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Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · NIVA BUPA HEALTH INS CO L · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
NIVA BUPA HEALTH INS CO L
NSE: NIVABUPA · BSE: 544286
Financial Services › Financial Services › Insurance › General Insurance

NIVA BUPA HEALTH INS CO L

StateQ4 FY26 filed
Last close · 27 Oct 2026₹71.00
Market cap—
TTM P/E · P/B · EV/EBITDA— · — · —

Sells health insurance policies to individuals and families (retail) and to corporates and SMEs (group). Retail health is the main growth engine, with gross written premium up 47.1% in Q1 FY27 and retail health market share at 11.1% on a reported basis. Group business was flat year-on-year as management walked away from uneconomic B2B pricing, shifting group mix toward SMEs and affinity accounts (SME +50%). Claims are the biggest cost line — the combined claims ratio was 63% in Q1 FY27 — with operating expenses (expense of management at 35.2%) the other large cost. Distribution runs through Direct, Agency, Bancassurance and other channels, including 58,000 net new agent additions in FY26. The firm invests customer premiums in a ₹9,963 crore book earning a 7.2% yield, and runs a Preferred Provider Network of 1,000+ hospitals across 49 cities that handles 22% of claims. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Retail health insurance, Group health insurance, Investment income. Asset-heavy, claim-intensive health insurance carrier with two business lines — fast-growing retail and selectively priced group

What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.

Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)

₹ crore · standaloneFY25FY26
Revenue——
EBITDA (ex other income)——
margin %——
Owners' profit214131
EPS, as reported (₹)——
ROE % · ROCE %— · —— · —
Debt / equity (x)——
Cash from operations1,654905
Capex(41)(49)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NIVA BUPA HEALTH INS CO L · 28 October 2026Page 2 of 3

Exhibit 2: Quarterly performance, last 5 quarters

₹ croreQ4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Revenue—————
Profit before tax—————
Net profit206(91)(35)(88)345
EPS (₹)—————
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.

Exhibit 3: Peers — basic industry group, by market cap

CompanyM.cap ₹ crP/EP/BEV/EBITDAROE %ROCE %Rev CAGR 5y %EBITDA m. %
NIVA BUPA HEALTH INS CO L ◆————————
THE NEW INDIA ASSU CO LTD————————
STAR HEALTH & AL INS CO L————————
GO DIGIT GENERAL INS LTD————————
ICICI LOMBARD GIC LIMITED————————
GENERAL INS CORP OF INDIA————————
Source: exchange data and filed statements via the screener; multiples at current prices.

Exhibit 4: Where the company sits in its group

MetricCompanyGroup medianRankBetter than
Profit growth67.521.92 of 1291%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · NIVA BUPA HEALTH INS CO L · 28 October 2026Page 3 of 3

Exhibit 5: Filings of the last 90 days, with the measured price reaction

Date · filingCategoryImportanceNext day %5-day %
24 Oct 2026 · Board meeting for September quarter and half-year resultsresultslow——
19 Oct 2026 · Demise of Non-Executive Director Mr. Roger William John Davismanagement changeshigh——
19 Oct 2026 · Non-Executive Director Mr Roger William John Davis passes awaymanagement changeshigh——
15 Oct 2026 · Niva Bupa gets IND AAA rating on Rs 500 cr proposed sub-debtcredit debtmedium——
15 Oct 2026 · Niva Bupa to redeem 150 Crore debentures on Nov 13, 2026credit debtmedium——
9 Oct 2026 · Niva Bupa to redeem 150 crore NCDs via call option exercisefund raisingmedium——
9 Oct 2026 · Routine filing confirms no shares held in physical formcomplianceminimal——
5 Oct 2026 · Niva Bupa to redeem 150 Crore of NCDs at par on Oct 9fund raisinglow——
30 Sept 2026 · Trading Window closure for Q2 and H1 FY26-27 resultscomplianceminimal——
24 Sept 2026 · Schedule of institutional investor call on Sep 24, 2026board shareholder meetingslow——
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).

How to read this document

Where a broker report showsThis document showsWhy
A rating (BUY / ADD / REDUCE / SELL)A state: the latest filed quarter and the measured reactionsan event is a fact; a rating is an opinion that requires SEBI RA registration
A target price and upsideThe current price and the multiples against the groupa target is a forecast; a multiple is a measurement
Estimate years marked EMore audited years; no estimatesMarketPing publishes no forecasts — your own model lives on the Models page

Sources, method and disclosures

This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.

Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in