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Star Health Q3 FY26 PAT Jumps to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a robust Q3 FY2026 with Gross Written Premium (GWP) increasing 23% YoY to ₹5,047 crore, supported by a 45% surge in fresh business. Profit After Tax (PAT) under IND AS rose significantly to ₹449 crore from ₹87 crore in the previous year, driven by a 320 bps improvement in the combined ratio to 98.9%. The company maintained its market leadership with a 31.3% retail health market share and improved its 9M PAT by 87% YoY to ₹966 crore. Management highlighted a strategic shift towards high-margin retail business, which now constitutes 95% of the total portfolio.
Key Highlights
Q3 GWP grew 23% YoY to ₹5,047 crore, with fresh business growth at 45% and renewal growth at 17%.
Combined ratio improved by 320 bps YoY to 98.9% in Q3 FY26, leading to an underwriting profit of ₹46 crore.
9M FY26 PAT increased 87% YoY to ₹966 crore, supported by an investment yield of 9.6%.
Retail loss ratio decreased to 68.4% in Q3 FY26, down 103 bps from the previous year.
Digital D2C channel grew 35% YoY in 9M FY26, contributing 20% of all fresh business premiums.
💼 Action for Investors
Investors should note the significant operational turnaround as the company achieved underwriting profitability and a sub-100% combined ratio. The strong growth in the high-margin retail and digital segments, coupled with disciplined claims management, makes the stock a strong play on the expanding Indian health insurance sector.
Strides Pharma Q3 FY26: Record EBITDA of ₹236 Cr; PAT Jumps 38% YoY as Margins Hit 60%
Strides Pharma Science Limited reported a strong Q3 FY26 performance, achieving its highest-ever quarterly EBITDA of ₹236 crores, a 12% YoY increase. While total revenue growth was modest at 3.6% due to a planned scale-down of the institutional business, operational PAT surged by 38% YoY. The company's focus on profitability led to gross margins reaching 59.8% and an EPS of ₹41.4. Notably, the Ex-US markets grew 20% YoY to $64 million, significantly narrowing the gap with the US market which remained flat at $70 million.
Key Highlights
Highest ever quarterly EBITDA of ₹236 crores with margins expanding 160 bps YoY to 19.8%.
Operational PAT grew by 38% YoY, supported by gross margins touching the 60% mark.
Ex-US revenue increased 20% YoY to $64 million, now contributing 47% of total Q3 revenues.
Net debt reduced by ₹170 crores during the quarter, bringing the Debt/EBITDA ratio down to 1.59x.
Appointed Peter Hardwick as CEO of North American Business to lead the next growth phase beyond $400 million.
💼 Action for Investors
Investors should take note of the significant structural improvement in profitability and the successful debt reduction trajectory. The company's reduced dependence on the US market and focus on high-margin regulated markets make it a strong candidate for long-term growth.
Five-Star Business Finance Q3 FY26: PAT at ₹277 Cr; Collection Efficiency Improves to 99.01%
Five-Star Business Finance reported a PAT of ₹277 crores for Q3 FY26, a marginal 1% YoY increase, while deliberately slowing disbursements to ₹976 crores to focus on asset quality. Collection efficiency on the current book improved to 99.01%, and the current portfolio proportion rose slightly to 81.77%, signaling stabilization in softer buckets. The company successfully reduced its cost of funds by 50 bps YoY to 9.12% and secured a $100 million sanction from the Asian Development Bank. Management expects to resume growth acceleration within the next 1-2 quarters as collection frameworks fully mature.
Key Highlights
PAT for Q3 FY26 stood at ₹277 crores with a healthy ROA of 7% and ROE of 15.8%.
Disbursements decreased 18% QoQ to ₹976 crores as the company prioritized collection vertical strengthening.
Unique customer collection efficiency (excluding NPAs) improved from 96.5% to 97.26% QoQ.
