Your Directors have pleasure in presenting the 21stIntegrated Annual Report on business and operations ofStar Health and Allied Insurance Company Limited (theCompany), along with the audited financial statementsfor the financial year (fy) ended March 31, 2026.
BUSINESS OUTLOOK
The Company received the approval from the InsuranceRegulatory and Development Authority of India (IRDAI)on March 16, 2006 to carry on General Insurancebusiness to underwrite Health, Personal Accident andTravel Insurance. Since then, the Company has beenservicing the public in the Health insurance segment.The Company has renewed its IRDAI license within thestipulated timeline and remains fully compliant with allregulatory requirements for FY2025-26.
With rising healthcare costs, greater consumer awarenessand deeper insurance penetration in India, the demandfor personalized health coverage is growing. In response,the Company has strengthened and expanded itsproduct portfolio with specialized, innovative solutionstailored to diverse customer needs across demographics,geographies and risk profiles. The Company remainscommitted to its vision of being the nation's most trustedand admired standalone health insurer.
The Company's growth strategy remains anchored inprudent underwriting discipline, strong renewal premiumretention, and a balanced, high quality investmentportfolio. The Company's core values - CustomerCentricity, Innovation, and Transparency remain centralto service delivery. These values are further reinforcedthrough a robust digital infrastructure, efficient policyissuance and servicing platforms, and a customerservice framework.
FINANCIAL HIGHLIGHTS (IGAAP)
Particulars
FY2025-26
FY2024-25
Gross Direct Premium
18,606.43
16,716.20
Gross Earned Premium
16,596.69
14,822.20
Claims Paid
11,902.88
10,353.27
Net Incurred Claims
11,375.15
10,419.37
Net Commission
2,673.33
2,240.72
Operating Expenses
2,959.83
2,540.61
Investment Income
1,228.30
1,279.03
Profit before Tax
754.33
861.05
Profit after Tax
556.98
645.86
Net worth
7,588.66
7,022.03
EPS - Basic (h)
9.47
11.01
EPS - Diluted (h)
10.99
Book Value Per Share (h)
128.97
119.47
CHANGE IN THE NATURE OF BUSINESS
During the year, there has been no change in the natureof the business of the Company.
INVESTMENTS
The investment assets were H 20,012.34 Crore (PYH 17,898.37 Crore) and the weighted average yield onincome bearing investments was 6.51 % as on March 31,2026 (PY 7.79%).
MATERIAL CHANGES AND COMMITMENTSAFFECTING THE FINANCIAL POSITION
There are no material changes and commitmentsbetween March 31, 2026 and date of this report affectingthe financial position of the Company.
RESERVES & SURPLUS
The Company has not made any apportionment toCapital Reserve, Capital Redemption Reserve, GeneralReserves or any other reserves including the DebentureRedemption Reserve.
SOLVENCY
IRDAI requires insurance companies to maintain aminimum solvency of 1.5 times, which is calculated in amanner as specified in the IRDAI (Actuarial, Finance andInvestment) Regulations, 2024.
The solvency position of the Company as of March 31,2026, was 2.05 times (PY 2.21 times).
SHARE CAPITAL
During the year, the Company allotted 6,17,043 equityshares to eligible employees under the Employee StockOption Scheme - ESOP 2019.
The equity shares allotted during the year rank paripassuwith the existing equity shares issued by the Company.As on March 31, 2026, the issued, subscribed and paid-upequity share capital of the Company stood at H 588.40 Crore(PY- 587.78 Crore) comprising of 58,84,03,502 equity shares(PY- 58,77,86,459 equity shares) of face value of H 10 each.
The Company has not issued any equity shareswith differential voting rights or sweat equity sharesduring the year.
NON-CONVERTIBLE DEBENTURES (NCD's)
The Company had issued NCD's that are listed, unsecured,fully paid up, redeemable and issued in the nature of'subordinated debt' in accordance with IRDAI, Securitiesand Exchange Board of India (SEBI) (Issue and Listingof Non-Convertible Securities) Regulations, 2021 eachas amended and other rules, laws and regulations asapplicable to the Company.
