STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED

Income Statement Star Health and Allied Insurance Company Limited

Equities

STARHEALTH

INE575P01011

Life & Health Insurance

End-of-day quote NSE India S.E. Other stock markets 2026-01-14			5-day change	1st Jan Change
445.15 ^INR	-0.90%		-0.56%	-2.16%

Dec. 18	Star Health insurance gets tax penalty of 5.3 million rupees	RE
25-10-30	JM Financial Upgrades Star Health and Allied Insurance Company to Add from Hold; Price Target is INR525	MT

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Published financial data: STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: March	2021	2022	2023	2024	2025
Premiums and Annuity Revenues	50.23B	98.09B	113B	129B	148B
Total Interest And Dividend Income	4.2B	6.3B	8.23B	10B	9.91B
Gain (Loss) on Sale of Investments, Total (Rev)	33.58M	1.62B	112M	845M	2.88B
Other Revenues, Total	3.22M	13.71M	38.6M	18.17M	92.3M
Total Revenues	54.47B	106B	121B	140B	161B
Policy Benefits	43.69B	85.4B	73.2B	86B	104B
Policy Acquisition / Underwriting Costs, Total	5.84B	14.92B	16.83B	18.54B	22.41B
Amortization of Goodwill and Intangible Assets - (IS)	-	-	-	-	-
Selling General & Admin Expenses, Total	14.73B	18.46B	20.31B	23.6B	25.24B
Provision for Bad Debts	345M	26.17M	10.96M	25.13M	4.8M
Salaries And Other Employee Benefits	-	754M	1.51B	9.51M	1.5M
Other Operating Expenses	-	-	-9.44M	-17.67M	-4.4M
Total Operating Expenses	64.61B	120B	112B	128B	152B
Operating Income	-10.14B	-13.53B	9.15B	12.09B	9.26B
Interest Expense, Total	-284M	-484M	-884M	-801M	-654M
Currency Exchange Gains (Loss)	-	-	-	-	8.3M
Other Non Operating Income (Expenses)	-600K	56.72M	406K	2.15M	3.5M
EBT, Excl. Unusual Items	-10.43B	-13.95B	8.27B	11.29B	8.62B
Gain (Loss) on Sale of Assets	-32.35M	-13.63M	-2.47M	-1.84M	-5.8M
EBT, Incl. Unusual Items	-10.46B	-13.97B	8.26B	11.29B	8.61B
Income Tax Expense	-2.2B	-3.56B	2.08B	2.84B	2.15B
Earnings From Continuing Operations	-8.26B	-10.41B	6.19B	8.45B	6.46B
Net Income to Company	-8.26B	-10.41B	6.19B	8.45B	6.46B
Net Income - (IS)	-8.26B	-10.41B	6.19B	8.45B	6.46B
Net Income to Common Incl Extra Items	-8.26B	-10.41B	6.19B	8.45B	6.46B
Net Income to Common Excl. Extra Items	-8.26B	-10.41B	6.19B	8.45B	6.46B
Per Share Items
Net EPS - Basic	-16.54	-18.65	10.7	14.48	11.01
Basic EPS - Continuing Operations	-16.54	-18.65	10.7	14.48	11.01
Basic Weighted Average Shares Outstanding	499M	558M	578M	583M	587M
Net EPS - Diluted	-16.54	-18.65	10.41	14.19	10.86
Diluted EPS - Continuing Operations	-16.54	-18.65	10.41	14.19	10.86
Diluted Weighted Average Shares Outstanding	499M	558M	594M	596M	595M
Normalized Basic EPS	-13.06	-15.63	8.93	12.1	9.18
Normalized Diluted EPS	-13.06	-15.63	8.69	11.85	9.06
Supplemental Items
EBITDA	-10B	-13.35B	9.35B	12.32B	9.57B
EBITA	-10.14B	-13.53B	9.15B	12.09B	9.26B
EBIT	-10.14B	-13.53B	9.15B	12.09B	9.26B
EBITDAR	-9.5B	-12.77B	10B	13.15B	10.52B
Effective Tax Rate - (Ratio)	21.07	25.49	25.15	25.14	24.99
Current Domestic Taxes	624M	-	-	731M	2.08B
Total Current Taxes	624M	-	-	731M	2.08B
Deferred Domestic Taxes	-2.75B	-3.47B	2.08B	2.11B	69.9M
Total Deferred Taxes	-2.75B	-3.47B	2.08B	2.11B	69.9M
Normalized Net Income	-6.52B	-8.72B	5.17B	7.06B	5.39B
Interest on Long-Term Debt	256M	457M	530M	412M	409M
Non-Cash Pension Expense	55.26M	90.3M	126M	102M	128M
Supplemental Operating Expense Items
Advertising Expense	1.36B	1.34B	1.47B	2B	1.7B
Marketing Expenses	-	-	-	-	352M
Selling and Marketing Expenses	1.36B	1.34B	1.47B	2B	2.05B
General and Administrative Expenses	747M	99.41M	126M	44.48M	81.9M
Net Rental Expense, Total	492M	575M	648M	832M	952M
Imputed Operating Lease Interest Expense	446M	459M	770M	1.13B	1.06B
Imputed Operating Lease Depreciation	45.37M	116M	-122M	-303M	-108M
Stock-Based Comp., G&A Exp. (Total)	-	754M	1.51B	9.51M	1.5M
Stock-Based Comp., Other (Total)	2.93M	-	-	-	-
Total Stock-Based Compensation	2.93M	754M	1.51B	9.51M	1.5M

