Niva Bupa Health Insurance Company Limited (NIVABUPA)
₹75.96 -0.07% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Niva Bupa's revenue was ₹2,274 Cr (+65.8% year on year, +6.3% on the previous quarter), and net profit ₹138 Cr (against a loss a year earlier); the operating margin was 4.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹2,274 | +65.8% | +6.3% |
| Operating profit | ₹101 | from loss | -72.4% |
| Net profit | ₹138 | from loss | -60.1% |
| EPS (₹) | 0.75 | from loss | -59.9% |
| Operating margin | 4.4% | — | — |
NIVABUPA delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 80.64% of the NIVABUPA shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.11%. Delivery was unusually high while the price barely moved (-0.07%).
Delivery in the last 5 sessions: 48.1% · 42.6% · 56.7% · 58.9% · 80.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
India Ratings and Research has assigned a top-tier 'IND AAA/Stable' rating to Niva Bupa Health Insurance Company's proposed ₹500.00 crore subordinated debt issue. The planned issuance of listed, unsecured, subordinated, redeemable NCDs represents approximately 13.2% of the company's net worth of ₹3,786 crore. The pristine credit rating reflects strong capitalization, high solvency, and parent backing from Bupa. Once issued, the proceeds will bolster regulatory capital and support continuing business expansion.
- India Ratings assigned 'IND AAA/Stable' rating to proposed subordinated debt
- Proposed issue size is ₹500.00 crore in listed, unsecured, redeemable NCDs
- Instrument is subordinated debt which counts toward regulatory solvency capital
- Issue size represents ~13.2% of current net worth of ₹3,786 crore
Niva Bupa Health Insurance has issued a Call Option Notice to fully redeem its 10.70% unsecured subordinated debentures amounting to ₹150 crore. The debt was originally allotted on November 15, 2021, and the call option is being exercised at the end of year 5. The total redemption payment along with accrued interest will occur on November 13, 2026, ahead of the record date on November 02, 2026. The company confirmed its solvency ratio will remain above 180% post-redemption, comfortably meeting IRDAI regulations.
- Full redemption of 1,500 NCDs aggregating to ₹1,50,00,00,000 at par
- Carries a fixed coupon rate of 10.70% per annum
- Payment date scheduled for November 13, 2026, with record date on November 02, 2026
- Company confirms post-exercise solvency will remain above the 180% regulatory threshold
Niva Bupa Health Insurance Company announced that its Debt Raising Committee approved the exercise of a call option for 1,500 unsecured, subordinated NCDs aggregating to ₹150 crore. The debentures carry a 10.70% coupon and were originally allotted in November 2021. The redemption payment along with accrued interest is scheduled for November 13, 2026, with a record date of November 02, 2026. This early redemption covers 60% of the company's total existing debt of ₹250 crore, which will lower recurring interest expenses.
- Approved early redemption via call option for ₹150 crore NCDs (ISIN INE995S08010)
- Debentures carry an annual coupon rate of 10.70%
- Record date set for November 02, 2026
- Principal and interest payment scheduled for November 13, 2026
- Redemption represents 60% of company's total reported debt of ₹250 crore
Global rating agency AM Best has assigned Niva Bupa Health Insurance a Financial Strength Rating of A- (Excellent), a Long-Term Issuer Credit Rating of 'a-', and an India National Scale Rating of aaa.IN (Exceptional), all with a stable outlook. AM Best assessed the company's balance sheet strength as very strong, supported by the highest level of risk-adjusted capitalization under BCAR as of FY26. For FY26, AM Best noted Niva Bupa delivered a return-on-equity (ROE) of 10.7% and a combined ratio of 102.0% under IFRS 17. The ratings also reflect operational and capital support from its majority parent, Bupa Group.
- Assigned Financial Strength Rating of A- (Excellent) and Long-Term ICR of 'a-' (Excellent) by AM Best.
- Assigned India National Scale Rating (NSR) of aaa.IN (Exceptional) with a Stable outlook.
- Reported FY26 return-on-equity (ROE) of 10.7% and combined ratio of 102.0% (net/net, IFRS 17).