The NCD's are listed on the Debt market segment ofNational Stock Exchange of India Limited (NSE).
As of March 31, 2026, the Company had 4700 outstandingNCD's with face value of H 10,00,000 each aggregating toH 470 Crore (Rupees Four Hundred and Seventy Croreonly). The details of the NCD's are as given below.
ISIN
INE575P08032
INE575P08040
Date ofAllotment
September 30, 2021
October 29, 2021
Number ofDebentures
4000
700
Face
value perDebenture
H10,00,000
Interest Rateper annum
8.75%
Listed /unlisted
Listed
Call Optiondate
September 30, 2026
October 29, 2026
Redemption
date
September 29, 2028
October 27, 2028
The Company has ensured to meet its obligations towardsNCDs and paid interest to the debenture holders on therespective due dates. There was no unclaimed interestamount lying with the Company. There was no deviationor variation in the utilisation of proceeds of NCDs issued.
CREDIT RATING
During the year under review, India Rating and ResearchPrivate Limited and Care Ratings Limited has reaffirmed
and assigned rating of AA with a Stable outlook for thesubordinate debt of 4700 Non-Convertible Debenturesissued by the Company.
The rating letters can be accessed at
https://d28c6jni2fmamz.cloudfront.net/India RatingsCRA 90c70cb876.pdf
https://d28cRjni2fmamz.cloudfront.net/CrRditratingsOutcome 1 Apr 2025 a4ec0a99ff.pdf
ISSUER RATING
During the year under review, India Rating and ResearchPrivate Limited and Care Ratings Limited has assignedlong-term issuer rating of AA with a Stable outlookfor the Company.
https://d78c6jni7fmamz.cloudfront.net/India RatingsCRA 90c70cb876.pdf
https://d28c6jni2fmamz.cloudfront.net/CreditratingsOutcome 1 Apr 2025 a4ec0a99ff.pdf
LOANS RECEIVED FROM DIRECTORS AND/ORTHEIR RELATIVES
The Company has not received any loans from theDirectors or their relatives for the financial year endedMarch 31, 2026.
LOANS, GUARANTEES OR INVESTMENTS
The provisions of Section 186 of the Companies Act2013 (the Act) except sub-section (1) relating to loans,guarantees and investments are not applicableto the Company.
DEPOSITS
The Company has not accepted any deposits frompublic and no amount on account of principal or intereston deposits from public was outstanding as on the dateof the Balance Sheet. Hence provisions of the Act, relatingto acceptance of public deposits are not applicableto the Company.
DIVIDEND
The Board of Directors (Board) has not recommendedany dividend for the financial year ended March 31, 2026.
POLICY ON DIVIDEND DISTRIBUTION
In terms of Regulation 43A of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 (SEBIListing Regulations), the Board has formulated andadopted the Policy on Dividend Distribution. ThePolicy is displayed in the website under web link:https://d28c6jni2fmamz.cloudfront.net/5 DividendDistribution Policy c105bd4484.pdf
TRANSFER OF UNCLAIMED DIVIDEND TOINVESTOR EDUCATION AND PROTECTION FUND
The Company has not paid any dividends during theyear under review and hence there is no requirementto transfer unpaid or unclaimed dividends to InvestorEducation and Protection Fund as on March 31, 2026.
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATECOMPANIES
Pursuant to section 129(3)(1) of the Act read with rule 5of Companies (Accounts) Rules, 2014 as amended, theCompany does not have any Associate, Joint Ventureor Subsidiary as on March 31, 2026. Further, during theFY, no Company became or ceased to be an Associate,Joint Venture, or Subsidiary of the Company. Hence, thedisclosure under Section 129(2) of the Act in Form AOC-1is not applicable.
BOARD OF DIRECTORS
Pursuant to the Insurance Act, 1938 and Regulations framedthereunder, the Act and relevant rules made thereunder,the SEBI Listing Regulations and IRDAI (CorporateGovernance for Insurers) Regulations 2024 (IRDAI CGR2024), the Company has a strong, independent anddiverse Board with optimum combination of Executiveand Non -Executive Directors.
