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Health insurance joint venture between UK's Bupa and an Indian promoter group, selling individual and group health policies.
Health insurance joint venture between UK's Bupa and an Indian promoter group, selling individual and group health policies.
Collects premiums on health policies and pays out hospital-bill claims, so what it keeps depends on how claims and selling costs compare with premiums charged. Policies are sold through agents, brokers and bank partnerships. It was called Max Bupa until 2021 and listed on the stock market in 2024.
Moat: narrow (brand, distribution). Bupa's global health-insurance expertise combined with a growing Indian distribution network.
Headquarters: New Delhi, India · Founded: 2008
Size Niva Bupa Health Insurance (NIVABUPA.NS) is an India Financials company (Life/Health Insurance) with a market value of $1.49B, the 473rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹76.08 on 6 Nov 2026.
Performance Over six months the shares fell 5.0%, against -2.7% for the median peer and 0.0% for the India market (cap-weighted) — 9th highest of 17 in its peer set.
Growth Revenue grew 58.2% over the last twelve months (peer median +17.3%); the operating margin is 7.5% (peer median 3.9%).
Valuation It trades at 3.66× book value against a peer median of 1.11× (5th most expensive of 17).
Price implies The share price implies a return on equity of about 33.1%; Niva Bupa Health Insurance delivers 13.9%, so the price asks more than the business earns today.
Next results Next results expected around 9 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹81.1B | ₹84.6B | ₹63.3B | ₹43.3B | ₹32.3B |
| Revenue growth | — | +34% | +46% | +34% | — |
| Net income | ₹5.31B | ₹3.66B | ₹2.03B | ₹818M | ₹85.1M |
| Free cash flow | n/a | ₹14.8B | ₹20.2B | ₹7.53B | ₹7.15B |
| Capital expenditure | n/a | ₹486M | ₹414M | ₹330M | ₹378M |
| Total debt | ₹2.68B | ₹3.54B | ₹3.52B | ₹2.50B | ₹3.30B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Niva Bupa Health Insurance NIVABUPA.NS | $1.49B | -5% | +58% | 14% | 3.66× | 33.1% |
| Star Health & Allied Insurance STARHEALTH.NS | $3.52B | +9% | +21% | 12% | 3.19× | 47.7% |
| ICICI Lombard General Insurance ICICIGI.NS | $8.80B | -11% | +14% | 15% | 4.38× | 53.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | NIVABUPA.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | -1.3% | 7th lowest of 17 |
| 6-month return | -5.0% | -2.7% | 9th highest of 17 |
| Return on equity | 13.9% | 6.9% | 2nd highest of 17 |
| Price / book | 3.66× | 1.11× | 5th most expensive of 17 |
| Trailing P/E | 26.6× | 15.9× | 6th most expensive of 16 |
| ROE the price implies | 33.1% | 6.7% | 5th most demanding of 17 |
| ROE delivered | 13.9% | 6.9% | 2nd highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Niva Bupa Health Insurance NIVABUPA.NS | India | $1.49B | -5% | +58% | 14% | 3.66× | 33.1% | 13.9% |
| Nuernberger Beteiligungs NBG6.DE | Germany | $1.58B | +1% | -1% | 5% | 1.58× | 6.0% | 5.1% |
| Mirae Asset Life Insurance 085620.KS | South Korea | $1.78B | +17% | +22% | 5% | 1.05× | 5.6% | 5.2% |
| Canara HSBC Life Insurance CANHLIFE.NS | India | $1.23B | -14% | +17% | 8% | 7.08× | 48.0% | 8.2% |
| Hanwha Life 088350.KS | South Korea | $2.16B | -20% | +18% | 8% | 0.22× | 3.8% | 7.7% |
| Yunfeng Financial 0376.HK | Hong Kong | $999M | -30% | +21% | 7% | 0.60× | 7.8% | 6.7% |
| Brighthouse Financial BHF | United States | $2.45B | -31% | +3% | 14% | 0.37× | 5.2% | 13.6% |
| Clover Health Investments CLOV | United States | $2.56B | +54% | +54% | -5% | 6.32× | 94.7% | -5.1% |
| Lifenet Insurance 7157.T | Japan | $710M | -28% | +12% | 8% | 1.18× | 7.0% | 7.9% |
| Privia Health PRVA | United States | $3.12B | +6% | +24% | 4% | 3.94× | 25.4% | 3.8% |
| COFCO Capital 002423.SZ | China | $3.15B | -11% | -31% | 6% | 0.85× | 6.2% | 5.6% |
| Star Health & Allied Insurance STARHEALTH.NS | India | $3.52B | +9% | +21% | 12% | 3.19× | 47.7% | 11.7% |
| Farglory Life Insurance 5859.TWO | Taiwan | $625M | -7% | -48% | 7% | 0.23× | 1.7% | 7.1% |
| Mercuries & Associates 2905.TW | Taiwan | $561M | +30% | -6% | 5% | 0.22× | 1.8% | 5.1% |
| Max Financial Services MFSL.NS | India | $4.68B | -25% | +18% | 3% | 7.71× | 78.7% | 3.3% |
| E-L Financial ELF.TO | Canada | $4.74B | +10% | +32% | 20% | 0.68× | 6.4% | 20.2% |
| Challenger CGF.AX | Australia | $5.59B | +36% | -25% | 13% | 2.01× | 15.8% | 13.3% |