# Niva Bupa Health Insurance Company (NIVABUPA) — Stock analysis

> Faxioms all-in-one stock review. Canonical page: https://faxioms.com/stocks/nivabupa

## Current market snapshot

- Exchange: NSE
- Country: India
- Price: ₹75.85
- Change: -1.19%
- As of: 2026-11-06
- 1D return: -1.19%
- 5D return: +4.40%
- 1M return: -2.54%
- Latest complete quarter: fy27_q2

## Faxioms Analysis

_As of 2026-11-06_

### Technical Outlook

NIVABUPA (₹75.85) presents a conflicting technical picture on November 6, 2026. While the daily trend shows price holding above short-term averages (20-period EMA and SMA), it remains firmly below longer-term resistance levels (50-period and 200-period SMAs) and the Supertrend indicator, which is bearish across daily, weekly, and monthly timeframes. The ADX of 19.9 indicates weak trend strength on the daily chart, suggesting consolidation rather than a decisive breakout.

Momentum is mixed: a +5.2% unusual upward move occurred on November 4, followed by a Bullish Engulfing Reversal pattern, yet the stock closed lower (-1.2%) on November 6. An active Inside Bar formation on the monthly timeframe suggests potential for a significant directional move, but the broader context remains cautious given the -17.9% current drawdown and 30.8% annualized volatility. Key support lies at ₹75.24 (0.80% below), with immediate resistance at ₹75.92 (0.09% above). A sustained close above ₹75.92 would be required to validate near-term bullish momentum; failure to hold above ₹75.24 could expose the stock to further downside toward ₹73.74.

- Trend Conflict: Price is above daily 20-period EMA/SMA but below 50/200-period SMAs and Supertrend; ADX (19.9) signals weak conviction.
- Key Levels: Immediate resistance at ₹75.92 (+0.09%); critical support at ₹75.24 (-0.80%). Breakout requires closing above ₹75.92.
- Volatility & Risk: Current drawdown is -17.9% with high annualized volatility (30.8%); ATR is 3.59%, indicating wide price swings.
- Pattern Watch: Active monthly Inside Bar suggests pending volatility expansion; recent daily Bullish Engulfing (Nov 4) was not fully sustained.

- Inside Bar
- Bullish Engulfing Reversal
- Bearish Engulfing Reversal
- Doji
- Morning Star

### News Context

Niva Bupa Health Insurance reported a 124% year-on-year surge in second-quarter profit after tax to ₹136 crore, driven by strong growth in its retail health insurance business. Gross written premiums increased 35% to ₹2,484 crore, with retail health premiums rising 47% to ₹1,876 crore. The company also noted an improved expense ratio of 36.4% for the first half, down from 37.2% in the previous year.

In a separate development, the Surat District Consumer Disputes Redressal Commission ruled that Niva Bupa cannot repudiate a claim for ovarian tumour treatment based on the non-disclosure of an unrelated wrist ailment (Kienbock disease). The commission directed the insurer to reimburse Rs 75,449 plus 7% annual interest, along with compensation for mental agony and litigation expenses, after finding no medical link between the two conditions.

While these events highlight operational strength and a specific legal precedent regarding claim repudiation, broader sector context indicates that general insurers faced underwriting losses in the September quarter due to severe monsoon flood claims and aggressive price discounting in fire insurance. However, standalone health insurers like Niva Bupa achieved profitability driven by premium growth and tax exemptions.

- Niva Bupa's Q2 profit after tax surged 124% YoY to ₹136 crore, supported by a 35% increase in gross written premiums to ₹2,484 crore and a 47% rise in retail health premiums to ₹1,876 crore.
- The company improved its expense ratio to 36.4% for the first half, down from 37.2% in the prior year, indicating better cost management alongside premium growth.
- A consumer court ruled that Niva Bupa must reimburse Rs 75,449 plus 7% interest for an ovarian tumour claim, rejecting the insurer's attempt to repudiate based on an unrelated wrist ailment disclosure.
- While standalone health insurers saw profitability, the broader general insurance sector faced headwinds from monsoon flood claims and falling fire insurance rates during the same period.

- [Floods and falling fire rates hurt general insurers in September quarter | Mint](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- [Niva Bupa Q2 YoY profit after tax soars 124%](https://economictimes.indiatimes.com/markets/stocks/earnings/niva-bupa-q2-yoy-profit-after-tax-soars-124/articleshow/135555889.cms)
- [‘Insurer cannot reject ovarian tumour claim citing unrelated wrist ailment’](https://timesofindia.indiatimes.com/city/surat/insurer-cannot-reject-ovarian-tumour-claim-citing-unrelated-wrist-ailment/articleshow/135511455.cms)

### What Changed

On November 6, 2026, Niva Bupa Health Insurance Company Limited filed its unaudited financial results for the half-year and quarter ended September 30, 2026, with the National Stock Exchange. The company’s share price was recorded at ₹75.85 on this date, reflecting a decline from the previous close of ₹76.88.