Fiscal Period: March	2021	2022	2023	2024	2025
Assets
Investment In Debt Securities	27.84B	40.08B	45.11B	46.32B	59.78B
Real Estate Owned	1.03B	1.3B	1.16B	2.1B	1.96B
Total Other Investments	39.49B	72.36B	87.65B	106B	117B
Total investments	68.37B	114B	134B	155B	179B
Cash And Equivalents	18.79B	5.64B	3.09B	4.45B	6.68B
Reinsurance Recoverable - (IS)	7.93B	2.2M	29K	393M	520M
Other Receivables - (Insurance Template)	3.31B	5.19B	6.65B	9.11B	13.62B
Separate Account Assets	154M	223M	280M	343M	335M
Gross Property Plant And Equipment	1.78B	1.68B	1.9B	2.58B	2.85B
Accumulated Depreciation	-1.08B	-1.04B	-1.21B	-1.42B	-1.56B
Net Property Plant And Equipment	702M	642M	686M	1.16B	1.29B
Other Intangibles, Total	287M	529M	427M	596M	561M
Restricted Cash	-	-	-	-	-
Other Current Assets, Total	1.26B	1.42B	1.51B	3.15B	2.34B
Deferred Tax Assets Long-Term (Collected)	4.21B	7.77B	5.69B	3.58B	3.51B
Other Long-Term Assets, Total	7.25B	17.65B	11.32B	2.87B	-
Total Assets	112B	153B	164B	181B	208B
Liabilities
Accounts Payable, Total	2.62B	3.07B	3.32B	3.85B	4.11B
Accrued Expenses, Total	3.17B	4.93B	6.09B	7.49B	8.41B
Insurance And Annuity Liabilities	51.73B	61.73B	72.31B	83.6B	-
Unpaid Claims	8.74B	9.62B	8.7B	9.3B	14.99B
Unearned Premiums	1.08B	1.16B	1.46B	1.67B	100B
Reinsurance Payable - (BS)	25.47M	776M	723M	506M	369M
Long-Term Debt	2.5B	7.2B	4.7B	4.7B	4.7B
Current Income Taxes Payable	-	-	-	-	-
Unearned Revenue, Current	-	-	-	-	72.6M
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	3.73M	52.58M	7.39M	1.97B	3.54B
Pension & Other Post Retirement Benefits	-	28.39M	104M	147M	184M
Deferred Tax Liability Non-Current	-	-	-	-	-
Other Non Current Liabilities	221M	265M	275M	-	-
Total Liabilities	70.09B	88.83B	97.69B	113B	137B
Common Stock, Total	5.48B	5.76B	5.82B	5.85B	5.88B
Additional Paid In Capital	36.61B	57.03B	59.8B	60.41B	60.75B
Retained Earnings	-	-	-	-	3.59B
Comprehensive Income and Other	77M	1.17B	271M	1.06B	901M
Total Common Equity	42.17B	63.96B	65.89B	67.32B	71.12B
Total Equity	42.17B	63.96B	65.89B	67.32B	71.12B
Total Liabilities And Equity	112B	153B	164B	181B	208B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	549M	576M	582M	585M	588M
ECS Total Common Shares Outstanding	548M	576M	582M	585M	588M
Book Value / Share	76.93	111.13	113.27	115.02	121
Tangible Book Value	41.88B	63.43B	65.46B	66.72B	70.56B
Tangible Book Value Per Share	76.41	110.21	112.54	114	120.04
Total Debt	2.5B	7.2B	4.7B	4.7B	4.7B
Net Debt	-16.29B	1.56B	1.61B	254M	-1.98B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-12.11M	28.39M	104M	147M	184M
Debt Equivalent Oper. Leases	3.93B	4.6B	5.18B	6.66B	7.61B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	11.6M	11.6M	11.6M	11.6M	11.6M
Buildings, Total	65.17M	65.17M	65.17M	65.17M	65.2M
Machinery, Total	1.51B	1.56B	1.72B	2.16B	2.32B
Full Time Employees	14.27K	14.03K	14.75K	15.91K	15.82K

