{"id":182087,"date":"2026-04-29T00:11:46","date_gmt":"2026-04-29T04:11:46","guid":{"rendered":"https:\/\/alphastreet.com\/india\/star-health-and-allied-insurance-co-ltd-starhealth-q4-2026-earnings-call-transcript\/"},"modified":"2026-04-29T00:14:21","modified_gmt":"2026-04-29T04:14:21","slug":"star-health-and-allied-insurance-co-ltd-starhealth-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/star-health-and-allied-insurance-co-ltd-starhealth-q4-2026-earnings-call-transcript\/","title":{"rendered":"Star Health and Allied Insurance Co Ltd (STARHEALTH) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Star Health and Allied Insurance Co Ltd (NSE: STARHEALTH) Q4 2026 Earnings Call dated Apr. 29, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Anand Roy<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Amitabh Jain<\/strong> \u2014 Chief Operating Officer<\/em><\/p>\n

Nilesh Kambli<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Devyanshi Dave<\/strong> \u2014 Analyst<\/em><\/p>\n

Supratim Datta<\/strong> \u2014 Analyst<\/em><\/p>\n

Prayesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Swarnabha Mukherjee<\/strong> \u2014 Analyst<\/em><\/p>\n

Dipanjan Ghosh<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sanketh Godha<\/strong> \u2014 Analyst<\/em><\/p>\n

Avinash Singh<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Nidhesh Jain<\/strong> \u2014 Analyst<\/em><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Star Health and Allied Insurance Co. Ltd. Q4 and FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms.<\/p>\n

Devyanshi Dave from AD Factors PR Investor Relations team. Thank you. And over to you ma’. Am.<\/p>\n

Devyanshi Dave<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good morning everyone. From the Senior management, we have with us Mr. Anand Roy, Managing Director and Chief Executive Officer, Mr. Amitabh Jain, Executive Director and Chief Operating Officer, Mr. Himanshu Alia, Executive Director and Chief Marketing Officer, Mr. Nilesh Kamli, Chief Financial Officer, Mr. Anish Srivastava, Chief Investment Officer and Mr. Somvit Patacharya, Head Investigations. Before we begin the conference call, I would like to mention that some of the statements made during the course of today’s call call may be forward looking in nature including those related to the future financials and operating performance, benefits and synergies of the company’s strategies, future opportunities and growth of the market of the company services.<\/p>\n

Further, I would like to mention that some of the statements made in today’s conference may involve risks and uncertainties. Thank you. And over to you Mr. Roy.<\/p>\n

Anand Roy<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Thank you and thank you so much and good morning to everyone. Good morning and thank you for joining Starhill’s earnings call for the fourth quarter and for the full financial year. FY2526. FY26 was a year of strategic recalibration for us focused towards strengthening our performance across the core operating levers which is distribution, maintaining a strict underwriting discipline, games management and high focus on customer experience and operating efficiency. We have maintained that given the inherent characteristics of our business, the impact of all these measures would progressively manifest through the PNL team.<\/p>\n

Star Health has executed and continues to execute this strategic blueprint with consistency and conviction as we report our results for Q4 and for the full fiscal FY26. The green shoots of our operating turnaround in the previous quarters is now more pronounced in our underlying metrics which I’ll be taking you through in today’s call. And I’ll start by outlining the broader sectoral context and ecosystem trends which is shaping the business environment of our industry. India’s health insurance has entered what we describe as a structurally advanced growth phase.<\/p>\n

The confluence of policy support, consumer intent and sustainable demand drivers is creating a very compelling backdrop towards a multi decadal growth opportunity for the category. The GSG exemption on retail health insurance, a landmark policy intervention by the Government of India has already demonstrated significant impact. Consumer intent is rising actualized through category growth trends. We believe that retail health represents the most consequential value pool in the Indian insurance sector with scale driven by deeper penetration amongst new to insurance customers aligned with the national ambition of universal health coverage for all by 2047.<\/p>\n

Reflecting this momentum, our new to insurance Customers accounted for 94% of fresh additions in H2FY26 as compared to an already healthy 92% in H1 of FY26. At industry level, retail health insurance premiums have grown by 30.2% y o wide in H2 of FY26 significantly outpacing the broader non life industry growth which came at 11.2% during the same period. For the full fiscal non life insurance Premiums grew by 9.3% y o y while retail health grew close to 20% y o yes, forward looking reforms outlined by the regulator are supportive of long term growth and sectoral development.<\/p>\n

We welcome the IRDAI’s formal mandate on implementation of India’s accounting standards from 4-1-2026 at StarHealth we have always believed it to be the most relevant framework and have aligned all our business and investment decisions towards these principles. Our India’s financials have been reviewed by our joint statutory auditors for multiple quarters now and we enter the INDES regime from a position of readiness. Against this backdrop, StarHealth has remained focused on maintaining leadership in retail health insurance and compounding a durable value accretive franchise anchored on our four pillars which is a risk first approach, a consistent focus on roe, a customer centric execution and a digital first mindset.<\/p>\n

Now let me take you through our quarterly performance highlights coming to our operating performance for the quarter. In line with our reporting convention in previous quarters, we will state our business numbers on end basis for quarter four and for the full financial year FY26 going forward from next financial year we would refer to a reported one by n measures for both business and growth. Following are the highlights of our performance for Q4FY26. Fresh retail growth on end basis for the quarter was 38% YoY fresh growth was driven by both value and volume as the number of retail health policies expanded by 11%.<\/p>\n