Cost of incremental debt reached a low of 8.19%, while total net worth crossed the ₹7,000 crore milestone.
Collection workforce expanded significantly to 2,452 officers compared to 1,329 in the previous year.
💼 Action for Investors
Investors should look for a reversal in the disbursement slowdown in H1 FY27 as a signal of management's confidence in asset quality. The significant reduction in cost of funds and strong liquidity provide a solid cushion against current micro-finance sector headwinds.
Blue Star Reports Unauthorized Access to Product Installation Data
Blue Star Limited has reported a cybersecurity incident involving unauthorized access to its product installation data, detected on January 31, 2026, at 10:30 p.m. The company immediately took steps to restrict access and is currently working with cybersecurity experts to assess the potential impact. A thorough root cause analysis is underway to understand the breach's origin. The disclosure was made as a matter of good governance under SEBI Listing Regulations, and the company is monitoring the situation closely.
Key Highlights
Unauthorized access to product installation data detected on January 31, 2026, at 10:30 p.m.
Immediate measures implemented to restrict access and secure the data environment
Engagement with cybersecurity experts for impact assessment and root cause analysis
Disclosure made under Regulation 30 of SEBI Listing Regulations as a transparency measure
💼 Action for Investors
Investors should monitor subsequent updates to determine if the breach involves sensitive customer information or results in operational disruptions. While the immediate impact appears contained, the final assessment from cybersecurity experts will be crucial for long-term risk evaluation.
Blue Star Limited Notifies Shareholders of Q3 and Nine-Month FY26 Financial Results
Blue Star Limited has formally communicated its financial results for the third quarter and nine months ended December 31, 2025, to its shareholders. The Board of Directors approved the unaudited standalone and consolidated financial results during their meeting on January 29, 2026. The company has provided direct access to the detailed financial reports, a press release, and an investor presentation via its website. This communication serves as a procedural update to ensure transparency and provide shareholders with comprehensive performance data.
Key Highlights
Board of Directors approved Q3FY26 financial results on January 29, 2026
Communication dispatched to all registered shareholders on January 30, 2026
Results cover both standalone and consolidated performance for the period ending December 31, 2025
Public access provided to the investor presentation and detailed press release via company website
💼 Action for Investors
Investors should review the detailed investor presentation and press release on the company's website to analyze specific revenue and margin trends. Focus on the performance of the cooling products segment ahead of the peak summer season.
Strides Pharma Q3FY26: Record EBITDA of ₹2,359m; Operational PAT Surges 39% YoY
Strides Pharma Science Limited delivered its highest-ever quarterly EBITDA of ₹2,359 million in Q3FY26, marking a 12.2% YoY increase. While total revenue grew modestly by 3.6% to ₹11,946 million, operational PAT saw a significant jump of 38.6% YoY to ₹1,282 million. The performance was bolstered by a 280bps expansion in gross margins to 61.2% and a 20% YoY growth in Ex-US markets. Additionally, the company reduced its net debt to ₹13,527 million on a constant currency basis while funding ₹2,836 million in capex during 9MFY26.
Key Highlights
Achieved highest ever quarterly EBITDA of ₹2,359m with margins improving to 19.8%.
Operational PAT grew 38.6% YoY to ₹1,282m, while Reported PAT hit ₹2,081m including a ₹832m property sale gain.
Ex-US markets (Australia, UK, EU) grew 20% YoY to $64m, offsetting flattish US revenue of $70m.
Net debt reduced by ₹1,694m in 9MFY26 on a constant currency basis despite ₹2,836m capex spend.
Appointed Peter Hardwick as CEO for North America to lead the target of $400m US revenue by FY28.
💼 Action for Investors
Investors should view the record EBITDA and consistent debt reduction as strong indicators of operational efficiency. The robust growth in non-US regulated markets and the appointment of new leadership for the US business suggest a healthy outlook for achieving long-term revenue targets.
