Star Health and Allied Insurance Company Limited (STARHEALTH.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

+136.2%

₹1,207.97

vs ₹511.40 price

Levered DCF

₹1,680.04

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.37

Grey zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	48.31×	31.33×	38.46×	48.44×	-38.09×	-41.69×	162.23×	322.72×
P/B	3.56×	2.88×	4.83×	4.55×	6.2×	10.74×	26.4×	29.67×
P/S	1.51×	1.24×	2.25×	2.45×	3.74×	7.84×	7.83×	9.73×
EV / EBITDA	34.38×	20.36×	25.65×	31.17×	-30.5×	-31.81×	91.48×	170.66×
Gross margin	36.2%	84.1%	84.4%	85.1%	85.9%	77.3%	83.4%	82.4%
Operating margin	4.2%	5.2%	7.8%	6.8%	-13.2%	-25.0%	7.4%	4.3%
Net margin	3.1%	3.9%	5.9%	5.1%	-9.8%	-18.8%	4.8%	3.0%
Current ratio	0×	0.18×	0.72×	0.15×	0.54×	5.49×	3.72×	4.05×
Debt / equity	0.06×	0.07×	0.07×	0.07×	0.11×	0.06×	0.15×	0.18×
Interest coverage	0×	13.16×	14.09×	9.35×	-28.87×	-50.97×	14.56×	6.51×
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	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.4%	9.1%	12.6%	9.4%	-16.3%	-25.7%	16.3%	9.2%
Return on invested capital	2.3%	3.6%	5.0%	4.3%	-24.1%	-11.1%	5.4%	2.0%
Return on assets	2.3%	3.1%	4.7%	3.8%	-6.8%	-9.7%	4.4%	2.5%
Free cash flow yield	6.5%	6.3%	3.7%	4.1%	-0.1%	1.8%	1.4%	1.7%
Earnings yield	2.1%	3.1%	2.6%	2.1%	-2.6%	-2.4%	0.6%	0.3%
Enterprise value	₹259.3B	₹203.1B	₹325.1B	₹301.4B	₹398B	₹436.4B	₹431.1B	₹406.7B
Net debt / EBITDA	-1.29×	-0.2×	0.02×	0.17×	-0.12×	1.19×	-0.77×	-2.7×
Cash conversion cycle (days)	0	0	-2	-11	-14	6	-12	-4