YoY new to insurance mix was 94% on fresh premium basis compared to 90% last year for the same quarter overall GWP increased 17% YoY on end basis to 6259 crores for the quarter. Our India’s underwriting profit for the quarter was 186 crores, an increase of 200% y o y over 62 crores in Q4 of FY25. This was driven by an improvement in combined ratio by 2.7% which was 98.4% in quarter four of FY25 and came to 95.7% in quarter four of FY26. As in the previous quarters, our loss ratio improvement continued for the third successive quarters with a 4% improvement from 69.2 in quarter four of FY25 to 65.2 in quarter four of FY26.<\/p>\n

The retail loss ratio improved 3% YoY to 64.8% in this particular quarter. For FY26 our retail loss ratios have improved by 0.8%, 1% and 3% YoY during Q2, Q3 and Q4 of FY26 respectively, underscoring progressive improvement every quarter. The geopolitical tension induced correction in the equity markets led to a 558crores mark to market loss during the quarter. As a result we reported a loss of 42 crores for quarter four FY26 compared to a profit of 270 crores during quarter four of FY25. So the headline statement was the full year FY26.<\/p>\n

The full year numbers are as follows. The fresh retail business grew on n basis at 37% yui driven again both by value and volume as the number of retail health policies grew 8% for the full year. Our new to insurance mix which we believe is focused on the quality of business was 93% of fresh premium as compared to 89% for the last fiscal year. Overall GWP increased 16% YoY on end basis to 20,369 crores. This is a very important milestone for us to cross 20,000 crores in GWP as we complete 20 years of establishment of StarHealth in this calendar year as against a full year loss of 165 crores.<\/p>\n

During FY25 underwriting profit turned positive at 206 crores for FY26 a positive delta of 371 crores. This was driven by improvement in combined ratio by 2.3% from 101.1 in FY25 to 98.8 in FY26 the improvement in combined ratio was further driven by improvement in both loss ratio and expense ratio. The loss ratio improved by 2% to 68.7%. Further, the retail loss ratio improved by 1% to 68.2%. Our India’s expense ratio also improved by 30 basis points to 30.1% for the full year. The improvement in expense ratio reflects disciplined cost management and operating leverage notwithstanding an absolute impact of around 80 crores due to the factors such as GST and labour code.<\/p>\n

On a full year basis the mark to market loss was 127 crores. Full year fat increased 16% y o wide from 787 crores in last financial year to 911 crores in FY26. To smoothen the report date profitability against the short term mark to market volatility, we are adopting a concept of normalized Investment yield pegged at 8% on annualized basis. Going forward we will consistently refer to this basis to depict an appropriate deflection of the underlying profitability excluding the short term fluctuations that may happen.<\/p>\n

Under this normalized framework, our profit after tax increased 45% YoY in FY26 to 1222 crores and ROE expanded from 10.1 in FY25 to 13.1 in FY26. Progressively improving operating performance in sequential quarters by disciplined execution and recalibrated strategies have resulted in turnaround of our underwriting results. Coming to the business Outcomes we continue to build a very diversified granular retail franchise focused on ROI centric growth through preferred geographies and segments and channels which meet our profitability thresholds.<\/p>\n

Notwithstanding all of the underwriting discipline above, we have maintained a category leadership and retail health segment with market share at 31.3% in FY26. Our strategic choices aligned with the priorities outlined above have translated into tangible benefits as evidenced through the underwriting profitability improvements. Our proprietary distribution channels which are the agency channel and the digital D2C now contribute over 90% of the retail business and it positions us to deepen the insurance penetration beyond the other areas with emphasis on new to insurance customers.<\/p>\n

We will continue to focus on our preferred segments which scale faster with significantly higher growth rate compared to the national average. On the portfolio management and recalibration strategies, we have undertaken disciplined recalibration of the portfolio anchored towards improvement of risk adjusted outcomes. Progressive improvements in loss ratios have been driven through multiple levers, analytics led pricing, strengthened underwriting portfolio optimization towards preferred segments and further improvements in fraud, waste and abuse management and institutionalization of a wellness based consumer ecosystem.<\/p>\n

Our home healthcare and telemedicine capabilities witness significant growth in utilization, enhancing our capabilities to manage fever and infection related cases in a home based setting, therefore improving the customer convenience as well. Our consumer focused metrics continue to demonstrate improvement trends. The retail claim settlement ratio increased by 3% to 92% for the full year. Our renewal ratio on full year basis increased from 2% to 99%. The company level NPS improved by 8 points to 62 at 3-31-2026.<\/p>\n

Our retail book demonstrates the best in class events ratio benchmark with other standalone health insurers. On the digital side of things, the technology investments that Star Health is making are improving the productivity and service outcome with digital embedded across the value chain through platform modernization, workflow automation and straight through processing and also enhanced deployment of analytics and AI. Acquisition and onboarding are now predominantly digitalized with 95% of all fresh premiums are collected digitally.<\/p>\n

Our mobile application the Customer app has over 14 million downloads playing a pivotal role in driving customer engagement, acting as a primary interface across the policy lifecycle. Monthly active users of the app has scaled past the 1.5 million mark with desirable levels of self service adoption through claims intimations and renewals. Ongoing investment in experience, design and self service enablements will continue to enhance adoption with integrated wellness and preventive care features enabling sustained non transactional engagement as well.<\/p>\n