Strides Pharma Q3FY26: Highest Ever Quarterly EBITDA of ₹2,359m; Operational PAT Up 39% YoY
Strides Pharma reported a robust bottom-line performance for Q3FY26, with operational PAT growing 38.6% YoY to ₹1,282m despite a modest revenue growth of 3.6% at ₹11,946m. The company achieved its highest-ever quarterly EBITDA of ₹2,359m, driven by a significant gross margin expansion of 280 bps to 61.2%. While the US business remained flattish and institutional business saw low offtake, the Ex-US regulated and growth markets performed strongly with 20% YoY growth. The company also appointed Peter Hardwick as the new CEO for its North America business to drive long-term growth.
Key Highlights
Highest ever quarterly EBITDA of ₹2,359m, representing a 12.2% YoY growth.
Operational PAT surged 38.6% YoY to ₹1,282m with an Operational EPS of ₹13.9.
Gross margins expanded significantly by 280 bps YoY to reach 61.2%.
Ex-US market revenue grew by 20% YoY to $64m, offsetting flattish US performance.
EBITDA margins improved to 19.8%, up 160 bps compared to the previous year.
💼 Action for Investors
Investors should take note of the significant margin expansion and profitability growth which compensates for the tepid revenue growth. Monitor the impact of the new North America CEO on the US business and the continued momentum in Ex-US regulated markets.
Strides Pharma Q3 PAT Surges 131% YoY to ₹2,081 Million; Revenue Up 3.5%
Strides Pharma Science Limited reported a robust performance for Q3 FY26, with consolidated Profit After Tax (PAT) more than doubling to ₹2,081.22 million from ₹900.40 million in the previous year. Revenue from operations grew steadily to ₹11,946.46 million, while Profit Before Tax (PBT) before exceptional items saw a massive jump of 115% YoY. The bottom line was significantly bolstered by a surge in 'Other Income' to ₹1,068.62 million and a 17% reduction in finance costs. For the nine-month period ended December 2025, the company has achieved a PAT of ₹4,452.39 million.
Key Highlights
Consolidated PAT for Q3 FY26 jumped 131% YoY to ₹2,081.22 million.
Revenue from operations increased to ₹11,946.46 million compared to ₹11,536.67 million in Q3 FY25.
Profit Before Tax (PBT) before exceptional items rose to ₹2,488.05 million from ₹1,153.22 million YoY.
Finance costs decreased to ₹433.79 million from ₹521.82 million, reflecting improved debt management.
Other income saw a significant spike to ₹1,068.62 million from just ₹56.16 million in the corresponding previous quarter.
💼 Action for Investors
Investors should take note of the significant margin expansion and debt cost reduction, though the impact of high 'Other Income' on the bottom line should be evaluated for sustainability. The stock remains a strong watch given the sharp recovery in profitability.
Blue Star Q3 FY26 Revenue Grows 4% to ₹2,925 Cr; EBITDA Rises to ₹221 Cr
Blue Star reported a 4.2% YoY increase in Q3 FY26 revenue to ₹2,925 crore, while EBITDA grew by 5.7% to ₹221 crore. Net profitability was significantly impacted by a one-time exceptional charge of ₹56 crore related to new labor code requirements for gratuity and leave encashment, leading to an EPS drop to ₹3.92 from ₹6.44. The Room AC segment saw a revival in demand ahead of energy-label changes, while the projects segment remains strong with demand from data centers and factories.
Key Highlights
Q3 FY26 Revenue increased to ₹2,925 crore from ₹2,807 crore in Q3 FY25.
EBITDA improved to ₹221 crore with a steady margin of 7.5%.
Recognized a one-time exceptional impact of ₹56 crore towards Gratuity and Leave Encashment.
9M FY26 Revenue reached ₹8,330 crore compared to ₹7,949 crore in the previous year.
Room AC business growth revived due to channel stocking ahead of energy-label changes effective Jan 2026.