The broader insurance sector faced headwinds in the September quarter due to severe monsoon flood claims and aggressive discounting in fire insurance, which caused underwriting losses for multiline general insurers. However, standalone health insurers like Niva Bupa reported profitability, driven by premium growth and tax exemptions. While investment gains helped offset some sector-wide strain, heavy claims burdens have pressured solvency ratios for certain players.

- NIVABUPA filed unaudited financial results for the period ending September 30, 2026, on November 6, 2026.
- The stock traded at ₹75.85 on November 6, 2026, down from ₹76.88 in the prior session.
- Standalone health insurers achieved profitability in the September quarter, contrasting with underwriting losses in multiline general insurers due to flood claims and fire insurance discounting.

- [Floods and falling fire rates hurt general insurers in September quarter | Mint](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication- Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)

### Official Filings

Niva Bupa Health Insurance Company Limited’s Board approved unaudited financial results for the half-year ended September 30, 2026, on November 4, 2026. The company reported a Year-to-Date (YTD) Profit Before Tax of ₹46,246 lakhs and Gross Written Premium (GWP) of ₹858,592 lakhs. Solvency stood at 2.49 times as of March 31, 2026. Joint statutory auditors issued an unmodified review conclusion.

Regulatory compliance remains a focal point. On August 19, 2026, the Insurance Regulatory and Development Authority of India (IRDAI) warned the company for exceeding Expenses of Management (EoM) limits in FY 2024-25 and directed a six-month ban on opening new places of business. The company accepted this order without appeal. Despite this, the company reported compliance with applicable EoM limits for the quarter and YTD ended September 30, 2026. Additionally, the company received a GST refund of ₹2,213 lakhs in July 2026 after a reduction in demand from ₹2,928 lakhs to ₹287 lakhs by the Adjudicating Authority.

Governance updates include the consolidation of Unpublished Price Sensitive Information (UPSI) policies into a single document aligned with SEBI regulations, designating the Company Secretary & Compliance Officer as Chief Investor Relations Officer, and establishing an Inquiry Committee.

- Financial Performance: YTD Profit Before Tax was ₹46,246 lakhs and GWP was ₹858,592 lakhs for the period ended September 30, 2026; solvency was 2.49 times as of March 31, 2026.
- Regulatory Action: IRDAI imposed a six-month ban on opening new places of business on August 19, 2026, due to EoM limit breaches in FY 2024-25; the company accepted the order without contest.
- Compliance Status: The company reported compliance with applicable EoM limits for the quarter and YTD ended September 30, 2026, despite the prior regulatory warning.
- GST Refund: Received ₹2,213 lakhs in July 2026 following a reduction in GST demand from ₹2,928 lakhs to ₹287 lakhs.

- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication- Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026152513_Discl51outcomeBM04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026152155_Discl30Boardmeetingoutcome04112026A.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026153338_Disclosur30_Earningscallpresentationfinal.pdf)
- [Disclosure Under Regulation 51 |SUBJECT: Disclosure Under Regulation 51](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026153147_Discl51AmendmentPITPolicy.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding 'Amendments to the PIT Policies'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026154251_Discl30PITPolicy04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Unaudited Financial Results for the Quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026174853_Intimation-Press_release_Earning_call.pdf)
- [Integrated Filing- Financials|Original|](https://nsearchives.nseindia.com/corporate/xbrl/IF_INS_COM_IND_AS_19757_WebXMLFile_20261104_181240292.xml)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Link of Recording |SUBJECT: Analysts/Institutional Investor Meet/Con. Call Updates](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026220958_Disclosure_Audio_recordings.pdf)
- [NIVA BUPA HEALTH INSURANCE COMPANY LIMITED has informed the Exchange about Audio Recording/Video Recording |SUBJECT: Analyst/Investor Meet Para A-XBRL](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19757_WebXMLFile_20261104_222333640.xml)

### Fundamentals

Niva Bupa Health Insurance Company demonstrates a divergence between top-line growth and bottom-line profitability in the latest reporting periods. Sales grew 35% year-on-year to ₹6,695 crore for the year ended March 2026, with trailing twelve-month (TTM) sales reaching ₹7,907 crore. However, net profit declined significantly from ₹214 crore in FY2025 to ₹131 crore in FY2026, resulting in a negative TTM compounded profit growth of -43%. This compression is evident in quarterly results where the company reported an operating loss of ₹53 crore and a net loss of ₹35 crore in September 2025, compared to a net profit of ₹13 crore in the prior year period.

Financial health remains robust with zero interest costs across all reported periods, indicating no reliance on debt for operations. Borrowings are stable at approximately ₹250–₹268 crore. The balance sheet shows substantial investments growing from ₹8,175 crore to ₹9,670 crore annually, while tangible fixed assets increased to ₹85 crore. Solvency ratios decreased from ₹2.85 to ₹2.03 in recent quarters, reflecting the impact of rapid asset base expansion. Return on Equity (ROE) has remained low, averaging 3-5% over three years, suggesting that current earnings levels do not yet fully capitalize the equity base.