- AM Best cited risk-adjusted capitalization at the strongest level as of March 31, 2026, alongside rating enhancement from parent Bupa Group.
Niva Bupa Health Insurance Company has announced an internal leadership transition effective September 16, 2026. Mr. Karan Bhatia has been appointed Chief Investment Officer, succeeding Mr. Vikas Jain who moves into the role of Chief Transformation Officer after serving as CIO since October 2020. Bhatia has been with the company's treasury and investment team since December 2015 and carries over 18 years of investment experience. The role is critical given the company manages an investment book that stood at ₹8,175 Cr in FY25.
- Karan Bhatia appointed as Chief Investment Officer effective September 16, 2026
- Bhatia brings over 18 years of experience in the investment domain and has been with Niva Bupa since December 2015
- Predecessor Vikas Jain, who served as CIO since October 2020 and joined in September 2015, transitions to Chief Transformation Officer
- The CIO oversees portfolio returns and liquidity for an investment book of ₹8,175 Cr (as of FY25)
Niva Bupa Health Insurance has announced a leadership transition in its investment team effective September 16, 2026. Mr. Vikas Jain, who served as Chief Investment Officer (CIO) since October 2020, transitions to the role of Chief Transformation Officer. Mr. Karan Bhatia, who joined the investment team in December 2015 and brings over 18 years of investment domain experience, has been elevated to Chief Investment Officer. Mr. Bhatia will oversee the company's investment portfolio, which stood at ₹8,175 Cr in FY25.
- Vikas Jain ceases role as CIO to transition to Chief Transformation Officer effective September 16, 2026
- Karan Bhatia appointed as Chief Investment Officer effective September 16, 2026
- Karan Bhatia brings over 18 years of domain experience and has been with Niva Bupa since December 2015
- Portfolio overseen was ₹8,175 Cr in FY25, up from ₹5,458 Cr in FY24
Niva Bupa Health Insurance announced that SEBI-registered rating provider Niche99 ESG Ratings independently assigned the company an ESG rating of '67 Leader' for FY 2024-25 and FY 2025-26. The rating was based purely on publicly available data, as Niva Bupa had not engaged the agency. While demonstrating positive governance and sustainability standing, the rating carries no immediate financial or operational impact on the company's ₹7,598 Cr TTM revenue base.
- Assigned an ESG rating of '67 Leader' by Niche99 ESG Ratings.
- Rating covers Financial Years FY 2024-25 and FY 2025-26.
- Information received by the company on September 15, 2026.
- Company confirmed it did not solicit or engage the agency for this evaluation.
Niva Bupa Health Insurance Company Limited has allotted 4,11,000 equity shares of face value ₹10 each following the exercise of options by eligible grantees. The allotment comprises 1,92,100 shares under the ESOP Scheme 2020 and 2,18,900 shares under the ESOP Scheme 2024. Following this allotment, the company's total paid-up equity share capital increased to ₹18,49,64,47,030 comprising 1,84,96,44,703 equity shares.
- Allotted 4,11,000 equity shares of face value ₹10 each under employee stock option plans.
- 1,92,100 shares allotted under ESOP Scheme 2020 and 2,18,900 shares under ESOP Scheme 2024.
- Paid-up share capital expanded to ₹18,49,64,47,030 divided into 1,84,96,44,703 equity shares.
- New equity shares rank pari-passu with existing shares in all respects.
ICRA Limited has reaffirmed Niva Bupa Health Insurance Company's Issuer Rating at [ICRA]AAA (Stable) and assigned a new rating of [ICRA]AA+ (Stable) to its proposed subordinated debt of up to ₹500.00 crore. The proposed ₹500 crore fundraising via listed, unsecured, subordinated non-convertible debentures (NCDs) represents ~13.2% of the company's net worth (₹3,786 Cr). This high credit rating will enable the company to access competitive borrowing costs to support its underwriting growth.
- ICRA reaffirmed Issuer Rating at [ICRA]AAA with a Stable outlook.
