526530

IIRM Holdings financials

Market cap
₹982 Cr
Sector
Services

What IIRM Holdings does

IIRM Holdings India Limited (formerly Sudev Industries Limited) operates as an insurance intermediary group anchored by India Insure, distributing corporate insurance (group health, employee benefits, liability, motor, fire & engineering), retail insurance, reinsurance broking, wellness services, and claims processing/support services. It earns broking and servicing income on the insurance premium it places with insurers and reinsurers rather than underwriting risk itself, using a proprietary "PHYGITAL" model combining physical branch presence with digital platforms. The group operates through subsidiaries and associates in India, Singapore, Sri Lanka, Maldives and Kenya.

Segments

  • Corporate Insurance Broking
  • Retail Insurance Broking
  • Reinsurance Broking
  • Wellness Services
  • Claims Processing & Support Services
Offices
25+
Countries of operation
5 (India, Singapore, Sri Lanka, Maldives, Kenya)
Reinsurer/insurance partner network
100+
Corporate customers served
2,000+
Retail customers served
100,000+
Premium (GWP) serviced annually
₹1,611+ Cr (~US$171 Mn), FY26
Founded 1999Employees 500 (FY25) Company website

Quarterly results

Q1 FY27: revenue up 8.2%, net profit up 2.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue48 50 55 68 59 +24%61 +21%64 +15%74 +8%
EBITDA13 8 9 16 14 +7%13 +53%16 +74%18 +13%
Net profit8 3 2 8 5 −30%5 +54%7 +244%8 +2%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +70.5% 1Y

₹80₹100₹120₹140Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26

1Y: ₹84.5 on 10 Sept 2025 → ₹144.05. High ₹144.8 (31 Jul 2026), low ₹70 (1 Dec 2025).

Financials, as filed

Revenue grew 18.5% a year over 2 years, FY24 to FY26. Operating margin narrowed to 23.0%.

Year endingFY24FY25FY26
Revenue₹179 Cr₹219 Cr₹252 Cr
Operating profit₹45 Cr₹46 Cr₹58 Cr
Operating margin25.3%20.8%23.0%
Interest₹3 Cr₹3 Cr₹8 Cr
Depreciation₹12 Cr₹13 Cr₹17 Cr
Net profit₹23 Cr₹22 Cr₹24 Cr
Net margin13.0%9.9%9.7%
Cash from operations₹-52 Cr₹6 Cr₹22 Cr
Free cash flow₹-82 Cr₹-8 Cr₹20 Cr
ROCE—23.0%20.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY24FY25FY26
Equity capital₹34 Cr₹34 Cr₹34 Cr
Reserves₹75 Cr₹111 Cr₹123 Cr
Borrowings₹19 Cr₹47 Cr₹95 Cr
Other liabilities₹28 Cr₹22 Cr₹30 Cr
Total liabilities₹156 Cr₹214 Cr₹282 Cr
Fixed assets₹39 Cr₹57 Cr₹58 Cr
Capital work in progress₹21 Cr₹4 Cr₹0 Cr
Investments₹0 Cr₹2 Cr₹3 Cr
Other assets₹95 Cr₹151 Cr₹221 Cr
Total assets₹156 Cr₹214 Cr₹282 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, promoters trimmed −2.93 pp while the public added +2.92 pp. The shareholder count grew 27% to 1,637.

Promoters
57.9%
DIIs
0.7%
Public
41.4%

Since Jun 2025

  • Promoters −2.93 pp
  • Public +2.92 pp
  • DIIs 0.00 pp

How it drifted, 12 quarters

Over this window the public went from 28.1% to 41.4% — +13.3 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 64.9%, DIIs 7.0%, Public 28.1%.Dec '23: Promoters 64.9%, DIIs 5.3%, Public 29.8%.Mar '24: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Jun '24: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Sep '24: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Dec '24: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Mar '25: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Jun '25: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Sep '25: Promoters 60.8%, DIIs 0.7%, Public 38.5%.Dec '25: Promoters 57.9%, DIIs 0.7%, Public 41.5%.Mar '26: Promoters 57.9%, DIIs 0.7%, Public 41.5%.Jun '26: Promoters 57.9%, DIIs 0.7%, Public 41.4%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of IIRM Holdings above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Vurakaranam Ramakrishna 57.51%unchanged
Trigyn Technologies Limited 4.28%unchanged
Sudev Industries Limited 4.07%newly disclosed
Sunita Suresh 1.76%unchanged
P S Kumari 1.45%unchanged
Satyanarayana Raju Alluri 1.20%unchanged
Purandar Sudhindra Bhavani 1.15%unchanged
Leposhe Trading Enterprises Llp 1.09%unchanged
Gouri Srivastav 1.06%unchanged
Venkata Anupama Vurakaranam 0.13%unchanged
Venkata Arvind Vurakaranam 0.13%unchanged
Jayalakshmi Vurakaranam 0.12%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

What the price assumes

Growth trap

To justify its price of ₹144, this stock must grow earnings at 27% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹45 — downside of 69%.

Growth the price implies
26.7% a year
for 7 years, fading to 4%
It has actually compounded at
4.2% a year
net profit, FY24–FY26
The gap
0.2 pp
-69% downside if it only repeats history
Price today ₹144.05 Value at the reference growth ₹44.52

Change the assumptions yourself →

Learn to analyse IIRM Holdings

Guides on how to read this kind of business and the numbers that matter.