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IIRM Holdings India Ltd

IIRM

BSE

₹115.25-2.66%19 Oct 2026

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Miscellaneous

IIRM Holdings India Ltd

IIRM

BSE

₹115.25

-2.66%

19 Oct 2026

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Miscellaneous

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

IIRM Holdings is a bridge between insurers and the people and companies that need cover - it doesn’t write policies itself, but earns a commission on every one it places. The business began in 2003 when founder Ramakrishna Vurakaranam set up India’s first licensed insurance broker, and it reached the public markets through a reverse merger that transformed a dormant plastics trader into a listed insurance distribution group. The recurring idea is a “PHYGITAL” model - physical presence combined with digital tools - that the company now replicates across five countries, using corporate relationships as the entry point and technology as the scaler.

Business segments

A single insurance-distribution engine, organised around who the customer is - large companies, insurers themselves, or individuals - and supported by a shared technology backbone that makes the whole group faster at placing and servicing policies.

1. Corporate insurance: the advisory-led anchor

Serving over 2,000 corporate clients, this is the group’s largest and stickiest business - deep industry knowledge locks in relationships that generate three-quarters of the premiums the company handles.

Advisory first, sale second - the company performs critical risk reviews for lenders and project owners, ensuring every financial interest is protected before a policy is even selected, which builds retention that direct-to-consumer platforms struggle to match.
Covers the full factory floor - products range from property and engineering insurance to liability, marine, and directors-and-officers cover, so a single corporate client typically buys multiple lines and stays for years.
Speciality lines for unusual risks - cyber insurance, M&A insurance, bonds, and financial-institution covers sit inside a dedicated unit that addresses risks standard policies miss, giving the company a seat at the table when complex deals require bespoke protection.
Employees become retail customers - the company places staff on-site at client locations to offer personal insurance consultation, turning roughly a million employees into a captive audience for motor and health policies.

2. Reinsurance broking: the high-barrier annuity

Reinsurance - insurance for insurers - operates on 365-day contracts with global counterparties, producing stable revenue streams that are hard for new entrants to replicate.

Relationships built over 25 years - the company has cultivated ties with more than 100 reinsurance partners worldwide, and those decades-old connections are the real moat in a business where trust and track record determine who gets the call.
Lean team, high-value deals - the reinsurance vertical runs with a smaller cost base than the corporate segment yet handles major risk transfers across facultative, treaty, retro, and risk-modelling mandates, delivering superior margins.
Annuity-like renewal cycle - because reinsurance contracts are annual and tend to roll over, the revenue base resets predictably rather than being won afresh each quarter.

3. Retail insurance: volume gateway to higher margin

Motor insurance - 85% of the retail book - is the low-margin acquisition tool; the strategy is to build a customer base through motor, then cross-sell higher-margin health cover.

Motor as the front door - by writing a high volume of motor policies, the company gains the customer relationship and the data to negotiate better terms on health insurance, where margins are fatter.
Corporate corridors feed the pipeline - personal insurance is cross-sold directly to employees of the 2,000-plus corporate clients, giving the retail business a warm lead engine that pure-play digital brokers lack.
A base of over 10 million for upselling - the group holds a consumer pool built over years of corporate and retail activity, and it uses data analytics to identify which individuals are ready for their next policy.

Technology and shared platforms

Four proprietary digital platforms - built in-house - run the entire distribution lifecycle, from quote comparison to claims tracking, and they serve every segment.

Insure Easy for personal lines - a digital platform that lets retail customers compare quotes across insurers, buy health, motor, and life policies, and manage claims, all without leaving the screen.
I-Work as the operational spine - the core ERP system, launched in 2008, handles client lifecycle management, policy administration, compliance tracking, and performance dashboards for the whole group.
Risk Watch for corporate portfolios - corporate clients get a dashboard showing their full insurance portfolio, claims status, service performance, and renewal alerts, turning a once-a-year transaction into an ongoing service.
Evexia for wellness - a health platform offering risk assessments, wellness programmes, and a pan-India diagnostics network, which feeds claims data back into the group’s product design.
AI and analytics across the stack - machine learning personalises client interactions and optimises processes, while analytics on over 10 million health claims informs bespoke product design for corporate accounts.

Group structure and partners

A listed Indian holding company controls operating subsidiaries across five countries, with the flagship India Insure sitting at the centre and a Singapore entity holding the international investments.