- Assigned [ICRA]AA+ (Stable) to proposed subordinated debt amounting up to ₹500.00 crore.
- Proposed debt instrument will be listed, rated, unsecured, subordinated, redeemable NCDs.
- Proposed ₹500 crore debt compares to the existing debt load of ₹250 crore.
The Insurance Regulatory and Development Authority of India (IRDAI) has issued an order warning Niva Bupa for breaching Expense of Management (EoM) limits during FY 2024-25. IRDAI has directed the company not to open any new place of business for a period of 6 months from August 19, 2026. The direct financial impact is reported as Nil. Niva Bupa stated it is already compliant with the EoM Regulations for FY26 and Q1 ended June 30, 2026, and expects full compliance for FY27.
- IRDAI order received on August 19, 2026 regarding FY 2024-25 EoM limit violations
- Direction issued restricting the opening of any new place of business for 6 months
- Monetary impact of the regulatory action is reported as Nil
- Company confirmed compliance with EoM limits for FY26 and Q1 ended June 30, 2026
Niva Bupa Health Insurance Company Limited successfully conducted its 18th Annual General Meeting on August 12, 2026, where shareholders approved all 12 proposed resolutions with over 99.8% majority. Key approvals include the adoption of FY26 financial statements, the appointment of Ashwani Bhatia as an Independent Director, and revisions to the remuneration of the CEO, CFO, and Deputy CEO for FY27. The high approval rates (99.99% for most items) indicate strong institutional and promoter support for the current leadership and strategic direction.
- 12 resolutions passed with requisite majority at the 18th AGM held on August 12, 2026
- Resolution 01 for adoption of FY26 financial statements received 99.99% votes in favor (171.05 Cr votes)
- Remuneration revision for CEO Krishnan Ramachandran approved with 99.99% favor
- Appointment of Ashwani Bhatia as Independent Director approved with 99.88% favor
- Expense of Management (EOM) ratio noted at 36.3% in H1 FY26, slightly above the 35.8% regulatory limit
Niva Bupa Health Insurance held its 18th Annual General Meeting on August 12, 2026, to adopt the FY26 audited financial statements, which reported a TTM revenue of ₹6,695 Cr and PAT of ₹131 Cr. Shareholders considered resolutions for the appointment of Ashwani Bhatia as an Independent Director and revisions to the remuneration of the MD & CEO, CFO, and Deputy CEO for FY27. The company confirmed that the statutory and secretarial audit reports for FY26 were free of any qualifications or adverse remarks. Management addressed queries from 10 speaker members during the session regarding business performance.
- Adoption of FY26 Audited Financial Statements featuring TTM Revenue of ₹6,695 Cr and PAT of ₹131 Cr
- Proposed revision in remuneration for MD & CEO Krishnan Ramachandran and other key executives for FY27
- Appointment of Ashwani Bhatia as Independent Director and two new Non-Executive Directors to the Board
- Confirmation of zero qualifications or adverse remarks in the FY26 Statutory and Secretarial Audit reports
- Remote e-voting concluded on August 11, 2026, with final results to be declared within two working days
Niva Bupa Health Insurance has received formal approval from the IRDAI for the appointment of Mr. Ashwani Bhatia as Chairperson, effective June 03, 2026. This regulatory clearance formalizes the leadership transition for the company, which reported a TTM revenue of Rs 6,695 Cr and a TTM PAT of Rs 131 Cr. The company is currently focused on expanding its Standalone Health Insurance (SAHI) market share, which improved to 17.59% in FY25. Investors should note that while growth is strong at 20.59%, the Expense of Management (EOM) ratio of 36.3% remains slightly above the regulatory limit of 35.8%.
