Niva Bupa Health Insurance Company Limited (NIVABUPA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-194.7%

-₹69.56

vs ₹73.46 price

Levered DCF

₹568.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.77

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	101.82×	65.45×	164.49×	1,079.01×	-68.54×	-172.14×	-127.62×	-145.14×
P/B	4.17×	2.96×	3.45×	4.74×	5.29×	6.09×	6.98×	7.1×
P/S	1.99×	2.1×	3.05×	4.83×	7.35×	6.05×	7.53×	8.25×
EV / EBITDA	105.93×	44.2×	86.02×	152.48×	-89.3×	386.87×	379.16×	0×
Gross margin	81.7%	12.8%	73.0%	93.2%	93.5%	100.0%	100.0%	100.0%
Operating margin	1.9%	93.5%	1.8%	0.4%	-10.7%	60.0%	57.5%	58.7%
Net margin	2.0%	3.4%	1.8%	0.4%	-10.7%	-3.5%	-5.9%	-5.7%
Current ratio	0×	0×	0×	0×	0×	0×	0×	0×
Debt / equity	0.08×	0.06×	0.06×	0.09×	0.1×	0×	0×	0×
Interest coverage	0×	92.96×	1.54×	0.28×	-12.14×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	4.8%	2.1%	0.4%	-7.7%	-3.5%	-5.5%	-4.9%
Return on invested capital	1.1%	46.0%	1.3%	0.3%	-7.2%	31.1%	29.7%	28.8%
Return on assets	1.2%	2.3%	1.3%	0.3%	-7.2%	-1.8%	-3.1%	-2.8%
Free cash flow yield	6.4%	11.9%	6.1%	4.1%	2.3%	2.7%	1.0%	1.2%
Earnings yield	1.0%	1.6%	0.6%	0.1%	-1.5%	-0.6%	-0.8%	-0.7%
Enterprise value	₹134.3B	₹133.4B	₹136.3B	₹136.7B	₹137.1B	₹85.3B	₹78.4B	₹69.1B
Net debt / EBITDA	0.72×	0.1×	0.68×	1.65×	-1.24×	-1.38×	-0.92×	0×
Cash conversion cycle (days)	0	23	40	39	45	0	0	0