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STAR HEALTH ALLIED INS CO LTD (STARHEALTH)

Finance · Life/Health Insurance · figures to Nov '26

Quality scoreHow the business itself ranks against its sector peers on profitability, 3-year growth and leverage. 50 is the middle of the sector.46 / 100
Profitability 50Growth 42
Momentum scoreHow strong the recent trend is: 3-month price change, 12-month improvement in earnings and the rise in FII + DII holding, among companies above ₹500 cr.58 / 100
Price 53Earnings 50FII/DII 70
Compare withLIFE INSURANCE CORP OF IND LICBAJAJ FINSERVSBI LIFE INSURANCE COMPANY

Share price

Closing priceAdjusted for splits and bonus issues.

₹548.25 latest close · −5.5% over the last 90 sessions

₹550₹600Jul 3Jul 29Aug 24Sep 17Oct 14Nov 9 ₹550₹600Jul 3Sep 4Nov 9

₹548.25 month-end · +12.4% over 12 months

₹450₹500₹550₹600Nov '25Jan '26Apr '26Jun '26Sep '26Nov '26 ₹450₹500₹550₹600Nov '25May '26Nov '26

₹548.25 month-end · −5.1% over 3 years

₹400₹500₹600Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 ₹400₹500₹600Nov '23May '25Nov '26

₹548.25 month-end · −30.4% since Dec '21

₹400₹600₹800Dec '21Dec '22Dec '23Nov '24Nov '25Nov '26 ₹400₹600₹800Dec '21Jun '24Nov '26

52-week range ₹416.55 to ₹624.90 · 1-year volatility 24.2%

Was the rally earned?

+12%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

  • Per-share earnings added 13 points, but investors now pay less per rupee of profit (P/E 37.5x to 37.1x), which took 1 point back.
  • The share count barely moved.
Net profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14 ptsNet profit growthP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1 ptsP/E changeShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0 ptsShare count changeShare price: +12%+12%Share priceNet profit growth: +14 pts. Points of the price return explained by net profit growing (or shrinking).+14ProfitP/E change: −1 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−1P/EShare count change: 0 pts. Points of the price return explained by the share count changing. More shares count against the price.0SharesShare price: +12%+12%Share price
Net profit growth+14 ptsNet profit rose about 14%, which lifts the price.
P/E change-1 ptsThe P/E fell from 37.5x to 37.1x, which lowers the price.
Share count change0 ptsShare count was little changed. More shares would count against the price.
-5%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

  • Per-share earnings added 32 points, but investors now pay less per rupee of profit (P/E 54.4x to 37.1x), which took 37 points back.
  • The share count barely moved.
Net profit growth: +33 pts. Points of the price return explained by net profit growing (or shrinking).+33 ptsNet profit growthP/E change: −37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−37 ptsP/E changeShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1 ptsShare count changeShare price: −5%−5%Share priceNet profit growth: +33 pts. Points of the price return explained by net profit growing (or shrinking).+33ProfitP/E change: −37 pts. Points of the price return explained by the market paying a higher or lower P/E multiple.−37P/EShare count change: −1 pts. Points of the price return explained by the share count changing. More shares count against the price.−1SharesShare price: −5%−5%Share price
Net profit growth+33 ptsNet profit rose about 40%, which lifts the price.
P/E change-37 ptsThe P/E fell from 54.4x to 37.1x, which lowers the price.
Share count change-1 ptsShare count was little changed. More shares would count against the price.
What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with LIFE INSURANCE CORP OF IND LIC

How rough has the ride been?

Maximum drawdown-62.2%not yet recovered
1-year volatility24.2%annualised
Beta vs sector index0.403-year daily, correlation 0.29
Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

0%−20%−40%−60%2023202420252026−61.6% 0%−20%−40%−60%20242026−61.6%
Largest drawdowns

-62.2% (2021-12 peak to 2025-04 low, not yet recovered)

Most recent volume spikes

2026-10-28: 12.3x the 50-day median, price -5.0% that day

2026-10-06: 5.9x the 50-day median, price +2.9% that day

2026-09-24: 29.4x the 50-day median, price +0.2% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

4.3xP/B todayWithin its usual range
Against its own history28th percentile
CheapestMedian 5.6xDearest

Usual range 3.7x to 9.5x since 2021-12.