The Directors of the Company meet the fit and propercriteria prescribed by IRDAI. In addition, the Companyhas received declarations from the Directors in termsof Section 164 of the Act, confirming that they arenot disqualified from being appointed as Directorof any Company.
As on March 31, 2026, the Board of the Companyconsisted of eleven (11) Directors, out of which five (5) areNon-Executive Independent Directors including two (2)women Non-Executive Independent Directors, three (3)are Non-Executive Nominee Directors and two (2) areWhole-time Directors (WTDs) and one (1) is ManagingDirector & Chief Executive Officer (MD & CEO).
The Board comprises of members who are eminent personswith considerable expertise and experience in Insurance,Marketing, Finance, Public administration and Law.
DIRECTORS & OFFICERS (D&O) LIABILITYINSURANCE
The Company has in place D&O Liability Insurance for allits Directors (including Independent Directors) and seniormanagement for such quantum and risks as determinedby the Board in line with Regulation 25(10) of the SEBIListing Regulations.
During the year under review, the following changes happened in the composition of Board.
Name & DIN of the Director
Category
Designation
Nature
Effective Date
Mr. Rajeev KherDIN: 01192524
Non-Executive
Independent Director andChairperson of the Board
Change indesignation
July 24, 2025
Mr. Amitabh JainDIN: 11101339
Executive
Whole-time Director andChief Operating Officer
Appointment
February 11, 2026
Mr. Himanshu WaliaDIN: 11101338
Whole-time Director andChief Marketing Officer
During the year under review, six (6) Board meetings were held.
Detailed information on the same is provided in the Report on Corporate Governance (Annexure I) which forms partof the Integrated Annual Report.
The below are the committees constituted by the Board
A. Audit Committee
B. Investment Committee
C. Nomination and Remuneration Committee
D. Corporate Social Responsibility Committee
E. Risk Management Committee
F. Policyholders Protection Grievance Redressal andClaims Monitoring Committee
G. Stakeholders Relationship Committee
H. Information Technology Committee
I. Board Administrative Committee
The details of composition, terms of referenceand number of meetings held for the respectiveCommittees are available in the Report on CorporateGovernance (Annexure I), which forms a part of theIntegrated Annual Report.
DIRECTORS RETIRING BY ROTATION
In accordance with Section 152 of the Act and theCompany's Articles of Association, Mr. Deepak Ramineedi,(DIN: 07631768) Non-Executive Nominee Director,Safecrop Investments India LLP retires by rotation in theensuing Annual General Meeting (AGM) and is eligiblefor re-appointment. Mr. Deepak Ramineedi offers himselffor re-appointment. He is not disqualified under Section164 of the Act.
A resolution seeking the approval of the members andother details as required under the statutory provisionsforms part of the Notice of the AGM.
INDEPENDENT DIRECTORS
All the Independent Directors of the Company havedeclared that they meet the criteria of independenceas laid down under Section 149(6) & (7) of the Act, theCompanies (Appointment and Qualification of Directors)Rules, 2014 and Regulation 16(1)(b) and Regulation 25 ofthe SEBI Listing Regulations, each as amended.
All the Independent Directors have also confirmed that theyhave complied with the Code of Independent Directorsprescribed in Schedule IV of the Act and the Company'sCode of Conduct (applicable to the Directors includingIndependent Directors and Senior Management).
There has been no change in their circumstance affectingtheir status as Independent Directors of the Company.
ANNUAL EVALUATION OF BOARD PERFORMANCEAND PERFORMANCE OF ITS COMMITTEES ANDINDIVIDUAL DIRECTORS
The Company in compliance with the provisions of theAct, IRDAI CGR 2024 and the SEBI Listing Regulationshas in place a Board approved performanceevaluation framework, which lays down guidelines forannual performance evaluation of the Board and itsCommittee(s), Chairperson of the Board, IndividualDirectors and Independent Directors as below:
1. Evaluation of Board of Directors: The performanceof the Board of Directors was assessed based on its
composition, culture, effectiveness of meetings, andthe adequacy and timeliness of information flow.The assessment also covered strategic oversight,governance, compliance, risk management, andconflict-of-interest monitoring.