Fiscal Period: March	2021	2022	2023	2024	2025
Net Income	-8.26B	-10.41B	6.19B	8.45B	6.46B
Depreciation, Depletion & Amortization	147M	180M	198M	230M	310M
Total Depreciation, Depletion & Amortization	147M	180M	198M	230M	310M
Amortization of Deferred Charges, Total	310M	253M	323M	357M	404M
Other Operating Activities	16.7B	10.53B	6.05B	4.06B	6.61B
Cash from Operations	8.9B	556M	12.76B	13.1B	13.79B
Capital Expenditure	-461M	-631M	-466M	-1.23B	-827M
Sale of Property, Plant, and Equipment	150K	3.05M	818K	9.02M	8.6M
Investment in Marketable and Equity Securities, Total	-27.42B	-43.89B	-18.18B	-20.33B	-21.93B
Other Investing Activities, Total	3.7B	6.66B	7.67B	9.79B	11.25B
Cash from Investing	-24.18B	-37.86B	-10.97B	-11.77B	-11.51B
Long-Term Debt Issued, Total	-	4.7B	-	-	-
Total Debt Issued	-	4.7B	-	-	-
Long-Term Debt Repaid, Total	-	-	-2.5B	-	-
Total Debt Repaid	-	-	-2.5B	-	-
Issuance of Common Stock	26.39B	20.95B	608M	641M	369M
Other Financing Activities, Total	-256M	-558M	-788M	-411M	-411M
Cash from Financing	26.13B	25.09B	-2.68B	230M	-42M
Miscellaneous Cash Flow Adjustments	-	-1K	-	-	100K
Net Change in Cash	10.86B	-12.21B	-893M	1.56B	2.24B
Supplemental Items
Cash Interest Paid	256M	265M	744M	-	411M
Cash Income Tax Paid (Refund)	912M	-55.66M	-139M	982M	1.89B
Net Debt Issued / Repaid	-	4.7B	-2.5B	-	-
Levered Free Cash Flow	-6.31B	-12.44B	4.62B	-502M	13.25B
Unlevered Free Cash Flow	-6.13B	-12.14B	5.17B	-1.62M	13.66B
Change In Net Working Capital	-210M	4.24B	2.11B	6.92B	-7.99B