- Sales momentum is strong with 35% YoY growth in FY2026 and TTM sales of ₹7,907 crore, but net profit fell 39% to ₹131 crore in FY2026 due to operational pressures.
- Recent quarterly performance showed a net loss of ₹35 crore in Sep 2025, contrasting with a ₹13 crore profit in Sep 2024, highlighting near-term margin compression.
- Balance sheet is debt-light with zero interest expenses and borrowings held steady around ₹250 crore; however, solvency ratio declined to ₹2.03 as investments grew to ₹10,659 crore.
- Capital efficiency remains modest with ROE at 3% for the last year and ROCE dropping to 3% in Mar 2026, requiring monitoring of future profitability trends.

### Bull Case

Niva Bupa Health Insurance delivered a 124% year-on-year surge in second-quarter profit after tax to ₹136 crore, driven by robust growth in its retail health insurance segment. Gross written premiums increased 35% to ₹2,484 crore, with retail health premiums rising 47% to ₹1,876 crore. The company also reported an improved expense ratio of 36.4% for the first half, down from 37.2% in the previous year. This performance contrasts with the broader general insurance sector, which faced underwriting losses in the September quarter due to severe monsoon flood claims and aggressive price discounting in fire insurance; standalone health insurers like Niva Bupa achieved profitability despite these headwinds. While technical indicators show a bearish trend with the stock trading at ₹75.85 and a current drawdown of -17.9%, the fundamental operating metrics highlight strong underlying business momentum and margin efficiency.

- Q2 profit after tax surged 124% YoY to ₹136 crore, supported by 47% growth in retail health premiums to ₹1,876 crore.
- Expense ratio improved to 36.4% for the first half, down from 37.2% in the prior year, indicating better cost management.
- Outperformed the general insurance sector’s September quarter underwriting losses, maintaining profitability as a standalone health insurer.
- Stock trades at ₹75.85 with a -17.9% current drawdown, contrasting with strong operational growth but reflecting broader market pressure.

- [Floods and falling fire rates hurt general insurers in September quarter | Mint](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- [Niva Bupa Q2 YoY profit after tax soars 124%](https://economictimes.indiatimes.com/markets/stocks/earnings/niva-bupa-q2-yoy-profit-after-tax-soars-124/articleshow/135555889.cms)
- [‘Insurer cannot reject ovarian tumour claim citing unrelated wrist ailment’](https://timesofindia.indiatimes.com/city/surat/insurer-cannot-reject-ovarian-tumour-claim-citing-unrelated-wrist-ailment/articleshow/135511455.cms)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication- Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026152513_Discl51outcomeBM04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026152155_Discl30Boardmeetingoutcome04112026A.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026153338_Disclosur30_Earningscallpresentationfinal.pdf)
- [Disclosure Under Regulation 51 |SUBJECT: Disclosure Under Regulation 51](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026153147_Discl51AmendmentPITPolicy.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding 'Amendments to the PIT Policies'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026154251_Discl30PITPolicy04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Unaudited Financial Results for the Quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026174853_Intimation-Press_release_Earning_call.pdf)

### Bear Case

Niva Bupa Health Insurance faces a mix of operational headwinds and technical deterioration. While the company reported strong Q2 profitability, with profit after tax surging 124% to ₹136 crore on 35% gross written premium growth, these gains are offset by significant external risks. The broader general insurance sector is grappling with underwriting losses from severe monsoon floods and aggressive price discounting in fire insurance, which pressures solvency ratios across the industry. On the regulatory front, Niva Bupa was directed by the Surat District Consumer Disputes Redressal Commission to reimburse ₹75,449 plus interest for an ovarian tumour claim, highlighting potential litigation risks regarding claim repudiation based on non-disclosure of unrelated ailments. Technically, the stock exhibits bearish momentum across daily, weekly, and monthly timeframes, with a current drawdown of -17.9% and a maximum drawdown of -25.9%. The share price closed at ₹75.85, trading below key moving averages, with resistance forming closely at ₹75.92.

- Technical indicators show bearish trends across daily, weekly, and monthly charts, with the stock down -17.9% from recent highs and closing at ₹75.85.
- Regulatory risk: A consumer commission ordered reimbursement of ₹75,449 plus 7% interest, ruling that an unrelated wrist ailment does not justify rejecting an ovarian tumour claim.
- Sector-wide pressure: General insurers face underwriting losses from monsoon flood claims and fire insurance discounting, which may indirectly impact market sentiment and solvency metrics.
- Price action: Immediate resistance sits at ₹75.92 (0.09% above), while support levels are identified at ₹75.24 and ₹73.74.