And finally, in conclusion, to summarize, our strategic growth path remains centered on building a very granular retail franchise supported by our unmatched operating scale. We have 30% plus category market share. We have 2.8 crores lives who are covered with us 15,000 plus hospital partners, 8 lakhs plus agents moving towards a million agents in the next two years, 900 plus offices and 75 plus partnerships heading into FY27. Our priorities remain unchanged that is to deliver strategic objectives like customer first approach growth through proprietary channels and focus on preferred segments.<\/p>\n

We remain confident that disciplined execution at scale will translate into sustainable risk first balance of growth and roe. Thank you for your continued trust in Star Health and with that we are now open to take your questions. Thank you very much.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Supratham Dutta from Jeffreys Group. Please go ahead.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Thanks a lot for the opportunity and good morning to everyone. See the loss ratio improvement has been a welcome change and a positive surprise for everybody. Just, you know, I wanted to open up my questions were on this bit and you know, the outlook here going ahead. So see the key drivers here has been one, the reduction in group health business and the improvement on the retail loss ratios. However, the retail loss ratios are still above what, you know, the level that you operated at in 2324, which was closer to 65, 66%.<\/p>\n

It’s currently somewhere around 68. So wanted to understand what is the pathway of this 68% retail loss ratio going down to 65, 66? Is that, you know, something that is possible or you know, has something structurally changed which does not make it possible? And if it’s possible, you know, what would be the pathway to that, you know, ratio improvement? That’s the first bit. Secondly, speaking this year the seasonal claims around vector borne diseases was lower as compared to last year. So as we go into 27 and if there is a recurrence of seasonal claims going up, should we then expect how as a company Star Health is looking at mitigating that?<\/p>\n

That would be the second question that I have. Thank you.<\/p>\n

Amitabh Jain<\/strong><\/p>\n

Yeah, thanks. So we had a better than expected quarter four as you would have seen in the numbers. Now you know, this business, as we all know has cycles and there could be, you know, cycles of frequency or severity going up in particular quarters. And we have seen that over the years. But whatever a series of actions we have done over the last one and a half years, okay. I think we are well placed to see a continuous improvement in our loss ratios going forward. Specifically talking about, you know, dealing with the kind of cyclical events that happen.<\/p>\n

As stated by Anand in his address. We have been working on three specific areas on prevention and wellness starting from telemedicine, home healthcare and condition management programs. So these are three areas that we’ve been investing on and this year this has scaled up significantly. We had seen overall 4-5x jump over. In fact, WaterFour saw almost a 9x jump in the consumption of these services. So the idea is that, you know, we are able to provide a solution to our customers when they need in terms of fever, infectious diseases, gastropasis, which helps them manage things at home or through a telemedicine consultation and while we service them well.<\/p>\n

But we also keep the cost of servicing low. So that’s the approach we’ve Taken and I think it’s proceeding in the right direction.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Thanks a lot. Amitabh. Could you just quantify what proportion of your policyholders or people who are claiming are using this telemedicine service now versus last year?<\/p>\n

Amitabh Jain<\/strong><\/p>\n

So we had more than 90,000 calls for the year for specifically the cost that came for home health care. But eventually the numbers that utilize home health care were much lower but the telemedicine costs were more than 90,000 and pure telemedicine costs were in excess of another 40,000. So that’s the kind of usage we are already seeing.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Understood, that’s very clear. Thanks a lot for the opportunity.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Prayesh Jain from Motilal Oswal. Please go ahead.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Yeah. Hi, good morning everyone and congratulations on a good set of numbers. Just a few questions from my side. Firstly Anand, you spoke about growth, right? You know, while industry has been seeing a very strong growth on the retail side, our is still growth load in the industry. Obviously the base kind of plays a role but the gap that used to exist even say a few years back, that gap still exists. The other companies have also scaled up reasonably well over the last couple of years. So from how do you see the growth panning out for us in the next couple of years given the tailwinds that we’re seeing from the industry?<\/p>\n

Anand Roy<\/strong><\/p>\n

Yeah, so garish. Thanks for the question. See I think over the last two, three quarters we have been articulating that growth is important but for us quality of growth is more important and that’s what we are focusing on. If you look at the quality of growth that we are building a franchise for, you know, which will be sustainable in the future. The new to insurance mix of the company has been the main focus. We are not so much focused on the portability side of business within the geographies. Also we have taken some decisions on going slow in certain markets as you are aware.<\/p>\n

So I think we are not comparing exactly with what the others are doing but we are more focused on what is our company strategy and objectives which is to have a sustainable high teens growth and a sustainable hopefully mid teen to high teen roes. I think these are the two major focus areas and that’s what we are trying to track.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that. Secondly was on loss ratio, right? The fresh growth has picked up momentum in the last in H2 of FY26 and to a certain extent that is definitely a reflection in terms of improvement of loss ratio. How I think as NEP unwinds out of this Fresh growth. Do you think that the loss ratio improvement can still hold up for another few quarters before the impact of this new book starts coming in from the loss ratio perspective also?<\/p>\n

