Star Health & Allied Insurance Company Ltd
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]
- Market Cap ₹ 28,057 Cr.
- Current Price ₹ 477
- High / Low ₹ 584 / 327
- Stock P/E 47.6
- Book Value ₹ 120
- Dividend Yield 0.00 %
- ROCE 12.0 %
- ROE 9.37 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has delivered good profit growth of 18.6% CAGR over last 5 years
Cons
- Stock is trading at 4.02 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.8% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Insurance General Insurance
Part of BSE 500 Nifty 500 BSE MidCap Nifty Smallcap 100 BSE Allcap
Quarterly Results
Figures in Rs. Crores
Profit & Loss
Figures in Rs. Crores
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,069 | 1,595 | 2,012 | 2,888 | 3,775 | 4,987 | 5,050 | 10,602 | 12,096 | 14,021 | 16,101 | 16,518 | |
1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 15,743 | |
Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 776 |
OPM % | -11% | 10% | 7% | 7% | 6% | 9% | -28% | -13% | 7% | 8% | 6% | 5% |
0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 11 | 11 | |
Interest | 1 | 2 | 3 | 20 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Depreciation | 19 | 18 | 20 | 23 | 28 | 29 | 46 | 43 | 52 | 59 | 71 | 0 |
Profit before tax | -140 | 137 | 118 | 171 | 182 | 413 | -1,446 | -1,397 | 826 | 1,129 | 861 | 787 |
Tax % | 0% | 0% | 0% | 1% | 30% | 35% | -25% | -25% | 25% | 25% | 25% | |
-140 | 137 | 118 | 170 | 128 | 268 | -1,086 | -1,041 | 619 | 845 | 646 | 589 | |
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 | 10.03 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Compounded Sales Growth | |
---|---|
10 Years: | 31% |
5 Years: | 26% |
3 Years: | 15% |
TTM: | 14% |
Compounded Profit Growth | |
---|---|
10 Years: | 21% |
5 Years: | 19% |
3 Years: | 38% |
TTM: | -33% |
Stock Price CAGR | |
---|---|
10 Years: | % |
5 Years: | % |
3 Years: | -13% |
1 Year: | -17% |
Return on Equity | |
---|---|
10 Years: | 3% |
5 Years: | 0% |
3 Years: | 12% |
Last Year: | 9% |
Balance Sheet
Figures in Rs. Crores
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 362 | 387 | 456 | 456 | 456 | 491 | 548 | 576 | 582 | 585 | 588 |
Reserves | -220 | -27 | 334 | 504 | 773 | 1,153 | 2,947 | 4,045 | 4,862 | 5,799 | 6,471 |
0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | |
954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | |
Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 |
46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 161 | |
CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 |
Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,898 |
535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | |
Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 |
Cash Flows
Figures in Rs. Crores
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
321 | 557 | 776 | 647 | 890 | 56 | 1,276 | 1,310 | 1,379 | |||
-497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 | |||
310 | 249 | 333 | 122 | 2,613 | 2,509 | -268 | 23 | -4 | |||
Net Cash Flow | 134 | 143 | 379 | -237 | 1,086 | -1,221 | -89 | 156 | 224 |
Ratios
Figures in Rs. Crores
Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 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 |
Working Capital Days | -255 | -179 | -191 | -196 | -260 | -238 | -397 | -258 | -255 | -249 | -261 |
ROCE % | 55% | 21% | 19% | 14% | 25% | -51% | -31% | 15% | 18% | 12% |
Documents
Announcements
- Board Meeting Intimation for Declaration Of Standalone Unaudited Financial Results For The Quarter And Half Year Ended September 30,2025. 49s
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
7m - Star Health and Allied Insurance Company Limited has informed regarding compliance certificate under Regulation 74 (5) of SEBI DP Regulations
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General Update
4 Oct - India Ratings affirms Star Health at IND AA+ Stable; FY25 GWP ₹16,781 Cr, net profit ₹646 Cr, solvency 2.21x
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Closure of Trading Window
26 Sep - Trading window closed Oct 1, 2025 until 48 hours after unaudited Q2/H1 results for Sep 30, 2025.
- Shareholder Meeting / Postal Ballot-Outcome of AGM 25 Sep
Annual reports
Concalls
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Apr 2025TranscriptNotesPPT
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Jan 2025Transcript PPT
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Jan 2025TranscriptNotesPPT
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Nov 2024Transcript PPT
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Oct 2024TranscriptNotesPPT
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Aug 2024Transcript PPT
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Jun 2024TranscriptNotesPPT
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May 2024Transcript PPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Aug 2023Transcript PPT REC
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Jul 2023TranscriptNotesPPT
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May 2023Transcript PPT
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Mar 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Nov 2022Transcript PPT
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Aug 2022Transcript PPT
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May 2022Transcript PPT
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Feb 2022Transcript PPT
Market Share Q1FY25[1]
Retail Health Insurance - 31%
Retail Health (among SAHIs) - 55%