Financials Star Health and Allied Insurance Company Limited

Equities

End-of-day quote NSE India S.E. Other stock markets 2026-01-21			5-day change	1st Jan Change
435.85 ^INR	+0.20%		-2.97%	-4.21%

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

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	-	114,635	129,525	152,544	167,814	184,476	214,830	248,449
Change	-	-	12.99%	17.77%	10.01%	9.93%	16.45%	15.65%
EBITDA ¹	-	-	-	7,896	4,648	-3,646	-3,547	513.3
Change	-	-	-	-	-41.14%	-178.43%	2.7%	114.47%
EBIT ¹	-	-15,820	7,060	7,309	3,933	4,792	7,617	10,421
Change	-	-	144.63%	3.53%	-46.19%	21.83%	58.96%	36.82%
Interest Paid ¹	-	-	-743.5	-546.5	-419	-400	-403	-403
Earnings before Tax (EBT) ¹	-14,458	-13,966	8,264	11,288	8,610	9,418	13,133	16,374
Change	-	3.4%	159.17%	36.6%	-23.72%	9.38%	39.45%	24.68%
Net income ¹	-10,857	-10,407	6,186	8,450	6,459	6,966	9,889	12,173
Change	-	4.15%	159.44%	36.6%	-23.57%	7.86%	41.96%	23.09%
Announcement Date	4/15/21	4/29/22	4/28/23	4/30/24	4/29/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	36,892	24,637	31,929	30,967	41,992	29,486	37,317	36,058	49,683	34,759	43,713	37,961	51,380	36,055	44,238	45,579	-
Change	-	-33.22%	29.6%	-3.01%	35.6%	-29.78%	26.56%	-3.37%	37.79%	-30.04%	25.76%	-13.16%	35.35%	-29.83%	22.7%	3.03%	-
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	2,674	-	1,058	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-980.3	2,788	1,102	2,414	750.6	2,915	726.3	2,769	899.8	3,121	156.4	1,525	-868.9	-	-192.1	1,619	-
Change	-	384.35%	-60.47%	119.14%	-68.91%	288.32%	-75.08%	281.19%	-67.5%	246.82%	-94.99%	875.13%	-156.97%	-	-	942.79%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-1,158	2,880	1,206	2,817	1,360	3,844	1,671	3,877	1,897	4,262	1,488	2,870	-8.7	3,520	776.8	2,847	-
Change	-	348.77%	-58.1%	133.51%	-51.71%	182.51%	-56.52%	131.98%	-51.06%	124.62%	-65.08%	92.85%	-100.3%	40,562.07%	-77.93%	266.54%	-
Net income ¹	-820.4	2,132	931	2,105	1,018	2,878	1,253	2,896	7,421	3,189	1,113	2,151	5.1	2,625	549	1,657	1,200
Change	-	359.92%	-56.34%	126.07%	-51.64%	182.79%	-56.47%	131.09%	156.3%	-57.02%	-65.11%	93.31%	-99.76%	51,374.51%	-79.09%	201.75%	-27.56%
Announcement Date	4/29/22	7/29/22	11/9/22	1/31/23	4/28/23	7/28/23	10/31/23	1/30/24	4/30/24	7/30/24	10/29/24	1/28/25	4/29/25	7/29/25	10/28/25	-	-

¹INR in Million

Estimates

¹INR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	-	-1,606	254	-1,984	1,975	1,814	-326
Change	-	-	-	115.82%	-881.1%	199.53%	-8.15%	-117.97%
Announcement Date	4/15/21	4/29/22	4/28/23	4/30/24	4/29/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020	2021	2022	2023	2024	2025
CAPEX ¹	337.2	460.9	631.3	465.9	1,235	827.1
Change	-	36.66%	36.98%	-26.2%	165.05%	-33.02%
Free Cash Flow (FCF) ¹	-1,635	-6,307	-12,441	4,621	-502.5	13,253
Change	-	-285.86%	-97.26%	137.14%	-110.87%	2,737.42%
Announcement Date	6/12/20	7/21/21	8/25/22	8/28/23	8/30/24	8/28/25

¹INR in Million

Estimates

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	5.18%	2.77%	-1.98%	-1.65%	0.21%
EBIT Margin (%)	-	-13.8%	5.45%	4.79%	2.34%	2.6%	3.55%	4.19%
EBT Margin (%)	-	-12.18%	6.38%	7.4%	5.13%	5.11%	6.11%	6.59%
Net margin (%)	-	-9.08%	4.78%	5.54%	3.85%	3.78%	4.6%	4.9%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	-	-7.85%	3.91%	4.91%	3.33%	3.22%	4.12%	4.64%
ROE	-	-19.61%	9.53%	12.69%	9.7%	9.6%	12.03%	13.74%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	0.03x	-	-0.54x	-0.51x	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	-	0.55%	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	1.3	4.867	6
Change	-	-	-	-	-	-	274.36%	23.29%
Book Value Per Share ¹	-	111.1	113.3	115	119.6	131.3	146.4	166.2
Change	-	-	1.93%	1.54%	3.98%	9.77%	11.49%	13.59%
EPS ¹	-	-18.65	10.41	14.19	10.86	12.04	16.87	20.92
Change	-	-	155.82%	36.31%	-23.47%	10.82%	40.15%	24.03%
Nbr of stocks (in thousands)	-	575,522	581,677	585,107	587,729	587,950	587,950	587,950
Announcement Date	-	4/29/22	4/28/23	4/30/24	4/29/25	-	-	-