Religare Enterprises Limited has informed the Exchange regarding 'Announcement under Regulation 30 of SEBI LODR Regulations, 2015'.
RELIGARE · price
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ICRA has upgraded the credit rating of Religare Housing Development Finance Corporation Limited (RHDFCL), a step-down subsidiary of Religare Enterprises, for its Rs. 400 crore long-term/short-term bank lines. The rating moved up from [ICRA]BB (Stable)/[ICRA]A4 to [ICRA]BBB- (Stable)/[ICRA]A3. The upgrade reflects the classification of the Burman Group (promoters of Dabur India) as promoters of Religare Enterprises and a strengthened board, both of which improve the group's credit profile. RHDFCL's asset quality has also improved, with gross stage 3 assets falling to Rs. 8.3 crore as of December 2024 from Rs. 12.3 crore in March 2023. However, the company reported a Rs. 9.4 crore net loss in 9M FY2025 and has not raised fresh external funding since FY2019, with AUM moderating to Rs. 258 crore.
Positive signal for Religare Enterprises shareholders — the rating upgrade signals improved creditworthiness of its housing finance subsidiary and reduced group-level concerns. It could enhance RHDFCL's ability to raise fresh funding and support future growth, though current profitability remains weak.