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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Niva Bupa Health Insurance Company Ltd (NIVABUPA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544286 NSE: NIVABUPA Insurance | Small Cap | Niva Bupa Health Ins Share Price
₹79.96 0.52 (0.65%)
As on 11-Sep'26 15:13
Niva Bupa Health Insurance Company Ltd (NIVABUPA)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544286 NSE: NIVABUPA Insurance | Small Cap | Niva Bupa Health Ins Share Price
₹79.96 0.52 (0.65%)
As on 11-Sep'26 15:13
Key Metrics
Valuation Multiples
Market Cap
₹14,694 Cr.
Current Price
₹80
52-Week Low / High
₹68 / 91
TTM EPS
-
TTM Sales
-
Book Value per Share
-
P/E Ratio
Industry PE
14
Price to Book (P/B)
Price to Sales (P/S)
EV/EBITDA
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
%
Return on Capital Employed (ROCE)
%
Return on Assets (ROA)
%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Revenue Growth (1 Year)
-
-
Net Profit Growth (1 Year)
-
-
Book Value Growth (1 Year)
Slowing versus 3-year growth rate
3.88%
Asset Quality
Promoter Holding
55.30%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
-
Equity
₹1,849.6 Cr.
Face Value
₹10
All Time Low / High
₹61.01 / 109.41
Check Before You Invest
Quality
Not GoodValuation
FairCheck Valuation charts
Price Trend
Weak
Is Niva Bupa Health Insurance Company Ltd a good quality company?
Niva Bupa Health Insurance Company Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Niva Bupa Health Insurance Company Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | -1.7% | 9.3% | -18.7% | -20.2% | -10.8% | -29.5% | 1.4% | 4.8% | 7.6% | 3.8% | - |
| Value Creation Index ⓘ | -1.1 | -0.3 | -2.4 | -2.5 | -1.8 | -3.2 | -0.9 | -0.6 | -0.4 | -0.7 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sales YoY Gr. | - | NA | NA | NA | NA | NA | NA | NA | NA | NA | - |
| Adj EPS ⓘ | -0 | 0.3 | -0.5 | -0.6 | -0.4 | -1.4 | 0.1 | 0.5 | 1.2 | 0.7 | 2 |
| YoY Gr. | - | NA | -296% | NA | NA | NA | NA | 500% | 143.8% | -39.3% | - |
| BVPS (₹) ⓘ | 2.5 | 2.8 | 2.7 | 3.1 | 4.3 | 3.6 | 5.5 | 12.1 | 16.7 | 17.4 | 20.7 |
| Adj Net Profit ⓘ | -3.7 | 22.8 | -48.4 | -61.6 | -49.7 | -197 | 12.5 | 81.9 | 214 | 131 | 361 |
| Cash Flow from Ops. ⓘ | 8.4 | 15.1 | 94.2 | 107 | 257 | 338 | 593 | 813 | 1,654 | 905 | - |
| Debt/CF from Ops. ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.3 | 0.2 | 0.3 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | NA | NA | ||||
| Adj EPS ⓘ | NA | NA | 107% | -39.3% | ||||
| BVPSⓘ | 23.9% | 32.4% | 46.8% | 3.9% | ||||
| Share Price | - | - | - | -2.1% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8 | 8.4 | 4.2 | - |
| Op. Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Net Profit Mgn % ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | - |
| Debt to Equity ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.1 | 0.1 | - |
| Working Cap Days ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash Conv. Cycle ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -157 |
Valuation of Niva Bupa Health Ins - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
No data found!
No data found!
No data found!
No data found!
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Announcements
Niva Bupa Health Insurance Company Ltd FAQs
The current trading price of Niva Bupa Health Ins on 11-Sep-2026 15:13 is ₹79.96.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 10-Sep-2026 the market cap of Niva Bupa Health Ins stood at ₹14,693.6 Cr
The latest P/E ratio of Niva Bupa Health Ins as of 10-Sep-2026 is 40.81.
The latest P/B ratio of Niva Bupa Health Ins as of 10-Sep-2026 is 3.83.
The 52-week high of Niva Bupa Health Ins is ₹91.20 and the 52-week low is ₹67.50.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Niva Bupa Health Ins is ₹7,121 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Niva Bupa Health Insurance Company Ltd is a below average quality company.
The key valuation ratios of Niva Bupa Health Insurance Company Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Niva Bupa Health Insurance Company Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Niva Bupa Health Insurance Company Ltd
Niva Bupa Health Insurance Limited was originally incorporated as ‘Max Bupa Health Insurance Limited’ at New Delhi as a public limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated September 5, 2008, issued by the Assistant Registrar of Companies, National Capital Territory of Delhi and Haryana and was granted its certificate for commencement of business on December 23, 2008 by the Deputy Registrar of Companies, National Capital Territory of Delhi and Haryana. Thereafter, the name of the company was changed to ‘Max Bupa Health Insurance Company Limited’, upon a request by the IRDAI, pursuant to a fresh certificate of incorporation dated July 30, 2009 issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana. The company was required to discontinue using the ‘Max’ brand in its name, pursuant to Max India Limited ceasing to hold Equity Shares in the company. Hence, the name of the company was changed to ‘Niva Bupa Health Insurance Company Limited’ pursuant to a fresh certificate of incorporation dated July 5, 2021 issued by the Registrar of Companies - Delhi.
