Star Health & Allied Insurance Company Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹31,324 Cr
- P/E
- 37.11
- ROE
- 7.61%
- PEG
- -10.75
- Price to sales
- 1.64
- Debt to equity
- 0.06
- 52W high / low
- ₹610 / ₹425
- Sales growth (5Y)
- 28.69%
- EBITDA margin
- 5.98%
- Net profit margin
- 3.12%
- Promoter holding
- 58.01%
- Sales (last year)
- ₹19,114 Cr
Star Health & Allied Insurance Ltd (Star) is India’s first Standalone Health Insurance provider and is the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in FY21 with leadership in the attractive retail health segment.[1]
Guidance scorecard · Q2 FY27 call
What Star Health & Allied Insurance Company Ltd's management guided
and where it ranks in Insurance
RevenueQ1 FY27 call
10–20%- Growth is expected to improve going forward with a focus on sustainable, profitable expansion rather than chasing growth for its own sake.
- Insurance revenue growth for FY27 is anticipated to gradually increase to around 15-16% and continue improving into FY28, driven partly by long-term policies being recognized over 2-3 years.
- Fresh retail health Gross Written Premium (GWP) grew strongly by 35-37% YoY, with expectations to sustain a good share of fresh business despite high base effects from last year’s GST tailwind.
- Growth is fueled by deepening proprietary distribution (agency and digital D2C) which contributes over 90% of retail business and is expanding steadily, including strong agent additions and productivity gains.
2 more points from Star Health & Allied Insurance Company Ltd's call on revenue
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MarginsQ1 FY27 call
Up 0–2%See what Star Health & Allied Insurance Company Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
- The company continues to invest in technology and digital initiatives, especially in AI/ML-driven analytics and their distribution app ATOM Pro, which enhances risk selection, customer service, and cost efficiency.
- Investments are focused on embedding digital capabilities across the insurance value chain, including generative AI to improve claims precision and fraud mitigation.
- There is a strategic emphasis on technology-led capabilities to deliver a faster, simpler, and more seamless customer experience.
2 more points from Star Health & Allied Insurance Company Ltd's call on capex
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FundraisingQ1 FY27 call
See what Star Health & Allied Insurance Company Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
RisingAsk what Star Health & Allied Insurance Company Ltd said on the order book →
Full Q1 FY27 analysisRanges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Insurance
on management's own guidance
- Niva Bupa Health Insurance Company LtdGood growth2
- Max Financial Services LtdGood growth1
- Medi Assist Healthcare Services LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Insurance companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | Max Financial Services Ltd | 20–40% | Flat | ₹44,689 Cr | 411.9 |
| 2 | Niva Bupa Health Insurance Company Ltd | 20–40% | Flat | ₹14,047 Cr | 80.6 |
| 3 | Medi Assist Healthcare Services Ltd | 20–40% | Flat | ₹2,286 Cr | 23.1 |
| 4 | 10–20% | Flat | ₹1.20L Cr | 58.6 |
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Pro shows every company guiding 40%+ revenue growth →Full Insurance rankingFinancials of Star Health & Allied Insurance Company Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Star Health & Allied Insurance Company Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 57.94% | 57.92% | 57.90% | 57.70% | 57.68% | 57.67% | 58.04% | 58.03% | 57.98% | 57.98% | 58.01% | 58.01% |
| FIIs + | 31.01% | 26.57% | 21.58% | 17.65% | 17.51% | 18.69% | 13.89% | 13.51% | 14.07% | 15.06% | 16.04% | 15.86% |
| DIIs + | 6.11% | 11.14% | 15.10% | 17.05% | 16.49% | 15.44% | 21.08% | 21.09% | 20.96% | 20.31% | 19.41% | 18.77% |
| Public + | 4.96% | 4.38% | 5.40% | 7.60% | 8.32% | 8.22% | 6.97% | 7.38% | 6.99% | 6.66% | 6.55% | 7.38% |
| No. of Shareholders | 1,83,343 | 1,75,298 | 1,89,347 | 1,96,778 | 2,17,516 | 2,21,612 | 2,03,563 | 2,02,938 | 1,86,448 | 1,79,067 | 1,68,763 | 1,66,756 |
Financials of Star Health & Allied Insurance Company Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 3,461 | 3,578 | 3,688 | 3,816 | 4,058 | 4,146 | 4,081 | 4,880 | 4,561 | 4,566 | 4,648 | 5,500 | 5,341 |
| Expenses + | 3,296 | 3,191 | 3,502 | 3,391 | 3,912 | 3,861 | 4,089 | 4,292 | 4,448 | 4,395 | 4,500 | 4,751 | 4,984 |
| Operating Profit | 165 | 387 | 186 | 425 | 147 | 285 | -7 | 588 | 113 | 172 | 148 | 749 | 358 |
| OPM % | 4.8% | 11% | 5% | 11% | 3.6% | 7% | -0.2% | 12% | 2.5% | 3.8% | 3.2% | 14% | 7% |