- [Floods and falling fire rates hurt general insurers in September quarter | Mint](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- [Niva Bupa Q2 YoY profit after tax soars 124%](https://economictimes.indiatimes.com/markets/stocks/earnings/niva-bupa-q2-yoy-profit-after-tax-soars-124/articleshow/135555889.cms)
- [‘Insurer cannot reject ovarian tumour claim citing unrelated wrist ailment’](https://timesofindia.indiatimes.com/city/surat/insurer-cannot-reject-ovarian-tumour-claim-citing-unrelated-wrist-ailment/articleshow/135511455.cms)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication- Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026152513_Discl51outcomeBM04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026152155_Discl30Boardmeetingoutcome04112026A.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026153338_Disclosur30_Earningscallpresentationfinal.pdf)
- [Disclosure Under Regulation 51 |SUBJECT: Disclosure Under Regulation 51](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026153147_Discl51AmendmentPITPolicy.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding 'Amendments to the PIT Policies'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026154251_Discl30PITPolicy04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Unaudited Financial Results for the Quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026174853_Intimation-Press_release_Earning_call.pdf)

### FAQs

**How did Niva Bupa perform financially in the September quarter, and what drove the results?**

Niva Bupa reported a 124% year-on-year surge in second-quarter profit after tax to ₹136 crore. This growth was driven by strong retail health insurance business expansion, with gross written premiums increasing 35% to ₹2,484 crore and retail health premiums rising 47% to ₹1,876 crore. The company also improved its expense ratio to 36.4% for the first half.

**What regulatory actions has Niva Bupa faced recently, and how has the company responded?**

On August 19, 2026, the IRDAI warned Niva Bupa for exceeding Expenses of Management (EoM) limits for FY2024-25 and directed it not to open new places of business for six months. The company accepted this order without contesting it. However, the filing notes that the company complied with applicable EoM limits for the quarter and year-to-date ended September 30, 2026.

**What is the current solvency position and recent price performance of the stock?**

As of March 31, 2026, Niva Bupa’s solvency stood at 2.49 times. In terms of market performance, the stock closed at ₹75.85 on November 6, 2026, reflecting a -17.9% current drawdown from its peak. Over the past three months, the stock has declined by 13.0%, while it remains up +1.0% year-to-date.

- [Floods and falling fire rates hurt general insurers in September quarter | Mint](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- [Niva Bupa Q2 YoY profit after tax soars 124%](https://economictimes.indiatimes.com/markets/stocks/earnings/niva-bupa-q2-yoy-profit-after-tax-soars-124/articleshow/135555889.cms)
- [‘Insurer cannot reject ovarian tumour claim citing unrelated wrist ailment’](https://timesofindia.indiatimes.com/city/surat/insurer-cannot-reject-ovarian-tumour-claim-citing-unrelated-wrist-ailment/articleshow/135511455.cms)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Copy of Newspaper Publication- Unaudited Financial Results for the quarter and half year ended September 30, 2026 |SUBJECT: Copy of Newspaper Publication](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)
- [Outcome of Board Meeting |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026152513_Discl51outcomeBM04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has submitted to the Exchange, the financial results for the period ended September 30, 2026. |SUBJECT: Outcome of Board Meeting](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026152155_Discl30Boardmeetingoutcome04112026A.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange about Investor Presentation |SUBJECT: Investor Presentation](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026153338_Disclosur30_Earningscallpresentationfinal.pdf)
- [Disclosure Under Regulation 51 |SUBJECT: Disclosure Under Regulation 51](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026153147_Discl51AmendmentPITPolicy.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding 'Amendments to the PIT Policies'. |SUBJECT: Updates](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026154251_Discl30PITPolicy04112026.pdf)
- [Niva Bupa Health Insurance Company Limited has informed the Exchange regarding a press release dated November 04, 2026, titled "Unaudited Financial Results for the Quarter and half year ended September 30, 2026". |SUBJECT: Press Release](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026174853_Intimation-Press_release_Earning_call.pdf)
## Technical analytics

- As of: 2026-11-06
- Daily trend: Weak Uptrend
- Weekly trend: Weak Downtrend
- Pivot point: ₹77.72
- Risk regime: Price Risk Requires Attention

### Support levels
- 75.9155859375
- 73.73625
- 73.20125

### Resistance levels
- 77.1
- 78.65187499999999
- 80.26553833007813

### Return and range metrics

| Metric | Value |
| --- | --- |
| return_1 | -1.19% |
| return_10 | +5.45% |
| return_1m | -0.93% |
| return_1y | +0.56% |
| return_20 | -2.54% |
| return_3m | -13.00% |
| return_5 | +4.40% |
| return_6m | -3.69% |
| return_since_start | -9.44% |
| return_ytd | +1.03% |

### Risk and volatility metrics

| Metric | Value |
| --- | --- |
| state | elevated_risk |
| label | Price risk requires attention |
| summary | Recent drawdown or price variability is high enough to warrant closer monitoring. |
| maximum_drawdown | -25.93% |
| annualized_volatility | +30.76% |

## Quarterly financials

- Latest complete quarter: fy27_q2

# Niva Bupa Health Insurance Company Limited Q2 FY2026-27: Claims rise 51% year on year

Niva Bupa reported profit after tax of ₹136 crore and earnings per share of ₹0.73 for the quarter ended 30 September 2026. Incurred claims rose 51% year on year to ₹1,533 crore, while the company recorded an insurance service result of ₹126 crore and a combined operating ratio of 93.2.

