NIVABUPA

Niva Bupa Health Insurance Company share price & financials

One of India's leading standalone health insurers, selling retail, group, and PA & travel health cover.

Price: ₹86.87
Market cap: ₹16.0k Cr
Sector: Financial Services
Calls analysed: 7

Latest concall · Q1 FY27 · call held 30 Jul 2026

Niva Bupa Health Insurance Company Limited Q1 FY27

PAT ₹137.8 cr

What went well

Retail health growth (reported basis) of 47.1% outpaced market growth of 31.6%.
Profit after tax (PAT) improved to INR 137.8 crores in Q1.
Combined insurance service ratio (CISR) improved by 300 basis points to 100.2% from 103.2% in Q1 last year.

What to watch

Group business growth was flat in Q1 due to a challenging pricing environment.
Slight increase in expense ratio by 90 basis points primarily due to mix change towards retail health.

Read the full call →

What Niva Bupa Health Insurance Company Limited does

Niva Bupa Health Insurance Company Limited is a standalone health insurer (IRDAI Registration No. 145) that underwrites retail health, group health, and personal accident & travel insurance policies across India. It sources business through a multi-channel network of individual agents, bancassurance and other corporate agent tie-ups, and insurance brokers (including Policybazaar), and settles claims via a network of empanelled hospitals offering cashless treatment. The company also runs a digital health and wellness ecosystem (mobile app, teleconsultation, diagnostics booking, ambulance and home-care services) alongside its core insurance products. It began operations in FY2010 as a joint venture between Max India and Bupa, and was rebranded to Niva Bupa Health Insurance in July 2021 after Max India's exit.

Segments

Retail Health
Group Health
PA & Travel

Active lives insured: 25.2 million (FY2026)
Individual agents: 238,517 (FY2026)
Network hospitals (cashless): 10,566 (FY2026)
Branches: 210 (FY2026)
Preferred Partner Network (PPN) hospitals: 49 (FY2026)
Insurance brokers on panel: 593, incl. Policybazaar (FY2026)

Founded 2008Headquarters Gurugram, Haryana, India (Corporate Office; Registered Office in New Delhi)Employees 10,191 (FY2026) Company website

Guidance record · Q1 FY27

what the last two calls moved 11 tracked 4 delivered 1 missed 6 open

Expense of Management (EOM) Limit delivered said Q3 FY25 Promised: 36% by next financial year (FY26) Q1 FY27: Promise timeline has passed; status remains achieved. Q1 FY27 EoM was 35.2%, comfortably within the allowable limit.
Common Rate Empanelled Hospitals missed said Q3 FY26 Promised: 5,000 in the next 6 to 9 months Q1 FY27: Missed. The target was 5,000 hospitals in 4-5 months from Q4 FY26. The company reported 'over 1,000' hospitals in its PPN, a significant decrease from the 2,500 reported in the previous quarter.
Steady-state Combined Ratio (IFRS) revised down said Q3 FY25 Promised: 97-98% Q1 FY27: Original promise remains superseded by the new 99% target for FY29. Q1 FY27 CISR was 100.2%, showing progress towards the revised target.

All 11 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 27.9%, net profit up 94.4% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	1,321	1,258	1,671	1,932	1,574 +19%	1,611 +28%	2,251 +35%	2,471 +28%
Expenses	1,387	1,282	1,420	1,834	1,627	1,705	2,069	2,287
EBITDA	-66	-24	251	98	-53 +20%	-94 −292%	182 −27%	184 +88%
Margin	-5%	-2%	15%	5%	-3%	-6%	8%	7%
Other income	79	37	-45	0	18	7	-1	0
Interest	0	0	0	0	0	0	0	0
Depreciation	0	0	0	0	0	0	0	0
Profit before tax	13	13	206	98	-35 −369%	-88 −777%	181 −12%	184 +88%
Tax rate	0%	0%	0%	27%	0%	0%	12%	25%
Net profit	13	13	206	71	-35 −369%	-88 −777%	159 −23%	138 +94%
EPS	—	0.07	1.13	0.39	-0.19	-0.47	0.86	0.75

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 −2.3% 1Y

1Y: ₹81.83 on 10 Sept 2025 → ₹79.93. High ₹88.36 (15 Jul 2026), low ₹68.4 (23 Mar 2026).

How the price took the results

close before → close after

Q1 FY27: +0.2%; 30 Jul
Q4 FY26: +1.6%; 8 May
Q3 FY26: +1.4%; 29 Jan
Q2 FY26: −1.3%; 3 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 37.1% a year over 1 year, FY25 to FY26. Operating margin widened to 1.8%.