Against Finance4.3x vs 1.5x
This company
4.3x
Sector median
1.5x

181% above the Finance median.

1.3x5.0x8.7x12.3xDec '21Dec '22Dec '23Dec '24Dec '25Nov '261.3x5.0x8.7x12.3xDec '21Aug '23Apr '25Nov '26
P/B (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/E (this company)10th to 90th percentile of its own historyIts medianFinance median

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P/S (this company)10th to 90th percentile of its own historyIts medianFinance median
How to read this

Shaded band: 10th to 90th percentile of the company's own P/B history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Finance is valued

Where does it rank among Finance peers?

Each cell is the company's percentile rank among its Finance peers (banks and financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

  • ROE (approx.)50th▲ 9 pts vs a year ago
  • EPS growth48th▲ 19 pts vs a year ago
  • P/B ↓12th▼ 5 pts vs a year ago
  • 12M momentum78th▲ 26 pts vs a year ago
  • FII + DII72ndflat vs a year ago

Rank history

ROE (approx.)
EPS growth
P/B ↓
12M momentum
FII + DII
Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26
Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Finance sector page Watch it move against Finance in the Observatory

What is the price implying?

~35%annual earnings growth implied by the price

At a P/E of 99.3x, the price would imply about 35.3%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

This model is not meaningful for insurers, asset managers and holding companies.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Finance The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov
₹548.25
P/E
37.1x
ROCE
10.0%
Market Cap
₹32296 cr
Revenue (TTM)
₹19275 cr
P/S
1.7x
P/B
4.3x
ROE
11.5%
Operating Margin
14.0%
Debt / Equity
0.1x
Promoter Holding
58.0%
12M Momentum
12.4%

52-week range

₹416.55₹624.90
63% of the way from its 52-week low to its high

Price risk

1Y volatility
24.2%
Beta vs sector
1-year daily
0.37

Balance sheet & cash

Share count, 1Y
unchanged

Are profits backed by cash?

1 of 1checks within rangeAll clear
Tax rate25%Within range

Median quarterly effective tax rate over about 2.5 years: 25.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Tap a check to see how it is measured

Cash conversion and receivable days are not meaningful for banks and NBFCs, so only the other-income and tax-rate checks are shown.

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

  • Over 3 years, FIIs trimmed 14.6 pts; DIIs added 13.3 pts.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change
Promoters58.0%58.0%0.0 pts
FIIs30.6%16.0%-14.6 pts
DIIs6.1%19.4%+13.3 pts
Public and others5.2%6.5%+1.3 pts

Number of shareholders

1.7 lakhshareholders-2% since Sep '23
1.7L1.9L2.0L2.2L Sep '23Jun '24Mar '25Dec '25Jun '26
Sep '23: 1.7 lakh
Dec '23: 1.8 lakh
Mar '24: 1.8 lakh
Jun '24: 1.9 lakh
Sep '24: 2.0 lakh
Dec '24: 2.2 lakh
Mar '25: 2.2 lakh
Jun '25: 2.0 lakh
Sep '25: 2.0 lakh
Dec '25: 1.9 lakh
Mar '26: 1.8 lakh
Jun '26: 1.7 lakh
 1.7L1.9L2.0L2.2L Sep '23Sep '24Sep '25Jun '26
Sep '23: 1.7 lakh
Dec '23: 1.8 lakh
Mar '24: 1.8 lakh
Jun '24: 1.9 lakh
Sep '24: 2.0 lakh
Dec '24: 2.2 lakh
Mar '25: 2.2 lakh
Jun '25: 2.0 lakh
Sep '25: 2.0 lakh
Dec '25: 1.9 lakh
Mar '26: 1.8 lakh
Jun '26: 1.7 lakh

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

This comparison is not meaningful for insurers, asset managers and holding companies.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

FeatureWeightNon-financialFinancial
P/E1yesyes
P/S1yes—
P/B1—yes
ROCE1yes—
operating margin1yes—
ROE1—yes
debt/equity0.75yes—
interest cover0.5yes—
revenue growth0.75yesyes
12-month momentum1yesyes
drawdown from 12-month high0.75yesyes
size0.75yesyes
volatility0.5yesyes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