## Claims and underwriting

Insurance revenue was ₹2,412 crore in Q2 FY2026-27. Incurred claims of ₹1,533 crore compared with ₹1,013 crore in Q2 FY2025-26, an increase of 51%. The claims ratio was 63.09; the expense ratio was 30.1 and the combined operating ratio was 93.2. The insurance service result remained positive at ₹126 crore, with an insurance service margin of 6.8.

Commission expenses were ₹566 crore and employee benefit expenses were ₹218 crore during the quarter. These figures provide context for the expense base alongside the reported expense ratio.

## Investment income and earnings

Investment income was ₹160 crore, comprising investment revenue of ₹177 crore and other investment revenue of negative ₹18 crore. Profit before tax was ₹182 crore and profit after tax was ₹136 crore. Net insurance margin was 11.84.

## Cash flow, investments and solvency

Cash flow from operating activities was ₹448 crore, while investing activities used ₹516 crore. Free cash flow was negative ₹69 crore for the quarter.

Investments stood at ₹10,659 crore as at 30 September 2026, up from ₹9,670 crore at 31 March 2026. The solvency ratio was 2.03 at quarter-end, compared with 2.85 at 30 September 2025.

## Other comprehensive income

Other comprehensive income was negative ₹139 crore. As a result, comprehensive income for the period was a loss of ₹3 crore, despite reported profit after tax of ₹136 crore.

## Key Takeaway

Niva Bupa remained profitable, with a positive insurance service result and ₹136 crore of profit after tax, but incurred claims were 51% higher year on year. The solvency ratio also fell from 2.85 to 2.03 over the year, while negative other comprehensive income turned total comprehensive income to a small loss.

### Ratios

## Shareholding pattern

- Quarter: FY2027-Q1
- As of: 2026-06-30
- Promoter holding: +55.30%
- FII holding: +12.09%
- DII holding: +16.17%
- Mutual fund holding: +9.35%
- Retail holding: +1.92%
- Promoter pledged: +0.00%

### Major reported shareholders

- Bupa Singapore Holdings Pte Ltd — +55.30% (Bodies Corporate)
- FETTLE TONE LLP — +7.18%
- Nippon India Mutual Fund Through various schemes — +3.11%
- INDIA BUSINESS EXCELLENCE FUND IV — +2.62%
- V-SCIENCES INVESTMENTS PTE LTD — +2.42%
- AMANSA HOLDINGS PRIVATE LIMITED — +2.29%
- A91 EMERGING FUND II LLP — +2.11%
- ZULIA INVESTMENTS PTE. LTD. — +2.04%
- DSP Mutual Fund Through various schemes — +1.57%
- Tata Mutual Fund Through various schemes — +1.52%

## Official filings

- 2026-11-06 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_06112026115334_Disclosure_-_Combined_results_Final_.pdf)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026152513_Discl51outcomeBM04112026.pdf)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026152155_Discl30Boardmeetingoutcome04112026A.pdf)
- 2026-11-04 — Earnings Presentation: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026153338_Disclosur30_Earningscallpresentationfinal.pdf)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_04112026153147_Discl51AmendmentPITPolicy.pdf)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026154251_Discl30PITPolicy04112026.pdf)
- 2026-11-04 — Press Release: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026174853_Intimation-Press_release_Earning_call.pdf)
- 2026-11-04 — Financial Results Filing: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/IF_INS_COM_IND_AS_19757_WebXMLFile_20261104_181240292.xml)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_04112026220958_Disclosure_Audio_recordings.pdf)
- 2026-11-04 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19757_WebXMLFile_20261104_222333640.xml)
- 2026-11-01 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_01112026182149_Disclosure_Reg_30-_Intimation_shares_allotment_ESOP_Final.pdf)
- 2026-11-01 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/ALTERATION_OF_CAPITAL_AND_FUND_RAISING_19757_WebXMLFile_20261101_182828858.xml)
- 2026-10-28 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SAIIM_19757_WebXMLFile_20261028_185505175.xml)
- 2026-10-28 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_28102026184924_Intimation_Reg_30_-_Earnings_call_Final.pdf)
- 2026-10-27 — Official Filing: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/INVESTOR_DEBT_1542718_08102025054443_WEB.xml)
- 2026-10-24 — Board Meeting Notice: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_24102026131557_Intimation-Board_Meeting_.pdf)
- 2026-10-24 — Board Meeting Notice: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19757_WebXMLFile_20261024_132312395.xml)
- 2026-10-24 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/PRIOR_INTIMATION_19757_WebXMLFile_20261024_132312395.xml)
- 2026-10-24 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_24102026132623_Intimation_of_Board_Meetingdebt_.pdf)
- 2026-10-21 — Shareholding Disclosure: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742972_21102026041814_WEB.xml)
- 2026-10-19 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_19102026222206_Discosure_under_Regulation_30_Roger_Davis_demise_Final.pdf)
- 2026-10-19 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_19102026223606_Discosure_under_Regulation_30_Roger_Davis_demise_Final.pdf)
- 2026-10-19 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/content/debt/WDM/MAXBUPA_19102026224924_Disclosure_under_Regulation_51_Final.pdf)
- 2026-10-19 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/xbrl/CIM_19757_WebXMLFile_20261019_225407398.xml)
- 2026-10-15 — Generic Announcement: Niva Bupa Health Insurance Company Limited — [Official attachment](https://nsearchives.nseindia.com/corporate/MAXBUPA_15102026164236_Call_Option_Intimation_and_Notice_Final.pdf)

