts operational efficiency and strategic expansion in the coming quarters. This is a positive leadership addition for a growing food business.
Prostarm Shareholders Approve Expansion of Borrowing and Investment Limits via Postal Ballot
Prostarm Info Systems Limited has successfully passed four key special resolutions through a postal ballot with over 99.99% majority support. These resolutions authorize the company to increase its borrowing limits beyond standard thresholds and to create charges or mortgages on company assets to secure such debt. Additionally, shareholders approved the company's ability to provide loans, guarantees, and make investments exceeding the limits specified under Sections 185 and 186 of the Companies Act, 2013. This provides the management with significant financial flexibility for future capital requirements and strategic corporate actions.
Key Highlights
Special resolution to increase borrowing limits under Section 180(1)(c) passed with 99.99% votes in favor.
Approval granted to mortgage or pledge company assets under Section 180(1)(a) with 99.99% majority.
Shareholders authorized investments, loans, and guarantees in excess of limits under Sections 185 and 186.
Total voter turnout was 72.87%, with 100% of promoter votes (4.28 crore shares) supporting all resolutions.
💼 Action for Investors
Investors should monitor the company's future debt-to-equity ratio and the specific nature of any new investments or loans to ensure capital is being deployed for value-accretive growth. While these are enabling resolutions, the high promoter support indicates a clear intent to leverage the balance sheet for upcoming projects.
Prostarm to Set Up New UPS Manufacturing Unit in Gujarat with Rs 6 Crore Investment
Prostarm Info Systems Limited has announced the establishment of a new manufacturing facility in Bakrol, Gujarat, dedicated to assembling Uninterruptible Power Supply (UPS) systems. The project involves an estimated capital expenditure of Rs 6 Crores, covering plant, machinery, and civil construction. The facility will produce UPS units ranging from 1KVA to 600 KVA to strengthen the company's manufacturing footprint. Commercial production is targeted to commence by May 2026, funded through a mix of internal accruals and IPO proceeds.
Key Highlights
New manufacturing unit at Bakrol, Gujarat, focused on UPS assembly ranging from 1KVA to 600 KVA.
Estimated capital expenditure of Rs 6 Crores for infrastructure and machinery.
Commercial production expected to begin on or before May 2026.
Funding to be sourced from internal accruals and IPO proceeds.
Strategic move aimed at strengthening manufacturing capacity and market presence.
💼 Action for Investors
Investors should track the timely execution of the project and the receipt of regulatory approvals as the company scales its production capacity. The expansion is a positive indicator of growth, though the full impact on the bottom line will only be visible post-May 2026.
IndoStar Sells ₹135.73 Cr Stressed CV Loan Portfolio to Phoenix ARC
IndoStar Capital Finance has offloaded a portion of its Commercial Vehicle loan book to Phoenix ARC Private Limited to reduce its stressed portfolio. The transaction involves outstanding dues of Rs. 135.73 crores for a purchase consideration of up to Rs. 108.55 crores. This resolution, completed on December 29, 2025, follows RBI's Master Directions on Transfer of Loan Exposures. The move is expected to improve the company's overall asset quality by removing non-performing or stressed assets from the balance sheet.
Key Highlights
Sale of CV loan portfolio with outstanding dues totaling Rs. 135.73 crores
Purchase consideration set at up to Rs. 108.55 crores, representing ~80% recovery
Transaction executed with Phoenix ARC Private Limited to reduce stressed assets
Resolution completed on December 29, 2025, under RBI regulatory framework
Strategic focus on cleaning up the balance sheet and improving asset quality
💼 Action for Investors
This is a positive development for balance sheet health; investors should monitor how this affects NPA ratios in the next earnings report.
Megastar Foods Credit Rating Upgraded to Investment Grade CARE BBB-; Stable
CARE Ratings has upgraded Megastar Foods Limited's credit rating from CARE BB+ to CARE BBB- (Stable), moving the company into the investment-grade category. This upgrade affects bank facilities totaling ₹241 crore and is based on the company's improved operational and financial performance during FY25 and H1FY26. Additionally, short-term ratings were upgraded from CARE A4+ to CARE A3, reflecting enhanced liquidity and debt-servicing capacity. This transition typically allows for better access to capital and potentially lower interest costs.