  • One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
  • Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
  • Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
  • Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
  • Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

HDFC LIFE INSURANCE COMHDFCLIFE
Finance
68%similar
ROEvolatility
NIVA BUPA HEALTH INSUR COMNIVABUPA
Finance
63%similar
volatilityP/B
GO DIGIT GENERAL INSURANCEGODIGIT
Finance
62%similar
P/BROE

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Dec '22

  1. OctPriceVolume reached 12.3x its 50-day median on 2026-10-28; price -5.0% that day.
  2. SepPeer rankMoved into the 2nd quartile of Finance on ROE (from the 3rd quartile).
  3. SepPriceVolume reached 29.4x its 50-day median on 2026-09-24; price +0.2% that day.
  4. JunResultsYear-on-year EPS growth turned positive.
  5. JunPeer rankMoved into the 2nd quartile of Finance on EPS growth (from the bottom quartile).
  6. AprPriceVolume reached 22.1x its 50-day median on 2026-04-29; price +3.1% that day.
  7. MarPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the 3rd quartile).
  8. JanPriceVolume reached 9.1x its 50-day median on 2026-01-29; price +2.3% that day.
Show 22 earlier events
  1. NovPriceVolume reached 6.4x its 50-day median on 2025-11-14; price +4.3% that day.
  2. SepPeer rankMoved into the 3rd quartile of Finance on EPS growth (from the bottom quartile).
  3. SepPriceVolume reached 17.8x its 50-day median on 2025-09-16; price +1.9% that day.
  4. JunResultsYear-on-year EPS growth turned negative.
  5. JunValuationP/B fell below the 10th percentile of its own history to date (3.5x).
  6. JunPeer rankSlipped to the bottom quartile of Finance on EPS growth (from the 2nd quartile).
  7. JunPriceVolume reached 19.2x its 50-day median on 2025-06-25; price +0.5% that day.
  8. AprPriceFell 62% from the Dec 2021 peak to the Apr 2025 low.
  9. DecInstitutionsFII + DII holding fell 3.0 pts over 2 quarters to 34.7%.
  10. SepValuationP/B fell below the 10th percentile of its own history to date (5.6x).
  11. AugPriceVolume reached 6.5x its 50-day median on 2024-08-30; price +4.1% that day.
  12. JunResultsRevenue (TTM) reached a new high of ₹14,021 cr.
  13. JunPriceVolume reached 13.1x its 50-day median on 2024-06-05; price -0.1% that day.
  14. MayValuationP/B fell below the 10th percentile of its own history to date (5.6x).
  15. MarPriceVolume reached 13.8x its 50-day median on 2024-03-19; price -2.0% that day.
  16. DecValuationP/B fell below the 10th percentile of its own history to date (5.7x).
  17. DecPriceVolume reached 9.4x its 50-day median on 2023-12-07; price +2.4% that day.
  18. JunResultsEPS (TTM) turned positive.
  19. JunPeer rankMoved into the 3rd quartile of Finance on ROE (from the bottom quartile).
  20. MayPriceVolume reached 46.4x its 50-day median on 2023-05-26; price -8.4% that day.
  21. FebPriceVolume reached 19.1x its 50-day median on 2023-02-20; price +11.2% that day.
  22. DecSharesShare count is up 5.1% over 12 months.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history60 months · 2021-12 to 2026-11
