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Emkay Global Financial's research report on Go Digit

Go Digit’s Q4FY25 results were a mixed bag. Amid the volatile and difficult external environment in FY25, marked by EoM glidepath, no Motor TP tariff hike, sustained competition in Motor OD, and implementation of 1/n regulations for gross premium accounting, the company found it difficult to replicate its past success of accelerating growth with improving profitability (Read our initiation: Just another brick in the wall). Looking ahead, we continue to see challenges in the company’s journey to deliver superior growth with improving profitability, as i) no Motor TP tariff hike in FY26 (Read: Brace for an unchanged Motor TP tariff in FY26) and lower support from past reserves; ii) EoM compliance by Mar26 to drive price competition in the group health business; iii) a few large profitable corporate and group Health/PA policies of the company to see price negotiations; iv) falling bond yields pose reinvestment risks.

Outlook

To reflect the Q4FY25 results and outlook, we change our estimates for FY26-27 which leads to broadly unchanged CoR and increase in PAT by ~3-8%. We reiterate SELL with unchanged Mar-26E TP of Rs 250 (implying FY27 P/E of 34x).

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Go Digit - 29042025 - emkay

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