General Insurance Corporation of India

Financial Services — Insurance - Reinsurance · NSE

₹327.70+₹1.35 (+0.41%)

DalalBaazaar Score

73 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by short-term liabilities exceed short-term assets, falling profits.

In simple words: Reasonable but unspectacular business quality, but sales are shrinking. Short-term liquidity is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 7:01 pm

Understanding the Business

Company site ↗

The 60-second version of General Insurance Corporation of India — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

General Insurance Corporation of India engages in the provision of reinsurance services in India and internationally.

IndustryInsurance - Reinsurance

SectorFinancial Services

Employees418

Annual revenue₹54,813 Cr

How does it make money?

Turns over ₹54,813 Cr a year. Of every ₹100 of sales, about ₹18 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 418 employees supports ₹131.13 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹131.13 Cr

Who are its competitors?

The closest listed comparisons in its industry are HDFC LIFE INS CO LTD, SBI LIFE INSURANCE CO LTD, ICICI PRU LIFE INS CO LTD, ICICI LOMBARD GIC LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Not assessable from these ratios

For a lender, returns on capital are shaped by leverage and funding cost rather than by pricing power, so the usual financial signature of an advantage does not apply. Judge this one on deposit franchise, cost of funds and asset quality — none of which are in this data.

Peer median ROE13.6%

What is the outlook?

4 analysts covering the stock expect revenue to grow about 9.6% and earnings to grow about 7.2% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+9.6%

Est. earnings growth+7.2%

Analysts4

What has been driving growth?

Profit has moved mainly because margins changed, not because the business sold much more. Over 3 years revenue moved +13% while net margin moved +23% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+13%

Margin effect+23%

DalalBaazaar Score

73/ 100

Good

Weighted across six categories. Every point is explained below.

✗ Revenue CAGR of only 4.3% — barely ahead of inflation
• Profit CAGR of 11.8%
✗ Latest-year revenue growth of -0.8% is below the longer-term trend — momentum is fading
✗ Profit fell 31.1% in the latest year

Quality vs. Valuation

Company Quality

70/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

87/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

6.5x

3Y Median

9.0x

40 monthly readings · mean 8.9x · range 5.5x–11.7x

Sector Median

47.6x

median of 4 sector peers

🟢Current valuation is approximately 28% below its 3y median of 9.0x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 86% below the peer median of 47.6x.

vs. its own history

Cheap

9.0x median over 40 months · -28%

vs. sector peers

Cheap

47.6x median of 4 peers · -86%

vs. generic bands

Cheap

Below 15x

EV/EBITDA

2.5x

PEG

0.55

What's Good / What's Bad

🟢 What's Going Well2

Margins are improving
EBITDA margin is up from 16.8% to 21.0% over 3 years.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention1

Short-term liquidity is tight
Current ratio of 0.52 — near-term obligations exceed near-term assets.

Red Flags

No automated checks triggered

None of the automated financial checks below were triggered on the years of data available. That is not the same as a clean bill of health — see what could not be checked.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from 16.8% to 21.0%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 28% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 86% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Growth barely outpaces inflation
Revenue compounding at 4.3% a year is close to the rate prices rise, so the business is gaining little ground in real terms. That leaves the share price dependent on a re-rating rather than on earnings growth.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1EBITDA margin holds above 19%✓ 21.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
2Return on equity stays above 8%✓ 9.1%
For a lender this is the cleanest single read on whether the book is being grown profitably.
3Revenue growth stays above 4% a year✓ 4.3% CAGR
Latest reported year was -0.8%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
4Valuation vs its own median of 9.0x✓ 6.5x today
A re-rating above its own history needs a reason; without one it is just a higher price.