Fiscal Period: March	2021	2022	2023	2024	2025
Profitability
Return on Assets	-7.31	-6.38	3.62	4.39	2.98
Return on Total Capital	-19.92	-14.6	8.07	10.6	7.83
Return On Equity %	-28.16	-19.61	9.53	12.69	9.33
Return on Common Equity	-28.16	-19.61	9.53	12.69	9.33
Margin Analysis
Gross Profit Margin %	8.71	5.12	25.36	25.21	21.18
SG&A Margin	26.69	17.85	17.79	16.59	15.43
EBITDA Margin %	-18.35	-12.59	7.73	8.78	5.94
EBITA Margin %	-18.62	-12.76	7.56	8.62	5.75
EBIT Margin %	-18.62	-12.76	7.56	8.62	5.75
Income From Continuing Operations Margin %	-15.16	-9.81	5.11	6.03	4.01
Net Income Margin %	-15.16	-9.81	5.11	6.03	4.01
Net Avail. For Common Margin %	-15.16	-9.81	5.11	6.03	4.01
Normalized Net Income Margin	-11.96	-8.22	4.27	5.03	3.34
Levered Free Cash Flow Margin	-11.58	-11.73	3.82	-0.36	8.23
Unlevered Free Cash Flow Margin	-11.25	-11.45	4.28	-0	8.48
Asset Turnover
Asset Turnover	0.63	0.8	0.76	0.82	0.83
Fixed Assets Turnover	80.7	157.75	182.24	152.29	131.83
Receivables Turnover (Average Receivables)	36.62	68.41	46.16	32.91	21.27
Short Term Liquidity
Current Ratio	2.35	1.62	1.58	1.81	0.47
Quick Ratio	1.65	1.41	1.35	1.53	0.42
Operating Cash Flow to Current Liabilities	0.57	0.03	0.63	0.53	0.1
Days Sales Outstanding (Average Receivables)	9.97	5.33	7.91	11.12	17.16
Average Days Payable Outstanding	69.39	45.08	52.71	46.04	47.51
Long Term Solvency
Total Debt/Equity	5.93	11.26	7.13	6.98	6.61
Total Debt / Total Capital	5.6	10.12	6.66	6.53	6.2
LT Debt/Equity	5.93	11.26	7.13	6.98	6.61
Long-Term Debt / Total Capital	5.6	10.12	6.66	6.53	6.2
Total Liabilities / Total Assets	62.44	58.14	59.72	62.71	65.78
EBIT / Interest Expense	-35.76	-27.95	10.35	15.09	14.15
EBITDA / Interest Expense	-35.24	-27.58	10.57	15.37	14.63
(EBITDA - Capex) / Interest Expense	-36.86	-28.89	10.05	13.83	13.36
Total Debt / EBITDA	-0.25	-0.54	0.5	0.38	0.49
Net Debt / EBITDA	1.63	-0.12	0.17	0.02	-0.21
Total Debt / (EBITDA - Capex)	-0.24	-0.52	0.53	0.42	0.54
Net Debt / (EBITDA - Capex)	1.56	-0.11	0.18	0.02	-0.23
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	9.44	109.94	14.11	15.9	14.87
Gross Profit, 1 Yr. Growth %	-68.92	613.17	465.68	15.25	-3.52
EBITDA, 1 Yr. Growth %	-319.24	-2.47	-172.71	27.38	-24.54
EBITA, 1 Yr. Growth %	-329.61	-4.35	-168.85	32.12	-23.44
EBIT, 1 Yr. Growth %	-329.61	-4.35	-168.85	32.12	-23.44
Earnings From Cont. Operations, 1 Yr. Growth %	-408.05	-4.15	-159.44	36.6	-23.57
Net Income, 1 Yr. Growth %	-408.05	-4.15	-159.44	36.6	-23.57
Normalized Net Income, 1 Yr. Growth %	-352.29	-3.28	-159.25	36.58	-23.68
Diluted EPS Before Extra, 1 Yr. Growth %	-401.82	-14.25	-155.82	36.31	-23.47
Net Property, Plant and Equip., 1 Yr. Growth %	8.51	-8.63	6.89	68.46	11.46
Accounts Receivable, 1 Yr. Growth %	-48.18	100.73	57.05	64.74	82.07
Total Assets, 1 Yr. Growth %	83.22	36.11	7.06	10.37	15.12
Common Equity, 1 Yr. Growth %	156.05	51.69	3.02	2.17	5.65
Tangible Book Value, 1 Yr. Growth %	160.17	51.46	3.2	1.93	5.75
Cash From Operations, 1 Yr. Growth %	37.53	-93.76	2.2K	2.68	5.24
Capital Expenditures, 1 Yr. Growth %	36.66	36.98	-26.2	165.05	-33.02
Levered Free Cash Flow, 1 Yr. Growth %	252.82	41.46	-137.14	-110.87	-84.05
Unlevered Free Cash Flow, 1 Yr. Growth %	280.7	40.86	-143.15	-100.03	-83.66
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	20.27	45.96	54.78	15.01	15.39