## News and market events

- 2026-11-06 — Mint: **Floods and falling fire rates hurt general insurers in September quarter | Mint** — India’s listed multiline general insurers reported underwriting losses in the September quarter due to severe monsoon flood claims, aggressive price discounting in fire insurance, and increased liabilities from a Supreme Court ruling on motor accident compensation. While standalone health insurers achieved profitability driven by premium growth and tax exemptions, investment gains partially offset the sector's broader financial strain. The heavy claims burden has also pressured solvency ratios for some players, with New India Assurance recording a significant net loss. — [Source](https://www.livemint.com/industry/floods-and-falling-fire-rates-hurt-general-insurers-in-september-quarter-11793939120500.html)
- 2026-11-05 — Economic Times: **Niva Bupa Q2 YoY profit after tax soars 124%** — Niva Bupa Health Insurance reported a 124% year-on-year surge in second-quarter profit after tax to ₹136 crore, driven by strong growth in its retail health insurance business. Gross written premiums increased 35% to ₹2,484 crore, with retail health premiums rising 47% to ₹1,876 crore. The company also noted an improved expense ratio of 36.4% for the first half, down from 37.2% in the previous year. — [Source](https://economictimes.indiatimes.com/markets/stocks/earnings/niva-bupa-q2-yoy-profit-after-tax-soars-124/articleshow/135555889.cms)
- 2026-11-03 — Times of India: **‘Insurer cannot reject ovarian tumour claim citing unrelated wrist ailment’** — The Surat District Consumer Disputes Redressal Commission ruled that Niva Bupa Health Insurance cannot repudiate a claim for an ovarian tumour treatment based on the non-disclosure of an unrelated wrist ailment, Kienbock disease. The commission directed the insurer to reimburse Rs 75,449 plus 7% annual interest, along with compensation for mental agony and litigation expenses, after finding no medical link between the two conditions. — [Source](https://timesofindia.indiatimes.com/city/surat/insurer-cannot-reject-ovarian-tumour-claim-citing-unrelated-wrist-ailment/articleshow/135511455.cms)
- 2026-10-25 — Mint: **Top 3 stocks to buy under  ₹100: Niva Bupa, GMR Airports, Restaurant Brands by Sumeet Bagadia | Target price, stop-loss** — Stock market prediction for next week: Sumeet Bagadia believes the near-term bias of the Indian stock market remains cautious unless the Nifty 50 index reclaims its immediate resistance zone, which is 22,750 to 22,800 — [Source](https://www.livemint.com/market/stock-market-news/top-3-stocks-to-buy-under-rs-100-niva-bupa-gmr-airports-restaurant-brands-by-sumeet-bagadia-target-price-stoploss-11792862655967.html)
- 2026-10-16 — LIVELAW.IN: **Repeated Document Demands, Health Claim Rejection: Delhi Consumer Commission Holds Niva Bupa Liable** — The District Consumer Disputes Redressal Commission-VIII (Central), Delhi, comprising President Divya Jyoti Jaipuriar and Member Dr. Rashmi Bansal, has held Niva Bupa Health Insurance Co. Ltd.... — [Source](https://www.livelaw.in/consumer-cases/repeated-document-demands-health-claim-rejection-delhi-consumer-commission-holds-niva-bupa-liable-554929)
- 2026-10-01 — Mint: **Catch them young: ICICI Lombard eyes 18-35-year-olds with digital health cover | Mint** — For ICICI Lombard, the immediate objective is to get younger customers into its customer base early, keep them engaged and eventually move them toward higher-value products as their financial capacity and insurance requirements grow. — [Source](https://www.livemint.com/industry/banking/catch-them-young-icici-lombard-eyes-18-35-year-olds-with-digital-health-cover-11790763138747.html)
- 2026-09-25 — Mint: **Motilal Oswal believes IRDAI draft is positive for this insurance stock, sees 31% upside- Check target price, rationale | Stock Market News** — Niva Bupa Health Insurance shares rose 1.63% after IRDAI proposed distribution regulation reforms. Brokerage Motilal Oswal supports a bullish view, forecasting a 31% upside. — [Source](https://www.livemint.com/market/stock-market-news/motilal-oswal-believes-irdai-draft-is-positive-for-this-insurance-stock-sees-31-upside-check-target-price-rationale-11790318618352.html)
- 2026-09-25 — MONEYCONTROL: **Buy Niva Bupa Health Insurance; target of Rs 100: Motilal Oswal** — Motilal Oswal, Niva Bupa Health Insurance, buy, Recommendations — [Source](https://www.moneycontrol.com/news/business/stocks/buy-niva-bupa-health-insurance-target-of-rs-100-motilal-oswal-2-14038104.html)