Investment Checklist

5 / 10 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✗ Revenue growing year-over-year
✗ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

5 good · 4 neutral · 2 weak

Market Cap

₹57,492 Cr

Mid Cap

Mid-sized — more growth headroom, but sharper swings than large caps

P/E (Trailing)

6.5x

Cheap

Cheap against the generic band

P/B Ratio

0.58x

Reasonable

Reasonable against the company's book value

EPS (TTM)

₹50.6

Profitable

Profitable on a per-share basis

ROE

9.1%

Moderate

Moderate capital efficiency

ROCE

Not meaningful

N/A for lenders

Banks and NBFCs don't report capital employed the way other businesses do

Debt/Equity

Not available

No data

Source didn't return this field

Revenue Growth (YoY)

-0.8%

Shrinking

Sales are contracting

Profit Growth (YoY)

-31.1%

Falling

Profits are shrinking

Dividend Yield

4.04%

Healthy

Meaningful cash return while you hold the stock

Free Cash Flow

₹453 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

P/E (Forward)

5.8x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

ROA

3.0%

Average

Average asset productivity

Operating Margin

15.1%

Good

Healthy core-business profitability

Net Margin

16.8%

Good

Strong bottom-line conversion

Current Ratio

0.52

Tight

Tight short-term liquidity

Beta (vs Nifty)

0.33

Defensive

Steadier than the market

52W Range Position

18%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

327.3 / 342.3

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

43.2

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹48,342 Cr	₹46,550 Cr	₹50,702 Cr	₹54,813 Cr	+4.3%
EBITDA	₹8,122 Cr	₹8,021 Cr	₹9,190 Cr	₹11,516 Cr	+12.3%
EBITDA Margin	16.8%	17.2%	18.1%	21.0%	—
PAT (Net Profit)	₹6,907 Cr	₹6,686 Cr	₹7,432 Cr	₹9,662 Cr	+11.8%
EPS	₹39.37	₹38.11	₹42.36	₹55.08	+11.8%
ROE	15.3%	12.1%	12.1%	13.7%	—
Free Cash Flow	₹11,588 Cr	-₹217 Cr	₹1,951 Cr	₹453 Cr	-66.1%

🟢 Revenue has grown at 4.3% a year over 3 years.

🟢 EBITDA has grown at 12.3% a year over 3 years.

🟢 EBITDA Margin has risen from 16.8% to 21.0% over 3 years (+4.2 pts).

🟢 PAT (Net Profit) has grown at 11.8% a year over 3 years.

🟢 EPS has grown at 11.8% a year over 3 years.

🔴 ROE has fallen from 15.3% to 13.7% over 3 years (-1.6 pts).

🔴 Free Cash Flow has shrunk at 66.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹2.06 L Cr

Total Liabilities

₹1.35 L Cr

Total Debt

—

Cash & Equivalents

₹28,489 Cr

Operating Cash Flow

—

Capex

-₹14 Cr

Shareholding (proxy)

Institutional Holding

17.1%

Insider Holding

77.4%

Corporate Actions

Dividend Rate

₹13.25

Ex-Dividend Date

04 Sept 2026

Analyst Consensus

Recommendations

5 Buy · 0 Hold · 1 Sell

Target Price (Mean)

₹449.67

+37.2% vs CMP

Target Range

₹288 – ₹550

Peer Comparison

Company	P/E	ROE
HDFC LIFE INS CO LTD	58.4x	11.3%
SBI LIFE INSURANCE CO LTD	63.9x	13.7%
ICICI PRU LIFE INS CO LTD	36.7x	12.9%
ICICI LOMBARD GIC LIMITED	33.0x	13.6%

Recent News

1 positive1 mixed4 general

GICRE Share Price near 52-week low: price and valuation

Univest, 09 Oct

Should You Buy General Insurance Corporation of India (NSE:GICRE) For Its Upcoming Dividend?

Simply Wall Street, 31 AugCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

GICRE Forecast — Price Target — Prediction for 2027

TradingView, 25 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

General Insurance Corporation of India (GICRE.BO) stock price, news, quote and history

Yahoo Finance Australia, 07 Oct

Rainbow Children's Medicare among 4 stocks that closed crossing above VWAP

The Economic Times, 15 Oct

SBI Life Insurance Company Ltd (SBILIFE) Share Price

Business Today, 16 Oct

Watch Items

Revenue growth is negative (-0.8%) on the latest reported period — check if this is one-off or a trend.
This is a financial-sector business: borrowing is its raw material, not leverage in the usual sense. Debt/Equity and ROCE here aren't comparable to a manufacturer's — read them alongside NIM, GNPA and capital adequacy from the company's own disclosures.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.

DalalBaazaar Thesis

StrongBusiness Quality · Financial Health · Valuation · Risk

MiddlingGrowth · Profitability

Points for each in the Score ↑

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last.

All 4 tripwires holding · see Key things to watch ↑