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 Share - H1FY26[1]Retail Health Insurance - 32%Gross Written Premium - Rs 8,332 CrAs on December 2024, it holds a 44% market share among standalone health insurers (SAHI) and 13% of the overall insurance market.[2]
| S.No. | Name | Current Price (Rs.) | Price to Earning | Market Capitalization (Rs.Cr.) | Dividend yield (%) | Net Profit latest quarter (Rs.Cr.) | YOY Quarterly profit growth (%) | Sales latest quarter (Rs.Cr.) | YOY Quarterly sales growth (%) | Return on capital employed (%) | Sales (Rs.Cr.) | OPM (%) | Profit after tax (Rs.Cr.) | Profit after tax latest quarter (Rs.Cr.) | Price to book value | Return on assets (%) | Debt to equity |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | ICICI Lombard | 2010.00 | 35.74 | 100107.01 | 0.62 | 819.54 | 18.10 | 6869.33 | 11.75 | 24.86 | 25477.17 | 14.11 | 2800.59 | 819.54 | 6.25 | 3.79 | 0.00 |
| 2. | General Insuranc | 371.60 | 6.81 | 65193.50 | 2.69 | 2873.54 | 54.85 | 12755.45 | 3.05 | 13.32 | 51731.07 | 19.90 | 9579.62 | 2873.54 | 0.96 | 3.38 | 0.00 |
| 3. | Go Digit General | 342.85 | 62.37 | 31689.18 | 0.00 | 135.60 | 51.56 | 2488.04 | 11.35 | 10.80 | 9754.94 | 2.09 | 508.06 | 135.60 | 6.83 | 2.17 | 0.08 |
| 4. | Star Health Insu | 451.85 | 49.87 | 26586.80 | 0.00 | 54.90 | -50.67 | 4377.78 | 7.87 | 11.98 | 16837.84 | 4.18 | 533.07 | 54.90 | 3.57 | 3.27 | 0.06 |
| 5. | New India Assura | 153.57 | 21.78 | 25308.34 | 1.17 | 55.30 | -39.73 | 13449.68 | 24.70 | 3.59 | 47535.83 | 1.78 | 1161.99 | 54.06 | 0.88 | 0.96 | 0.00 |
| 6. | Niva Bupa Health | 74.79 | 149.18 | 13815.20 | 0.00 | -35.27 | -370.89 | 1574.03 | 19.13 | 7.45 | 5873.92 | 1.38 | 92.61 | -35.27 | 3.63 | 2.62 | 0.07 |
| – | Median: 6 Co. | 357.23 | 42.8 | 29137.99 | 0.31 | 95.45 | -10.81 | 5623.56 | 11.55 | 11.39 | 21157.5 | 3.13 | 847.53 | 95.25 | 3.6 | 2.95 | 0.03 |
Standalone figures in ₹ crores
| Dec 2022 | Dec 2023 | Dec 2024 | Jun 2023 | Jun 2024 | Jun 2025 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 3,073 | 3,578 | 4,146 | 3,293 | 3,816 | 4,233 | 3,131 | 3,688 | 4,081 | 3,002 | 3,461 | 4,058 | 4,378 |
Expenses | 2,793 | 3,191 | 3,861 | 2,909 | 3,391 | 3,882 | 2,996 | 3,502 | 4,089 | 2,882 | 3,296 | 3,912 | 4,303 |
Operating Profit | 280 | 387 | 285 | 384 | 425 | 351 | 135 | 186 | -7 | 120 | 165 | 147 | 75 |
Other Income | 2 | 1 | 2 | 0 | 1 | 1 | 1 | 3 | 6 | 1 | 2 | 2 | 3 |
Profit before tax | 282 | 388 | 287 | 384 | 426 | 352 | 136 | 190 | -1 | 121 | 167 | 149 | 78 |
Tax % | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | -159% | 23% | 25% | 25% | 29% |
Net Profit | 210 | 290 | 215 | 288 | 319 | 263 | 102 | 142 | 1 | 93 | 125 | 111 | 55 |
EPS in Rs | 3.62 | 4.95 | 3.66 | 4.95 | 5.45 | 4.47 | 1.75 | 2.43 | 0.01 | 1.61 | 2.15 | 1.89 | 0.93 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sales | 1,069 | 1,595 | 2,012 | 2,888 | 3,775 | 4,987 | 5,050 | 10,602 | 12,096 | 14,021 | 16,101 | 16,838 |
Expenses | 1,189 | 1,439 | 1,871 | 2,673 | 3,565 | 4,544 | 6,447 | 11,962 | 11,223 | 12,840 | 15,180 | 16,134 |
Operating Profit | -120 | 156 | 141 | 215 | 210 | 443 | -1,397 | -1,360 | 873 | 1,182 | 921 | 704 |
Other Income | 0 | 0 | 0 | 0 | 0 | 0 | -3 | 7 | 5 | 6 | 11 | 12 |
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 | 716 |
Net Profit | -140 | 137 | 118 | 170 | 128 | 268 | -1,086 | -1,041 | 619 | 845 | 646 | 533 |
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 | 9.07 |
Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | – |
Standalone figures in ₹ crores
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Equity Capital | 362 | 387 | 456 | 456 | 456 | 491 | 548 | 576 | 582 | 585 | 588 | 588 |
Reserves | -220 | -27 | 334 | 504 | 773 | 1,153 | 2,947 | 4,045 | 4,862 | 5,799 | 6,471 | 6,857 |
Borrowings | 0 | 0 | 0 | 250 | 250 | 250 | 250 | 720 | 470 | 470 | 470 | 470 |
Other Liabilities | 954 | 1,012 | 1,423 | 2,138 | 3,394 | 4,233 | 6,756 | 8,174 | 9,313 | 10,914 | 13,255 | 13,354 |
Total Liabilities | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 21,270 |
Fixed Assets | 46 | 62 | 77 | 92 | 85 | 90 | 183 | 113 | 217 | 159 | 161 | 190 |
Gross Block | 134.27 | 167.80 | 202.46 | 240.89 | 259.29 | 285.14 | 420.01 | 371.78 | 525.65 | 523.52 | 580.13 | – |
Accumulated Depreciation | 88.09 | 105.58 | 125.49 | 148.55 | 174.70 | 195.00 | 236.90 | 258.65 | 308.20 | 364.87 | 419.20 | – |
CWIP | 12 | 3 | 7 | 5 | 13 | 12 | 19 | 4 | 10 | 16 | 24 | 0 |
Investments | 502 | 807 | 1,428 | 2,165 | 3,030 | 4,290 | 6,733 | 11,373 | 13,276 | 15,491 | 17,898 | 18,672 |
Other Assets | 535 | 500 | 700 | 1,085 | 1,744 | 1,735 | 3,565 | 2,024 | 1,723 | 2,102 | 2,701 | 2,407 |
Total Assets | 1,096 | 1,372 | 2,213 | 3,347 | 4,872 | 6,127 | 10,501 | 13,514 | 15,226 | 17,768 | 20,785 | 21,270 |
Standalone Figures in ₹ Crores / Yearly
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operating Activity | – | – | 321 | 557 | 776 | 647 | 890 | 56 | 1,276 | 1,310 | 1,379 |
Cash from Investing Activity | – | – | -497 | -663 | -731 | -1,006 | -2,418 | -3,786 | -1,097 | -1,177 | -1,151 |
Cash from Financing Activity | – | – | 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 |
Standalone Figures in ₹ Crores / Yearly
| 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% |
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Stock Analysis
Star Health and Allied Insurance Company Limited is India's leading standalone health insurer, renowned for its extensive retail health segment coverage.
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