IndusInd General Insurance Company Ltd - Unlisted Shares
Fundamentals
- Current Price
- ₹565
- Market Cap
- ₹14,770.02 Cr
- ISIN
- INE124D01014
- Face Value
- ₹10
- P/E Ratio
- 47.64
- EPS
- ₹11.86
- P/B Ratio
- 4.38
- Book Value
- ₹129.1.0
- Debt / Equity Ratio
- 0.07
Key Financials
Profit & Loss
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Net Earned Premium | 7124.68 | 6687.24 | 6022.43 | 5133.80 | 3661.11 |
| Growth % | 6.5% | 11.04% | 17.31% | 40.23% | 0 |
| Expenses | 1533.16 | 1,554.34 | 2825.24 | 2381.28 | 1986.97 |
| Growth % | -1.36% | -44.98% | 18.64% | 19.84% | 0 |
| Operating Profit | 5591.52 | 5132.90 | 3197.19 | 2752.52 | 1674.15 |
| Op. Profit Margin % | 78.48% | 76.76% | 53.09% | 53.62% | 45.73% |
| Other Income | 38.02 | 1553.03 | 1675.46 | 1459.96 | 1381.69 |
| Net Incurred Claims | 5887.38 | 5420.94 | 4649.25 | 3979.98 | 2913.43 |
| Net Commision | 1063.81 | 863.62 | -191.78 | -148.33 | -180.13 |
| Profit Before Tax | 378.35 | 401.37 | 415.18 | 380.83 | 322.54 |
| Tax | 62.91 | 121.09 | 144.48 | 138.55 | 114.43 |
| Tax % | 16.63% | 30.17% | 34.80% | 36.38% | 35.48% |
| Profit After Tax | 315.44 | 280.28 | 270.70 | 242.28 | 208.12 |
| Growth % | 12.54% | 3.54% | 11.73% | 16.42% | 0 |
| PAT % | 4.43% | 4.19% | 4.49% | 4.72% | 5.68% |
| Diluted EPS | 11.86 | 10.72 | 10.72 | 9.56 | 8.22 |
Company Financials
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Equity Share Capital | 264.9 | 264.83 | 252.07 | 251.81 | 251.55 |
| Reserves | 3169.81 | 2923.45 | 2283.76 | 2100.97 | 1807.12 |
| Total Equity | 3434.7 | 3,188 | 2,536 | 2,353 | 2,059 |
| Borrowings | 230 | 230.00 | 230.00 | 230.00 | 230.00 |
| Total Sources of Funds | 2664.7 | 3418.28 | 2765.83 | 2582.77 | 2288.67 |
| Investments | 21357.6 | 20513.67 | 16935.28 | 14506.36 | 13033.35 |
| Loans | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Fixed Assets | 130 | 121.08 | 100.77 | 93.37 | 48.58 |
| Deferred Tax Asset | 153.3 | 37.27 | 37.27 | 37.27 | 37.27 |
| Cash and Bank Balances | 175.55 | 174.91 | 238.00 | 155.17 | 199.55 |
| Other Assets | 2826.76 | 1987.20 | 3059.67 | 2501.36 | 2166.91 |
| Sub Total (A) | 3002.31 | 2162.11 | 3297.67 | 2656.53 | 2366.46 |
| Current Liabilities | 18219.15 | 16775.96 | 15027.34 | 12413.93 | 11248.80 |
| Provisions | 2759.42 | 2639.89 | 2577.82 | 2296.82 | 1948.19 |
| Sub Total (B) | 20978.58 | 19415.85 | 17605.16 | 14710.75 | 13196.99 |
| Net Current Assets (A-B) | -17976.27 | -17253.74 | -14307.49 | -12054.23 | -10830.53 |
| Total Application of Funds | 3664.72 | 3418.28 | 2765.83 | 2582.77 | 2288.67 |
Shareholding Pattern
- IndusInd International Holdings Limited (IIHL) group
- 73.69%%
- Aasia Enterprises LLP
- 24.95%%
- Others
- 1.36%%
Strengths & Weaknesses
Strengths
- IPO prospect: With the recent acquisition of RGICL by IIHL. IIHL group plans to list its insurance arm in the next two years.
- Business profile: For RGIC, motor insurance and crop insurance have traditionally been dominant business segments for the company. During FY25, Motor and Crop contributed 37% and 30% respectively of gross written premium (GWP). Over the years, the company has diversified its line of business away from motor business to health & personal accident segment (FY25: 16%, FY22: 12%) and fire segment (FY25: 10%, FY22: 11%)
- Moderate Financial Performance: During FY25, the company’s gross written premium (GWP) grew by 7% to Rs 12,667 crore. The growth was led by motor (grew by 8%) and health & personal accident segment (grew by 9%). The company continues to have moderate financial performance
- Capital injection from the new promoters : The new promoters have injected Rs. 300 Cr. in RGIC, of which the last infusion of Rs 100 Cr. was in May 2025. That said, augmenting the solvency buffers remains crucial.
