STARHEALTH
Star Health and Allied Insurance Company share price & financials
- Price
- ₹580.25
- Market cap
- ₹33.2k Cr
- Sector
- Financial Services
- Calls analysed
- 6
Star Health Insu Q4 FY26
What went well
- Q4 FY26 fresh retail growth on N basis was 38% YoY, driven by both value and volume.
- FY26 underwriting profit turned positive at ₹206 crores, compared to a loss of ₹165 crores in FY25.
- FY26 normalized PAT increased 45% YoY to ₹1,222 crores, with ROE expanding from 10.1% to 13.1%.
What to watch
- Q4 FY26 reported a loss of ₹55 crores, compared to a profit of ₹271 crores in Q4 FY25, primarily due to a ₹558 crore marked-to-market loss from equity market correction.
- Retail loss ratios are still above 2023-2024 levels (currently ~68% vs. 65-66% previously).
What Star Health and Allied Insurance Company Limited does
Star Health and Allied Insurance is India's first standalone health insurer (SAHI), underwriting retail health, group health, personal accident, and domestic/overseas travel insurance for individuals, families and corporate/SME customers. It distributes primarily through its own agency force, bancassurance tie-ups, brokers, corporate agents and digital (app/D2C) channels rather than relying on any single route to market. Claims are processed through a large network of agreed/cashless hospitals spanning metro, urban, semi-urban and rural India, supported by an in-house digital claims platform.
Segments
- Retail Health
- Group Health
- Personal Accident (PA)
- Overseas Mediclaim Policy (OMP)/Travel
- Branches
- 924
- Agency force
- 8.3 lakh+ agents
- Geographic presence
- 25 states and 5 Union Territories
- Districts covered
- 416
- Cashless network hospitals
- 14,500+ across 2,122 cities
- Bancassurance partnerships
- 81
Guidance record · Q4 FY26
what the last two calls moved 13 tracked 2 delivered 6 missed 5 open- Combined Ratio delivered said Q2 FY26 Promised: Gradual improvement in 2026, 2027 and 2028 Q4 FY26: Q4 combined ratio improved significantly to 95.7%, demonstrating strong progress on the gradual improvement path. FY26 ratio was 98.8%.
- Top Line (GWP) went quiet said Q3 FY25 Promised: Double top line from FY24 by FY28 Q4 FY26: Management guided for 'sustainable high-teen growth' but did not address the long-term target of doubling the top line by FY28.
- Agent Count on track said Q4 FY25 Promised: 1,000,000 agents in the next 3 years Q4 FY26: Reaffirmed target of reaching 1 million agents in the next two years, with current base at over 8 lakh.
All 13 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 13.2%, net profit up 25.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,058 | 4,146 | 4,081 | 4,880 | 4,378 +8% | 4,566 +10% | 4,648 +14% | 5,522 +13% |
| EBITDA | 147 | 285 | -7 | 588 | 75 −49% | 172 −40% | 148 +2214% | 749 +27% |
| Net profit | 111 | 215 | 1 | 438 | 55 −50% | 128 −40% | 111 +11000% | 550 +26% |
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 +28.2% 1Y
1Y: ₹438.8 on 10 Sept 2025 → ₹562.7. High ₹610.4 (30 Jul 2026), low ₹425.15 (23 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- −0.5%
- 5 May
- Q3 FY26
- +2.3%
- 29 Jan
- Q2 FY26
- −2.9%
- 29 Oct
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 15.2% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹12.1k Cr | ₹14.0k Cr | ₹16.1k Cr | ₹18.5k Cr |
| Operating profit | ₹821 Cr | ₹1.1k Cr | ₹850 Cr | ₹983 Cr |
| Operating margin | 6.8% | 8.0% | 5.3% | 5.3% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Net profit | ₹618 Cr | ₹845 Cr | ₹646 Cr | ₹732 Cr |
| Net margin | 5.1% | 6.0% | 4.0% | 4.0% |
| ROCE | 15.0% | 18.0% | 12.0% | 10.0% |
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 | ₹548 Cr | ₹576 Cr | ₹582 Cr | ₹585 Cr | ₹588 Cr | ₹588 Cr |
| Reserves | ₹2.9k Cr | ₹4.0k Cr | ₹4.9k Cr | ₹5.8k Cr | ₹6.9k Cr | ₹7.0k Cr |
| Borrowings | ₹250 Cr | ₹720 Cr | ₹470 Cr | ₹470 Cr | ₹470 Cr | ₹470 Cr |
| Other liabilities | ₹6.8k Cr | ₹8.2k Cr | ₹9.3k Cr | ₹10.9k Cr | ₹13.4k Cr | ₹16.0k Cr |
| Total liabilities | ₹10.5k Cr | ₹13.5k Cr | ₹15.2k Cr | ₹17.8k Cr | ₹21.3k Cr | ₹24.1k Cr |
| Fixed assets | ₹183 Cr | ₹113 Cr | ₹217 Cr | ₹159 Cr | ₹190 Cr | ₹404 Cr |
| Capital work in progress | ₹19 Cr | ₹4 Cr | ₹10 Cr | ₹16 Cr | ₹0 Cr | ₹9 Cr |
| Investments | ₹6.7k Cr | ₹11.4k Cr | ₹13.3k Cr | ₹15.5k Cr | ₹18.7k Cr | ₹19.8k Cr |
| Other assets | ₹3.6k Cr | ₹2.0k Cr | ₹1.7k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹3.9k Cr |
| Total assets | ₹10.5k Cr | ₹13.5k Cr | ₹15.2k Cr | ₹17.8k Cr | ₹21.3k Cr | ₹24.1k 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, FIIs added +2.15 pp while DIIs trimmed −1.67 pp. The shareholder count shrank 17% to 1,68,763.