Amitabh Jain<\/strong><\/p>\n

Yeah, absolutely. So already there’s an increase in the earnings on the fresh retail business and that improved the portfolio mixed. And the benefits of that as well as the price repricing that we’ve been doing on the portfolio, both of them will play out in terms of a sustenance of the seller on an annual basis. There can be fluctuations in the quarter, but I think overall we should see an improvement.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that. And just the last bit on the commission side, in last couple of quarters we’ve seen significant improvement on commission ratio. You know, I would assume that the fresh growth would obviously be at a higher commission, but some bit of benefit would have come in from the, from the, from the senior citizens commission adjustment that you’ve done. But I think this. Could you still explain more as to, you know, is there any other lever that is helping the commission ratios or it’s just senior citizen part.<\/p>\n

And to that, what is the contribution of senior citizens say in FY26 versus FY25?<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

So senior citizen contributes around 20% for portfolio fresh. Yes. I mean along with senior citizens, we have been taking various measures to control the outgoing terms of the procurement cost, of sourcing cost and some bit of impact is there because, you know, the fresh growth has been higher. But, but senior citizen is one factor and the other initiative that we have taken is ensuring that, you know, the productivity of our sales managers also improved a lot. All these initiatives are helping us to improve the commission ratio.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

The mix was same in FY25, also 20%. In FY25 and FY26 both it’s 20%.<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

Yeah, it’s largely in that range. But this initiative on reduction in senior citizen commissions was effective April FY25, so it’s effective only for 2526.<\/p>\n

Prayesh Jain<\/strong><\/p>\n

Got that, got that. Thanks, that’s helpful.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Swarna Mukherjee from 361 capital. Please go ahead.<\/p>\n

Swarnabha Mukherjee<\/strong><\/p>\n

Hi sir, thank you for the opportunity and congrats on a good set of numbers. Three questions from my side. So first wanted to understand what is the status in terms of price hikes? If you could give some color in terms of what proportion you know in what products you are doing. So how much would be the proportion in terms of GWP and what is the quantum price hike in an average, that would be very helpful. And given that, sir, you Highlighted that in the opening remark that there is worth value and volume led growth in fresh.<\/p>\n

I just wanted to understand the same from the renewal side also, how would have things transpired in terms of value and volume? Where how should we think about the growth numbers? And if you could also highlight, you know, the proportion of fresh in your mix, is it about a quarter of your overall gdpi? Would that be the right assessment? So that’s one second is sir, wanted to understand the retention ratio seems to have come up a little bit from last quarter. So what is playing out there? If you could highlight.<\/p>\n

And thirdly, in terms of the NEP growth, so we are more or less now for multiple quarters growing at a fairly steady rate. Just wanted to understand that why is NEP growth still lagging? The GWP growth, how should we think about it? And given that, you know, the momentum that is there in fresh business, etc. When do we expect the NDP growth to pick up and come to the 15% kind of range? Yeah, that would be my question, sir.<\/p>\n

Anand Roy<\/strong><\/p>\n

Swarnabh, let me take some of those questions and I’ll request my colleagues to pitch in wherever needed. The price hike which you mentioned is, you know, our strategy has been that we will take an annual price increase increase in all our products and we will continue to follow that strategy. Of course within that we will see how do we optimize so that customers are given benefits based on their own behavior in terms of wellness and health conditions and so on and so forth. So that we will continue to do.<\/p>\n

On the renewal side, you have asked about value and volume. I am happy to tell you that STAR is with a kind of scale that we operate, we have the best persistency in the industry, you know, both on volume and as well as on value. So I think on volume basis we have seen, you know, almost close to 86, 87% retention in terms of volume and we believe that there is scope to improve further. But we will. We are still the best in the industry on the NEP growth tree. I think broadly because of the long term policy sales which is becoming order of the day, most of the consumers are preferring to go for long term policies which is I believe good for all ecosystems, all the stakeholders, both from consumer point of view, from the distributors as well as from the insurance company’s point of view.<\/p>\n

I think that’s why the net growth will have a lag effect but it will catch up in the upcoming quarters.<\/p>\n

Swarnabha Mukherjee<\/strong><\/p>\n

Right? Sanjay, just a follow up on this that in given that, you know, the fresh growth as you mentioned is around 35, 37% or and the volume growth is I think 8, 9% which you had mentioned in your opening remarks. So would it be fair to assume that going forwards also, like, I mean earlier we used to highlight about a 50% volume and 50% value led growth because now we’ll take consistent price. I can maybe this is the industry phenomenon as well. Would it be slightly lopsided towards value growth?<\/p>\n

Would that be a fair expectation going ahead.<\/p>\n

Anand Roy<\/strong><\/p>\n

In the N basis reporting? Yes, but once we move to 1 by n basis reporting, I think it will kind of normalize to some extent. But yes, this distortion is coming because of the long term policy sales which is now the preferred segment for the customers.<\/p>\n

Swarnabha Mukherjee<\/strong><\/p>\n

Understood, sir. And is the retention ratio coming off? Is this also related to the long term trends? If you could maybe, you know, give some color on that.<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

Yeah, so see Swarthm, you know Q3 was a very unique phenomenon. The GST cut happened in September. So what happened is a lot of people waited for the month of September and they scheduled the policies in Q3. Q4 is traditionally a very big quarter and we see some Spillover coming to Q1. So. So on a yearly basis, in fact, we have improved the volume based retention by 1 1\/2 percent. But there was slight anomaly in Q3 and Q4 because of the GST cut which happened in Q2. I mean September was announcement and people waited in September and did the renewal within the grace period in Q3.<\/p>\n

