NSE: STARHEALTH · BSE: 543412
STAR HEALTH & AL INS CO L
Sells retail health insurance in India, collecting premiums from policyholders and earning investment income on insurance reserves. Gross written premium was ₹20,369 cr in FY26 (+16% YoY), with retail health insurance market share at 31.3% that year. Distribution is led by proprietary channels — over 90% of retail business flows through agency and digital direct-to-consumer, supported by 8.5 lakh agents; digital D2C grew fresh business 142% YoY in Q1 FY27. Claims are settled mostly cashless through network hospitals — 9.6 lakh claims in Q1 FY27 at a 91% retail claims ratio, with 80%+ cashless. Claims cost is the largest input; retail loss ratio was 64.8% in Q4 FY26. The combined ratio improved to 97% in Q1 FY27, producing an underwriting profit of ₹111 cr (vs ₹16 cr YoY). Telemedicine (50,000 consultations in Q1 FY27, up from 9,000 a year earlier) and home healthcare are bundled with policies to manage claims cost. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail Health Insurance Premiums, Investment Income on Insurance Reserves. Retail health insurer with proprietary distribution focus; recently turned underwriting-profitable after a recalibration year.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| EBITDA (ex other income) | — | — | — | — |
| margin % | — | — | — | — |
| Owners' profit | (1,041) | 619 | 646 | 557 |
| EPS, as reported (₹) | — | — | — | — |
| ROE % · ROCE % | — · — | — · — | — · — | — · — |
| Debt / equity (x) | — | — | — | — |
| Cash from operations | 56 | 1,276 | 1,379 | 1,873 |
| Capex | (14) | (25) | (46) | (1) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY24 | Q2 FY24 | Q3 FY24 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Profit before tax | — | — | — | — | — | — | — | — |
| Net profit | 288 | 125 | 290 | 1 | 263 | 55 | 128 | 111 |
| EPS (₹) | — | — | — | — | — | — | — | — |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| STAR HEALTH & AL INS CO L ◆ | — | — | — | — | — | — | — | — |
| THE NEW INDIA ASSU CO LTD | — | — | — | — | — | — | — | — |
| GO DIGIT GENERAL INS LTD | — | — | — | — | — | — | — | — |
| ICICI LOMBARD GIC LIMITED | — | — | — | — | — | — | — | — |
| GENERAL INS CORP OF INDIA | — | — | — | — | — | — | — | — |
| NIVA BUPA HEALTH INS CO L | — | — | — | — | — | — | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| Profit growth | 21729.4 | 21.9 | 1 of 12 | 100% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · H1 FY27 profit rises 57% as underwriting turns profitable | investor communications | medium | — | — |
| 27 Oct 2026 · Sthitaprajna Advisors approved for reclassification to public shareholder | ownership changes | medium | — | — |
| 27 Oct 2026 · Financial results for quarter and half year ended September 30, 2026 | results | medium | — | — |
| 27 Oct 2026 · Star Health H1 profit doubles; September-quarter profit falls | results | high | — | — |
| 16 Oct 2026 · Star Health schedules Q2 FY27 earnings call for Oct 28 at 8:30 AM | board shareholder meetings | low | — | — |
| 5 Oct 2026 · Compliance certificate for Q2FY27 filed with BSE and NSE | compliance | minimal | — | — |
| 1 Oct 2026 · Star Health credit ratings reaffirmed at AA+ and AA with Stable outlook | credit debt | medium | — | — |
| 30 Sept 2026 · Promoter group entity Sthitaprajna Advisors LLP seeks reclassification to Public category | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2/H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · Star Health schedules investor meetings in Tokyo on September 29 | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing 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.