Strengths & Weaknesses

Strengths

Enhancing competitive standing in industry: The company's gross direct premium grew by 52% in fiscal 2022 to Rs 3,881 crore and sustained a 38% increase in the first nine months of 2023.

Strong risk management and high-quality investments: Care Health's robust risk management framework addresses various risks, including insurance, strategic, operational, investment, and cyber security.

Weaknesses

Only one product: As a standalone health insurer, Care Health faces inherent monoline risks compared to general insurers.

Underwriting performance can improve: Care Health's underwriting performance showed room for improvement in fiscal 2022, with a combined ratio increasing to 103.3% from 92.9% in the previous year. The underwriting deficit amounted to Rs 304 crore, compared to a surplus of Rs 28 crore in the prior fiscal.

Balance Sheet	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Equity Capital	974.18	972.04	942.23	908.57	841.04	727.95	688.55
Reserves	1397.97	1225.70	801.29	380.18	289.44	53.03	12.33
Total Equity	2372.15	2197.74	1743.52	1288.74	1130.49	780.98	700.88
Borrowings	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Sources of Funds	2372.15	2197.74	1743.52	1288.74	1130.49	780.98	700.88
Investments	8399.44	6632.92	5076.28	3566.08	2635.01	1775.73	1301.66
Loans	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Assets	33.85	41.90	56.18	55.07	49.00	54.52	56.41
Deferred Tax Asset	44.02	41.23	46.81	39.95	42.16	0.00	0.00
Cash and Bank Balances	193.46	95.85	99.81	78.69	45.68	55.86	40.24
Other Assets	350.12	301.08	237.31	157.48	210.28	114.13	173.49
Sub Total (A)	543.58	396.92	337.12	236.17	255.96	169.99	213.73
Current Liabilities	3343.10	2002.56	1559.45	1161.19	847.29	681.19	544.07
Provisions	3305.64	2912.67	2213.42	1529.17	1097.68	733.63	588.05
Sub Total (B)	6648.74	4915.23	3772.88	2690.36	1944.97	1414.81	1132.12
Net Current Assets (A-B)	-6105.16	-4518.31	-3435.76	-2454.19	-1689.01	-1244.83	-918.39
Debit Bal P/L	0.00	0.00	0.00	81.84	93.33	195.56	261.21
Total Application of Funds	2372.15	2197.74	1743.52	1288.74	1130.49	780.98	700.88

Profit & Loss	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Net Earned Premium	6347.22	5328.67	3932.04	2510.84	1729.47	1508.45	1091.20
Growth %	19%	35.52%	56.60%	45.18%	14.65%	38.24%	0
Expenses	1237.58	1265.78	1329.36	1077.92	728.20	667.85	558.30
Growth %	-2%	-4.78%	23.33%	48.03%	9.04%	19.62%	0
Operating Profit	5109.64	4062.89	2602.68	1432.92	1001.27	840.60	532.90
Op. Profit Margin %	81%	76.25%	66.19%	57.07%	57.89%	55.73%	48.84%
Other Income	551	491.69	284.17	190.65	166.06	119.52	95.27
Net Incurred Claims	4,096	3074.27	2116.18	1633.73	953.82	891.94	602.67
Net Commision	1356.8	1070.24	442.71	110.17	26.61	-22.17	-31.42
Premium Deficiency	0	0	0	-135.88	111.42	24.46	0
Profit Before Tax	208.20	410.07	327.96	15.55	75.48	65.89	56.92
Tax	53	105.17	82.12	4.05	26.74	0.24	0
Tax %	25%	25.65%	25.04%	26.05%	35.43%	0.36%	0.00%
Profit After Tax	155.18	304.90	245.84	11.50	102.22	65.65	56.92
Growth %	-49%	24.02%	2037.74%	-88.75%	55.70%	15.34%	0
PAT %	2%	5.72%	6.25%	0.46%	5.91%	4.35%	5.22%
Diluted EPS	1.6	3.18	2.64	0.13	1.24	0.90	0.86