MonthP/ERevenue (TTM)ROEROCEDebt / Equity
2026-1137.1x₹19275 cr11.5%10.0%0.1x
2026-1035.9x₹19275 cr11.5%10.0%0.1x
2026-0936.2x₹19275 cr11.5%10.0%0.1x
2026-0844.1x₹18655 cr10.0%10.0%0.1x
2026-0746.7x₹18655 cr10.0%10.0%0.1x
2026-0645.8x₹18655 cr10.0%10.0%0.1x
2026-0548.0x₹18088 cr9.2%12.0%0.1x
2026-0447.8x₹18088 cr9.2%12.0%0.1x
2026-0341.6x₹18088 cr9.2%12.0%0.1x
2026-0237.3x₹17668 cr10.4%12.0%0.1x
2026-0137.6x₹17668 cr10.4%12.0%0.1x
2025-1236.5x₹17668 cr10.4%12.0%0.1x
2025-1137.5x₹17165 cr10.8%12.0%0.1x
2025-1038.0x₹17165 cr10.8%12.0%0.1x
2025-0934.3x₹17165 cr10.8%12.0%0.1x
2025-0840.6x₹16101 cr9.2%12.0%0.1x
2025-0740.4x₹16101 cr9.2%12.0%0.1x
2025-0638.4x₹16101 cr9.2%12.0%0.1x
2025-0535.6x₹15708 cr12.3%18.0%0.1x
2025-0429.0x₹15708 cr12.3%18.0%0.1x
2025-0326.6x₹15708 cr12.3%18.0%0.1x
2025-0225.5x₹15140 cr13.5%18.0%0.1x
2025-0129.4x₹15140 cr13.5%18.0%0.1x
2024-1232.3x₹15140 cr13.5%18.0%0.1x
2024-1131.4x₹14543 cr13.7%18.0%0.1x
2024-1033.6x₹14543 cr13.7%18.0%0.1x
2024-0940.5x₹14543 cr13.7%18.0%0.1x
2024-0843.5x₹14021 cr13.2%18.0%0.1x
2024-0742.0x₹14021 cr13.2%18.0%0.1x
2024-0638.7x₹14021 cr13.2%18.0%0.1x
2024-0549.0x₹12096 cr11.4%15.0%0.1x
2024-0453.8x₹12096 cr11.4%15.0%0.1x
2024-0351.1x₹12096 cr11.4%15.0%0.1x
2024-0252.8x₹12096 cr11.4%15.0%0.1x
2024-0154.5x₹12096 cr11.4%15.0%0.1x
2023-1250.3x₹12096 cr11.4%15.0%0.1x
2023-1154.4x₹12096 cr11.4%15.0%0.1x
2023-1054.6x₹12096 cr11.4%15.0%0.1x
2023-0956.5x₹12096 cr11.4%15.0%0.1x
2023-0859.8x₹12096 cr11.4%15.0%0.1x
2023-0759.9x₹12096 cr11.4%15.0%0.1x
2023-0655.0x₹12096 cr11.4%15.0%0.1x
2023-05—₹10602 cr-22.5%-31.0%0.2x
2023-04—₹10602 cr-22.5%-31.0%0.2x
2023-03—₹10602 cr-22.5%-31.0%0.2x
2023-02—₹10602 cr-22.5%-31.0%0.2x
2023-01—₹10602 cr-22.5%-31.0%0.2x
2022-12—₹10602 cr-22.5%-31.0%0.2x
2022-11—₹10602 cr-22.5%-31.0%0.2x
2022-10—₹10602 cr-22.5%-31.0%0.2x
2022-09—₹10602 cr-22.5%-31.0%0.2x
2022-08—₹10602 cr-22.5%-31.0%0.2x
2022-07—₹10602 cr-22.5%-31.0%0.2x
2022-06—₹10602 cr-22.5%-31.0%0.2x
2022-05—₹5050 cr-31.1%-51.0%0.1x
2022-04—₹5050 cr-31.1%-51.0%0.1x
2022-03—₹5050 cr-31.1%-51.0%0.1x
2022-02—₹5050 cr-31.1%-51.0%0.1x
2022-01—₹5050 cr-31.1%-51.0%0.1x
2021-12—₹5050 cr-31.1%-51.0%0.1x

Methodology and data notes

Methodology

Methodology and data notes

All figures come from public exchange prices and screener.in financial statements. Quarterly and annual results are shown from 60 days after the period end, so a month never uses a result before it would plausibly have been published. Statements are the latest versions, which may include later restatements.

Sector medians, percentiles and indices use today's listed companies in the sector (survivorship bias). Prices are adjusted for splits and bonus issues; around a corporate action the fundamentals may lag the price by up to a month, and affected sections are hidden.

The return decomposition uses price = P/E × net profit ÷ share count. The reverse DCF uses a fixed 12% cost of equity, a 10-year horizon and a 15x terminal P/E, and is an illustration only. Events, flags and twins follow fixed rules and thresholds described next to each section.

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