Transcript of earnings call held on Wednesday, May 13, 2026
RELIGARE · price
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Religare Enterprises reported FY26 total income of INR8,493 crores with PAT of INR73.16 crores. Care Health Insurance, the flagship subsidiary, delivered GWP of INR11,417 crores (24% growth) and PBT of INR539 crores on n basis, with management guiding combined ratio to improve to 100% in 2 years through operating leverage. The company approved a demerger scheme to separate insurance and financial services businesses into two listed entities. Promoter Burman Group increased stake to 30.3% through open market purchases and preferential allotment. New leadership was appointed across all subsidiaries including Care Health Insurance (Ajay Shah as MD and CEO) and Religare Finvest (Karthik Srinivasan as CEO). RFL reported PAT of INR139 crores with strong liquidity of INR591 crores and is debt-free post legacy cleanup. Housing Finance reported loss of INR18.6 crores for FY26.
The demerger structure aims to unlock value by separating Care Health Insurance from the holding company discount, though management did not commit to specific timelines for a potential reverse merger. Promoter stake increase signals confidence but leaves open questions on achieving 26% IRDA threshold for Care.