Swarnabha Mukherjee<\/strong><\/p>\n

Okay, okay, understood. Very helpful. Thank you so much and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Deepanjan Ghosh from Citi Group. Please go ahead.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Hi, good morning sir. A few questions from my side. You know, if you were to look at your YUI growth in, you know, the volume of claims or the value of claims that you have paid. Just wanted to understand if you were to break it between inflation for similar treatments again, I mean to the extent possible versus let’s say claims frequency or incidence, I mean, how would that trajectory have fared in FY26 versus let’s say say the past few years of historically witnessed averages. The second question is, you know, now that you have started seeing improvement in your retail claims ratio on a YOY basis and the quantum of YOY change seems to be improving in terms of, you know, the claims ratio going down, some of it is obviously new business but you know, if you can give some color on how the back book is trending and especially some of your vintage products which historically had witnessed Some pressure that will be really great.<\/p>\n

Any qualitative feedback on that? The third question is on the agency front. I mean you mentioned that you want to touch almost 10 lakh agents over the next two years. Now once you reach a certain size and scale in terms of the proprietary channel and given the competitive pressure, what sort of strategies around ring fencing activation, improving productivity or curtailing or controlling commission payouts in those channels, I mean what are the strategies? And I have one question on the regulatory frame and maybe I can ask it after this.<\/p>\n

3.<\/p>\n

Amitabh Jain<\/strong><\/p>\n

So on the first question, for the whole year the frequency and severity as a whole has been we’ve been able to sort of manage it in the high single digits which is the trend that has been there for us for some time now. If you were to talk about the quality of the renewal book that is seeing a consistent improvement in LR given our pricing strategy that we’ve been following over the last one and a half years. So on both those things are looking better and we believe that this as a strategy will continue as far as the pricing of the book is concerned.<\/p>\n

You know, we expecting to reprice almost 80% of the book between what we started from Q4 going up to Q1 this year and that will show up in the earnings going forward. On<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The agency side, we are confident of getting to 1 million in the next two years. And we, we maintain this that we will be adding 1 lakh agents every year for the next many years. And if you look at our aging productivity even for this year it has improved by about 37% on fresh and overall 18% on total business. This is coming on the back of the upskilling of the agents that we do on a regular basis and our L and D transformation which is led by the technology solutions that we are providing to our agents.<\/p>\n

We continue to believe that this will continue to improve. And as far as the ring fencing of the agents is concerned, we have best in class offerings for our agents which we believe will continue to maintain stickiness of our agents.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Got it. One last question from one side. The regulatory front. You know, till date we are under a company level expense of management. And while there have been multiple discussions on line of business with un just wanted to understand that when you talk to the regulator, are they cognizant of the fact that there is a natural arbitrage between SAHIS and multiliners in terms of expense of management on the retail health business? And if there is any consideration on that front.<\/p>\n

Anand Roy<\/strong><\/p>\n

What was the question? Arbitrage? Please explain.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

You Know for example, you guys can operate at maximum of 35% and your book is almost entirely retail health. Right. Whereas there is a possibility of cross subsidization at the multi line channels in terms of them able to operate at a higher eom specifically for the retail health line.<\/p>\n

Anand Roy<\/strong><\/p>\n

Okay, okay. No, I think, I think you know, broadly we await IRDI’s guidance on you and there has been some data, data that the regulator has asked which all of us have supplied. But you know, you will appreciate that we have been a very disciplined company in terms of eof. We are probably the only company in this space operating within the current guidelines and we continue to invest a lot to improve our expenses, operating ratios better. So we will await that. I don’t want to give any comment now but when it comes I am sure it will be fair to all the players.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Maybe just one small follow up. You know you mentioned your claim severity is around high single digit. I mean hypothetically speaking, if your price hikes are let’s say a percentage or a few percentage points higher than your claim severity, is that going to be a strategy to kind of bring this claims ratio down from let’s say whatever, 68, 69% to somewhere around 65%. I mean, is that something you guys would be focusing on? That’s all from my side.<\/p>\n

Anand Roy<\/strong><\/p>\n

Well, obviously severity, claim severity is a function of higher quality of treatments and the kind of disease profiles we are seeing nowadays. So pricing of insurance products will always be a factor of that. So to maintain our margins we may have to take a slightly higher than that. But then there are efforts continuously being done to manage severity better in terms of, you know, discussing with our hospitals having more preferred partners and obviously we have a target combined ratio under which we want to operate and to that extent we will keep taking our, you know, strategies aligned.<\/p>\n

Dipanjan Ghosh<\/strong><\/p>\n

Thanks Anand and the team and all the best.<\/p>\n

Anand Roy<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

The next question comes from the line of Sanket Goda from Aventus Spark. Please go ahead.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Yeah, thank you for the opportunity. Sorry Anand and Amitav, it’s the same question probably in a different way. See the loss ratio improvement honestly was a positive surprise, very positive surprise. So if, if you really want to attribute a major reason. Is it, is it the last part of the improvement happened in the renewal book and naturally the new contribution would have played a role. But bigger delta came from the renewal book because of your, that cohort based or pricing strategy which you adopted last maybe five quarters back that is getting reflected in the numbers or, and therefore, therefore if that strategy was useful.<\/p>\n