Key Highlights
Long-term bank facilities of ₹61.29 crore upgraded to CARE BBB-; Stable from CARE BB+; Stable
Long-term/Short-term bank facilities of ₹173.00 crore upgraded to CARE BBB-; Stable / CARE A3
Total bank facilities rated by CARE Ratings amount to ₹241.00 crore
Upgrade driven by audited FY25 and unaudited H1FY26 financial and operational performance
New bank guarantee facility of ₹6.71 crore assigned CARE BBB-; Stable / CARE A3 rating
💼 Action for Investors
The upgrade to investment grade is a positive signal of strengthening fundamentals and may lead to reduced finance costs. Investors should view this as a reduction in credit risk and monitor for continued improvements in profit margins.
Strides Pharma's US Facility Receives 4 Procedural Observations from USFDA
Strides Pharma Science Limited's US-based subsidiary, Strides Pharma Inc., underwent a routine USFDA inspection at its Chestnut Ridge facility in New York from December 17 to December 23, 2025. The inspection concluded with the issuance of Form 483 containing four observations. Management has characterized these observations as procedural in nature and does not expect any disruption to the supply of commercial products. The company is currently preparing a comprehensive response to address the USFDA's concerns within the required timeframe.
Key Highlights
Routine USFDA cGMP inspection conducted at Chestnut Ridge, New York facility from Dec 17-23, 2025
Form 483 issued with 4 procedural observations at the conclusion of the inspection
Company confirms no anticipated impact on the supply of its commercial products
Strides Pharma Inc. to submit a comprehensive response to the USFDA within the stipulated time
💼 Action for Investors
Investors should monitor for the final EIR (Establishment Inspection Report) from the USFDA to ensure the observations are closed without escalation. As commercial supply remains unaffected, no immediate portfolio changes are necessary.
IndoStar Allots 1.39 Cr Equity Shares to Promoter BCP V on Warrant Conversion
IndoStar Capital Finance has allotted 1,39,49,323 equity shares to its promoter, BCP V Multiple Holdings Pte Ltd, following the conversion of warrants. The allotment was made at an issue price of Rs. 184 per share, representing a total transaction value of approximately Rs. 256.67 crore. This conversion has increased the promoter's stake in the company from 51.82% to 55.98%. The company received the final 20% payment of Rs. 51.33 crore to complete the conversion process.
Key Highlights
Allotment of 1,39,49,323 equity shares at Rs. 184 per share to promoter BCP V Multiple Holdings.
Promoter shareholding increased from 51.82% to 55.98% post-allotment.
Received balance consideration of Rs. 51.33 crore for the warrant conversion.
Total paid-up equity capital stands increased to Rs. 161.53 crore consisting of 16.15 crore shares.
💼 Action for Investors
The increase in promoter stake is a positive signal of confidence in the company's future prospects. Investors should maintain a positive outlook while monitoring the company's asset quality and growth trajectory.
IndoStar Capital Finance: Sept 2025 Half Year Results
IndoStar Capital Finance reported standalone unaudited financial results for the quarter and half year ended September 30, 2025. Interest income for the half year stood at ₹63,170 lakhs. The company's profit before tax for the half year was ₹71,491 lakhs. Total assets amounted to ₹10,22,651 lakhs as of September 30, 2025.
Key Highlights
Interest income for the half year: ₹63,170 lakhs
Profit before tax for the half year: ₹71,491 lakhs
Total assets as of September 30, 2025: ₹10,22,651 lakhs
Impairment on financial instruments for the half year: ₹54,903 lakhs
Finance costs for the half year: ₹35,214 lakhs
💼 Action for Investors
Review the detailed financial results to understand the drivers behind the performance. Monitor the company's asset quality and provisioning levels.
PROSTARM: Postal Ballot for borrowing up to ₹1,000 Crores
Prostarm Info Systems Limited is seeking shareholder approval via postal ballot for several special resolutions. These include borrowing monies exceeding limits under Section 180(1)(C) of the Companies Act, 2013, up to ₹1,000 Crores. They also seek approval to mortgage/pledge/hypothecate assets and create charges on the company's assets, properties or undertakings, also up to ₹1,000 Crores. Additionally, they are seeking approval for transactions under Section 185 and investments, loans, guarantees, and security in excess of limits under Section 186.
Key Highlights
Seeking approval to borrow up to ₹1,000 Crores under Section 180(1)(C).
Seeking approval to mortgage/pledge assets up to ₹1,000 Crores under Section 180(1)(A).
Seeking approval for transactions under Section 185 of the Companies Act, 2013.
Seeking approval to provide loans, guarantees and security up to ₹500 Crores under Section 186.
E-voting starts on December 02, 2025 and ends on December 31, 2025.
💼 Action for Investors
Shareholders should review the postal ballot notice and explanatory statement carefully. Consider how these resolutions, particularly the increased borrowing and asset pledging, might impact the company's financial stability and future growth prospects before casting your vote.