Shareholding Pattern

Color	Shareholder	Holding
	Religare Enterprise Limited	62.84%
	Trishikhar Ventures LLP	15.82%
	Union Bank of India	5.27%
	Others	16.06%

Fundamentals

Quick Insights

Experienced senior management: A team of seasoned professionals in insurance, risk, actuarial, and finance leads the company. Their extensive experience, combined with the strategic guidance of the board and promoters, greatly benefits the company. Enhancing competitive standing in industry: The company's gross direct premium grew by 52% in fiscal 2022 to Rs 3,881 crore and sustained a 38% increase in the first nine months of 2023. Strong risk management and high-quality investments: Care Health's robust risk management framework addresses various risks, including insurance, strategic, operational, investment, and cyber security.

Market Cap₹15,075.69 Cr

PE Ratio50.31

EPS₹3.18

Dividend Yield-

Book Value₹71.7 Cr

Debt/Equity-

Price/Book2.23

Price/Sales71.3

Industry PE-

Sales₹644 Cr

Profit After Tax₹245.8 Cr

Share Capital₹1,744 Cr

Shares Outstanding-

ISININE119J01011

SectorHealth Insurance

Symbol-

About Company

Established in 2007, Care Health Insurance Company Ltd (Care Health) is a standalone health insurer in India, offering health, travel, and personal accident insurance services to corporate employees, individuals, and small to medium enterprises.

Latest News

Cashless health insurance claim stopped for Tata AIG, Star Health and CARE Health in many Ahmedabad hospitals as dispute escalatesMNS - 4/16/2025Read full article

CARE HEALTH INSURANCE SLAPPED WITH RS.104.7 CRORE TAX DEMAND NOTICE FROM IT DEPTTimes Of India - 3/25/2025Read full article

With Burman's in the driving seat, fresh funds and a new name on cards for ReligareThe Economic Times - 2/20/2025Read full article

Annual Reports

FY FY FY FY FY FY

Board of Directors

Mr. Anuj GulatiManaging Director & CEO

Mr. Pankaj GuptaChief Finance Officer

Mr. Ajay Shah Chief Marketing Officer

Mr. Manish Dodeja Chief Risk Officer

Mr. Kartikeya Dhruv KajiNon-Executive Director

Mr. Sunish SharmaNon-Executive Director

Senior Management

No senior management information available.

Quick Insights

Experienced senior management: A team of seasoned professionals in insurance, risk, actuarial, and finance leads the company. Their extensive experience, combined with the strategic guidance of the board and promoters, greatly benefits the company. Enhancing competitive standing in industry: The company's gross direct premium grew by 52% in fiscal 2022 to Rs 3,881 crore and sustained a 38% increase in the first nine months of 2023. Strong risk management and high-quality investments: Care Health's robust risk management framework addresses various risks, including insurance, strategic, operational, investment, and cyber security.

Balance Sheet

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Equity Capital

974.18

972.04

942.23

908.57

841.04

727.95

688.55

Reserves

1397.97

1225.70

801.29

380.18

289.44

53.03

12.33

Total Equity

2372.15

2197.74

1743.52

1288.74

1130.49

780.98

700.88

Borrowings

0.00

Total Sources of Funds

2372.15

2197.74

1743.52

1288.74

1130.49

780.98

700.88

Investments

8399.44

6632.92

5076.28

3566.08

2635.01

1775.73

1301.66

Loans

0.00

Fixed Assets

33.85

41.90

56.18

55.07

49.00

54.52

56.41

Deferred Tax Asset

44.02

41.23

46.81

39.95

42.16

0.00

Cash and Bank Balances

193.46

95.85

99.81

78.69

45.68

55.86

40.24

Other Assets

350.12

301.08

237.31

157.48

210.28

114.13

173.49

Sub Total (A)

543.58

396.92

337.12

236.17

255.96

169.99

213.73

Current Liabilities

3343.10

2002.56

1559.45

1161.19

847.29

681.19

544.07

Provisions

3305.64

2912.67

2213.42

1529.17

1097.68

733.63

588.05

Sub Total (B)

6648.74

4915.23

3772.88

2690.36

1944.97

1414.81

1132.12

Net Current Assets (A-B)