💼 Action for Investors
Investors should monitor the company's performance during the upcoming summer season as new energy-compliant products roll out. The strong momentum in Data Centers and Industrial segments provides a healthy medium-term outlook despite the one-time regulatory expense.
Blue Star Q3FY26 Revenue Up 4.2% to Rs 2,925 Cr; Net Profit Hit by Exceptional Item
Blue Star reported a modest 4.2% YoY revenue growth to Rs 2,925.31 crore for Q3FY26, while EBITDA margins remained stable at 7.5%. Reported Net Profit declined to Rs 80.55 crore from Rs 132.46 crore, primarily due to a non-recurring exceptional charge of Rs 56.35 crore related to new Labour Code provisions. The Room Air Conditioner segment showed signs of revival ahead of energy label changes, though the Commercial Refrigeration market remained muted. The company's order book stands at Rs 6,898.74 crore, providing visibility despite a 16.5% drop in quarterly order inflows for the Projects segment.
Key Highlights
Revenue from operations grew 4.2% YoY to Rs 2,925.31 crore; EBITDA stood at Rs 220.72 crore.
Net Profit fell to Rs 80.55 crore due to a Rs 56.35 crore exceptional item for gratuity and leave encashment.
Segment I (Projects) revenue rose 8.6%, but margins contracted to 6.8% from 7.6% YoY.
Net debt position reached Rs 352 crore compared to a net cash position of Rs 102 crore in the previous year.
Carried-forward order book grew marginally by 1.3% YoY to reach Rs 6,898.74 crore.
💼 Action for Investors
Investors should focus on the recovery in the Room AC segment and the management's ability to pass on rising commodity costs through planned Q4 price hikes. While the profit dip is non-recurring, the contraction in project margins and the shift to a net debt position warrant close monitoring.
Blue Star Q3FY26 Revenue Grows 4% to ₹2,925 Cr; Impacted by ₹56 Cr Exceptional Item
Blue Star reported a 4.2% YoY increase in Q3FY26 revenue to ₹2,925 crore, while EBITDA grew 5.7% to ₹221 crore. Profitability was impacted by a one-time exceptional charge of ₹56 crore related to new labor codes for gratuity and leave encashment, leading to a drop in EPS to ₹3.92. The Room AC segment saw a revival in growth driven by channel stocking ahead of energy-label changes, while the Projects segment maintained a strong enquiry pipeline despite some revenue deferrals. 9MFY26 revenue reached ₹8,330 crore, showing steady growth over the previous year's ₹7,949 crore.
Key Highlights
Q3FY26 Revenue increased to ₹2,925 crore from ₹2,807 crore in Q3FY25.
EBITDA for the quarter rose to ₹221 crore with a steady margin of 7.5%.
Recognized a one-time exceptional impact of ₹56 crore due to New Labour Codes.
9MFY26 Revenue grew to ₹8,330 crore compared to ₹7,949 crore in the previous year.
Room AC segment growth revived due to demand ahead of the January 2026 energy-label change.
💼 Action for Investors
Investors should monitor the margin performance of the new energy-compliant AC range and the recovery of the Commercial Refrigeration segment during the upcoming summer season. The strong enquiry pipeline in the Projects segment provides good medium-term visibility.
Blue Star Q3FY26 Revenue Up 4.2% to Rs 2925 Cr; Net Profit Dips 39% on Exceptional Labour Cost
Blue Star reported a modest 4.2% YoY revenue growth to Rs 2925.31 crores for Q3FY26, while operating profit grew 5.4% to Rs 220.72 crores. However, Net Profit fell significantly by 39.2% to Rs 80.55 crores, primarily due to a one-time non-recurring exceptional charge of Rs 56.35 crores related to new Labour Code provisions. The Room AC segment saw inventory building ahead of energy-label changes, while the projects segment faced margin pressure due to lower-margin infrastructure projects. Despite the profit dip, the order book remains healthy at Rs 6898.74 crores, and management maintains a positive outlook for Q4.
