Star Health and Allied Insurance Company Earnings Call Transcript: Key Takeaways
Star Health reported a significant structural turnaround with underwriting profitability for the fifth consecutive quarter.
- Call
- Guides 20% growth
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Star Health reported a significant structural turnaround with underwriting profitability for the fifth consecutive quarter.
Q2FY27 revenue ₹7,518 Cr (+24% YoY), operating EBITDA ₹1,335 Cr (17.8% margin vs 23.2%), PAT ₹754 Cr (-14% YoY). Retail-led growth offsets US export disruption. FY27 EBITDA guidance reaffirmed.
Q2 FY27 revenue ₹11,797mn (+5.4% YoY), Adj. EBITDA ₹1,184mn (10.0% margin, -11.1% YoY), Adj. PAT ₹826mn (-17.8% YoY). Heltar AI acquisition adds conversational layer.
Q2FY27 standalone total income ₹228 Cr (+32.4%), H1 ₹430 Cr (+28.2%). Q2 PAT fell 31.2% on input-cost squeeze. Consolidated Q2 PAT ₹3 Cr.
H1 FY27 consolidated revenue ₹6,414Cr (+22%, 18% normalised), EBITDA ₹721Cr (+17%), PAT ₹364Cr (+9%); margins compressed, net cash ₹247Cr.
Q2 FY27 revenue Rs1,230Mn (+98% YoY), PAT Rs318Mn (+103%); H1 revenue Rs2,306Mn (+85%). Hobel consolidation from May 2026 drives growth.
H1 FY27 PAT ₹815 Cr (+57%); CISR improved to 97.9% from 100.3%; underwriting result ₹210 Cr vs loss ₹24 Cr. Retail fresh GWP +36%, driven by agency and D2C. Reported profit includes ₹229 Cr MTM gain.
Q2FY27 total income ₹827 Cr (+15.1%); EBITDA ₹131 Cr (+8.0%); PAT ₹75 Cr (-13.8%). Retail expansion via ZECODE/DEVO continues.
JSW Infrastructure (parent of Navkar) is pivotting to a logistics-heavy model while port margins suffer from the Fujairah disruption. Domestic growth remains strong, but international headwinds and capex execution are key monitorables.
Q2 FY27 revenue Rs 833 Cr (down 9% YoY, up 13% QoQ). Operating EBITDA margin 18% on forex hedge losses. PAT before exceptionals Rs 38 Cr (down 44% YoY). Focus on integrated CRDMO and first Bayview biologics deal.
Q2FY27 revenue ₹2,617 Cr (+28% YoY), EBITDA margin 14.7% (+372 bps), PAT ₹5 Cr vs loss of ₹99 Cr. FY27 revenue growth outlook raised to 19-20%.
SAIL H1 FY27: turnover Rs 57,776 cr (+10.6%), EBITDA Rs 8,917 cr (15.4% margin), PAT Rs 3,410 cr (3x). Q2 PAT Rs 1,774 cr. Margin expansion driven by realisations.
Bajaj Auto delivered record revenue and EBITDA despite hyper-inflationary pressures, driven by export recovery and a surging EV portfolio. The 'True Narrative' shows a deliberate sacrifice of 100cc volumes to protect corporate margins.
Q2FY27 revenue ₹1,152 Cr (+15.8%), EBITDA ₹143 Cr (+10.0%), margin 12.4% (-66 bps), PAT ₹69 Cr (+9.7%). Record 10.0 Mn case volume; premiumisation and P&A-led strategy.
Q2FY27 consolidated revenue ₹309.1 Cr (+25%) and PAT ₹69.6 Cr (+10%); H1 revenue ₹566.6 Cr (+26%). Margins compressed; Inspira dermatology division launched.
Q2 FY27 consolidated revenue ₹3,044.61 Mn (+52.5% YoY), PAT ₹250.20 Mn (+21.2%), EBITDA margin 16.35% (down 285 bps) on input-cost headwinds. Capacity expansion underway.
SBI Life delivered a strong 19% growth in Value of New Business (VNB) and margin expansion, effectively managing a one-time ₹530 Cr GST impact while maintaining market leadership.
Q2 FY27 consolidated revenue ₹2,402.2 Mn (+44.2%), EBITDA ₹266.2 Mn (+58.5%), PAT ₹160.6 Mn (+102.1%), EBITDA margin 11.1%. Strategy: FIBC scale-up, Taslan yarn, non-wovens, UK/Italy expansion.
Q2 FY27: Revenue ₹1,912 cr (+33.1% YoY), Op. EBITDA ₹278 cr (+3.9%), PAT ₹77.6 cr (+3.0%). Volume-led growth; North (Nagaur) ramp-up; approved capacity to 43.3 MTPA grinding.
H1 FY27 revenue ₹42.20 Cr (+48.3% YoY), PAT ₹6.53 Cr (+45.9%), EBITDA margin 23.54%. Order book ₹77.42 Cr. No explicit forward guidance.
Q2 FY27 sales ₹933.9 Cr (+42.5%), PAT ₹13.7 Cr; H1 sales ₹2,968 Cr (+37.4%). Margins compressed on commodity costs; growth via capacity and backward integration.
Onesource Specialty Pharma delivered its third consecutive growth quarter, driven by new sterile cartridge capacity.
Q2 FY27 PAT ₹44 Cr (down 50% YoY) on total income ₹114 Cr; loan assets flat at ₹3,684 Cr; sanctions at an 8-year high.
Q2 FY27 revenue ₹13,517 Mn (+25.3% YoY), EBITDA ₹2,143 Mn (+20.8%), PAT ₹1,464 Mn (+17.1%). Debt-free, cash ₹14,474 Mn, ROCE 27%.
AWL delivered 26% revenue growth, but PAT dipped 2% due to local tax regulations in Bangladesh. Food and FMCG segment grew 32%, becoming a critical growth engine alongside stable edible oils.
JSW Infrastructure delivered healthy revenue growth of 18% YoY despite geopolitical disruptions in Fujairah.
WSFx delivered record Q2 turnover growth led by student remittances, despite macro headwinds in the US market. The pivot toward high-volume B2B channels is driving scale but compressing margins due to higher commission payouts.
Q2 FY27 revenue Rs 1,427 Cr (+38% YoY), EBITDA Rs 143 Cr (+28%), PAT Rs 102 Cr (+6%); H1 revenue Rs 2,902 Cr. Copper entry via RMIL acquisition.
Q2FY27 consolidated revenue Rs 12,767 Mn (+24%), EBITDA Rs 1,432 Mn (11.2% margin), PAT Rs 747 Mn (+4%). H1 revenue Rs 23,816 Mn (+19%). Strategy centres on value-added products and reduced EPC exposure.
Q2 FY27 revenue ₹2,037cr (+21.3% YoY), operating EBITDA ₹98cr (4.8% margin), reported PAT ₹56cr (+1% YoY). Store expansion continues; no explicit guidance given.