And if you try to implement to the entire book, is it fair to say that the renewal book delta will be the biggest change to bring the loss ratio improvement going ahead? That was my question. Basically I just wanted to understand the breakup or waterfall of the loss ratio improvement whether it is new renewal or CBRT or hospital management. Just if you can give it color there, it will be useful.<\/p>\n

Anand Roy<\/strong><\/p>\n

I think you have answered the question yourself. It’s a sum of all parts, right. It’s not one can lay a finger on any one particular item. It’s everything that you mentioned. It’s a improvement in the renewal port, the pricing strategy, the quality of sourcing of new business, the selection of geographies and profile of customers and of course over and above that, most importantly having very, very strong FWA fraud, waste and management initiatives. So it’s a combination of everything. I think we operate at a scale which probably others are not able to do and that’s why.<\/p>\n

So the kind of data and the kind of analytics we bring to the table to manage this is little better than what maybe others can provide. So it’s a combination of everything. Amitav, you want to add?<\/p>\n

Amitabh Jain<\/strong><\/p>\n

Yeah. So as far as if you want to specifically the improvement has been across the renewal book and the freshbook. So it’s not simply about one aspect of the business and two, the overall impact specifically quarter four has been the improvement in frequency that we have seen over the last year. So that cut across, you know, the entire book, it doesn’t pay out only for one thing. And all of this has been enabled because of the continuous, you know, efforts we’ve been taking on the telemedicine and home health care front along with all other prevention measures.<\/p>\n

So that’s, this is something that is playing across the book.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood Amit. So Amitav, just, just on this frequency part you said is it easy that it was in general lower than actually usually it is or this frequency coming down is more structural because of the telemedicine and all the measures what you just told is playing out.<\/p>\n

Amitabh Jain<\/strong><\/p>\n

Yeah. So it is lower than what we expected and the effect that both our interventions have played. So it’s a mix of both.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

So which means that incrementally the loss ratio maybe if not 68, 66, 67 kind of a number can be achievable given the intervention measures what we are taking for from next year point of view.<\/p>\n

Amitabh Jain<\/strong><\/p>\n

See the point is that this business we need to discuss in terms of a longer period and we can’t just focus on A particular quarter. Right. So whatever changes and series of interventions we have done are for the improvement of the book in the longer term. And there can be cyclical, you know, ups and downs in a quarter or you know, it. But fundamentally what we are trying to improve is the quality of the book, the quality of sourcing, the way we are managing our claims, the way of dealing with fraud, waste and abuse and disproportionately focus on, you know, managing the claims that can be managed at home or through telemedicine and invest on wellness, you know, as a big part of our strategy.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Understood. And one small data keeping question, maybe two basically one, if you can give your 4, 5, 6, 7 source of fresh premium breakup into long term and annual plans and how it was compared to last year, maybe if you can give that number boast on both on NOP and premium basis will be useful. And lastly in the first premium you said Anand that even it’s there in the presentation that 93% of the business is to insurance customer which means indirectly 7% of the customer are porting that is on NOP.<\/p>\n

But if you can give a bit of color on on premium to that 7 percentage if it is sporting lead in the fresh premium, how much is on that premium? 4, 5, 6, 7 crores.<\/p>\n

Anand Roy<\/strong><\/p>\n

No Sankesh, the number is on GWP, not on NOP. On the new 2 insurance it’s a fresh premium. Okay. And I’m not even saying that we will not do portability. What I’m saying is that we will be calibrated and making it a risk first approach. And where we feel that there is opportunity we will go for that. But as far as the breakups of long term and all that is concerned, we will give it to you separately.<\/p>\n

Sanketh Godha<\/strong><\/p>\n

Okay. Okay, thanks. Thanks. Thanks for the answers.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Avinash Singh from MK Global. Please go ahead.<\/p>\n

Avinash Singh<\/strong><\/p>\n

Yeah, thanks for the opportunity. Congratulations on great set of numbers. A couple of questions. I mean, I mean the first one more around you know that a lot of kind of, you know the actions you have taken on multi multiple parts of your business including the repricing of portfolio and all. Now of course the BAU based repricing or price increase will continue. But do you see, I mean the way you know that medical inflation and your claims experience are going forward. I mean any sort of a major repricing need is at least not there in FY27 and it will be normal, I mean whatsoever single digit or whatever possible.<\/p>\n

Typical. You know, the price Increase. So is that current prices sustainable with the kind of a claim in present to settle you in your desired combined ratio zone? The second on the regulatory side, I mean of course I guess you briefly touched upon the expected um commission regulation to be out in near future on this Bima sugam that finally seems to be kind of making some progress. I mean what’s your evaluation? I mean is it going to be kind of augmenting your sourcing or it is more going to be, you know, the renewal and maintenance and on that front is, I mean the regulator looking that the product, I mean whether it’s a new, new or renewal to be priced differently on this platform.<\/p>\n

I mean because this, you know the, this platform is being projected as a direct to customer and for customer only. So is there some sort of a, you know, rebate or discount that the insurer has to offer to the customer on this platform if the customer is buying new or renewing the policy. Thanks.<\/p>\n

Anand Roy<\/strong><\/p>\n

Yeah, first of all thank you for the good wishes and see over the last you know, five to six quarters we have been taking this pricing corrections across all our products and as you rightly put it, we’ll be taking this in the future as well. We do not foresee any particular change in the strategy or any increase that is beyond normal. We do not see that. So we continue to maintain the current strategy and we believe that that should be more than sufficient for us to maintain the target combined ratio that we have.<\/p>\n

