ALFA Finder
The call ran from 5:29 PM to 6:08 PM IST (39 min).
Key takeaways
H1 FY27 PAT doubled to ₹273 Cr; GWP up 26% ex-1/n. Loss ratio gains credited to mix; management declined to quantify drivers. Solvency drifting down to 2.03x is the watch item.
| Revenue growth | GWP up 26% ex-1/n to ₹5,004 Cr; retail 37%, reported 47%. |
|---|---|
| Margins | CISR improved 365 bps to 99.5%; expense ratio down 78 bps. |
| Demand visibility | October retail growth in 30s; GST tailwind; expects volume steer from reforms. |
| Management confidence | Confident but defensive on claims criticism; dismissed broker feedback as anecdotal. |
Growth
GWP ex-1/n up 26% to ₹5,004 Cr; retail up 37%. Reported retail growth of 47% includes the 1/n benefit.
Outlook
No numeric growth guidance; ROE target mid-to-high teens; October retail growth 'in the 30s'; yield 7.4-7.5% sustainable.
Risks
Solvency 2.03x and falling; draft commission cuts may raise capital needs; broker claim-payment complaints dismissed as anecdotal.
Last quarter's promises, checked
Delivered
- Guided Q1 expense ratio +90bps to normalise post-Q3 → H1 expense ratio down 78bps (= BEAT)
Partly delivered
- Guided EoM stabilising at 32-33% → H1 expense ratio down 78bps, level undisclosed (= PARTIAL)
- Guided no H2 loss-ratio deterioration → H1 CISR 99.5% vs Q1 100.2%; H2 unreported (= PARTIAL)
Missed
- Guided retail 8-10pp above market → Q1 like-to-like 35.5% vs industry 31.6% (= MISS)
Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published . Open it on ALFA Filings ›
The results behind this call
Niva Bupa Health Insurance Company Q2 FY27 Results: Net Profit ₹135.6 Cr, Up 124.1% YoY
Niva Bupa Health Insurance Company Ltd reported revenue from operations of ₹2,572 Cr (+25.5% YoY) and net profit of ₹135.6 Cr (+124.1% YoY) for Q2 FY27.
- Key figure
- Net profit ₹135.6 Cr · +124.1% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Targeting 8-10% growth above industry average; ROE guidance of mid-to-high teens by FY29; board approved INR 500cr debt raise.
Growth they described
Overall growth at 31.7% (reported); retail health grew 47.1% (reported). Combined Insurance Service Ratio improved to 100.2%.
Call details
| Company | Niva Bupa Health Insurance Company Limited |
|---|---|
| NSE symbol | NIVABUPA |
| ISIN | INE995S01015 |
| Call | Q2 FY27 earnings call |
| Date | Wednesday, 4 November 2026 |
| Time | 5:30 PM IST |
| Length | 39 min |
Niva Bupa Health Insurance Company Limited: key numbers
- Share price
- ₹78.55
- Market cap
- ₹14,537 Cr
- Revenue (annual)
- ₹6,695 Cr
- Net profit (annual)
- ₹130.8 Cr
- P/E (TTM)
- 27.4×Sector 20.8×
- Promoter holding
- 55.29%-0.01% QoQ
- FII holding
- 12.95%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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