Key Highlights
Revenue from operations grew 4.2% YoY to Rs 2925.31 crores in Q3FY26.
Net Profit declined to Rs 80.55 crores from Rs 132.46 crores due to a Rs 56.35 crore exceptional labour cost provision.
Carried-forward order book remains strong at Rs 6898.74 crores as of December 31, 2025.
Unitary Products segment margins improved to 8.5% from 8.1% despite flat revenue of Rs 1154.22 crores.
Net debt position shifted to Rs 352 crores from a net cash position of Rs 102 crores in the previous year.
💼 Action for Investors
Investors should look past the one-time exceptional hit and focus on the steady operating margins and strong order book. Monitor the execution of the projects segment and the performance of the AC business in the upcoming peak summer season.
Blue Star Q3 Revenue Up 4.2% to ₹2925 Cr; PAT Impacted by ₹56 Cr Exceptional Item
Blue Star reported a modest 4.2% YoY revenue growth to ₹2925.31 crores for Q3FY26, while operating profit grew 5.4% to ₹220.72 crores. The bottom line was significantly impacted by a one-time exceptional provision of ₹56.35 crores for gratuity and leave encashment following new Government Labour Codes. The Room AC segment benefited from channel inventory building ahead of mandatory energy-label transitions. While the company moved from a net cash to a net debt position of ₹352 crores, management expressed optimism for a strong Q4FY26 performance.
Key Highlights
Revenue from operations increased 4.2% YoY to ₹2925.31 crores in Q3FY26.
Operating Profit (PBIDTA) rose 5.4% to ₹220.72 crores, maintaining a 7.5% margin.
Net Profit declined 39.2% to ₹80.55 crores due to a ₹56.35 crore provision for new Labour Codes.
Carried-forward order book remains healthy at ₹6898.74 crores as of December 31, 2025.
Net borrowings stood at ₹352 crores, compared to a net cash position of ₹102 crores a year ago.
💼 Action for Investors
Investors should treat the sharp decline in Net Profit as a non-recurring accounting adjustment and focus on the steady 7.5% operating margins. The stock's performance will likely depend on the strength of the upcoming summer season and the successful execution of the order book.
Blue Star Re-appoints MD B Thiagarajan and Appoints New Executive & Independent Directors
Blue Star has announced a significant leadership transition, re-appointing Mr. B Thiagarajan as Managing Director for a term ending May 24, 2027. The company is strengthening its consumer business by appointing Mr. Mohit Sud, an HUL veteran with over 20 years of experience, as Executive Director for Unitary Cooling Products for a 5-year term. Additionally, Mr. M S Unnikrishnan, former MD & CEO of Thermax, joins the board as an Independent Director for 5 years. These appointments follow the completion of Mr. Sam Balsara's tenure as an Independent Director on January 31, 2026.
Key Highlights
Mr. B Thiagarajan re-appointed as Managing Director from April 1, 2026, to May 24, 2027
Mr. Mohit Sud appointed as Executive Director (Unitary Cooling Products) for a 5-year term starting April 2026
Mr. M S Unnikrishnan, former Thermax CEO, appointed as Independent Director for 5 years effective January 29, 2026
Mr. Sam Balsara to retire as Independent Director on January 31, 2026, after completing two consecutive terms
Appointments are subject to shareholder approval via postal ballot
💼 Action for Investors
The leadership continuity and the addition of seasoned professionals from FMCG and industrial backgrounds are positive for long-term strategy. Investors should remain confident in the company's governance and operational focus.
