NIVA BUPANiva Bupa Health Insurance Company LimitedNSE:NIVABUPATechnicalAnalystSucritNiva Bupa Health Insurance Ltd. (CMP ₹88.09, NSE: NIVABUPA) The SmartWay Research Desk | 14 July 2026 A Gurugram‑based health insurance company, incorporated in 2008 (formerly Max Bupa Health Insurance, rebranded as Niva Bupa in 2021). Niva Bupa is among India’s leading standalone health insurers, offering retail and group health insurance products, critical illness covers, and wellness solutions. Promoter Holding (Mar 2026): Bupa UK & True North — 54.00% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹4,212 Cr vs ₹3,742 Cr in FY25 (+12.6% YoY). → Good Net Profit: FY26 PAT ₹312 Cr vs ₹268 Cr in FY25 (+16.4% YoY). → Good Operating Margin: FY26 EBITDA ₹612 Cr, margin 14.5% vs 13.6% last year (+90 bps). → Good Equity Capital: Stable, face value ₹10. → Good Dividend Policy: Dividend ₹2.00/share declared for FY26. → Good Asset Building: Investments in digital health platforms and distribution expansion. → Good Sales: Strong demand from retail health insurance and group policies. → Good Expense: Claims ratio ~78%, manageable. → Neutral/Good EPS: FY26 EPS ₹4.25 vs ₹3.65 last year (+16.4%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 54.00% (no pledges) FII Holding: 12.12% DII Holding: 18.34% Retail & Others: 15.54% Strategic Moves & Innovations Expansion in digital distribution and bancassurance partnerships. Focus on wellness programs and preventive health covers. Partnerships with hospitals and healthcare providers for cashless networks. Diversification into critical illness and OPD insurance products. Cash Flow & Balance Sheet Strength Market cap ~₹8,800 Cr. Debt‑to‑equity ratio ~0.22 (low leverage). Book value per share ₹42.10; P/B ~2.1. EPS (TTM) ₹4.25; P/E ~20.7. Risk Factors Dependence on healthcare inflation and medical cost cycles. Exposure to regulatory changes in IRDAI norms. Competition from Star Health, HDFC ERGO, and ICICI Lombard. Margin pressure if claims ratio rises. Investor Takeaway Niva Bupa has delivered steady FY26 performance, supported by retail health insurance demand, digital expansion, and wellness offerings. With strong promoter backing, dividend payouts, and growing institutional interest, Niva Bupa remains a mid‑cap health insurance play. At CMP ₹88.09, valuations are reasonable (P/E ~20.7, P/B ~2.1), making it attractive for investors seeking exposure to India’s health insurance growth story.