- IRDAI approval granted via letter dated August 10, 2026
- Appointment of Mr. Ashwani Bhatia effective retrospectively from June 03, 2026
- Company maintains a high solvency ratio of 2.5x to support aggressive growth
- Standalone Health Insurance (SAHI) market share stood at 17.59% in FY25
- TTM revenue reached Rs 6,695 Cr with a market capitalization of Rs 15,770 Cr
Niva Bupa reported a strong Q1 FY27 with a PAT of Rs 137.8 Cr, supported by a significant improvement in the combined insurance service ratio to 100.2% from 103.2% YoY. Retail health remains the primary growth engine, growing 47.1% on a reported basis, bringing the company's retail market share to 11.1%. The board has approved an enabling resolution to raise up to Rs 500 Cr in debt to support growth and refinance existing NCDs. Management has reiterated a long-term ROE target of mid-to-high teens by FY29, compared to the current rolling 11.8%.
- Profit After Tax (PAT) reached Rs 137.8 Cr in Q1 FY27.
- Retail health segment grew 47.1% on a reported basis, outpacing the overall industry.
- Combined insurance service ratio improved by 300 basis points to 100.2%.
- Board approved raising up to Rs 500 Cr in debt via NCDs in one or more tranches.
- Expense of Management (EOM) ratio improved to 35.2% from 38% in the previous year.
Niva Bupa Health Insurance has released the audio recording of its earnings conference call held on July 30, 2026. The call discussed the company's financial and business performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company achieved a TTM revenue of ₹6,695 Cr and a PAT of ₹131 Cr. The recording is accessible via the company's investor relations website for detailed management commentary.
- Earnings call conducted on July 30, 2026, for the quarter ended June 30, 2026
- Company reported TTM revenue of ₹6,695 Cr with a PAT of ₹131 Cr
- Standalone Health Insurance (SAHI) market share reached 17.59% in FY25
- Expense of Management (EOM) ratio was 36.3% in H1 FY26, slightly above the 35.8% regulatory limit
- Maintains a high solvency ratio of 2.5x to support growth
Financial Performance
Revenue Growth by Segment
Gross Written Premium (GWP) grew by 20.59% YoY to reach INR 6,762.23 Cr in FY25. The bancassurance channel specifically grew by 24% YoY, contributing INR 1,359 Cr in premiums. Growth without the '1/N' accounting impact was reported at 32.1% for FY25.
Geographic Revenue Split
As of 6MFY24, revenue was distributed across Maharashtra (15.6%), Uttar Pradesh (10.9%), Delhi (9.5%), Karnataka (9.3%), Haryana (7.6%), Telangana (6.4%), and Gujarat (5.4%).
Profitability Margins
Profit After Tax (PAT) surged 160.8% YoY to INR 213.52 Cr in FY25 from INR 81.85 Cr in FY24. The Return on Net Worth (RONW) improved significantly from 3.99% to 6.98% during the same period. The Net Earnings Ratio stood at 3.98% in FY25 compared to 1.85% in FY24.
EBITDA Margin
Operating Profit Ratio was 3.68% in FY25, a decrease from 4.93% in FY24, primarily due to the transition to 1/n basis premium recognition. The combined operating ratio stood at 105.10% in FY25, slightly improved from 105.15% in FY24.
Capital Expenditure
The company significantly expanded its capital base by raising INR 800 Cr from investors including Temasek and Motilal Oswal, followed by an IPO that brought the paid-up share capital to INR 1,827.03 Cr as of March 31, 2025.
Credit Rating & Borrowing
CARE Ratings assigned a 'CARE A+; Stable' rating to the company's INR 250 Cr subordinate debt, upgraded from 'CARE A; Stable' due to a substantial increase in the capital base and a solvency ratio of 2.5x.
Operational Drivers
Raw Materials
As an insurance provider, primary 'input' costs are Claims Incurred (Net) at INR 2,996.52 Cr (44.3% of GWP) and Commission Paid (Net) at INR 1,064.57 Cr (15.7% of GWP).
Import Sources
Not applicable for insurance services; sourcing relates to domestic distribution and healthcare provider networks across India.
Key Suppliers
Not applicable; the company partners with healthcare providers and distributors. It added 7 new bancassurance partners in FY25 to expand its distribution reach.
Capacity Expansion
The company expanded its physical footprint to 201 offices as of September 2023, up from 161 offices in March 2022. The investment book expanded to INR 8,175 Cr in FY25 from INR 5,458 Cr in FY24.