Weaknesses
- Modest solvency position : Due to the constrained capital support from the previous parent, the company may require equity infusion in the near-to-medium term to cushion its solvency buffers and thus drive business growth. The solvency ratio dipped to 1.59 times as at FY25 (FY24: 1.62 times) as against the regulatory requirement of 1.50 times. The company’s solvency position has remained range-bound between 1.57 times and 1.66 times over the last five years.
About IndusInd General Insurance Company Ltd
Reliance General Insurance was acquired by IndusInd International Holdings Limited (IIHL) group and has now become IndusInd General Insurance Company Limited. The company offers range of general insurance products including motor, health, travel, home, and personal accident insurance. In March 2025, IndusInd International Holdings Limited (IIHL). acquired RGIC as part of its takeover of Reliance Capital. IIHL completed the acquisition of Reliance Capital. As of end-March 2025, IIHL held 100% stake of Reliance Capital, which in turn held 73.69% of RGIC. 24.95% of RGIC was held by Aasia Enterprises LLP which is a partnership firm in which Mr. Ashok Hinduja and his family members are partners; the remaining 1.36% was held by other shareholders (through ESOPs). The new promoter group is expected to increase RGIC’s access to capital markets over the near-to-medium term.
Board of Directors
- Mr. Rajendra Chitale - Chairman & Independent Director
- Dr. Thomas Mathew - Independent Director
- Mrs.Chhaya Virani - Independent Director
- Mr. Aman Gudral - Nominee Director
- Mr. Rakesh Jain - Executive Director & CEO
Senior Management
- Mr. Rakesh Jain - CEO
- Mr. Hemant K Jain - Chief Financial Officer
- Mr. Sushil Sojitra - Company Secretary & Compliance Officer
Frequently Asked Questions
- Is there any lock in period for IndusInd General Insurance Company Ltd unlisted shares?
- The lock-in period for IndusInd General Insurance Company Ltd Unlisted Shares differs based on the investor category, as per SEBI regulations:
● Venture Capital Funds and Foreign Venture Capital Investors (FVCIs):
A lock-in period of 6 months from the date of acquisition of the shares.
● Alternative Investment Funds – Category II (AIF-II): No lock-in period is applicable.
● Other investors (including retail investors, high net-worth individuals (HNIs), and body corporates):
A lock-in period of 6 months from the date of IPO listing of IndusInd General Insurance Company Ltd.
These norms were introduced by SEBI in August 2021, reducing the earlier lock-in requirement from one year to six months. The change was aimed at improving liquidity and encouraging investor participation in companies preparing for public listings. Since then, interest in pre-IPO investments has increased, with investors exploring opportunities to participate in companies ahead of their potential listing. - How much long term capital gains tax do I have to pay on IndusInd General Insurance Company Ltd unlisted shares?
- Long-Term Capital Gains (LTCG) on Unlisted Shares in India arise when such shares are sold after being held for a period of more than two years. The key aspects of LTCG taxation on IndusInd General Insurance Company Ltd unlisted shares are outlined below:
1. Tax Rate
Earlier, LTCG on unlisted shares was taxed at 20% with indexation benefits. However, as per Union Budget 2024, the tax structure has been revised. For transfers made on or after 23rd July 2024, LTCG on unlisted shares is taxed at a flat rate of 12.5%.
2. Indexation Benefit
Previously, investors could avail indexation benefits to adjust the purchase price for inflation, thereby reducing taxable gains.
This indexation benefit has been removed under Budget 2024 for unlisted shares transferred on or after 23rd July 2024.
3. Importance for Investors
Understanding LTCG taxation is important for both retail investors and High Net-Worth Individuals (HNIs), as it directly impacts investment returns, exit planning, and overall tax strategy.
4. Calculation Method
For eligible transactions after 23rd July 2024, LTCG will be calculated at a flat tax rate of 12.5% on the capital gains, without indexation.
5. Applicability
LTCG tax is applicable when unlisted shares are held for more than 24 months before being sold.
6. Relevance
These tax provisions are particularly relevant for investors in the unlisted share market who are considering exiting their investments after a long-term holding period. - How do I start investing in IndusInd General Insurance Company Ltd unlisted shares through InCred Money?
- Buying IndusInd General Insurance Company Ltd Unlisted Shares on InCred Money is quick, seamless, and fully digital.
Step 1: Create Your Account
Sign up using your mobile number and email ID.
Complete your KYC by submitting your PAN, Aadhaar, bank account, and demat account details. Once submitted, your KYC is reviewed and approved.
Step 2: Select & Buy Shares
Browse and select IndusInd General Insurance Company Ltd from our Unlisted Shares list and place your order.
Step 3: Share Transfer
Based on the settlement period for the shares noted on the platform, the purchased shares are transferred and reflected in both your InCred Money portfolio and your demat account. - What documents are needed to invest in IndusInd General Insurance Company Ltd unlisted shares?
- To invest in IndusInd General Insurance Company Ltd Unlisted Shares on InCred Money, you need to complete your KYC verification by submitting the following documents:
● PAN Card
● Aadhaar Card
● Bank account details
● Demat account details
Once your KYC is successfully completed and approved, you can start investing in unlisted shares on the platform.