- Promoters
- 58.0%
- FIIs
- 16.0%
- DIIs
- 19.4%
- Public
- 6.5%
Since Jun 2025
- FIIs +2.15 pp
- DIIs −1.67 pp
- Public −0.42 pp
How it drifted, 12 quarters
Over this window FIIs fell from 30.6% to 16.0% — −14.6 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.0%, FIIs 30.6%, DIIs 6.1%, Public 5.2%.Dec '23: Promoters 57.9%, FIIs 31.0%, DIIs 6.1%, Public 5.0%.Mar '24: Promoters 57.9%, FIIs 26.6%, DIIs 11.1%, Public 4.4%.Jun '24: Promoters 57.9%, FIIs 21.6%, DIIs 15.1%, Public 5.4%.Sep '24: Promoters 57.7%, FIIs 17.6%, DIIs 17.1%, Public 7.6%.Dec '24: Promoters 57.7%, FIIs 17.5%, DIIs 16.5%, Public 8.3%.Mar '25: Promoters 57.7%, FIIs 18.7%, DIIs 15.4%, Public 8.2%.Jun '25: Promoters 58.0%, FIIs 13.9%, DIIs 21.1%, Public 7.0%.Sep '25: Promoters 58.0%, FIIs 13.5%, DIIs 21.1%, Public 7.4%.Dec '25: Promoters 58.0%, FIIs 14.1%, DIIs 21.0%, Public 7.0%.Mar '26: Promoters 58.0%, FIIs 15.1%, DIIs 20.3%, Public 6.7%.Jun '26: Promoters 58.0%, FIIs 16.0%, DIIs 19.4%, Public 6.5%.
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.
- Sitara Partners Llp +13.29 pp 13.29% held
- HDFC Mutual Fund - HDFC Retirement Savings Fund - Mutual fund newly disclosed 4.49% held
- Utpal H Sheth newly disclosed 0.55% held
- Amit Goela newly disclosed 0.25% held
- Ushma Sheth Sule newly disclosed 0.05% held
- Chanakya Value Creation Llp newly disclosed 0.00% held
- Trust Financial Consultancy Services Private Limited newly disclosed 0.00% held
- Nishtha R. Jhunjhunwala newly disclosed 0.00% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Star Health and Allied Insurance Company Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Safecrop Investments India Llp | 40.17% | unchanged |
| Sitara Partners Llp | 13.29% | +13.29 pp |
| ICICI Prudential Life Insurance Company Limited Insurer | 4.79% | −0.08 pp |
| HDFC Mutual Fund - HDFC Retirement Savings Fund - Mutual fund | 4.49% | newly disclosed |
| SBI Midcap Fund Mutual fund | 3.32% | unchanged |
| Rekha Jhunjhunwala - 2 | 3.04% | −12.53 pp |
| Amansa Holdings Private Limited FPI fund | 2.52% | unchanged |
| Government Pension Fund Global Sovereign | 2.28% | unchanged |
| Theleme India Master Fund Limited FPI fund | 2.00% | unchanged |
| Massachusetts Institute Of Technology Endowment | 1.66% | unchanged |
| Pi Opportunities AIF V Llp AIF | 1.41% | unchanged |
| Utpal H Sheth | 0.55% | newly disclosed |
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 STARHEALTH
Filings to Aug 2026
0 new, 5 added, 2 trimmed, 0 sold out — net −1.93 L shares (−0.6%).
- Held by funds
- ₹1.7k Cr
- 20 schemes
- Biggest holder
- SBI Smallcap Fund
- ₹551 Cr · 1.3% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Smallcap Fund SBI Mutual Fund | ₹551 Cr | held | Jun '25 |
| SBI Midcap Fund SBI Mutual Fund | ₹359 Cr | held | May '25 |
| SBI Banking And Financial Services Fund SBI Mutual Fund | ₹189 Cr | held | May '25 |
| HDFC ELSS Tax saver HDFC Mutual Fund | ₹180 Cr | held | Jun '24 |
| Nippon India Banking & Financial Services Fund Nippon India Mutual Fund | ₹160 Cr | held | Jan '26 |
| Nippon India Balanced Advantage Fund Nippon India Mutual Fund | ₹86 Cr | −2.00 L | Mar '26 |
| HDFC Retirement Savings Fund - Equity Plan HDFC Mutual Fund | ₹45 Cr | held | Jan '24 |
| HDFC Large and Mid Cap Fund HDFC Mutual Fund | ₹36 Cr | held | Jun '23 |
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
5 added, 2 trimmed — net −1.93 L shares (−0.6%)
- Funds are sitting on
- +25%
- vs est. average cost
- Held by funds
- ₹1.7k Cr
- 20 schemes · ≈ 5.3% of the company
- Biggest holder
- SBI Smallcap Fund
- ₹551 Cr · 1.3% of that fund
- Longest holder
- HDFC Large and Mid Cap Fund
- 3y 2m · since Jun '23
Shares held by these funds +2705%
Aug '23 3.02 cr shares Jul '26
All earnings calls (6)
Read the Q4 FY26 call →Learn to analyse Star Health and Allied Insurance Company Limited
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