Star Health Insurance Reports Strong Performance Q1FY26 PAT Grows 44% to INR 438 Cr (IFRS), Premium Grows 13%
Retail GWP grew 18% YoY, with fresh retail premiums growth 25% (N basis)
Claims NPS rose to 57 in Q1FY26, up from 46 in Q1FY25, reflecting improved claims experience
CHENNAI, India, July 30, 2025 /PRNewswire/ — Star Health and Allied Insurance Company Ltd. (Star Health Insurance), India's largest health insurance company, today announced the financial results for Q1FY26, delivering steady growth and improved profitability while reinforcing its leadership position in the retail health insurance sector.
For the quarter ended June 30, 2025, Star Health Insurance recorded a Gross Written Premium (GWP) of INR 3,936 crores, representing 13% year-on-year growth (on 1/N basis). The Company's Profit After Tax (PAT) stood at INR 438 crore as per IFRS, marking a 44% increase over the same period last year. The overall combined ratio on an IFRS basis was 99.6% for Q1FY26. This performance comes on the back of strong fresh retail premium growth and prudent underwriting practices. Claims NPS improved to 57, up from 45.8 last year.
Mr. Anand Roy, MD and CEO of Star Health and Allied Insurance stated, 'We have started FY26 on a steady note, with encouraging growth across our core segments and visible gains from the structural changes we initiated over the past two years. During the quarter we stayed prudent in our risk selection, made critical pricing and underwriting changes and improved our claims service experience. The agency channel continues to be the backbone of our business, supported by digital, banca and SME Group business. Our digital business has scaled well and is shaping up as a profitable growth engine. Our investments in technology, automation and fraud analytics continue to drive better outcomes for us. As we look ahead, our focus remains on sustainable growth and long-term value creation for all stakeholders.'
Retail Health continues to anchor the Company's performance, contributing INR 3,667 crore (N basis) to GWP in Q1FY26. Retail GWP grew 18% YoY, with fresh retail premiums rising 25%. The customer app of Star Health saw 11 milion downloads with many innovations like real time claims tracking, document submission etc introduced during the quarter. New product launches like Super Star and Star Flexi are gaining traction and collected more than INR 1000 crore premium in the last 12 months.
Star Health continues to execute on its focus areas on quality growth, customer centricity and play a leading role in championing India's health insurance penetration.
About Star Health and Allied Insurance: Star Health and Allied Insurance Co. Ltd. (BSE: 543412 | NSE: STARHEALTH) is a market leader in standalone health insurance in India. The Company commenced operations in 2006 and is India's first Standalone Health Insurance Company. Star Health Insurance provides Health, Personal Accident and Travel Insurance to customer. The Company has grown to emerge as one of the preferred private health insurance Company in India with several pioneering products and services to its credit. With customer-centricity at its core, the Company has superior and innovative product offerings, service capabilities and a seamless claims management process. Star Health offers tailor made products to cater to the needs of customers across cancer, diabetes, cardiac illnesses and senior citizen, women and children specialized suite of health insurance offerings Star Health is India's first health insurance Company to settle over 1 crore claims.
Star Health Insurance has a strong multi-channel distribution network with 914 offices, with 11,300+ network hospitals, over 7,89,000 licensed agents, robust bancassurance and financial institution partners, and 14,700+ employees. In FY25, Star Health's gross written premium stood at Rs.17, 553 Cr with its net worth at Rs.8,668 Cr.