2. Evaluation of Board Committees: The evaluationcriteria for the Committees were based on size andcomposition of the Committee, terms of reference,meetings of the Committee and their contribution tofunctioning of the Board.
3. Evaluation of Chairperson of the Board: Theperformance of the Chairperson of the Board,besides the criteria for assessment of all Directors,focusses mainly on leadership of the Board, Conductof the meeting and effective discharge of itsresponsibilities.
4. Evaluation of Individual Directors: The evaluationcriteria for the Directors were based on theirqualifications and relevant experience, regularparticipation in Board and Committee meetings,and the quality of their contributions to discussions.
5. Evaluation of Independent Directors: Theperformance of the Independent Directors wasevaluated based on their ability to exerciseindependent judgment, offering objective viewson Board and management performance, andcontribute effectively to deliberations.
The Policy on Board Evaluation is displayed in thewebsite under web link:https://d28c6jni2fmamz.cloudfront.net/Policy on Board Evaluationf4baaa9fc7.pdf.
KEY MANAGERIAL PERSONNEL (KMPs)
Pursuant to Section 203 of the Act and IRDAI CGR2024, the KMPs of the Company as on March 31, 2026are as given below
Mr. Amitabh Jain, Chief Operating Officer &Whole-time Director
Mr. Anand Roy, MD and CEO
Mr. Aneesh Srivastava, Chief Investment Officer
Mr. Ashwani Kumar Arora, Appointed Actuary
Mr. Himanshu Walia, Chief Marketing Officer &Whole-time Director
Ms. Jayashree Sethuraman, Company SecretaryMr. Nilesh Kambli, Chief Financial OfficerMr. Prashant Prabhakar Kalaver, Chief Risk OfficerMs. Princey Mehra, Chief Compliance Officer
CHANGES IN KMP
Consequent to resignation of Mr. Kapil Punwani as the ChiefRisk Officer of the Company with effect from November22, 2024, Mr. Prashant Prabhakar Kalaver was appointedas the Chief Risk Officer with effect from May 19, 2025.
Ms. Radha Vijayaraghavan retired from the services ofthe Company and ceased to be the Chief ComplianceOfficer with effect from August 31, 2025, and Ms. PrinceyMehra was appointed as Chief Compliance Officer witheffect from September 01, 2025.
Further on account of appointment of Mr. Amitabh Jain,Chief Operating Officer and Mr. Himanshu Walia, ChiefMarketing Officer, as Whole time Directors of the Company,they were re-classified as KMPs of the Company witheffect from February 11, 2026.
POLICY RELATING TO THE NOMINATION ANDREMUNERATION OF DIRECTORS, KMP AND OTHEREMPLOYEES
The Company has a Board approved Policy relatingto Nomination and Remuneration of the Directors, KMPand Other Employees. The policy strives to establishan effective governance of compensation and soundremuneration structure for the Directors, KMPs and otheremployees. Further, it aims at preventing situations ofconflict of interest while appointing any employee ormember of the Board.
The said policy is hosted on the Company's website underthe web linkhttps://d28c6jni2fmamz.cloudfront.net/Nomination and remuneration policy 24aee0fd19.pdf
CORPORATE GOVERNANCE
Pursuant to Regulation 34 of the SEBI Listing Regulations,IRDAI CGR 2024, the Report on Corporate Governance isenclosed as Annexure I along with the certificate froma Practicing Company Secretary certifying compliance,which is enclosed as Annexure A which forms a part ofthe Integrated Annual Report.
CODE OF CONDUCT
The Company has adopted a Code of Conduct for theBoard and senior management. The Code is hostedon the Company's website under the web linkhttps://d28c6jni2fmamz.cloudfront.net/1 Code of Conductfor BOD and SMP 566d740a27.pdf
The Board and the Senior Management have affirmedcompliance with the aforesaid code for the financial yearended March 31, 2026.