| Other Income + | 2 | 1 | 3 | 1 | 2 | 2 | 6 | -0 | -1 | 2 | 4 | -8 | -6 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Profit before tax | 167 | 388 | 190 | 426 | 149 | 287 | -1 | 588 | 112 | 173 | 151 | 742 | 352 |
| Tax % | 25% | 25% | 25% | 25% | 25% | 25% | -159% | 25% | 29% | 26% | 26% | 26% | 25% |
| Net Profit + | 125 | 290 | 142 | 319 | 111 | 215 | 1 | 438 | 80 | 128 | 111 | 550 | 265 |
| EPS in Rs | 2.15 | 4.95 | 2.43 | 5.45 | 1.89 | 3.66 | 0.01 | 7.45 | 1.35 | 2.18 | 1.89 | 9.34 | 4.50 |
Financials of Star Health & Allied Insurance Company Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,069 | 1,595 | 2,012 | 2,888 | 3,775 | 4,987 | 5,050 | 10,602 | 12,096 | 14,021 | 16,101 | 17,825 | 20,056 |
| Expenses + | 1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 17,001 | 18,630 |
| Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 824 | 1,426 |
| OPM % | -11% | 10% | 7% | 7% | 6% | 9% | -28% | -13% | 7% | 8% | 6% | 4.6% | 7% |
| Other Income + | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 12 | 9 | -8 |
| Interest | 1 | 2 | 3 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 19 | 18 | 20 | 23 | 28 | 29 | 46 | 43 | 52 | 59 | 71 | 79 | 0 |
| Profit before tax | -140 | 137 | 118 | 171 | 182 | 413 | -1,446 | -1,397 | 826 | 1,129 | 861 | 754 | 1,418 |
| Tax % | 0% | 0% | 0% | 1% | 30% | 35% | -25% | -25% | 25% | 25% | 25% | 26% | |
| Net Profit + | -140 | 137 | 118 | 170 | 128 | 268 | -1,086 | -1,041 | 619 | 845 | 646 | 557 | 1,054 |
| EPS in Rs | -3.87 | 3.53 | 2.59 | 3.73 | 2.81 | 5.46 | -19.81 | -18.08 | 10.63 | 14.44 | 10.99 | 9.47 | 17.91 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Star Health & Allied Insurance Company Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 362 | 387 | 456 | 456 | 456 | 491 | 548 | 576 | 582 | 585 | 588 | 588 | 589 |
| Reserves | -220 | -27 | 334 | 504 | 773 | 1,153 | 2,947 | 4,045 | 4,862 | 5,799 | 6,471 | 6,987 | 9,847 |
| Borrowings + | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | 470 | 76 |
| Other Liabilities + | 954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | 16,019 | 13,781 |
| Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 | 24,293 |
| Fixed Assets + | 46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 357 | 404 | 312 |
| CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 | 9 | 0 |
| Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,703 | 19,780 | 22,491 |
| Other Assets + | 535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | 3,871 | 1,490 |
| Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 24,064 | 24,293 |
Financials of Star Health & Allied Insurance Company Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 321 | 557 | 776 | 647 | 890 | 56 | 1,276 | 1,310 | 1,379 | 1,873 | ||
| Cash from Investing Activity + | -497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 | -1,067 | ||
| Cash from Financing Activity + | 310 | 249 | 333 | 122 | 2,613 | 2,509 | -268 | 23 | -4 | -31 | ||
| Net Cash Flow | 134 | 143 | 379 | -237 | 1,086 | -1,221 | -89 | 156 | 224 | 775 | ||
| Free Cash Flow | 283 | 521 | 746 | 614 | 844 | -7 | 1,229 | 1,187 | 1,297 | 1,797 | ||
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 228% | 260% | 397% | 168% | -70% | -4% | 145% | 119% | 170% | 250% |
Financials of Star Health & Allied Insurance Company Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory Days | ||||||||||||
| Days Payable | ||||||||||||
| Cash Conversion Cycle | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Working Capital Days | -255 | -179 | -191 | -196 | -260 | -238 | -397 | -258 | -255 | -249 | -261 | -286 |
| ROCE % | 55% | 21% | 19% | 14% | 25% | -51% | -31% | 15% | 18% | 12% | 10% |
Guidance history
How Star Health & Allied Insurance Company Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Up 0–2% | — | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | — | — | — |
| Q3 FY26 call → | 20–40% | Flat | — | — | — |
| Q2 FY26 call → | 10–20% | Flat | — | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
28 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +10.8% | 69% |
| Last 6 months | +1.3% | 55% |
| Last 3 months | −12.8% | 33% |
The price is 41.3% below its all-time high of ₹906.85 (10 Dec 2021). Stocks more than 20% below their peak have their score halved, so 56 became 28.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Star Health & Allied Insurance Company Ltd: 0.4 × 69 + 0.4 × 55 + 0.2 × 33 = 56, halved to 28 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Star Health & Allied Insurance Company Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q4 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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