Year ending	FY25	FY26
Revenue	₹5.4k Cr	₹7.4k Cr
Operating profit	₹58 Cr	₹133 Cr
Operating margin	1.1%	1.8%
Interest	₹0 Cr	₹0 Cr
Depreciation	₹0 Cr	₹0 Cr
Net profit	₹213 Cr	₹107 Cr
Net margin	4.0%	1.5%
Cash from operations	₹1.7k Cr	₹905 Cr
Free cash flow	₹1.6k Cr	₹857 Cr
ROCE	7.0%	3.0%

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 ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹1.4k Cr	₹1.4k Cr	₹1.5k Cr	₹1.7k Cr	₹1.8k Cr	₹1.8k Cr
Reserves	₹-773 Cr	₹-903 Cr	₹-683 Cr	₹351 Cr	₹2.0k Cr	₹1.9k Cr
Borrowings	₹0 Cr	₹250 Cr	₹250 Cr	₹250 Cr	₹250 Cr	₹250 Cr
Other liabilities	₹1.3k Cr	₹2.0k Cr	₹2.8k Cr	₹3.9k Cr	₹6.6k Cr	₹7.2k Cr
Total liabilities	₹1.9k Cr	₹2.7k Cr	₹3.9k Cr	₹6.2k Cr	₹10.7k Cr	₹11.3k Cr
Fixed assets	₹46 Cr	₹49 Cr	₹52 Cr	₹58 Cr	₹81 Cr	₹85 Cr
Capital work in progress	₹2 Cr	₹1 Cr	₹4 Cr	₹1 Cr	₹0 Cr	₹3 Cr
Investments	₹1.6k Cr	₹2.4k Cr	₹3.4k Cr	₹5.5k Cr	₹8.5k Cr	₹9.7k Cr
Other assets	₹230 Cr	₹287 Cr	₹455 Cr	₹675 Cr	₹2.1k Cr	₹1.5k Cr
Total assets	₹1.9k Cr	₹2.7k Cr	₹3.9k Cr	₹6.2k Cr	₹10.7k Cr	₹11.3k 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, the public trimmed −2.30 pp while FIIs added +1.33 pp. The shareholder count shrank 18% to 1,26,567.

Promoters: 55.3%
FIIs: 12.1%
DIIs: 16.2%
Public: 16.4%

Since Jun 2025

Public −2.30 pp
FIIs +1.33 pp
DIIs +1.11 pp

How it drifted, 7 quarters

Over this window the public fell from 25.4% to 16.4% — −8.9 pp.

Dec '24Sep '25Jun '26

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.

Axis Mutual Fund Through various schemes Mutual fund newly disclosed 1.47% held
Nippon India Mutual Fund through various schemes Mutual fund +0.59 pp 3.11% held
Fundacja Leadspire newly disclosed 0.00% held
TMS Diagnostyka Sp. z.o.o. newly disclosed 0.00% held
Bupa Servicios Globales, S.C. newly disclosed 0.00% held
Bupa Health India Private Limited newly disclosed 0.00% held

The same filing shows 3 holders trimming and 0 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Niva Bupa Health Insurance Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

Holder	Stake	Change
Bupa Singapore Holdings Pte Ltd	55.30%	−0.06 pp
Fettle Tone Llp	7.18%	−0.73 pp
Nippon India Mutual Fund through various schemes Mutual fund	3.11%	+0.59 pp
India Business Excellence Fund Iv VC / PE	2.62%	unchanged
V-Sciences Investments Pte Ltd FPI fund	2.42%	unchanged
Amansa Holdings Private Limited FPI fund	2.29%	unchanged
A91 Emerging Fund II LLP VC / PE	2.11%	unchanged
Zulia Investments Pte. Ltd. FPI fund	2.04%	unchanged
DSP Mutual Fund Through various schemes Mutual fund	1.57%	−1.64 pp
Tata Mutual Fund - Through various Schemes Mutual fund	1.52%	unchanged
Axis Mutual Fund Through various schemes Mutual fund	1.47%	newly disclosed
SBI Mutual Fund through various schemes Mutual fund	1.39%	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.

Mutual funds in NIVABUPA

Filings to Aug 2026

0 new, 4 added, 1 trimmed, 0 sold out — net +0.18 L shares (+0.0%).

Held by funds: ₹677 Cr; 10 schemes
Biggest holder: Nippon India Multi Cap Fund; ₹415 Cr · 0.7% of that fund

Scheme	Holding	Last month	Held since
Nippon India Multi Cap Fund Nippon India Mutual Fund	₹415 Cr	held	Nov '24
SBI ELSS Tax Saver Fund SBI Mutual Fund	₹131 Cr	held	Jun '25
SBI Banking And Financial Services Fund SBI Mutual Fund	₹74 Cr	held	Jun '25
Nippon India Innovation Fund Nippon India Mutual Fund	₹26 Cr	held	Jan '26
Nippon India Flexi Cap Fund Nippon India Mutual Fund	₹18 Cr	held	Jan '26
Nippon India Nifty Smallcap 250 Index Fund Nippon India Mutual Fund	₹8 Cr	+0.12 L	Mar '25
SBI Nifty Smallcap 250 Index Fund SBI Mutual Fund	₹4 Cr	+0.06 L	Mar '25
Nippon India Nifty 500 Equal Weight Index Fund Nippon India Mutual Fund	₹1 Cr	+0.00 L	Mar '25

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

4 added, 1 trimmed — net +17,706 shares (+0.0%)

Funds are sitting on: +15%; vs est. average cost
Held by funds: ₹677 Cr; 10 schemes · ≈ 4.5% of the company
Biggest holder: Nippon India Multi Cap Fund; ₹415 Cr · 0.7% of that fund

Shares held by these funds +414%

Nov '24 8.33 cr shares Jul '26

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Niva Bupa Health Insurance Company Limited

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