- 2026-09-25 — CNBC-TV18: **Stocks To Buy: Motilal Oswal expects this insurance stock to rise 31% after the IRDAI draft paper** — Motilal Oswal is one among the 10 analysts who have maintained their "buy" recommendation on the Niva Bupa Health Insurance. Only one other stock has a "hold" recommendation. — [Source](https://www.cnbctv18.com/market/niva-bupa-health-insurance-share-price-motilal-oswal-bullish-irdai-draft-paper-benefits-concerns-risks-implications-19998173.htm)
- 2026-09-24 — Mint: **IRDAI commission proposals: Why does Nithin Kamath see regulatory risk as key?** — Zerodha CEO Nithin Kamath warned that regulatory risk is the biggest threat to financial businesses after IRDAI's proposed changes to insurance commission rules. The reforms aim to restructure insurance distribution expenses, which could affect commission rates and the economics of fintech models. — [Source](https://www.livemint.com/market/stock-market-news/irdai-commission-proposals-why-does-nithin-kamath-see-regulatory-risk-as-key-11790271257779.html)
- 2026-09-22 — MONEYCONTROL: **Only 11 insurers across the sector have begun Ind AS transition** — insurers, life insurers, health insurers, general insurers, GAAP, Ind AS, accounting standards — [Source](https://www.moneycontrol.com/banking/only-11-insurers-across-the-sector-have-begun-ind-as-transition-article-14035101.html)
- 2026-09-16 — Mint: **Stocks to buy: Colgate to Rossell Techsys -Sumeet Bagadia gives five breakout shares for Wednesday | 16 September** — Breakout stocks to buy: Sumeet Bagadia recommends five breakout stocks to buy today — Colgate-Palmolive (India), Gmm Pfaudler, Niva Bupa Health Insurance Company, Capillary Technologies India, and Rossell Techsys. — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-buy-colgate-to-rossell-techsys-sumeet-bagadia-gives-five-breakout-shares-for-wednesday-16-sep-11789520287227.html)
- 2026-09-13 — Mint: **₹5 lakh health claim rejected over waiting period: Why Mumbai consumer forum backed policyholder | Mint** — Mumbai consumer forum passed the order in a case involving a ₹5 lakh health insurance claim for pancreatitis. The commission directed Max Bupa Health Insurance to pay the policyholder's claim after the insurer rejected it by citing a 24-month specific waiting period applicable to pancreatitis — [Source](https://www.livemint.com/money/personal-finance/5-lakh-health-claim-rejected-over-waiting-period-why-mumbai-consumer-forum-backed-policyholder-11789300930183.html)
- 2026-09-10 — Mint: **Life insurers ask Irdai to rework expense cap rules | Mint** — Life insurers are seeking greater flexibility in expense caps, arguing that product-specific limits can constrain growing insurers as they invest in distribution, technology and expansion. — [Source](https://www.livemint.com/industry/life-insurers-seek-100-crore-eom-breach-relaxation-as-smaller-players-push-for-flexibility-11789019880043.html)
- 2026-09-10 — MONEYCONTROL: **Insurance industry is moving towards hyper-personalised products, says Niva Bupa deputy CEO Kharbanda** — AI, gff, global fintech fest, insurance, trust gap, niva bupa deputy ceo, ankur kharbanda, whatsapp, insurance products — [Source](https://www.moneycontrol.com/banking/insurance-industry-is-moving-towards-hyper-personalised-products-says-niva-bupa-deputy-ceo-kharbanda-article-14026895.html)
- 2026-09-09 — The Hindu: **11 insurers begin Ind AS transition from FY27; IRDAI tracks rest for FY28** — Eleven insurers have started transitioning to Ind AS in FY27, with IRDAI monitoring others for FY28 adoption. — [Source](https://www.thehindu.com/business/industry/11-insurers-begin-ind-as-transition-from-fy27-irdai-tracks-rest-for-fy28/article71448276.ece)
- 2026-09-08 — Economic Times: **Rs 5 lakh health insurance claim denied by insurer over waiting period for pancreatitis; here's why the policyholder's wife won - The Economic Times** — A health insurer cannot automatically reject claims using waiting-period clauses. The Mumbai Consumer Commission ruled that insurers must prove a condition was pre-existing, not just rely on policy terms. This landmark decision emphasizes fairness and consumer protection, reminding policyholders to understand their policy's nuances and challenge unjustified rejections. — [Source](https://economictimes.indiatimes.com/wealth/insure/rs-5-lakh-health-insurance-claim-denied-by-insurer-over-waiting-period-for-pancreatitis-heres-why-the-policyholders-wife-won/articleshow/133922367.cms)
- 2026-08-21 — BUSINESSTODAY: **Top stocks in news: IndiGo, HAL, Amagi Labs, TMPV, Manipal Health, RailTel Corp, KIMS, Niva Bupa** — Top stocks in news: IndiGo, HAL, Amagi Labs, TMPV, Manipal Health, RailTel Corp, KIMS, Niva Bupa — [Source](https://www.businesstoday.in/markets/stocks/story/top-stocks-in-news-indigo-hal-amagi-labs-tmpv-manipal-health-railtel-corp-kims-niva-bupa-550478-2026-08-21)