The parent is a pure holding company - IIRM Holdings India Ltd, listed on BSE, reports a single segment of professional and consultancy services at the standalone level and owns its operating businesses directly after a 2025 amalgamation eliminated the intermediate holding layer.
India Insure is the flagship - a composite insurance broker registered with IRDAI, it is the main revenue-generating entity and the vehicle through which the group is acquiring Saferisk Insurance Brokers Private Limited, a Bhubaneswar-based firm, subject to regulatory approval.
Singapore holds the international map - IIRM Holding Pte Limited owns 83% of the Sri Lanka broker, 75% of the Maldives broker, and 40% of the Kenya associate, each acquired or established between 2013 and 2023 to extend the India model into South Asia and Africa.
Two more domestic subsidiaries round out the group - IIRM Global Shared Services holds a Corporate Agent licence to distribute insurance, and IIRM Wellness Services runs the health and wellness operations.
Promoters and employees are aligned - the leadership team holds 15% equity, and the company has approved the introduction of an ESOP plan (15,00,000 options) and an employee stock purchase scheme to retain talent across geographies.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹867Cr

Close Price

₹124.40

Industry

Miscellaneous

Price To Earnings

34.56

Price To Sales

3.36

Revenue

₹258Cr

Rev Gr TTM

Revenue Growth TTM

16.24%

PAT Gr TTM

PAT Growth TTM

21.58%

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	178	66	48	50	55	68	59	61	64	74
Growth YoY Revenue Growth YoY%					-68.8	3.4	23.8	21.0	15.3	8.2
Expenses ExpensesCr	133	50	35	42	46	52	46	48	48	55
Operating Profit Operating ProfitCr	44	16	13	8	9	16	14	13	16	18
OPM OPM%	25.0	23.6	26.5	16.4	16.4	23.5	22.8	20.8	24.8	24.6
Other Income Other IncomeCr	2	0	0	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	3	1	1	1	1	1	2	2	3	4
Depreciation DepreciationCr	12	3	3	3	4	4	5	4	4	4
PBT PBTCr	32	12	9	5	4	10	7	6	10	10
Tax TaxCr	9	3	2	2	2	3	2	2	4	3
PAT PATCr	23	9	8	3	2	8	5	5	7	8
Growth YoY PAT Growth YoY%					-91.3	-15.7	-30.3	53.9	243.7	2.5
NPM NPM%	12.7	13.8	15.7	6.1	3.5	11.2	8.8	7.7	10.6	10.7
EPS EPS₹	12.9	1.3	1.1	0.5	0.3	1.1	0.8	0.7	1.0	1.1

Quarter	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	178	66	48	50	55	68	59	61	64	74
Growth YoY Revenue Growth YoY%					-68.8	3.4	23.8	21.0	15.3	8.2
Expenses ExpensesCr	133	50	35	42	46	52	46	48	48	55
Operating Profit Operating ProfitCr	44	16	13	8	9	16	14	13	16	18
OPM OPM%	25.0	23.6	26.5	16.4	16.4	23.5	22.8	20.8	24.8	24.6
Other Income Other IncomeCr	2	0	0	0	0	0	0	0	1	0
Interest Expense Interest ExpenseCr	3	1	1	1	1	1	2	2	3	4
Depreciation DepreciationCr	12	3	3	3	4	4	5	4	4	4
PBT PBTCr	32	12	9	5	4	10	7	6	10	10
Tax TaxCr	9	3	2	2	2	3	2	2	4	3
PAT PATCr	23	9	8	3	2	8	5	5	7	8
Growth YoY PAT Growth YoY%					-91.3	-15.7	-30.3	53.9	243.7	2.5
NPM NPM%	12.7	13.8	15.7	6.1	3.5	11.2	8.8	7.7	10.6	10.7
EPS EPS₹	12.9	1.3	1.1	0.5	0.3	1.1	0.8	0.7	1.0	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	178	219	252	258
Growth Revenue Growth%		23.4	14.9	16.2
Expenses ExpensesCr	133	174	194	198
Operating Profit Operating ProfitCr	44	46	58	60
OPM OPM%	25.0	20.8	23.0	23.3
Other Income Other IncomeCr	2	2	2	2
Interest Expense Interest ExpenseCr	3	3	8	11
Depreciation DepreciationCr	12	13	17	17
PBT PBTCr	32	31	34	34
Tax TaxCr	9	9	10	10
PAT PATCr	23	22	24	25
Growth PAT Growth%		-4.4	12.7	21.6
NPM NPM%	12.7	9.9	9.7	9.5
EPS EPS₹	12.9	3.2	3.6	3.6

Financial Year	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	178	219	252	258
Growth Revenue Growth%		23.4	14.9	16.2
Expenses ExpensesCr	133	174	194	198
Operating Profit Operating ProfitCr	44	46	58	60
OPM OPM%	25.0	20.8	23.0	23.3
Other Income Other IncomeCr	2	2	2	2
Interest Expense Interest ExpenseCr	3	3	8	11
Depreciation DepreciationCr	12	13	17	17
PBT PBTCr	32	31	34	34
Tax TaxCr	9	9	10	10
PAT PATCr	23	22	24	25
Growth PAT Growth%		-4.4	12.7	21.6
NPM NPM%	12.7	9.9	9.7	9.5
EPS EPS₹	12.9	3.2	3.6	3.6

