Niva Bupa Q2 FY27: PAT ₹135.6 Cr, +124% YoY (restated), margins expand, but dips QoQ

Niva Bupa's standalone PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹135.64 Cr on Total Insurance Revenue of ₹2,412.3 Cr. The year-on-year comparison needs a caveat: the company adopted Ind AS 117 from April 1, 2026, and its own Note 3 restates the year-ago quarter's PAT from a previously reported ₹35.27 Cr loss (the figure in our records) to a profit of ₹60.52 Cr under the new standard. On that like-for-like restated basis, PAT grew 124% YoY and revenue grew 27% YoY (₹1,899.1 Cr to ₹2,412.3 Cr), with net margin expanding to 5.27% from 2.95% a year ago.

The margin improvement is underwriting-led: the Combined Operating Ratio fell to 93.20% from 96.62% YoY, and the Expense Ratio improved to 30.10% from 31.53%. The company's EOM (expenses of management) ratio was 34.26% for the quarter — down from the ~35.2% level flagged at the Q1 FY27 concall, moving toward (but still above) its stated 32-33% target band, and comfortably within the IRDAI-permitted ceiling of 35.98% under its forbearance plan (Note 6). All of the quarter's ₹45.89 Cr tax charge was deferred tax, as current tax is only booked at year-end under the company's practice — so PBT of ₹181.53 Cr less ₹45.89 Cr deferred tax reconciles exactly to the ₹135.64 Cr PAT.

The stock went into the print at ₹78, up 2.8% over the past month of trading.

For context: revenue is at a 6-quarter high.

Sequentially, the picture is softer: PAT eased 1.6% QoQ from ₹137.80 Cr in Q1 FY27 even as revenue rose 6.1% QoQ, with net margin slipping to 5.27% from 5.57% and RoE easing to 3.53% from 3.71%. That quarterly RoE annualises to roughly 14%, broadly near the FY29 mid-to-high-teens RoE target reaffirmed at the Q1 FY27 concall, though the company gives no formal quarterly RoE guidance to grade against. The Q1 FY27 concall's other markers — retail growing 8-10 percentage points faster than the market (47% vs 31.6%) — are not disclosed in this filing and cannot be verified this quarter. We could not locate a reliable, date-matched analyst consensus estimate for this specific quarter's PAT, so the print's performance versus Street is being recorded as unknown rather than guessed. No separate management press release accompanied this filing (only the standard SEBI outcome-of-board-meeting letter), so there is no additional management commentary to reconcile against the numbers. Solvency stayed comfortable at 2.03x (down from 2.25x in Q1 FY27 and 2.85x a year ago but well above the regulatory floor). Separately, the company redeemed ₹150 Cr of NCDs on October 9, 2026 — after the quarter-end — against the up-to-₹500 Cr debt-raise approval flagged at the prior concall; this is a balance-sheet item and not a driver of this quarter's P&L.