The MD & CEO certification in this respect is enclosedas Annexure - B to the report on CorporateGovernance (Annexure I), which forms a part of theIntegrated Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
In accordance with the provisions of the Act and IRDAICGR 2024, the Board has initially constituted CorporateSocial Responsibility Committee (the CSR Committee)on May 08, 2014.
During the year under review, consequent to appointmentof Mr. Himanshu Walia, Chief Marketing Officer andMr. Amitabh Jain, Chief Operating Officer as Whole-timeDirectors of the Company, the Board reconstituted theCSR Committee on March 06, 2026.
The Company has formulated the Policy on CorporateSocial Responsibility, which sets out the frameworkguiding the Company's CSR activities. The Policy alsosets out the framework for selecting and implementingCSR activities.
The Policy is hosted on the Company's websiteunder the web linkhttps://d?8c6jni?fmamz.cloudfront.net/Corporate Social Responsibility PolicyRa3c53aa5e.pdf
The Composition of the CSR Committee, expenditureincurred and the CSR Activities undertaken duringFY2025-26 forms part of the Report on CSR (Annexure II),which forms part of the Integrated Annual Report.
VIGIL MECHANISM/WHISLE BLOWER POLICY
Pursuant to Section 177(9) of the Act, a Vigil Mechanism/Whistle Blower Policy was formulated for Directors,employees and all other stakeholders associated withthe Company to report to the management instances ofunethical behavior, actual or suspected, fraud or violationof the Company's policies and so on.
The details of the disclosure under the Vigil Mechanism/Whistle Blower Policy are detailed in the Report onCorporate Governance (Annexure I), which forms part ofthe Integrated Annual Report.
INTERNAL FINANCIAL CONTROL SYSTEMS ANDTHEIR ADEQUACY
The Company has established internal financial controlsystems supported by robust processes that safeguardthe interests of the organisation. These controls arecommensurate with the nature and scale of its businessas well as the complexity of its operations. The internalfinancial controls with reference to the financialstatements are adequate and designed to providereasonable assurance regarding the reliability of financialreporting, the safeguarding of assets and the adherenceto applicable policies and regulatory requirements.
LISTING ON STOCK EXCHANGES
The Company's equity shares are listed on National StockExchange of India Limited (NSE) and BSE Limited (BSE)
DETAILS OF SIGNIFICANT AND MATERIAL ORDERS
No significant and materials orders were passed bythe regulators or courts or tribunals impacting thegoing concern status and the Company's operations infuture. There was no application made or proceedingpending against the Company under the Insolvencyand Bankruptcy Code, 2016 (31 of 2016) during theyear under review.
INVESTOR EDUCATION AND PROTECTIONFUND (IEPF)
During the year, the Company did not transfer any sharesor unclaimed dividends to IEPF.
AUDITORS
A. Statutory Auditors
The members of the Company had approvedthe appointment of M/s. T R Chadha & Co LLP(FRN: 006711N) and M/s. MSKA & Associates LLP(FRN: 105047W) as the Joint Statutory Auditors for aterm of 4 years commencing from the conclusion ofthe 19th AGM of the Company till the conclusion of the23rd AGM of the Company.
The Joint Statutory Auditors were presentin the last AGM.
B. Secretarial Auditor
Pursuant to Section 204 of the Act and Regulation24A(1A) of the SEBI Listing Regulations, the membersof the Company had approved the appointment ofM /s. Chitra Lalitha & Associates, a firm of PracticingCompany Secretaries, were appointed as SecretarialAuditors of the Company for a period of 5 years fromFY2025-26 till FY 2029-30.
C. Concurrent Auditor
M/s. Singhi & Co, Chartered Accountants were retiredfrom the services of Concurrent Auditors with effectfrom March 31, 2025.
M/s Maheshwari & Associates were appointed asConcurrent auditors to carry out concurrent audit ofthe investment functions for FY2025-26.
D. Internal Auditor
The Company has an in-house Internal Audit team.They effectively carry out the internal audit of allthe functions of the Company, highlight areasthat require attention and report their findingsand recommendations to the Audit Committeeof the Board. The Audit Committee reviews theaudit findings, the actions taken thereon, and theeffectiveness of the internal control systems on aquarterly basis.