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	34	34	34
Reserves ReservesCr	75	98	123
Current Liabilities Current LiabilitiesCr	36	35	43
Non Current Liabilities Non Current LiabilitiesCr	9	18	81
Total Liabilities Total LiabilitiesCr	156	186	282
Current Assets Current AssetsCr	92	113	203
Non Current Assets Non Current AssetsCr	64	73	80
Total Assets Total AssetsCr	156	186	282

Financial Year	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	34	34	34
Reserves ReservesCr	75	98	123
Current Liabilities Current LiabilitiesCr	36	35	43
Non Current Liabilities Non Current LiabilitiesCr	9	18	81
Total Liabilities Total LiabilitiesCr	156	186	282
Current Assets Current AssetsCr	92	113	203
Non Current Assets Non Current AssetsCr	64	73	80
Total Assets Total AssetsCr	156	186	282

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-52	6	22
Investing Cash Flow Investing Cash FlowCr	-31	-16	-13
Financing Cash Flow Financing Cash FlowCr	114	9	61
Net Cash Flow Net Cash FlowCr	32	-1	70
Free Cash Flow Free Cash FlowCr	-61	-26	16
CFO To PAT CFO To PAT%	-229.7	28.2	89.0
CFO To EBITDA CFO To EBITDA%	-117.2	13.4	37.4

Financial Year	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	-52	6	22
Investing Cash Flow Investing Cash FlowCr	-31	-16	-13
Financing Cash Flow Financing Cash FlowCr	114	9	61
Net Cash Flow Net Cash FlowCr	32	-1	70
Free Cash Flow Free Cash FlowCr	-61	-26	16
CFO To PAT CFO To PAT%	-229.7	28.2	89.0
CFO To EBITDA CFO To EBITDA%	-117.2	13.4	37.4

Consolidated

Standalone

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		576	526	867
Price To Earnings Price To Earnings		26.7	21.6	34.6
Price To Sales Price To Sales		2.6	2.1	3.4
Price To Book Price To Book		4.4	3.4	4.8
EV To EBITDA EV To EBITDA		13.2	9.4	14.0
Profitability Ratios Profitability Ratios
GPM GPM%	97.4	99.4	99.7	99.7
OPM OPM%	25.0	20.8	23.0	23.3
NPM NPM%	12.7	9.9	9.7	9.5
ROCE ROCE%	27.0	20.6	16.8	16.8
ROE ROE%	20.8	16.4	15.5	15.5
ROA ROA%	14.5	11.7	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr		576	526	867
Price To Earnings Price To Earnings		26.7	21.6	34.6
Price To Sales Price To Sales		2.6	2.1	3.4
Price To Book Price To Book		4.4	3.4	4.8
EV To EBITDA EV To EBITDA		13.2	9.4	14.0
Profitability Ratios Profitability Ratios
GPM GPM%	97.4	99.4	99.7	99.7
OPM OPM%	25.0	20.8	23.0	23.3
NPM NPM%	12.7	9.9	9.7	9.5
ROCE ROCE%	27.0	20.6	16.8	16.8
ROE ROE%	20.8	16.4	15.5	15.5
ROA ROA%	14.5	11.7	8.6	8.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	SVLL	GKWLIMITED	TCC	IIRM	EXHICON	EUROASIA	PROZONER
Market CapitalizationMkt CapCr	931	910	903	867	836	818	813
Close PriceClose₹	810.00	1,525.00	38.00	124.40	510.00	596.60	53.25
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	130.02		13.01	34.56	18.90		71.00
Price To SalesPS	3.90	28.07	3.16	3.36	4.13	66.06	5.86
RevenueRevenueCr	239	32	286	258	203	12	139
Revenue Growth TTMRev Gr TTM%		-13.9%	205.3%	16.2%	41.2%		-9.9%
PAT Growth TTMPAT Gr TTM%		22.8%	47.6%	21.6%	49.5%		134.3%

	SVLL	GKWLIMITED	TCC	IIRM	EXHICON	EUROASIA	PROZONER
Market CapitalizationMkt CapCr	931	910	903	867	836	818	813
Close PriceClose₹	810.00	1,525.00	38.00	124.40	510.00	596.60	53.25
IndustryIndustry	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous	Miscellaneous
Price To EarningsPE	130.02		13.01	34.56	18.90		71.00
Price To SalesPS	3.90	28.07	3.16	3.36	4.13	66.06	5.86
RevenueRevenueCr	239	32	286	258	203	12	139
Revenue Growth TTMRev Gr TTM%		-13.9%	205.3%	16.2%	41.2%		-9.9%
PAT Growth TTMPAT Gr TTM%		22.8%	47.6%	21.6%	49.5%		134.3%

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