Motilal Oswal's research report on Niva Bupa
We initiated coverage on Niva Bupa in Apr’25 highlighting the faster-than-industry growth momentum, product innovation capabilities, high standards of customer servicing and its focus on strengthening profitability. In its annual report, Niva Bupa has reiterated its strategic moat with product market fit, multi-channel scale, digital leverage and profitable growth. The five pillars of Niva’s strategy include (1) being the health partner of choice for customers, (2) building a multichannel and diversified distribution with emphasis on digital sales, (3) technology and analytics-driven business model, (4) disciplined underwriting and claims management, and (5) talent management and execution.
Outlook
We value the stock at 40x FY27E IFRS PAT, arriving at a fair value of INR101. Reiterate BUY.
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