So that is one. As far as the BIMA Sukham platform is concerned, I think you know the project is more focused on giving a platform to the consumers for affordable insurance plans. Obviously it will not be zero cost but there may be lower cost. But at the same time it is also a service oriented platform for both having all insurance policies under one roof in terms of life insurance, health insurance and all general insurance products so that the consumer can have one platform to do all the services themselves.<\/p>\n

So I think this is a good initiative. We are totally supportive of that. We are also a shareholder of the platform so we hope that you know, it is successful and we will keep you updated as we get more information<\/p>\n

Avinash Singh<\/strong><\/p>\n

And a quick one. Now looking back this EOI regulation that had a kind of a March 26th as a deadline. Now what is the regulator’s view now in terms of. Because I mean a number of players will be non compliant. Now what are you, of course you are in the compliance bucket but across the board because eventually when this new UM regulation was launched on the 1st of April 23rd I mean there was a deadline that there were a kind of amendment and companies had to give a glide path how they are exiting March 26th with those kind of limits, the 30 or 35% limit depending upon the class.<\/p>\n

Now what is the regulator’s view now for the non compliant companies? Because this kind of will set that. Okay, how in future the companies will take regulatory words. I mean if even with a three year deadline, if there is no sort of action or nudge from regulator for the non compliance then I mean it’s very difficult to believe that, I mean in future regulations will be taken that seriously.<\/p>\n

Anand Roy<\/strong><\/p>\n

Sir, this is a very difficult question for me to answer. I think I’ll give it a pass.<\/p>\n

Avinash Singh<\/strong><\/p>\n

No thanks.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Rishi Junjunwala from iifl. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yes, thanks for the opportunity. Two questions. Firstly sir, you’ve talked about continuing with the price hikes in your portfolio. Given the sensitivity around GST cut being passed on to the consumers and government indicating they are keeping a close eye on that, how do you think, you know you’ll be able to manage price hike in the near term which is not overlapping or compensating for some of the GST loss. I mean it optimizes. I understand but do you believe this will be easier to do than how it looks?<\/p>\n

Anand Roy<\/strong><\/p>\n

Rishi, the pricing strategies are all done beforehand in the sense that pricing strategies are based on product performance. It has nothing to do with gst. GST benefits fully passed on to the consumers. The pricing strategies of the company is based on the performance of the product in terms of the loss ratios and on that basis only we are taking the price increases. I believe that it is, you know, it should be fair to all the stakeholders.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. And the other question is now<\/p>\n

Anand Roy<\/strong><\/p>\n

It is based on fully defined actuarial principles and I don’t think that there should be any resistance there.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Fair enough sir, thank you. The other question is on, it’s been now seven, eight months of, you know, GST exemption related tailwinds that we have seen, you know in your portfolio where customers are returning for renewals out of the 118 rupees say of you know, cash outflow that they used to do for a 100 rupee premium. Can you give some sense of, you know, how much have we been able to retain in the form of maybe a higher, some assured and as a result higher premium or attach more riders so that 118inflow actually doesn’t go down completely?<\/p>\n

200. So just want to understand you know, how much incremental demand we have received from the, from the returning customers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So. Good question, Rishi. If you look at our renewal retention numbers for the current financial year, there’s a 300bps improvement in terms of GWP. That clearly reflects that the customers are now opting for higher sum insured and they are also willing to, you know, offer riders which are beneficial for them. And in terms of NOP numbers, it’s 100bps improvement. So it goes to show that the, you know, there is significant improvement in the back book.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And how does this look for our distributors?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, distributors are pretty much happy because the growth has been upwards of 50% ever since GST has been announced. Right. So their income levels have gone up.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. Okay, thank you. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Nitesh Jain from Investec. Please go ahead.<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Thanks for the opportunity and congratulations for a good set of numbers. So first question is on NEP mix. If you can share what is the share of new and renewal for FY26 and FY25 on NEP basis?<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

NEP basis, as you mentioned, a good proportion of the long term businesses coming in. It’s, it’s in the range of 2% difference. You know, it has been 80, 20 and it has changed by 100 to 150 basis points on<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

And next year also this ratio should further increase because as these long term policies business will get accrued in nep. Is that the right understanding?<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

Yes, it will. It will continue to improve.<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Secondly, we have seen a good improvement in group health claims ratio. So what is the. I think we have been defocusing on that segment for last one year. What is the strategy on that segment going forward and do we expect growth to come back in that segment?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So see we’ve taken a very recalibrated strategy right at the beginning of FY26 and that has played out really well which reflects in our loss ratio. Right. We’ve been focusing on our SME segment which for the current financial year has contributed to 78% of our overall business which was 58% in FY25. So we continue to maintain this strategy and we are absolutely clear that we will go behind businesses which are profitable in nature and SME is one of those businesses. And we have taken growth rate targets in line with the overall objective of the organization.<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Sure. Third question is on our growth in retail segment. So if you look at Q4 the growth in retail is around 19% versus industry growth is close to 29%. So there is a decent gap in our retail growth and industry growth. How, how are we thinking about this gap? Let’s say from a medium term perspective because we have also got benefit, the industry has got benefited from GST cut and that benefit probably will come into base in H2. So when industry is growing at steady state of 17 18% how should we see this gap between our growth and industry growth panning out?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