Further, the company was granted its first certificate to carry out the business of general insurance by a certificate dated February 15, 2010 given by the IRDAI which was renewed on an annual basis under Section 3A of the Insurance Act. Pursuant to an amendment to Section 3A of the Insurance Act with effect from December 26, 2014, the process of annual renewal of certificate of registration was discontinued. Accordingly, the certificate of renewal of registration as issued to the company on February 25, 2014 continues to be in effect.
The company is a standalone health insurer (SAHI) strategically focused on the retail health market. The company is one of India’s largest and fastest growing SAHIs. It also offers personal accident and travel insurance products to its customers. Its purpose is to ‘give every Indian the confidence to access the best healthcare’. It aims to achieve this purpose through its health insurance products and services that enable customers to navigate their healthcare journey, by providing them access to a holistic health ecosystem.
Responding to the evolving needs of its customers years of operations, it has built a track record of product innovation catering to a range of customer groups. It offers its customers the ability to access a comprehensive health ecosystem and service capabilities via its ‘Niva Bupa Health’ mobile application and website, thereby offering them a holistic proposition. This application provides its customers access to a range of healthcare solutions including diagnostics, digital consultation, annual health check-ups and health education content. Customers can also undertake claims submission, policy servicing and track health parameters through this application. Through its diverse and evolving product suite and its ‘Niva Bupa Health’ mobile application and website, it aims to provide its customers access to a range of healthcare and disease management solutions.
Business area of the company
The company is a standalone health insurer (SAHI) strategically focused on the retail health market. It also offers personal accident and travel insurance products to its customers.
Products of the company
- ReAssure 2.0
- Aspire
- Smart Health +
- Travel Assure
- Senior First
- Health Recharge
- Health Premia (Platinum)
Awards and accreditations
- 2022: Recognised as a ‘Swift & Prompt Insurer’ at the Economic Times Insurance Summit & Awards.
- 2022: Awarded ‘Product Innovator of The Year - Health Insurance’ at the 3rd Annual BFSI Technology Excellence by Quantic India.
- 2022: Recognised as one of the Best BFSI Brands of 2022 by Economic Times.
- 2022: Certified as a ‘Great Place to Work’ for the period January 2021 to January 2022, and recognized amongst the ‘Best Workplaces in BFSI’ in India in January, 2022.
- 2023: Recognised as a ‘Swift & Prompt Insurer’ in the Health Insurance category at the Times Insurance Summit & Awards.
- 2023: Declared winners under the ‘Highest Growth - SAHI’ and ‘Overall Achievement-SAHI’ categories at ASSOCHAM 15th Global Insurance Summit & Awards.
- 2023: Awarded the ‘CX Strategy of the Year’ at the 14th edition of the CX Strategy Summit & Awards 2023.
- 2023: Received the ‘Golden Peacock Award for ESG’.
- 2023: Recognised as one of the Best BFSI Brands of 2023 by Economic Times.
- 2023: Certified as a ‘Great Place to Work’ for the period January 2022 to January 2023, and recognized amongst the ‘Top 50 India’s Best Workplaces in BFSI’ in 2023.
- 2024: Recognised as one the Best BFSI Brands by Economic Times.
- 2024: Awarded ‘Best Use of Technology to Enhance Contact Centre Operations in Health Insurance’ at the 3rd Annual Excellence Awards hosted by Quantic.
- 2024: Awarded ‘Fraud Prevention Insurance Company of the Year’ at the India Insurance Summit and Awards 2024.
- 2024: Recognised as the ‘Gold Winner’ for ‘Healthcare Insurance Company of the Year’ at the 14th India Digital Awards hosted by the Internet And Mobile Association of India.
- 2024: Awarded ‘Best Claims Settlement’ and ‘Best Health Insurance Company of the Year’ at the InsureNext Conference & Awards.
- 2024: Awarded ‘Best Health Insurer’ among standalone health insurance companies at the Mint BFSI Awards.
- 2024: Certified as a ‘Great Place to Work’ for the period January 2023 to January 2024, and recognized amongst the ‘Top 25 India’s Best Workplaces in BFSI’ in 2024.
History and milestones
- 2008: The company was incorporated in September 2008 as a joint venture between Max India Limited and Bupa Singapore Holdings Pte. Ltd.
- 2010: The company was granted registration certificate by the IRDAI to carry general insurance business in February, 2010.
- 2016: Bupa Singapore Holdings Pte. Ltd. increased its shareholding in the company from 26% to 49% following relaxation in FDI norms, in July 2016.
- 2019: Fettle Tone LLP became a shareholder in the company pursuant to the acquisition of Equity Shares of the company from Max India Limited and Bupa Singapore Pte. Ltd.
- 2021: Pursuant to the acquisition of the Equity Shares of the company by Fettle Tone LLP from Max India Limited, the company changed its name from ‘Max Bupa Health Insurance Company Limited’ to ‘Niva Bupa Health Insurance Company Limited’ in July 2021
- 2021: The company raised Rs 1,500 million of subordinated debt by issuing non-convertible debentures.
- 2022: The company raised Rs 1,000 million of subordinated debt by issuing non-convertible debentures.
- 2023: The company raised Rs 8,000 million through preferential allotment of its Equity Shares to Paragon Partners Growth Fund II, V-Sciences Investments Pte Ltd, India Business Excellence Fund IV, and SBI Life Insurance Company Limited in December 2023.
- 2024: The company became a subsidiary of Bupa Singapore Holdings Pte. Ltd. upon its acquisition of 366,381,439 Equity Shares of the company from Fettle Tone LLP
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