- CIN
- U66000MH2007PLC172041
- ISIN
- —
- Incorporated
- 4 May 2007
- Registered state
- Maharashtra
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Business overview
Amara Insurance Services Limited underwrites retail health and personal-accident insurance and distributes through banks, brokers and its own app, with 168 branches and a claims office network across 24 states, covering 14.6 million lives and writing gross premium of ₹6,840 crore. The combined ratio has been below 100 for three consecutive years, which is the number that actually distinguishes a health underwriter — many peers grow premium while underwriting at a loss. The company is currently in the pre-IPO stage, with a listing under active consideration, and shares change hands only through negotiated off-market transfers.
Business model
Risk underwriting funded by premium float; investment income on reserves is a second earnings stream.
Key highlights
- Combined ratio of 97.4% in FY2026
- Solvency ratio of 2.08x against a 1.5x requirement
- Retail share of gross premium at 78%
- EBITDA is not a meaningful measure for an insurance underwriter and is not reported
Financial snapshot
FY2026 · Audited · Source: Audited annual report
- Revenue FY2026
- ₹6,840.00 Cr
- EBITDA
- —
- PAT
- ₹412.00 Cr
- Net worth
- ₹3,180.00 Cr
- Total debt
- ₹0.00 Cr
- Cash & equivalents
- ₹2,140.00 Cr
- Operating cash flow
- ₹682.00 Cr
- EPS
- ₹6.42
Not a meaningful measure for this business model
Management & board
- AASince 2015
Aditya Agarwal
Managing Director & CEO
Has led Amara Insurance since 2015 and previously held senior operating roles in the same sector.
- SPSince 2017
Sameer Pillai
Chief Financial Officer
- SRSince 2018
Sameer Reddy
Executive Director — Operations
- SCSince 2020
Shalini Chatterjee
Company Secretary & Compliance Officer
- AMSince 2017
Arjun Malhotra
Independent Director
Reported financials · FY2024–FY2026
Figures in ₹ crore unless stated. Every column carries its own source and audit status.
| Particulars | FY2026Audited | FY2025Audited | FY2024Audited | YoY |
|---|---|---|---|---|
| Profit & loss | ||||
| Revenue | ₹6,840 Cr | ₹5,620 Cr | ₹4,680 Cr | +21.7% |
| Profit after tax | ₹412 Cr | ₹318 Cr | ₹236 Cr | +29.6% |
| Earnings per share | ₹6.42 | ₹4.95 | ₹3.68 | — |
| Balance sheet | ||||
| Net worth | ₹3,180 Cr | ₹2,740 Cr | ₹2,380 Cr | +16.1% |
| Total debt | ₹0 Cr | ₹0 Cr | ₹0 Cr | — |
| Cash & equivalents | ₹2,140 Cr | ₹1,820 Cr | ₹1,540 Cr | — |
| Total assets | ₹14,200 Cr | ₹12,100 Cr | ₹10,400 Cr | — |
| Book value per share | ₹49.53 | ₹42.68 | ₹37.07 | — |
| Cash flow | ||||
| Operating cash flow | ₹682 Cr | ₹584 Cr | ₹492 Cr | — |
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- FY2026 · Audited annual report · period ended 31 Mar 2026 · last updated in the back office 18 Sep 2026
- FY2025 · Audited annual report · period ended 31 Mar 2025
- FY2024 · Audited annual report · period ended 31 Mar 2024
Revenue, EBITDA and PAT
₹ crore. A year with no reported figure is left out rather than drawn as zero.
- Revenue
- PAT
Every ratio on this tab is derived from the reported figures in the Financials tab and the indicative price in the header — nothing here is a stored value. A ratio that cannot be justified is shown as — with the reason, rather than as a negative or a zero. Ratios move when the indicative price moves.
