Niva Bupa Q4 Results Review — Motilal Oswal Maintains 'Buy' On Robust Operational Performance

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Motilal Oswal Report

We believe Niva Bupa Health Insurance Company Ltd. is well-positioned to harness growth opportunities with a strategic global partner, a growing customer base, and innovative product offerings.

The diversified channel mix will ensure improved scalability as the company moves toward geographic expansion. Measures taken to mitigate claim inflation will continue to aid loss ratios, while operational efficiency will lead to an improved expense ratio going forward.

Backed by a strong performance in Q4 FY25, we have upgraded our estimates under IGAAP, mainly on expense ratio and slightly higher growth. However, our IFRS estimates have broadly remained unchanged and we value the stock at 40x FY27E IFRS PAT to arrive at a fair value of Rs 100. We reiterate our Buy rating.

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