Blue Star Q3 Revenue Up 4% to ₹2,925 Cr; PAT Impacted by ₹56.35 Cr Exceptional Item
Blue Star Limited reported a modest 4.2% year-on-year revenue growth for Q3 FY26, reaching ₹2,925.31 crore. However, Profit Before Tax (PBT) saw a sharp decline of 39.9% to ₹107.62 crore, primarily dragged down by an exceptional loss of ₹56.35 crore. Excluding exceptional items, the profit before tax remained relatively stable at ₹163.97 crore compared to ₹166.48 crore in the previous year. The company also announced key leadership updates, including the re-appointment of B Thiagarajan as Managing Director and the elevation of Mohit Sud to Executive Director for the cooling products division.
Key Highlights
Consolidated Revenue from Operations grew 4.2% YoY to ₹2,925.31 crore in Q3 FY26.
Profit Before Tax (PBT) fell to ₹107.62 crore from ₹178.99 crore in Q3 FY25 due to a ₹56.35 crore exceptional charge.
Profit Before Exceptional Items and Tax stood at ₹163.97 crore, showing a marginal decline of 1.5% YoY.
B Thiagarajan re-appointed as Managing Director for a further term until May 24, 2027.
Mohit Sud appointed as Executive Director - Unitary Cooling Products for a 5-year term starting April 2026.
💼 Action for Investors
Investors should monitor the details of the exceptional loss to confirm if it is a one-time occurrence and assess the impact of the leadership transition in the core cooling products segment. The stock may experience volatility due to the bottom-line miss despite stable top-line performance.
Blue Star Q3 Revenue Up 4.2% to ₹2,925 Cr; Profit Hit by ₹56 Cr Exceptional Loss
Blue Star Limited reported a modest revenue growth of 4.2% YoY for Q3 FY26, reaching ₹2,925.31 crore. However, the bottom line was significantly impacted by a ₹56.35 crore exceptional loss, leading to a Profit Before Tax (PBT) of ₹107.62 crore compared to ₹178.99 crore in the same quarter last year. The company also announced key leadership updates, including the re-appointment of B Thiagarajan as Managing Director and the appointment of Mohit Sud as Executive Director for Unitary Cooling Products. While revenue is growing, rising finance costs and exceptional items are currently weighing on net profitability.
Key Highlights
Consolidated revenue from operations grew 4.2% YoY to ₹2,925.31 crore in Q3 FY26.
Profit Before Tax (before exceptional items) remained nearly flat at ₹163.97 crore vs ₹166.48 crore YoY.
A significant exceptional loss of ₹56.35 crore dragged down the reported PBT to ₹107.62 crore.
Finance costs increased by 38.7% YoY to ₹22.09 crore, indicating higher debt servicing or interest rates.
Management continuity ensured with B Thiagarajan re-appointed as MD until May 2027.
💼 Action for Investors
Investors should exercise caution as the bottom-line miss and exceptional loss may lead to short-term stock price volatility. It is critical to wait for management's clarification on the nature of the exceptional item and the outlook for margin recovery in the cooling products segment.
Star Health Q3 FY26 PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY growth in Profit After Tax (PAT) to ₹449 crore for Q3 FY26, driven by strong premium growth and improved operational efficiency. The Gross Written Premium (GWP) grew 23% YoY to ₹5,047 crore, with the retail segment showing a robust 27% growth. A significant improvement was seen in the Combined Ratio, which dropped to 98.9% from 102.1% a year ago, primarily due to a 301 bps reduction in the Loss Ratio. Investment income also played a crucial role, jumping 176% YoY to ₹569 crore.
Key Highlights
Q3 PAT grew 414% YoY to ₹449 Cr, while 9M PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr in Q3 FY26
Combined Ratio improved by 317 bps to 98.9%, indicating underwriting profitability
Retail GWP grew 27% YoY to ₹4,838 Cr, maintaining a 31.3% market share in the retail segment
Investment income surged 176% YoY to ₹569 Cr in Q3 FY26
💼 Action for Investors
The strong improvement in the combined ratio below 100% and robust retail growth signal a turnaround in underwriting profitability. Investors should monitor the sustainability of the loss ratio moderation and the impact of the transition to Ind AS reporting.
