💰 Financial Performance

Revenue Growth by Segment

Total Revenue grew 23.1% YoY to INR 2,209.53 Mn in FY25. In Q1 FY26, premium income grew 11% to INR 1,340 Mn, driven by Fire, Engineering, and Motor verticals, while the Reinsurance vertical experienced a drop. Revenue in Q1 FY26 grew 3.3% to INR 680.28 Mn compared to INR 658.17 Mn in Q1 FY25.

Geographic Revenue Split

The company operates across India, Singapore, Sri Lanka, Maldives, and Kenya. While specific % splits per country are not provided, the company is targeting a 'Quantum Leap' in Reinsurance revenues through its international presence in 4 countries and 10+ locations.

Profitability Margins

Net Profit Margin for FY25 was 9.8% (PAT of INR 216.31 Mn on Total Income of INR 2,209.53 Mn), a decline from 12.6% in FY24. Q1 FY26 PAT margin stood at 11.2% (INR 76.43 Mn), down from 13.8% in Q1 FY25 due to higher finance and depreciation costs.

EBITDA Margin

EBITDA margin for FY25 was 21.4%, a contraction from 26.2% in FY24. Q1 FY26 EBITDA margin was 23.6% (INR 160.54 Mn), remaining relatively stable compared to 23.7% in Q1 FY25.

Capital Expenditure

The company plans to invest in acquisitions in India and emerging markets and enhance its InsureTech platform. While specific future INR Cr figures are not disclosed, depreciation increased 55.6% YoY in Q1 FY26 to INR 44.77 Mn, indicating recent asset/technology additions.

Credit Rating & Borrowing

Finance costs increased 132% YoY in Q1 FY26 to INR 12.33 Mn from INR 5.31 Mn. Specific credit ratings and interest rate percentages were not disclosed in the provided documents.

⚙️ Operational Drivers

Raw Materials

Not applicable as the company is a service-based insurance broker. The primary 'inputs' are human capital (500+ professionals) and technology infrastructure.

Import Sources

Not applicable for management consultancy and insurance distribution services.

Key Suppliers

Not applicable. The company partners with insurance carriers rather than raw material suppliers.

Capacity Expansion

Current scale includes 10+ office locations and a network of 100+ reinsurance partners. Expansion is focused on a 'PHY-GITAL' distribution network and acquiring brokers in all operating geographies.

Raw Material Costs

Not applicable. Operating expenses (primarily personnel and admin) were INR 1,723.91 Mn in FY25, representing 78% of total income.

Manufacturing Efficiency

Not applicable. Service efficiency is measured by 'Premium Serviced Annually' which stands at USD 155 Mn+.

Logistics & Distribution

Not applicable; distribution is handled through digital platforms and a physical office network.

📈 Strategic Growth

Expected Growth Rate

22-25%

Growth Strategy

The company aims to sustain a 22-25% Revenue CAGR by cross-selling personal insurance to employees of 2,000+ corporate customers, pursuing inorganic growth through strategic acquisitions of brokers in all geographies, and scaling its reinsurance business internationally. It also plans to scale its 'PHY-GITAL' network to become a top 5 distributor in each region.

Products & Services

Insurance policies (Fire, Engineering, Motor, Health, Cyber, M&A), Reinsurance broking (Facultative, Treaty), Wellness services, and Claims processing support.

Brand Portfolio

IIRM Holdings, India Insure (founded 2003), Sampada Business Solutions.

New Products/Services

Expansion into Specialty Lines including Cyber Insurance and M&A Insurance; expected to leverage the existing 2,000+ corporate client base.

Market Expansion

Targeting leadership in India, Sri Lanka, East Africa (Kenya), and South Asia. Listed on BSE in 2024 to facilitate capital access for this expansion.

Market Share & Ranking

Aims to become a top 5 insurance distributor within each operating region; currently services USD 155 Mn+ in annual premiums.

Strategic Alliances

Collaborations with 100+ Reinsurance networks and leading insurance firms to enhance distribution reach.

🌍 External Factors

Industry Trends

The Indian insurance market is seeing rapid growth (12-15% CAGR) with 60% of vehicles currently uninsured and 60% of healthcare expenditure being self-funded, providing a massive addressable market for brokers.

Competitive Landscape

Competes with other national and international insurance brokers; differentiates through a 'PHY-GITAL' model and specialized reinsurance expertise.

Competitive Moat

25-year track record as a pioneer (first licensed broker in India in 2003). Moat is built on deep corporate relationships (2,000+ clients) and a proprietary consumer database ready for monetization.

Macro Economic Sensitivity

Highly sensitive to the growth of the Indian non-life insurance market, which is expected to grow at 12-15% CAGR.

Consumer Behavior

Shift toward 'personal, digital, and effortless' insurance available online, driving the company's investment in InsureTech.

Geopolitical Risks

Exposure to regulatory changes in 5 different countries (India, Singapore, Sri Lanka, Maldives, Kenya).

⚖️ Regulatory & Governance

Industry Regulations

Subject to IRDAI regulations in India and equivalent insurance authorities in Singapore, Sri Lanka, and Kenya. Complies with SEBI Listing Regulations for corporate governance.

Environmental Compliance

Not applicable for management consultancy/insurance services.

Taxation Policy Impact

Effective tax rate was approximately 31.7% in FY25 (Tax of INR 100.32 Mn on PBT of INR 316.63 Mn).

Legal Contingencies

The company reported no instances of suspected fraud or material internal control failures; auditors expressed an unmodified opinion for FY25.

⚠️ Risk Analysis

Key Uncertainties

Volatility in the Reinsurance vertical which saw a drop in Q1 FY26; potential impact of 10-15% on revenue if trends persist.

Geographic Concentration Risk

While expanding, the majority of operations and all material subsidiaries (Sampada, India Insure) are based in Hyderabad, India.

Third Party Dependencies

Dependent on the Registrar and Share Transfer Agents (Aarthi Consultants) for share system management and statutory auditors for compliance.

Technology Obsolescence Risk

Risk of being disrupted by pure-play digital 'InsureTech' firms, mitigated by the company's own investment in digital workflows and blockchain.

Credit & Counterparty Risk

Credit risk involves the collection of brokerage from insurance companies; the company maintains an Audit Committee to review the utilization of loans and investments.