Size
Balance-sheet items as at FY2026
- Market cap
- ₹40,061 Cr
- Enterprise value
- ₹37,921 Cr
- Indicative price
- ₹624
- Shares outstanding
- 64,20,00,000
Indicative price × shares outstanding
Market cap + debt − cash
Valuation multiples
- P/E
- 97.2x
- P/B
- 12.6x
- EV / EBITDA
- —
- EPS
- ₹6.42
- Book value / share
- ₹49.53
- Debt / equity
- 0.0x
On FY2026 PAT
EBITDA is not a meaningful measure for this business
Returns & margins
- ROE
- 13.0%
- ROCE (EBITDA basis)
- —
- EBITDA margin
- —
- PAT margin
- 6.0%
- Revenue growth
- 21.7%
- Cash / market cap
- 5.3%
EBITDA not reported or capital employed unavailable
EBITDA not reported for this business
Indicative price snapshots
Each point is a dated dealer-quote average. There is no continuous trading behind these numbers, so no daily series is drawn.
Prices shown are indicative, dealer-quoted and updated periodically — they are not exchange-traded prices and may differ from the price at which a transaction is finally executed.
Snapshot log
| Date | Indicative price | Change | Source |
|---|---|---|---|
| 20 Sep 2026 | ₹624 | +3.53% | Dealer desk average, 5 quotes |
| 20 Aug 2026 | ₹603 | -0.25% | Dealer desk average |
| 20 Jul 2026 | ₹604 | +1.49% | Dealer desk average |
| 20 Jun 2026 | ₹595 | +3.24% | Dealer desk average |
| 20 May 2026 | ₹577 | +1.68% | Dealer desk average |
| 20 Apr 2026 | ₹567 | +0.86% | Dealer desk average |
| 20 Mar 2026 | ₹562 | +2.20% | Dealer desk average |
| 20 Feb 2026 | ₹550 | +1.40% | Dealer desk average |
| 20 Jan 2026 | ₹543 | -0.38% | Dealer desk average |
| 20 Dec 2025 | ₹545 | +2.03% | Dealer desk average |
| 20 Nov 2025 | ₹534 | +2.24% | Dealer desk average |
| 20 Oct 2025 | ₹522 | +1.10% | Dealer desk average |
| 20 Sep 2025 | ₹517 | — | Dealer desk average |
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Change is measured against the previous snapshot, not against a calendar period, because snapshots are not collected on a fixed schedule. The header percentages use fixed windows and may not tie exactly to this column.
Corporate actions & events
Dated events sourced from company filings and registrar records.
- Buyback3 Jun 2026
Buyback of equity shares from employees
Liquidity window offered to option holders at a board-determined price.
Company filing / RoC
- Dividend25 Jun 2024
Final dividend declared
Dividend recommended by the board, subject to shareholder approval at the AGM.
Company filing / RoC
IPO / listing status
- Current stage
- Pre-IPO
- DRHP filed
- —
- RHP filed
- —
- Expected window
- Not announced — under evaluation
- Registrar
- —
- Book-running managers
- —
Listing timelines are indicative and subject to regulatory approval and market conditions. A filing is not a guarantee of listing.
Lock-in applies after listing
Shares acquired before a public issue are typically subject to a statutory lock-in of six months from the date of listing. Confirm the applicable period before transacting.
Read the lock-in explainerResearch
Information currently unavailable
No research has been published on Amara Insurance yet. Sector notes that mention it will appear here when they are.
Documents
Public documents open directly. Private documents are released to verified clients on request.
| Document | Type | FY / date | Source | Access |
|---|---|---|---|---|
| Annual Report FY20264.2 MB | Annual report | FY2026 | Company | Download |
| Annual Report FY20253.8 MB | Annual report | FY2025 | Company | Download |
| Audited financial statements — three-year summary620 KB | Financials | FY2024–FY2026 | Statutory filings | Download |
| Investor presentation9.1 MB | Presentation | 2026-07-15 | Company | On request |
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Risk assessment
Our own reading of the disclosed information. Treat the levels as judgement, not as fact.
Claims inflation
HighMedical inflation running ahead of premium repricing would move the combined ratio.
Regulatory capital
MediumGrowth consumes solvency capital.
Distribution dependence
MediumBank partners account for a large share of new business.
Risks common to every unlisted holding. You may not find a buyer when you want one, at any price. A listing may be delayed indefinitely or may never happen, and shares can list below the price at which they changed hands in the unlisted market. Disclosure by unlisted companies is thinner than by listed ones, and the indicative price is based on infrequent dealer quotes rather than continuous trading.