Gross Profit, 2 Yr. CAGR %	-36.71	-40.38	535.16	155.33	5.46
EBITDA, 2 Yr. CAGR %	109.31	71.09	-17.35	-2.11	-0.53
EBITA, 2 Yr. CAGR %	118.21	74.98	-19.56	-4.62	0.59
EBIT, 2 Yr. CAGR %	118.21	74.98	-19.56	-4.62	0.59
Earnings From Cont. Operations, 2 Yr. CAGR %	153.74	97.05	-24.52	-9.89	2.18
Net Income, 2 Yr. CAGR %	153.74	97.05	-24.52	-9.89	2.18
Normalized Net Income, 2 Yr. CAGR %	139.2	83.74	-24.3	-10.05	2.09
Diluted EPS Before Extra, 2 Yr. CAGR %	143.92	84.48	-30.82	-12.77	2.14
Net Property, Plant and Equip., 2 Yr. CAGR %	8.3	-0.43	-1.17	34.19	37.03
Accounts Receivable, 2 Yr. CAGR %	71.96	1.99	77.56	60.85	73.19
Total Assets, 2 Yr. CAGR %	49.29	57.92	20.71	8.7	12.72
Common Equity, 2 Yr. CAGR %	74	97.08	25	2.59	3.89
Tangible Book Value, 2 Yr. CAGR %	75.84	98.51	25.03	2.56	3.82
Cash From Operations, 2 Yr. CAGR %	7.09	-70.7	19.7	385.56	3.95
Capital Expenditures, 2 Yr. CAGR %	9.35	36.82	0.55	39.86	33.24
Levered Free Cash Flow, 2 Yr. CAGR %	25.64	163.81	-27.51	-79.9	69.35
Unlevered Free Cash Flow, 2 Yr. CAGR %	21.23	174.57	-22.52	-98.84	62.5
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	23.56	41.22	34.47	40.55	14.96
Gross Profit, 3 Yr. CAGR %	-22.98	-22.91	26.22	259.58	84.6
EBITDA, 3 Yr. CAGR %	65.84	80.18	27.04	-3.44	-9.37
EBITA, 3 Yr. CAGR %	72.96	85.17	27.47	-5.09	-11.35
EBIT, 3 Yr. CAGR %	72.96	85.17	27.47	-5.09	-11.35
Earnings From Cont. Operations, 3 Yr. CAGR %	69.29	100.96	32.16	-8.02	-14.7
Net Income, 3 Yr. CAGR %	69.29	100.96	32.16	-8.02	-14.7
Normalized Net Income, 3 Yr. CAGR %	82.62	97.09	26	-7.84	-14.84
Diluted EPS Before Extra, 3 Yr. CAGR %	64.29	88.6	23.85	-13.27	-16.5
Net Property, Plant and Equip., 3 Yr. CAGR %	4.5	2.34	1.95	18.05	26.14
Accounts Receivable, 3 Yr. CAGR %	41.47	81.06	17.78	73.18	67.63
Total Assets, 3 Yr. CAGR %	48.65	44.76	38.73	17.16	10.8
Common Equity, 3 Yr. CAGR %	59.96	66.22	58.75	16.88	3.6
Tangible Book Value, 3 Yr. CAGR %	61.47	67.31	59.62	16.8	3.61
Cash From Operations, 3 Yr. CAGR %	16.9	-58.48	25.37	13.74	191.67
Capital Expenditures, 3 Yr. CAGR %	8.32	17.87	11.38	38.9	9.42
Levered Free Cash Flow, 3 Yr. CAGR %	-15.64	46.02	37.24	-61.48	2.13
Unlevered Free Cash Flow, 3 Yr. CAGR %	-16.1	42.78	47.56	-94.27	4.44
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	27.84	39.43	33.18	30.08	26.48
Gross Profit, 5 Yr. CAGR %	-7.75	-6.12	24.21	24.46	17.47
EBITDA, 5 Yr. CAGR %	44.6	57.61	33.66	40.11	15.98
EBITA, 5 Yr. CAGR %	48.47	61.07	36.09	41.51	15.95
EBIT, 5 Yr. CAGR %	48.47	61.07	36.09	41.51	15.95
Earnings From Cont. Operations, 5 Yr. CAGR %	43.31	54.57	29.45	45.81	19.23
Net Income, 5 Yr. CAGR %	43.31	54.57	29.45	45.81	19.23
Normalized Net Income, 5 Yr. CAGR %	50.16	63.91	37.01	44.02	15.83
Diluted EPS Before Extra, 5 Yr. CAGR %	35.06	46.45	22.79	38.54	14.66
Net Property, Plant and Equip., 5 Yr. CAGR %	12.06	4.75	2.19	14.05	14.75
Accounts Receivable, 5 Yr. CAGR %	21.13	41.37	54.93	72.69	37.42
Total Assets, 5 Yr. CAGR %	45.34	44.17	36.77	29.09	27.67
Common Equity, 5 Yr. CAGR %	42.45	44.08	44.94	37.04	33.99
Tangible Book Value, 5 Yr. CAGR %	43.3	44.78	45.77	37.56	34.39
Cash From Operations, 5 Yr. CAGR %	47.95	-29.6	18.01	11.03	16.32
Capital Expenditures, 5 Yr. CAGR %	13.52	10.39	5.14	26.22	19.65
Levered Free Cash Flow, 5 Yr. CAGR %	56.03	27.69	-15.15	-33.94	49.28
Unlevered Free Cash Flow, 5 Yr. CAGR %	54.47	26.93	-13	-79.2	53.37