Star Health 9M FY26 PAT Jumps 87% to ₹966 Cr; Combined Ratio Improves to 99.8%
Star Health reported a robust 87% YoY increase in Profit After Tax (PAT) to ₹966 crore for 9M FY26, supported by higher investment income and improved underwriting. Gross Written Premium (GWP) rose 16% to ₹13,856 crore, with the core retail segment growing at 20%. The combined ratio improved to 99.8% from 102.1% YoY, reflecting better expense management and lower loss ratios. However, fresh GWP from the bancassurance channel declined by 8% during the period.
Key Highlights
Net Profit (PAT) surged 87% YoY to ₹966 crore in 9M FY26 compared to ₹516 crore in 9M FY25
Combined Ratio improved to 99.8%, signaling a shift towards underwriting profitability
Retail Health GWP reached ₹13,170 crore, representing a 20% YoY growth and 31% market share
Investment income grew to ₹1,320 crore with an annualized yield of 9.6%
Renewal ratio (persistency) strengthened significantly to 99% compared to 95% in 9M FY25
💼 Action for Investors
The stock remains a strong play on the Indian health insurance sector given its market leadership and improving operational metrics. Investors should monitor the sustainability of the combined ratio below 100% and the recovery in the bancassurance channel.
Star Health 9M FY26 PAT Surges 87% to ₹966 Crore; Combined Ratio Improves to 99.8%
Star Health reported a robust performance for 9M FY26, with Profit After Tax (PAT) under IND AS rising 87% YoY to ₹966 crore. A key highlight is the improvement in the combined ratio to 99.8% from 102.1% in 9M FY25, signaling a return to underwriting profitability. Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore, while the company maintained a dominant 31% market share in the retail health segment. Investment income also provided a significant boost, growing 39% to ₹1,320 crore.
Key Highlights
PAT (IND AS) increased by 87% YoY to ₹966 crore for the nine-month period.
Combined Ratio improved significantly to 99.8% from 102.1% in 9M FY25.
Gross Written Premium (GWP) grew 16% YoY to ₹13,856 crore.
Retail health market share remains industry-leading at 31% with a 99% renewal ratio.
Solvency ratio remains strong at 2.14x, providing a comfortable capital cushion.
💼 Action for Investors
The shift to a sub-100% combined ratio is a major positive milestone for underwriting health. Investors should maintain a positive outlook given the strong PAT growth and market leadership, while monitoring competitive pressures on retail market share.
Star Health Q3 FY26: PAT Surges 414% YoY to ₹449 Cr; Combined Ratio Improves to 98.9%
Star Health reported a massive 414% YoY increase in Profit After Tax to ₹449 crore for Q3 FY26, driven by strong premium growth and improved underwriting margins. The Gross Written Premium grew 23% YoY to ₹5,047 crore, with the retail segment leading the charge at 27% growth. Crucially, the combined ratio improved significantly to 98.9% from 102.1% a year ago, indicating the company is now operating profitably on an underwriting basis. Investment income also saw a substantial jump of 176% YoY to ₹569 crore, further boosting the bottom line.
Key Highlights
PAT grew 414% YoY to ₹449 Cr in Q3 FY26, while 9M FY26 PAT rose 87% to ₹966 Cr
Gross Written Premium (GWP) increased 23% YoY to ₹5,047 Cr, driven by 27% growth in Retail GWP
Combined Ratio improved by 317 bps YoY to 98.9%, with the Loss Ratio moderating to 68.8%
Investment income surged 176% YoY to ₹569 Cr, supported by a healthy investment yield of 9.6%
Maintained market leadership in Retail Health with a 31.3% market share for 9M FY26
💼 Action for Investors
The significant improvement in the combined ratio below 100% and robust retail growth signal a strong operational turnaround. Investors should monitor if this underwriting discipline and loss ratio moderation are sustained in future quarters.