- 2026-08-21 — Mint: **Stocks to watch: HAL, RailTel, Tata Motors PV among shares in focus today; check list here** — Stock market today: On Thursday, the Nifty 50 ended the session 0.55% higher at 24,211, meanwhile, Sensex gained 0.75% to settle at 77,488. — [Source](https://www.livemint.com/market/stock-market-news/stocks-to-watch-hal-railtel-tata-motors-pv-among-shares-in-focus-today-check-list-here-11787243365674.html)
- 2026-08-21 — Economic Times: **Stocks in news: BPCL, HAL, RailTel, Saatvik Green Energy and Samvardhana Motherson** — Indian equity benchmarks ended a seven-session losing streak on Thursday, August 20. The NSE Nifty50 closed higher, reclaiming its 50-day exponential moving average. Several companies, including BPCL and HAL, announced significant corporate developments. RailTel Corporation received a work order, and Saatvik Green Energy secured a module supply order. Manipal Health Enterprises reported a decline in net profit for the quarter. — [Source](https://economictimes.indiatimes.com/markets/stocks/news/stocks-in-news-bpcl-hal-railtel-saatvik-green-energy-and-samvardhana-motherson/articleshow/133384324.cms)
- 2026-08-21 — Times of India: **Irdai bars Niva Bupa's branch expansion for six months** — img border="0" hspace="10" align="left" style="margin-top:3px;margin-right:5px;" src="https://timesofindia.indiatimes.com/photo/133390297.cms" / — [Source](https://timesofindia.indiatimes.com/business/india-business/irdai-bars-niva-bupas-branch-expansion-for-six-months/articleshow/133390297.cms)
- 2026-08-20 — FREEPRESSJOURNAL.IN: **IRDAI Bars Niva Bupa From Opening New Business Locations For 6 Months Over Expense Limit Breach** — IRDAI has barred Niva Bupa Health Insurance from opening new business locations for six months after the insurer breached prescribed Rs expense limits during FY 2024-25. Niva Bupa said it has complied with the limits for FY 2025-26 and remains on track for FY 2026-27. Its shares closed 1.3 per cent lower. — [Source](https://www.freepressjournal.in/business/irdai-bars-niva-bupa-from-opening-new-business-locations-for-6-months-over-expense-limit-breach)
- 2026-08-20 — BUSINESSTODAY: **Niva Bupa barred from opening new branches for six months by IRDAI** — Niva Bupa barred from opening new branches for six months by IRDAI — [Source](https://www.businesstoday.in/latest/corporate/story/niva-bupa-barred-from-opening-new-branches-for-six-months-by-irdai-550416-2026-08-20)
- 2026-08-20 — CNBC-TV18: **Niva Bupa warned by IRDAI over FY25 expense limits, barred from opening new offices for 6 months** — Shares of Niva Bupa Health Insurance Company Ltd ended at ₹82.61, down by ₹1.43, or 1.70%, on the BSE. — [Source](https://www.cnbctv18.com/market/stocks/niva-bupa-share-price-warned-by-irdai-over-fy25-expense-limits-barred-from-opening-new-offices-for-6-months-19973738.htm)
- 2026-08-11 — CNBC-TV18: **Sensex Today | Stock Market LIVE Updates: July Mutual Fund Data - Net equity inflow slumps to ₹24,865 crore (MoM)** — Sensex Today | Stock Market LIVE Updates: We are in the second half of this expiry session, and the bears are relentless. The markets are still under pressure, with the Nifty falling close to a 130 points, falling below the 24,450 mark. The Nifty Bank is under pressure, falling over 400 points, falling to 57,300. IndiGo, Tata Consumer and Axis Bank are the top laggards. — [Source](https://www.cnbctv18.com/market/stock-market-live-updates-sensex-nifty-50-expiry-today-oil-adani-bse-wipro-vedanta-vodafone-idea-rvnl-share-price-liveblog-19966134.htm)

## Business profile

**Strategic vision:** Provides health insurance and services for Indian individuals.

### Business segments
- **Retail Health Insurance:** This segment primarily serves individual and family health insurance needs, constituting a significant portion of the company's business portfolio.
- **Corporate Insurance Solutions:** Offers tailored insurance products and solutions for businesses and their employees.

### Competitive strengths
- Knowledge and expertise in providing health services
- Comprehensive range of health insurance products
- Digital platform for service access and claims processing

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## Freshness and sources

- Data as of: 2026-11-06
- Source: Faxioms public stock analysis API

Canonical: https://faxioms.com/stocks/nivabupa
Markdown representation: https://faxioms.com/stocks/nivabupa?render=md