AUDIT REPORTS, QUALIFICATIONS ANDADVERSE REMARKS
The Company did not receive any audit qualifications/adverse remarks from the Statutory Auditors,Secretarial Auditors, Concurrent Auditors and InternalAuditors for FY2025-26.
As required under the Act and the SEBI Listing Regulations,the Secretarial Audit Report forms part of the IntegratedAnnual Report as Annexure III.
REPORTING OF FRAUDS BY AUDITORS
During the year under review, there were no instancesof frauds reported by the Joint Statutory Auditors andSecretarial Auditors under Section 143(12) of the Act to theAudit Committee or Board of Directors of the Company.
MAINTENANCE OF COST RECORDS
Being a Health Insurance Company, the Company isnot required to maintain cost records under Section148(1) of the Act.
SECRETARIAL STANDARDS
The Company has in place proper systems to ensurecompliance with the provisions of Secretarial Standardsi.e. SS-1 and SS-2, issued by the Institute of CompanySecretaries of India, as amended from time to time withrespect to Meetings of Board and its Committees andGeneral Meetings respectively. The systems are adequateand operate effectively.
RELATED PARTY TRANSACTIONS
In compliance with Section 188 of the Act read withthe Rules made thereunder, Regulation 23 of theSEBI Listing Regulations and the IRDAI CGR 2024 theCompany has formulated a Policy on Related PartyTransactions. The Policy is hosted on the Company'swebsite at:https://d28c6jni2fmamz.cloudfront.net/3RPT Policy d231979a28.pdf
Pursuant to Section 177 read with Section 188 of the Act, theAudit Committee had accorded omnibus approval forrelated party transactions and the Audit Committee ona quarterly basis review all the related party transactions.There were no material transactions of the Company withany of its related parties which were not in the ordinarycourse of business and not at arm's length basis. Hence,the requirement for Members approval and disclosureof Related Party Transactions as required under Section134(3)(h) of the Act in Form AOC-2 did not arise.
As per the requirements of the Accounting Standards (as)- 18 issued by the ICAI on 'Related Party Disclosures', thedetails of related party transactions are disclosed in NoteNo.5.2.7 of the Notes to Financial Statements for FY2025-26.
ANNUAL RETURN
Pursuant to Section 92(3), Section 134 of the Act readwith Rule 11 of the Companies (Management andAdministration) Rules, 2014, as amended, the AnnualReturn in Form MGT-7 for FY2025-26 will be hostedon the website of the Company under the web link:https://d28c6jni2fmamz.cloudfront.net/MGT 7dummy ffb66c9299.pdf
RISK MANAGEMENT FRAMEWORK
The Company has established a robust governancestructure supported by a strong risk-aware culture,ensuring that its operations are conducted in a mannerthat promotes long-term value for shareholders and otherstakeholders. The Board of Directors has constituted a RiskManagement Committee RMC to oversee the Company'srisk management processes, periodically review key risksand recommend appropriate mitigation measures. TheCompany has also adopted a Board-approved EnterpriseRisk Management Policy that sets out the framework forrisk identification, assessment, monitoring and mitigationacross all functions and operations.
The Chief Risk Officer is responsible for implementing theRisk Management framework and ensuring the effectiveidentification, reporting and monitoring of risks, and providesquarterly updates to the Risk Committee on critical andemerging risks along with the status of mitigation plans.
In the opinion of the Board, no risk elements have beenidentified during the year that may have a significantadverse impact on the Company.
Detailed statement on the Company's risk managementarchitecture is provided in the Risk Management sectionof the Integrated Annual Report.
PREVENTION OF SEXUAL HARASSMENT
The Company has zero tolerance for sexual harassmentat the workplace and has adopted a Policy on Prevention,Prohibition and Redressal of Sexual Harassment at theWorkplace. The detailed disclosure on the same is providedin the Report on Corporate Governance (Annexure I)which forms part of the Integrated Annual Report.
