Q2 FY27 results analysis · November 05, 2026
Go Digit General Insurance Ltd (GODIGIT) Q2 FY27 Results Analysis: Underwriting Profit Plunges 73%, GWP Slips 3.6% On Share Loss
−31.1%PAT year on year, Rs. 142.39 Cr
Source: Quarterly results filing (BSE)
Quick summary
Go Digit General Insurance Ltd reported Q2 FY27 numbers with revenue of Rs. 2,720.49 Cr (+1.71% YoY) and PAT growth of -31.14% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details
| Results date | November 05, 2026 |
|---|---|
| Revenue (Q2) | Rs. 2,720.49 Cr (+1.71% YoY) |
| PAT (Q2) | Rs. 142.39 Cr (-31.14% YoY) |
| EPS (Q2) | Rs. 1.54 (-31.25% YoY) |
Quarter Snapshot
Q2 FY27 showed broad deterioration: underwriting profit fell 73.4% YoY to Rs.43.04 Cr as the combined ratio worsened to 95.9% from 79.7% YoY, and PAT declined 31.1% YoY to Rs.142.39 Cr. GWP fell 3.60% YoY against ~8% industry growth, indicating share loss, while management's guided motor OD stabilization did not materialize (segment loss widened to Rs.(157.55) Cr). Investment income (+20.6% YoY) and 1.56x CFO/PAT coverage were the main offsets, but the motor loss-ratio guidance and EOM forbearance remain open risks into H2.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Topline behind industry; decline "likely moderating rather than deepening" | Jul −9.41% → Aug +5.14% monthly GDPI inflection; deliberate de-growth | GWP Rs.2,571.45 Cr, −3.60% YoY (vs −8.42% in Q1) | Played out |
| Loss-ratio pressure persisting; OD stabilization "at risk rather than de-risked" | Repair-cost inflation, SC TP judgement | Claims ratio 62.4% vs 59.3% YoY; CoR 95.9% vs 92.4% QoQ; ISR −73.43% YoY | Played out |
| Gujarat floods "could be a meaningful fire/property cat" | ~Rs.5,000 Cr industry claims (web-sourced, dated) | Fire result −Rs.43.21 Cr QoQ, reinsurance expense widened — direction consistent; event quantum not disclosed in filing | Partially |
| EOM scrutiny sharpens | IRDAI enforcing; consultation paper landed | Exceedance confirmed for H1; forbearance sought | Played out |
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Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| EOM within IRDAI limits | IRDAI EOM Regulations 2024 | Exceeded for 6M ended 30 Sep 2026; forbearance sought for FY26 (filing note) | Missed |
| Dividend consideration | Q4 FY26 earnings call — "at Q4 FY27 results" | No dividend action/disclosure this quarter | Too Early |
| Motor TP claims (SC ruling) detailed update | Q1 FY27 earnings call — ~Jan 2027 | Not in this filing | Too Early |
| RBC norms expected in FY27 | Management commentary, Q1 FY27 call | Not addressed in filing | Too Early |
| "We decided to put our feet on the profitability boat rather than growth" | Q1 FY27 earnings call | De-growth delivered (GWP −3.60% YoY) but CoR worsened to 95.9% from 79.7% YoY and underwriting result fell 73.4% — profitability was not protected | Contradicted |
| Fire de-growth to protect reinsurance profitability | Q1 FY27 earnings call | Fire revenue −22.08% YoY delivered; fire result −63.3% YoY, reinsurance expense widened QoQ — on outcome | Contradicted |
| Group health/mix discipline (letting go ~Rs.220–250 Cr of group health) | Q3 FY26 / Q1 FY27 calls | Health insurance revenue −20.31% YoY, consistent with the stated discipline | Confirmed |
| Net retention rising | Q1 FY27 filing/call (76.7% IGAAP) | Net reinsurance expense Rs.(69.72) Cr vs Rs.(382.02) Cr YoY; net retention effects visible | Confirmed |
| EOM exceedance a Q1-specific issue | Q1 FY27 filing (forbearance sought) | Exceedance recurred for the full six months (filing note) | Contradicted |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|
| CoR % | 79.7 | 92.4 | 95.9 |
| Claims % | 48.2 | 59.3 | 62.4 |
| Expense % | 31.5 | 33.1 | 33.5 |
| Ins. service margin % | 20.3 | 7.6 | 4.1 |
| Solvency (x) | 2.26 | 2.43 | 2.40 |
| RoE % (not ann.) | 2.7 | 4.8 | 1.7 |
| GWP Rs. Cr | 2,667.45 | 2,730.86 | 2,571.45 |
Key Investment Insights
Key Positives
- Investment income grew 20.59% YoY to Rs.368.40 Cr in Q2; H1 investment income up 22.14% YoY to Rs.974.87 Cr
- Net reinsurance expense narrowed to Rs.(69.72) Cr from Rs.(382.02) Cr YoY, an 81.8% reduction
- Insurance revenue grew 1.71% YoY to Rs.2,720.49 Cr despite GWP decline
- Motor OD insurance revenue grew 11.41% YoY and Motor TP grew 8.26% YoY
- H1 operating cash flow of Rs.811.25 Cr covered PAT 1.56x
- Solvency ratio of 2.40x remains above the 2.26x of a year ago
- Health insurance revenue declined 20.31% YoY, consistent with stated group-health de-growth discipline
- Net worth rose 6.93% YTD to Rs.8,137.39 Cr
Risk Factors
- Underwriting profit (insurance service result) fell 73.43% YoY to Rs.43.04 Cr as claims ratio rose to 62.4% from 48.2% YoY
- Combined operating ratio deteriorated to 95.9% from 79.7% YoY and 92.4% QoQ
- PAT fell 31.14% YoY to Rs.142.39 Cr and 62.39% QoQ
- GWP declined 3.60% YoY while industry grew ~8%, indicating market share loss
- Motor OD segment loss deepened to Rs.(157.55) Cr from Rs.(139.25) Cr in Q1 and Rs.(129.97) Cr YoY
- Expenses of management exceeded IRDAI EOM limits for H1 FY27; forbearance sought
- Total comprehensive income was negative at Rs.(55.26) Cr due to a Rs.(406.18) Cr bond fair-value swing
- Fire segment result fell 54.10% YoY to Rs.31.41 Cr with reinsurance expense widening to Rs.(92.61) Cr from Rs.(37.12) Cr in Q1
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