Iirm Holdings India share price & results
- Jun 2026
- Oct 2026
India-based insurance broking group (via India Insure) distributing corporate, retail and reinsurance products across India, Singapore, Sri Lanka, Maldives and Kenya using a phygital distribution model.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 73.5 | +8.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 24.6 | +1.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 7.8 | +2.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 17.02 | −2.3 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 6.41 | +18.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 16.24 | −8.0 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +31.6% 1Y
1Y: ₹76.35 on 24 Oct 2025 → ₹100.44. High ₹147 (15 Sept 2026), low ₹70 (1 Dec 2025).
- Previous close
- ₹104.63
- Market cap
- ₹739 Cr
- 52-week range
- ₹70 – ₹147
- One year
- +28.16%
- Price to earnings (TTM to Jun 2026)
- 30.05×
- Return on equity (TTM to Jun 2026)
- 17.02%
Overview
- Symbol
- NSE:IIRM
- Sector
- Services
- Exchange
- NSE
- Currency
- INR
What IIRM HOLDINGS INDIA LIMITED does
Based on the company's own presentations, annual report and earnings calls.
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
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 3 fiscal years held (Mar 2024 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +2% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 48 | 50 | 55 | 68 | 59 | 61 | 64 | 74 |
| Expenses | 35 | 42 | 46 | 52 | 46 | 48 | 48 | 55 |
| Operating profit | 13 | 8 | 9 | 16 | 14 | 13 | 16 | 18 |
| Operating margin | 26.5% | 16.4% | 16.4% | 23.5% | 22.8% | 20.8% | 24.8% | 24.6% |
| Other income | 0 | 0 | -0 | 0 | 0 | 0 | 1 | 0 |
| Interest | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 |
| Depreciation | 3 | 3 | 4 | 4 | 5 | 4 | 4 | 4 |
| Profit before tax | 9 | 5 | 4 | 10 | 7 | 6 | 10 | 10 |
| Tax rate | 18.1% | 35.0% | 55.3% | 26.1% | 27.4% | 25.7% | 35.3% | 24.4% |
| Net profit | 8 | 3 | 2 | 8 | 5 | 5 | 7 | 8 |
| EPS (₹ per share) | 1.11 | 0.45 | 0.29 | 1.12 | 0.77 | 0.69 | 0.99 | 1.15 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Sales | 179 | 219 | 252 |
| Expenses | 134 | 174 | 194 |
| Operating profit | 45 | 46 | 58 |
| Other income | 2 | 0 | 2 |
| Interest | 3 | 3 | 8 |
| Depreciation | 12 | 13 | 17 |
| Profit before tax | 33 | 31 | 34 |
| Net profit | 23 | 22 | 24 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 4 | 3 | 34 | 34 | 34 | 34 |
| Reserves | -4 | -3 | 75 | 98 | 111 | 123 |
| Borrowings | 0 | 0 | 19 | 30 | 47 | 95 |
| Other liabilities | 0 | 1 | 28 | 23 | 22 | 30 |
| Total liabilities | 0 | 0 | 156 | 185 | 214 | 282 |
| Fixed assets | 0 | 0 | 39 | 62 | 57 | 58 |
| Capital work in progress | 0 | 0 | 21 | 4 | 4 | 0 |
| Investments | 0 | 0 | 0 | 2 | 2 | 3 |
| Other assets | 0 | 0 | 95 | 118 | 151 | 221 |
| Total assets | 0 | 0 | 156 | 185 | 214 | 282 |
| Line item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Cash from operations | -52 | 6 | 22 |
| Cash from investing | -31 | -16 | -13 |
| Cash from financing | 114 | 9 | 61 |
| Net cash flow | 32 | -1 | 70 |
| Free cash flow | -82 | -8 | 20 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | — | — | 116 | 92 | 120 | 124 |
| Cash conversion cycle | — | — | 116 | 92 | 120 | 124 |
| Working capital days | — | — | -112 | 101 | 120 | 120 |
| Return on capital employed | −10.0% | −250.0% | — | — | 23.0% | 20.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
What the price assumes
Growth trapTo justify its price of ₹100, this stock must grow earnings at 20% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹45 — downside of 56%.
- Growth the price implies
- 19.5% 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
- -56% downside if it only repeats history
Ownership
Who owns it
Promoters hold 56.59% as of Oct 2026; institutions added 0.00 pts since Sept 2026.
- Promoters 56.59%
- Domestic institutions 2.99%
- Public 40.41%
Who is on the register
Named in the Oct 2026 filing
Every holder of IIRM HOLDINGS INDIA LIMITED above SEBI's 1% disclosure line, and what changed since Sep 2026.
| Holder | Stake | Change |
|---|---|---|
| 56.23% | unchanged | |
| 4.18% | unchanged | |
| 2.85% | unchanged | |
| 1.67% | unchanged | |
| 1.13% | unchanged | |
| 1.04% | unchanged | |
| 0.12% | unchanged | |
| 0.12% | unchanged | |
| 0.12% | unchanged | |
| — | off the list | |
| — | off the list | |
| — | off the list |
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.
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