The details of complaints received and disposed offduring the year is as follows:-
Number of complaints pending as onApril 01,2025
3
Number of complaints filed duringthe financial year
14
Number of complaints disposed offduring the financial year
15
Number of complaints pending as onMarch 31, 2026
2
Number of complaints pending formore than 90 days
0
MATERNITY BENEFIT ACT 1961
The Company is in compliance with all provisions of theMaternity Benefit Act 1961.
PARTICULARS OF REMUNERATION -EMPLOYEES
The statement containing particulars of employeesas required under Section 197 of the Act read with Rule5(1) and Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules, 2014 asamended forms part of the Integrated Annual Reportas Annexure IV.
The statement containing particulars of employeesas required under Section 197 read with Rule 5(2) ofthe Companies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014 as amended formspart of the Integrated Annual Report. Pursuant to Section136 of the Act, the Integrated Annual Report includingFinancial Statements are being sent to the Members ofthe Company excluding the aforesaid statement.
Further, in terms of Section 136 of the Act, the said annexureis open for inspection and any Member interested inobtaining a copy of the same may write to the CompanySecretary of the Company atinvRstors@starhealth.in
FOREIGN EXCHANGE - EARNINGS AND OUTGO
Description
Foreign ExchangeEarnings
-
Foreign ExchangeOutflow
7.17
0.02
CONSERVATION OF ENERGY AND TECHNOLOGYABSORPTION
The details of energy and technology absorption isdisclosed in Business Responsibility and SustainabilityReport for the year ended March 31, 2026 and forms partof the Integrated Annual Report as Annexure V.
BUSINESS RESPONSIBILITY AND SUSTAINABILITYREPORT (BRSR)
Pursuant to Regulation 34(2)(f) of the SEBI ListingRegulations read with the various circulars issued bySEBI the Business Responsibility and Sustainability Reportfor FY2025-26 forms part of the Integrated AnnualReport as Annexure V.
The Report is hosted on the Company's website under theweb linkhttps://www.starhealth.in/investors/disclosures/
MANAGEMENT'S DISCUSSION AND ANALYSIS
Pursuant to Regulation 34 of the SEBI Listing Regulations,the Management's discussion and analysis report formspart of the Integrated Annual Report.
APPLICATION / PROCEEDING PENDING UNDERTHE INSOLVENCY AND BANKRUPTCY CODE, 2016
There are no applications or proceedings filed or pendingunder the Insolvency and Bankruptcy Code 2016 thatwould impact the operations of the Company.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OFTHE VALUATION DONE AT THE TIME OF ONE TIMESETTLEMENT AND THE VALUATION DONE WHILETAKING LOAN FROM THE BANKS OR FINANCIALINSTITUTIONS ALONG WITH THE REASONS THEREOF
During the year, the Company has not done anyone- time settlement nor availed any loans from Banks orFinancial Institutions.
MANAGEMENT REPORT
In accordance with Part IV, Schedule B of the IRDAI(Actuarial, Finance and Investment Functions of Insurers)Regulations, 2024, the Management Report forms a partof the financial statements.
EMPLOYEE STOCK OPTION PLAN (ESOP)
The Company has introduced Employee Stock OptionPlan to motivate the eligible employees and to give theman opportunity to participate in the Company's growth,thereby, acting as a retention tool as well as to align theefforts of such talent towards long term value creation inthe organization and attract new talent.
ESOP 2019
The Board and the Members vide their resolution dated August 6, 2019 had approved the ESOP 2019 for issuance andallotment of 2,40,05,326 (Two Crore Forty Lakh Five Thousand Three Hundred and Twenty Six) equity shares under thesaid plan, out of which 2,20,80,622 (Net) options were granted till FY2025-26 to the employees.