You know, at Star we are completely aligned on profitable growth. Right. So our market share has sustained at 31% for the full year. So internally we track our business on end basis and growth remains pretty steady on that front with upwards of 39% for FY26. But more importantly, we are focused on profitable geographies and profitable cohorts of consumers. Right. And which is why if you look at our mix of business on the new to industry is now about 94, 95% and portability has come down further and as maintained in the previous calls also we will continue to chase businesses which are profitable in nature.<\/p>\n

Right. So growth, we are not desperate to grow our market share at the cost of profits.<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Sure. And last question is if you can share the quantum of deferred revenue on long term policy as of March 26,<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

Quantum of deferred revenue is the premium issued in advance?<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Yes. They have received in advance. Yes.<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

We can give it to you offline. It’s part of the balance.<\/p>\n

Nidhesh Jain<\/strong><\/p>\n

Sure. Thank you. Thank you. That’s it for myself. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Supratim Dutta from Jeffries. Please go ahead.<\/p>\n

Supratim Datta<\/strong><\/p>\n

Hi, thanks a lot for the opportunity for this follow up. So in just two questions. One, you know you have transitioned to this mega assist platform. You know it has been now nearly one year. So just wanted to understand, you know, how is that transition playing out? What are the savings that you’re getting and how should we think about that playing out over the next couple of years? That’s one. And secondly on this IRD initiative regarding public insurance registry, wanted to understand how do you see that impact loss ratios, particularly on the fraud and wasted side?<\/p>\n

If you could give some color there, that would be helpful. Thank you.<\/p>\n

Amitabh Jain<\/strong><\/p>\n

So on the platform shift on the claims processing that is now nearly complete, we are just entering the final phase of our last set of products that will be shifted onto that platform. And by this quarter end I think we should be fully through. So we clearly seeing efficiencies coming across for which we had sought for the platform. And that’s playing out. And more importantly, it’s not simply a matter of efficiency but also the effectiveness of managing our teams better and giving our customers a better experience on both those fronts.<\/p>\n

We are doing fine<\/p>\n

Anand Roy<\/strong><\/p>\n

On the PIR side. Suprathin, this is a very good initiative. We believe so it will help the industry to have more disciplined underwriting data and we await further, you know, insights on this. Closely engaged with the regulators in terms of building this model. Our CTO is part of the working group as far as this particular model is concerned. We’ll keep you updated as we get to know more.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question comes from the line of Mohit Surana from HDFC amc. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi sir, Congratulations from my side. I just wanted to know, since historically we’ve had ups and downs in terms of loss ratios and often external environment has also played a part in it, so how do you assess the current external environment in terms of the health care lifestyle changes as well as some of the seasonal stuff. And second, if you know, we can in some way, is there a thought process to smoothen out some of these moments over time? Because often, you know, the profit and loss and loss ratios kind of get impacted by changes in external environment.<\/p>\n

While we are trying to improve the internal processes and policies, external environment has historically often played a part in, you know, the how bigger ease of business have turned out. So is there a thought process to smoothen out the impact of external impacts?<\/p>\n

Anand Roy<\/strong><\/p>\n

Yeah Mohit, so that’s a good question and I think you’ll be happy to know that there is a lot of engagement now happening at various stakeholder levels on the external environment side to manage the piece that you’re talking about, whether it is the Council, GI Council creating a common impanelement of hospitals, whether it is the IRDAIA and CII working together to bring the payers and providers together on a single platform. Five working groups have been created and we believe that all these initiatives will over time reduce the friction and also at the same time reduce the challenges that we used to face earlier.<\/p>\n

So I think this is something that we can do on the internal side. As you have seen that over the last four, five quarters we have set a process in place and every for the last three quarters consistently we have been demonstrating that the loss ratios have been improving. So I think the model is working fine and we will continue to invest in the same model. But beyond that I think company will focus on sustainable growth with a sustainable ROE target that we have set for ourselves. So if that answers your question, thank you.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thank you and wish you all the best.<\/p>\n

Anand Roy<\/strong><\/p>\n

Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen. That was the last question for today. I would now like to hand the conference over to Mr. Nilesh Kambly for the closing remarks.<\/p>\n

Nilesh Kambli<\/strong><\/p>\n

Thank you everyone for joining the call. It has been one of the turnaround year for Star Health in terms of higher retail growth and improvement in the combined ratio driven by an improvement in loss ratio. You know, the normalized PAT with 8% investment yield has been a robust growth to 1222 crores. And we continue to build on that in the coming future. We’ll continue to execute our strategy with more conviction and confidence. And thanks for your continued support. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you, sir. Ladies and gentlemen, on behalf of Star Health Allied Insurance Company, that concludes this conference call. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Star Health and Allied Insurance Co Ltd (NSE: STARHEALTH) Q4 2026 Earnings Call dated Apr. 29, 2026 Corporate Participants: Anand Roy \u2014 Managing Director & Chief Executive Officer Amitabh Jain \u2014 Chief Operating Officer Nilesh […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182087","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182087,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182087,"position":1},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":142292,"url":"https:\/\/alphastreet.com\/india\/kpr-mill-ltd-kprmill-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182087,"position":2},"title":"KPR MILL LTD (KPRMILL) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 21, 2023","format":false,"excerpt":"KPR MILL LTD (NSE:KPRMILL) Q3 FY23 Earnings Concall dated Feb. 7, 2023. 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