Raw Material Costs
Claims incurred (Net) rose 33% YoY to INR 2,996.52 Cr in FY25. The loss ratio increased to 61.2% in FY25 from 59.0% in FY24, impacting the combined ratio.
Manufacturing Efficiency
The Expense of Management (EOM) to Net Written Premium ratio was 49.39% in FY25. For H1 FY26, the EOM ratio was 36.3%, slightly above the regulatory limit of 35.8%.
Logistics & Distribution
Distribution is multi-channel; commission expenses increased to INR 1,064.57 Cr in FY25 from INR 748.18 Cr in FY24 to support a 20.59% growth in GWP.
Strategic Growth
Expected Growth Rate
20.59%
Growth Strategy
Growth is driven by a multi-channel distribution strategy with a heavy emphasis on digital sales and bancassurance. The company added 7 new bank partners and is leveraging its association with Bupa Singapore Holdings (56% stake) for brand and strategic oversight.
Products & Services
Health insurance policies, including retail health, group health, and specialized health insurance products.
Brand Portfolio
Niva Bupa (formerly Max Bupa).
New Products/Services
Not disclosed in specific percentages, but the company focuses on diversified health insurance products across retail and group segments.
Market Expansion
Targeting increased market share in the Standalone Health Insurance (SAHI) segment, which improved to 17.59% in FY25 from 16.93% in FY24.
Market Share & Ranking
Overall health insurance market share increased to 5.31% in FY25 from 4.81% in FY24. Ranked as a leading Standalone Health Insurer (SAHI).
Strategic Alliances
Subsidiary of Bupa Singapore Holdings Pte. Limited (56% stake). Strategic investors include Temasek, Motilal Oswal, SBI Life, and Paragon.
External Factors
Industry Trends
The health insurance industry grew at 9.07% in FY25, while NBHI outpaced this at 20.59%. Trends include a shift toward digital distribution and regulatory shifts like the 1/n accounting method.
Competitive Landscape
Competes with other SAHIs (Standalone Health Insurers) and general insurance companies. NBHI holds a 17.59% share among SAHIs.
Competitive Moat
Moat is built on strong parentage (Bupa), a diversified distribution network (201 offices + bancassurance), and a high solvency ratio (2.5x) which allows for aggressive growth compared to peers.
Macro Economic Sensitivity
Highly sensitive to healthcare inflation and regulatory changes by IRDAI. Investment income (INR 479.83 Cr) is sensitive to interest rate cycles.
Consumer Behavior
Increasing demand for retail health insurance and digital-first purchase journeys.
Geopolitical Risks
Low direct impact as a domestic health insurer, though global parentage (Bupa UK) provides strategic stability.
Regulatory & Governance
Industry Regulations
Subject to IRDAI regulations, including the 1/n accounting method for GWP and a 35% Expense of Management (EOM) limit. The company is currently at 36.3% EOM and aims to align by FY26 end.
Environmental Compliance
Exposure to environmental risks is low; the company has internal risk assessment mechanisms for ESG.
Taxation Policy Impact
Not disclosed as a specific percentage, but PAT was reported after tax provisions at INR 213.52 Cr.
Legal Contingencies
The company received a letter from the Insurance Regulatory and Development Authority of India (IRDAI) on November 12, 2025, regarding regulatory matters; specific case values were not disclosed.
Risk Analysis
Key Uncertainties
The primary uncertainty is the loss ratio, which rose to 61.2% in FY25. Regulatory compliance regarding EOM limits (currently 50 bps above limit) poses a compliance risk.
Geographic Concentration Risk
Moderate concentration in Maharashtra (15.6%) and Uttar Pradesh (10.9%).
Third Party Dependencies
High dependency on bancassurance partners for 24% of premium growth and digital brokers.
Technology Obsolescence Risk
The company is mitigating this through a 'digital-first' sales strategy and multi-channel distribution.
Credit & Counterparty Risk
Investment portfolio is high quality, with 88% in G-Secs and AAA-rated instruments (INR 7,195 Cr). Net NPAs were reported as nil.
