K&K
A legacy of
actuarial precision —
trusted by India's
leading corporates.

Employee Benefits · ESOP · Insurance Consulting
Corporate Valuations · M&A Advisory · Since 1984

2,500+
Corporate Clients
40+
Years of Legacy
99%
Client Retention
72 hrs
Report Delivery SLA
FIRM PROFILE · STRATEGIC BRIEFING 2026KAPADIA & KOCHREKAR
Kapadia & KochrekarActuaries & Consultants
About the Firm
The Legacy
Four decades of
technical excellence.

Kapadia & Kochrekar is one of India's trusted independent actuarial firms — serving as a pillar of precision since 1984. Our roots trace to the late Shri Nalin Kapadia, a respected pioneer, whose commitment to technical excellence laid the foundation for the firm's enduring reputation.

Headquartered in Mumbai, we serve 2,500+ corporate clients across India and internationally — across Banking, Insurance, IT, Healthcare, FMCG, Manufacturing, and Energy.

"We aspire to be one of the top global actuarial consulting firms — providing accurate advisory while maintaining the highest standards of professionalism, integrity, and timeliness."

1984
Foundation of Integrity

Founded by pioneer Shri Nalin Kapadia — establishing the benchmark for independent actuarial certification in Mumbai.

Professionalism

Ethics and accountability — upholding IFoA and IAI standards.

Competence

Current with regulatory change. Mandatory CPD across the team.

Timeliness

72-hour delivery SLA — a firm commitment, not an aspiration.

Data Privacy

Stringent IT security and confidentiality on all client data.

99%

Client retention — the measurable outcome of our values, applied consistently across 2,500+ engagements.

CONFIDENTIAL · FIRM OVERVIEWKACINDIA.COM
Kapadia & KochrekarActuaries & Consultants
Practice Areas & Sectors
Comprehensive actuarial solutions
Full spectrum — statutory compliance to complex corporate advisory.
Employee Benefits
Ind AS 19 · AS 15
Gratuity · Leave · Pension · PRMB
Insurance Consulting
Pricing · Reserving · Solvency
Life, General & Health · IRDAI
ESOP Advisory
Ind AS 102 · Black-Scholes
Monte Carlo · Pre-IPO
Corporate Valuations
Warranty · Loyalty
Credit Guarantees · Decommissioning
Warranty Valuations
IBNR · LDF Analysis
Cashflow Projections
M&A Advisory
Due Diligence
Opening BS · Post-merger
Industries We Serve
ManufacturingFinancial ServicesIT & TechnologyInsurancePharmaceuticalsInfrastructureFMCG & RetailReal EstateHospitalityEducationHealthcareLogistics & Transport
© 2026 KAPADIA & KOCHREKARSERVICE ARCHITECTURE
Kapadia & KochrekarActuaries & Consultants
Employee Benefits
Core Service · Ind AS 19 / AS 15
Actuarial Valuations
for Employee Benefits

Ind AS 19 and AS 15 valuations for all defined benefit employee obligations — gratuity, leave encashment, pension, PRMB, and funded plan advisory.

We serve the full range — from SME compliance mandates to listed company disclosures requiring sensitivity tables, OCI treatment, and asset-liability matching for funded schemes.

Every report independently reviewed by a qualified actuary. Audit-ready from day one.

GratuityCompensated AbsencesPensionPRMBMiddle East EOSB
Gratuity Valuation

Projected Unit Credit method. Full report with assumption justification, sensitivity analysis, and schedule of changes — structured for Big-4 audit review.

Leave Encashment (Compensated Absences)

Earned leave, sick leave, and casual leave — vesting and non-vesting. Accumulating and non-accumulating treatment under Ind AS 19, Para 15 and Para 72.

Pension & Post-Retirement Medical Benefits

Defined benefit pension plans and PRMB — PUC valuation with full OCI treatment, remeasurement breakdowns, and corridor approach where applicable.

Middle East EOSB

End of Service Benefit valuations for GCC-based entities under local labour law, IAS 19 (IFRS), and UAE / Qatar / Saudi regulatory requirements.

Multi-GAAP Valuations

Valuations as per Indian GAAP (AS 15), IFRS (IAS 19), US GAAP (ASC 715), and other local accounting standards — for multinational groups and cross-border reporting.

TECHNICAL BRIEFING · COMPLIANCE FOCUSEMPLOYEE BENEFITS
Kapadia & KochrekarActuaries & Consultants
Insurance Consulting
Core Service · Life & General
Actuarial Services for Life,
General & Health Insurers

Kapadia & Kochrekar provides independent actuarial support across the insurance value chain — from product pricing and reserving to solvency assessment, regulatory filings, and peer review. FIA (UK) qualified. Full IRDAI framework expertise.

Full compliance with Actuarial Practice Standards (APS) issued by the Institute of Actuaries of India.

Life Insurance
Product Pricing & Statutory Valuation

Actuarial pricing for term, endowment, ULIP, annuity, and health products — mortality, morbidity, expense loading, and profit testing. Annual valuation of policy liabilities.

IFRS 17 / Ind AS 117 & Embedded Value

CSM computation, cohort analysis, GMM vs. PAA selection. Traditional EV and market-consistent MCEV computation.

General Insurance
Reserving (IBNR / IBNER / ULAE)

Chain-ladder, Bornhuetter-Ferguson, and stochastic methods. Risk-based pricing for motor, property, liability, marine, and specialty lines.