In compliance with Section 62(1) (b) of the Act, rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014,as amended, the salient features of the ESOP 2019 are stated as below:
ESOP- 2019
(a) Options granted (Net)
2,11,46,452
(b) Options vested
1,96,85,772
(c) Options exercised
1,63,45,454
(d) The total number of shares arising as a result of
exercise of option
(e) Number of Options lapsed
44,40,388
(f) The exercise price in H
142.43 | 480.50 | 486.00 | 488.96 |
528.53 | 555.75 | 584.30 |
593.70 | 604.85 | 607.55 | 613.35 |
711.60 | 719.05
(g) Variation of terms of options
Nil
(h) Money realized by exercise of options
H 2,49,76,63,935
(i) Total number of options in force (Outstanding Options)
48,00,998
(j) Options granted to Key Managerial Personnel as on
64,63,347
March 31, 2026
Key managerial personnel
Name of the KMP
No. of Options
Granted
Mr. Amitabh Jain
2,10,328
Mr. Anand Roy
33,60,746
Mr. Aneesh Srivastava
7,42,985
Mr. Ashwani Kumar Arora
Mr. Himanshu Walia
9,16,304
Ms. Jayashree Sethuraman
21,956
Mr. Nilesh Kambli
12,11,028
Mr. Prashant Prabhakar Kalaver
Ms. Princey Mehra
(ii) Any other employee who receives a grant of options
in any one year of option amounting to five percent ormore of options granted during that year.
(iii) Identified employees who were granted option, during
any one year, equal to or exceeding one percent of theissued capital (excluding outstanding warrants andconversions) of the Company at the time of grant;
ESOP 2024
The Board of Directors in their meeting on February 11, 2025 had approved the Employee Stock Option Plan 2024 and thesame was subsequently approved by the Shareholders vide Postal Ballot dated March 15, 2025.
The Stock Exchanges have granted the in principle approval for the scheme on 17th June 2025.
In compliance with Section 62(1)(b) of the Act, rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014,as amended, the salient features of the ESOP 2024 are stated as below:
ESOP- 2024
52,17,764
(e) Options lapsed
18,000
425.10 | 449.20 | 465.35
(i) Total number of options in force
76,295
36,097
21,493
2,615
2,186
13,904
DIRECTORS' RESPONSIBILITY STATEMENT
Based on the framework of internal financial controls andcompliance systems established and maintained by theCompany, the work performed by the internal, statutoryand secretarial auditors and the reviews performed bymanagement and the relevant Board sub-Committees, theBoard is of the opinion that the Company's internal financialcontrols were adequate and effective during FY2025-26.
Pursuant to Section 134(5) of the Act and in accordancewith Insurance Act, 1938, the Board, to the best of itsknowledge and ability, confirm that:
a) in the preparation of the Annual Accounts for theyear ended March 31, 2026 the applicable Accounting
b) appropriate accounting policies have been selectedand applied consistently and such judgments andestimates that are reasonable and prudent havebeen made so as to give a true and fair view of thestate of affairs of the Company as at the end ofthe financial year ended March 31, 2026 and of theprofit of the Company for the financial year endedMarch 31, 2026;
c) proper and sufficient care has been taken for themaintenance of adequate accounting recordsin accordance with the provisions of the Act,for safeguarding the assets of the Companyand for preventing and detecting fraud andother irregularities;
d) the financial statements have been prepared on a'going concern' basis;
e) internal financial controls had been laid downto be followed by the Company and that suchinternal financial controls are adequate and areoperating effectively;
f) proper systems are devised to ensure compliancewith the provisions of all applicable laws and suchsystems are adequate and operating effectively.
ACKNOWLEDGEMENT
Your Directors place on records their gratitude for allthe policyholders, members, distributors, and businessassociates for reposing their trust and confidence in theCompany. Your Directors wish to thank the officials andmembers of IRDAI, SEBI, (MCA), Reserve Bank of India, NSE,
BSE, Debenture Trustees and other governmental andregulatory authorities for their continued guidance andsupport to your Company. The support and co-operationextended by all the shareholders and stakeholdersmerit appreciation. Your Directors express their sincereappreciation to the employees of the Company at alllevels for their hard work, dedication and commitment.
Your Directors also thank the Bankers, Corporate partnersand customers for their valued support to your Company.
For and on behalf of the Board
Mr.Rajeev Kher
Independent Director &Place: Chennai Chairperson of the Board
Date: June 26, 2026 DIN: 01192524