Niva Bupa Health Insurance Company Limited is a leading standalone health insurer in India, offering tech-driven, customer-centric health insurance products to individuals and families. Originally established as Max Bupa in 2010 through a joint venture between Max India and UK-based Bupa Group, the company was rebranded as Niva Bupa in 2022 after True North (an Indian private equity firm) acquired a controlling stake. Headquartered in New Delhi, Niva Bupa is the 3rd largest standalone health insurer in India by gross direct premium income (GDPI), with a market share of ~5.1% and strong digital underwriting capabilities. As of January 2026, the company is delivering explosive profit growth—160.87% YoY—but trades at an extremely high valuation with minimal scale compared to peers like Star Health or ICICI Lombard. This article provides a data-driven outlook on the Niva Bupa share price target 2026–2030.
Niva Bupa Health Insurance: Company Overview
- Founded: 2010 (as Max Bupa); rebranded in 2022
- Managing Director: Mr. Krishnan Ramachandran
- NSE Symbol: NIVABUPA
- Core Business: Retail health insurance (95%), group health (5%)
- Market Position: #3 standalone health insurer in India; fastest-growing digital-first health brand
Niva Bupa leverages AI and analytics for underwriting, claims processing, and customer engagement—enabling lower loss ratios and higher retention than traditional insurers.
Niva Bupa: Key Financial Snapshot
| Metric | Value |
|---|---|
| Current Share Price | ₹77.45 |
| Market Capitalization | ₹14,315.79 Cr |
| No. of Shares Outstanding | 184.72 Cr |
| P/E Ratio (TTM) | 154.57 |
| P/B Ratio | 3.77 |
| EPS (TTM) | ₹0.50 |
| Book Value (TTM) | ₹20.58 |
| ROE | 8.36% |
| ROCE | 7.62% |
| Dividend Yield | 0.00% |
| Face Value | ₹10 |
| Cash | ₹220.35 Cr |
| Debt | ₹250 Cr |
| Promoter Holding | 55.36% |
| Sales Growth (YoY) | –4.25% |
| Profit Growth (YoY) | 160.87% |
Note on Performance: Despite 160% profit growth, sales declined by 4.25%, indicating margin expansion via cost control—not top-line momentum. The P/E of 154x is among the highest in the insurance sector.
Niva Bupa Share Price Target Forecast (2026–2030)
| Year | Target Price Range (₹) |
|---|---|
| 2026 | ₹84 – ₹96 |
| 2027 | ₹92 – ₹108 |
| 2028 | ₹100 – ₹122 |
| 2029 | ₹108 – ₹138 |
| 2030 | ₹116 – ₹155 |
Niva Bupa Share Price Target 2026
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2026 | ₹84 | ₹96 |
Niva Bupa reported 160.87% YoY profit growth in FY2025, driven by improved claims ratio and digital efficiency. However, sales fell 4.25%, raising concerns about scale. Trading at a P/E of 154x and P/B of 3.77x, the stock is extremely overvalued relative to its size and ROE (8.36%). The 2026 target range assumes stabilization in premium growth and no major regulatory changes.
Niva Bupa Share Price Target 2027
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2027 | ₹92 | ₹108 |
If the company resumes premium growth (15–20% CAGR) and maintains sub-80% combined ratio, EPS could reach ₹0.60–₹0.65 by FY27. Assuming a P/E contraction to 140–150x, the 2027 target is justified—but remains speculative.
Niva Bupa Share Price Target 2028
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2028 | ₹100 | ₹122 |
By 2028, benefits from cross-selling, family floater penetration, and wellness partnerships should reflect in margins. A P/E of 130–140x on projected EPS of ₹0.70–₹0.80 supports the ₹100–₹122 band.
Niva Bupa Share Price Target 2029
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2029 | ₹108 | ₹138 |
Long-term tailwinds include rising health awareness, corporate health mandates, and government-backed Ayushman Bharat digitization. If competition doesn’t erode pricing, EPS could reach ₹0.80–₹0.90 by FY29. At a P/E of 120–130x, the 2029 target is ₹108–₹138.
Niva Bupa Share Price Target 2030
| Year | Share Price Target 1 | Share Price Target 2 |
|---|---|---|
| 2030 | ₹116 | ₹155 |
Over a five-year horizon, Niva Bupa remains a high-risk, high-valuation growth bet. A terminal P/E of 110–120x on FY30 EPS (~₹0.95–₹1.10) justifies the ₹116–₹155 range.
Niva Bupa: Shareholding Pattern
| Category | Holding (%) |
|---|---|
| Promoters (True North + Bupa) | 55.36% |
| Public & Retail | 18.32% |
| Domestic Institutional Investors (DII) | 16.01% |
| Foreign Institutional Investors (FII) | 10.31% |
High promoter holding ensures strategic continuity. Strong DII interest reflects confidence in the digital underwriting model.
Niva Bupa: Strengths vs Risks
Strengths:
- Tech-led, asset-light insurance model
- Industry-leading claims settlement ratio (>98%)
- Zero dividend payout allows full reinvestment
- Backed by global health insurer Bupa (10.3% indirect stake)
Risks:
- Extreme P/E (154x) offers no margin of safety
- Negative sales growth despite profit surge
- Low ROE (8.36%) limits capital efficiency
- Small scale vs. Star Health (₹15,000+ Cr GDPI)
Investment Suitability
| Factor | Assessment |
|---|---|
| Risk Profile | Very High |
| Ideal Time Horizon | 5+ years |
| Volatility | Extremely High (newly listed, low float) |
| Dividend/Income Potential | None (0% yield) |
| Best For | Aggressive investors betting on India’s health insurance digitization |
- Negative premium growth of about 4.25%
- Profit growth led by one-time cost reductions rather than scale
- Broader market rotation away from newly listed, high P/E stocks
- Absence of dividends, reducing retail investor appeal
Final Verdict
Niva Bupa is a digitally native health insurer with strong unit economics but weak scale. While its tech edge is real, the current valuation prices in perfection.
Our Niva Bupa share price target 2026–2030 (₹84 to ₹155) reflects cautious optimism—rooted in digital potential but tempered by execution risk. Upside is substantial if premium growth resumes; downside is steep due to valuation fragility.
Disclaimer: Price targets are estimates based on publicly available data and sector analysis. They are not investment advice. Consult a SEBI-registered advisor before making decisions.
Sources
- Screener.in – Niva Bupa Consolidated Page (FY2025 + TTM)
- Finology Ticker – NIVABUPA Financials & Analysis
- Groww.in – Niva Bupa Stock Profile
- IRDAI Annual Report 2025 – Health Insurance Sector Overview
- Niva Bupa IPO Prospectus (Dec 2023)