-6105.16

-4518.31

-3435.76

-2454.19

-1689.01

-1244.83

-918.39

Debit Bal P/L

0.00

81.84

93.33

195.56

261.21

Total Application of Funds

2372.15

2197.74

1743.52

1288.74

1130.49

780.98

700.88

Profit & Loss

FY2025

FY2024

FY2023

FY2022

FY2021

FY2020

FY2019

Net Earned Premium

6347.22

5328.67

3932.04

2510.84

1729.47

1508.45

1091.20

Growth %

19%

35.52%

56.60%

45.18%

14.65%

38.24%

Expenses

1237.58

1265.78

1329.36

1077.92

728.20

667.85

558.30

Growth %

-2%

-4.78%

23.33%

48.03%

9.04%

19.62%

Operating Profit

5109.64

4062.89

2602.68

1432.92

1001.27

840.60

532.90

Op. Profit Margin %

81%

76.25%

66.19%

57.07%

57.89%

55.73%

48.84%

Other Income

551

491.69

284.17

190.65

166.06

119.52

95.27

Net Incurred Claims

4,096

3074.27

2116.18

1633.73

953.82

891.94

602.67

Net Commision

1356.8

1070.24

442.71

110.17

26.61

-22.17

-31.42

Premium Deficiency

-135.88

111.42

24.46

Profit Before Tax

208.20

410.07

327.96

15.55

75.48

65.89

56.92

Tax

105.17

82.12

4.05

26.74

0.24

Tax %

25%

25.65%

25.04%

26.05%

35.43%

0.36%

0.00%

Profit After Tax

155.18

304.90

245.84

11.50

102.22

65.65

56.92

Growth %

-49%

24.02%

2037.74%

-88.75%

55.70%

15.34%

PAT %

5.72%

6.25%

0.46%

5.91%

4.35%

5.22%

Diluted EPS

1.6

3.18

2.64

0.13

1.24

0.90

0.86

Color

Shareholder

Holding

Religare Enterprise Limited

62.84%

Trishikhar Ventures LLP

15.82%

Union Bank of India

5.27%

Others

16.06%

FAQs – Buying Unlisted Shares

What are unlisted shares?+

Unlisted shares are stocks of companies that are not listed on any stock exchange like NSE or BSE. They are traded in the over-the-counter (OTC) market through dealers, brokers, and private transactions.

How is the price of an unlisted share decided?+

Unlike listed shares, there’s no central marketplace or live order book. Prices are based on demand and supply, dealer quotes, and recent transaction trends. This leads to price fragmentation — different dealers can quote very different prices for the same stock.

Why should I compare prices before buying?+

Because the same share can be available at a 5–20% price difference depending on the dealer. Not comparing means you could be paying a premium for no reason — directly impacting your returns.

Is buying unlisted shares risky?+

Yes, like any investment, unlisted shares carry risks — including liquidity risk (harder to sell), company performance risk, and price transparency issues. Comparing prices helps reduce one avoidable risk — overpaying.

How can I know if the price I’m getting is fair?+

You can check recent transaction prices, ask multiple dealers, and soon — use our price comparison platform to instantly see live market quotes.

What documents are required to buy unlisted shares?+

Typically: PAN Card Demat Account details KYC documents (address proof, ID proof)

How do I sell unlisted shares?+

You can sell them via a dealer, private buyer, or once the company gets listed on a stock exchange. Having access to multiple dealer quotes helps you get the best selling price.

Can dealers lose business if they don’t offer the best price?+

Absolutely. If an investor finds a better price elsewhere, they’ll switch — often for good. That’s why transparent pricing protects both investors and dealers.

How soon will I receive the shares after purchase?+

Usually within T+2 to T+7 days after payment and documentation, depending on the dealer and the company’s transfer process.

Do I need to be an accredited investor to buy unlisted shares?+

No, but you must meet the regulatory requirements under SEBI guidelines and have a valid Demat account.

Care Health Insurance Ltd (Religare)

Strengths

Weaknesses

Quick Insights

Quick Insights

Strengths

Weaknesses

FAQs – Buying Unlisted Shares