For more information visit www.starhealth.in
Logo: https://mma.prnewswire.com/media/2401495/5245482/Star_Allied_Logo.jpg
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EBITDA: US$14.0 million (20.3% of revenue) or US$15.0 million (21.7% of revenue) excluding one-off costs, compared to US$16.4 million (21.0%) in Q2 2024. Net Profit: US$6.0 million (9% of revenue), compared to US$7.8 million (10%). Free Cash Flow: Negative US$7.1 million, mainly due to working capital requirements and Capex to support new contracts. Net Debt: US$76.5 million, including IFRS 16 but US$69.5 million at constant FX, compared to US$78.7 million as of June 30, 2024. Tim Bremner, CEO of Foraco, reflected on the quarter, stating, 'In Q2 2025, we continued to focus on aligning our portfolio with high-potential regions and segments, driven by our investment in proprietary rigs and high-value contracts. 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Income Statement (In thousands of US$)(unaudited) Three-month period ended June 30, Six-month period ended June 30, 2025 2024 2025 2024 Revenue 69,063 77,884 124,073 154,973 Gross profit (1) 14,126 17,916 21,855 34,728 As a percentage of sales 20.5 % 23.0 % 17.6 % 22.4 % EBITDA 14,005 16,391 21,031 33,964 As a percentage of sales 20.3 % 21.0 % 17.0 % 21.9 % Operating profit 9,689 12,116 12,583 24,740 As a percentage of sales 14.0 % 15.6 % 10.1 % 16.0 % Net profit for the period 6,015 7,809 7,042 16,273 Attributable to: Equity holders of the Company 6,336 7,760 7,880 16,606 Non-controlling interests (321) 49 (838) (333) EPS (in US cents) Basic 6.43 7.87 7.99 16.84 Diluted 6.34 7.70 7.87 16.48 (1) This line item includes amortization and depreciation expenses related to operations Highlights – Q2 2025 Revenue Total revenue in Q2 2025 was US$69.1 million, compared to US$77.9 million in Q2 2024. At constant exchange rates, revenue decreased by US$5.8 million. 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Net profit for the quarter amounted to US$6.0 million (9% of the revenue) compared to US$7.8 million (10% of revenue) in Q2 2024. Highlights – H1 2025 Revenue For the six-month period ending June 30, 2025 (H1 2025), the revenue amounted to US$124 million compared to US$155 million in H1 2024. Profitability In H1 2025, the gross margin, inclusive of depreciation within cost of sales, was US$21.9 million (or 18% of revenue), compared to US$34.7 million (or 22% of revenue) in H1 2024. During H1, EBITDA amounted to US$21.0 million (or 17.0% of revenue), compared to US$34 million (or 21.9% of revenue) for the same period last year. Free Cash Flow for the period was negative at US$7.1 million, primarily due to working capital needs and capital expenditures required to support the mobilization of new contracts. 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Financial position The following table provides a summary of the Company's cash flows for H1 2025 and H1 2024: (In thousands of US$) H1 2025 H1 2024 Cash generated by operations before working capital requirements 21,032 33,964 Working capital requirements (7,893) (23,497) Income tax paid (7,565) (6,264) Purchase of equipment in cash (9,777) (9,978) Free Cash Flow before debt servicing (4,203) (5,775) Proceeds from / (repayment of) debt 2,894 1,796 Interests paid (2,877) (3,931) Acquisition of treasury shares (721) (556) Deconsolidation of EDC Russia & Kazakhstan Dividends paid to non-controlling interests (5) – (2,076) (330) Net cash generated / (used in) financing activities (709) (5,097) Net cash variation (4,912) (10,872) Foreign exchange differences 1,325 (1,458) Variation in cash and cash equivalents (3,588) (12,330) Cash and cash equivalents at the end of the period 20,775 21,959 In H1 2025, the cash generated from operations before working capital requirements amounted to US$21.0 million compared to US$33.9 million in H1 2024. During the same period, working capital requirements were US$7.9 million, a decrease compared to the same period last year, primarily driven by tightened control on working capital management and the reduction in activity. During the period, Capex totaled US$9.8 million in cash compared to US$10.0 million in H1 2024. Capex primarily relates to new rigs, and the acquisition of ancillary equipment and rods to support new contracts. Strategy The Company's strategy is to assist its customers in exploring or managing their deposits throughout the entire cycle, with a special focus on the life of mine activity. The Company intends to continue developing and growing its services across the world with a focus on stable jurisdictions, high tech drilling services, optimal commodities mix including battery metals and gold – with a significant presence in water related drilling services – and a gradual implementation of remote-controlled rigs and other advanced digital applications. The Company expects to execute its strategy primarily through organic growth and targeted acquisitions. The Company addressed the environmental, social and governance (ESG) requirements, and implemented a pragmatic and measurable approach to ESG with quantitative KPIs to maximize improvement and efficiencies. Currency exchange rates. The exchange rates for the periods under review are provided in the Management's Discussion and Analysis of Q2 2025. Non-IFRS measures EBITDA represents Net income before interest expense, income taxes, depreciation, amortization and non-cash share based compensation expenses. EBITDA is a non-IFRS quantitative measure used to assist in the assessment of the Company's ability to generate cash from its operations. The Company believes that the presentation of EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the drilling industry. 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You can join the call by dialing 1-888-836-8184 or 1-289-819-1350. You will be put on hold until the conference call begins. A live audio webcast of the Conference Call will also be available An archived replay of the webcast will be available for 90 days. About Foraco International SA Foraco International SA (TSX: FAR) is a leading global mineral drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 16 countries across five continents. For more information about Foraco, visit 'Neither TSX Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this release.' Caution concerning forward-looking statements This document may contain 'forward-looking statements' and 'forward-looking information' within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as 'may', 'will', 'should', 'plans', 'expects', 'intends', 'anticipates', 'believes', 'budget', and 'scheduled' or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading 'Risk Factors' in the Company's Annual Information Form dated March 2, 2025, which is filed with Canadian regulators on SEDAR ( The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.
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