Solvency & Peer Review

Required solvency margin computation under IRDAI regulations. Independent peer review of reserves and regulatory certifications.

REGULATORY ADVISORY · IRDAI FRAMEWORKINSURANCE CONSULTING
Kapadia & KochrekarActuaries & Consultants
ESOP Advisory
Core Service · Ind AS 102 / IFRS 2
ESOP Valuation — Fair Value
under Ind AS 102

Employee Stock Option Plans require an independent actuarial fair value at every grant date. Kapadia & Kochrekar provides grant-date valuations, accounting expense schedules, and full Ind AS 102 disclosure notes — for listed, unlisted, and pre-IPO companies.

Under Ind AS 102, the P&L charge begins from the grant date — not from exercise. The fair value is not adjusted for subsequent changes in share price.

We also assist with scheme design — pool sizing, exercise price setting, vesting schedule design, and accounting cost implications — before the grant.

Valuation Models
  • Black-Scholes-Merton
  • Binomial Tree
  • Monte Carlo Simulation
Deliverables
  • Actuarial certificate — FV per option
  • Assumptions documentation
  • Expense recognition schedule
  • Modification accounting
Listed Companies

Historical volatility from exchange data. Peer-group benchmarking for expected life assumptions. Full audit trail and Big-4 tested outputs.

Unlisted & Pre-IPO Companies

Proxy volatility from comparable listed peers. Pre-IPO discount modelling where applicable. Assumptions calibrated to SEBI guidance and recent IPO market data.

STRATEGIC EQUITY ADVISORY · IND AS 102ESOP VALUATION
Kapadia & KochrekarActuaries & Consultants
Other Services
Specialist Advisory
Corporate Valuations · Warranty · M&A

Actuarial methods applied to complex corporate needs — beyond statutory compliance.

Corporate Valuations

Actuarial methods applied to warranty reserves, loyalty programme liabilities, credit guarantees, and decommissioning provisions for financial reporting and regulatory compliance.

WarrantyLoyaltyDecommissioning
Warranty Valuations

Loss development factor analysis, IBNR estimation, and cashflow projections for manufacturers across consumer electronics, appliances, and automotive sectors.

LDF AnalysisIBNRCashflow
M&A Due Diligence

Actuarial due diligence on employee benefit obligations in transactions — pre-deal assessment, opening balance sheet valuations, and post-merger plan harmonisation.

Due DiligenceOpening BSPost-merger

"Integrating actuarial science into corporate finance — to drive data-backed decisions in high-stakes transactions."

CORPORATE FINANCE INTEGRATIONSTRATEGIC ADVISORY
Kapadia & KochrekarActuaries & Consultants
Partner Profile
Saurabh Kochrekar
Saurabh Kochrekar
Partner & Consulting Actuary
Consulting Actuary
FIA (UK)FIAI (India)

Saurabh holds both the UK (FIA) and Indian (FIAI) actuarial fellowships, completing the qualification in under five years — among the fastest on record in India.

With over 15 years of actuarial experience spanning employee benefits, insurance reserving, and corporate advisory, he has personally advised over 2,500 companies on their obligations under AS 15, Ind AS 19, Ind AS 102, and IAS 19.

Every engagement at Kapadia & Kochrekar — from assumption setting to the final actuarial certificate — is personally reviewed and signed by Saurabh. Clients receive direct partner access, not a managed handoff.

Practice Areas: Employee Benefits · Insurance · ESOP · Corporate
15+ Years' Experience · 2,500+ Companies Advised · Dual Fellowship

LEADERSHIP & EXPERTISEPARTNER SIGN-OFF
Kapadia & KochrekarActuaries & Consultants
Thought Leadership
Knowledge Centre
Rigorous research &
market intelligence.

We maintain a knowledge-first approach to actuarial science. Our team continuously monitors regulatory shifts — New Labour Codes, Ind AS 19 amendments, IRDAI circulars — to proactively advise clients on long-term liability management.

Quarterly discount rate tables, regulatory advisories, and plain-English guides — published for CFOs, company secretaries, and HR leaders.

↗ Browse the Knowledge Centre at kacindia.com
Discount Rate Tables
Quarterly FBIL G-Sec Reference Rates

FBIL G-Sec yield curve data at all standard actuarial tenors — referenced by CFOs and auditors for Ind AS 19 / AS 15 valuations.

Regulatory Advisories
New Labour Codes · OCI Volatility · RBC

Plain-English analysis — impact of new wage definitions, OCI sensitivity, risk-based capital transition for insurers.

Explainer Guides
AS 15 vs Ind AS 19 · PUC · OCI Treatment

Accessible guides written for finance professionals — the practical distinctions that matter for your disclosures.

REGULATORY INSIGHTS · MARKET INTELLIGENCEKACINDIA.COM/KNOWLEDGE
K&K
Next Steps
Start a conversation.

Our partners are directly accessible for strategic advisory, statutory valuation mandates, or technical consultations.

Request a Valuation
Head Office

1004, Solitaire Business Centre,
off. Lokmanya Tilak Road,
Borivali West, Mumbai — 400092

Digital

kacindia.cominfo@kacindia.com

Direct Advisory

+91 84540 66623+91 86578 33406

KAPADIA & KOCHREKAR · ACTUARIES & CONSULTANTSESTABLISHED 1984
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