NSE: RELIGARE · BSE: 532915
RELIGARE ENTER. LTD.
Operates as a financial services holding company where health insurance dominates. The Insurance segment — Care Health Insurance — generated ₹7,969 cr of FY26 segment revenue (93.6% share), with gross written premium of ₹11,417 cr growing 24%, retail health up 34%, and operations spread across more than 277 branches holding 11.6% retail market share. Broking activities through Religare Broking contributed ₹313.83 cr (3.7%), with FY26 income of ₹373 cr and a stated focus on active client growth. The investment and financing arm (Religare Finvest NBFC) added ₹160.96 cr (1.9%), delivered FY26 PAT of ₹139 cr, sits debt-free with ₹591 cr cash and CRAR of 261%, with multiline product launches planned over the coming quarters. E-governance services added ₹62.87 cr (0.7%). The step-down housing finance subsidiary runs 15 branches in 8 states on affordable home loans with average ticket size of ₹10-11 lakhs but reported an FY26 loss of ₹18.6 cr. A scheme to demerge the financial services businesses into a separately listed Religare Finvest (1 RFL share per REL share) has received NSE/BSE no-objection and is pending NCLT filing. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Insurance (Care Health Insurance) (94%), Broking Related Activities (4%), Investment and Financing Activities (2%), E-Governance (1%), Unallocated (0%). Financial services holding company dominated by a health insurance subsidiary, with smaller broking, NBFC, e-governance and loss-making housing finance arms
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,224 | 4,676 | 6,235 | 7,354 | 8,459 |
| EBITDA (ex other income) | (387) | 3,756 | 548 | 300 | 136 |
| margin % | (12.0) | 80.3 | 8.8 | 4.1 | 1.6 |
| Owners' profit | (1,539) | 3,082 | 233 | 125 | 86 |
| EPS, as reported (₹) | (51.33) | 96.06 | 7.13 | 3.79 | 2.59 |
| ROE % · ROCE % | 289.1 · — | 118.3 · — | 10.9 · — | 5.3 · — | 1.9 · — |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 1,596 | 1,506 | 1,500 | 1,572 | 1,820 |
| Capex | (37) | (40) | (21) | (25) | (13) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,952 | 1,664 | 2,028 | 1,861 | 2,064 | 2,056 | 2,467 | 2,353 |
| Profit before tax | 67 | (79) | 222 | 6 | 57 | (103) | 127 | (77) |
| Net profit | 68 | (63) | 151 | 8 | 46 | (77) | 96 | (47) |
| EPS (₹) | 1.55 | (1.30) | 3.00 | 0.31 | 1.17 | (1.37) | 2.47 | (0.78) |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| (a) Investment and Financing Activities | 90 | 1.1 |
| (b) Broking Related Activities | 86 | 1.0 |
| (c) E-Governance | 15 | 0.2 |
| (d) Insurance | 2,314 | 27.2 |
| (e) Unallocated | 1 | 0.0 |
| Investment and Financing Activities | 75 | 0.9 |
| Broking Related Activities | 152 | 1.8 |
| E-Governance | 12 | 0.1 |
| Insurance | 3,688 | 43.3 |
| Unallocated | 2 | 0.0 |
| (c) Broking Related Activities | 74 | 0.9 |
| (d) E-Governance | 15 | 0.2 |
| (e) Insurance | 1,968 | 23.1 |
| (f) Unallocated | 4 | 0.0 |
| E Governance | 21 | 0.2 |
| Total, before eliminations | 8,516 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,35,496 | 63.7 | 1.01 | — | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 97,598 | 22.8 | 2.65 | — | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 61,858 | 19.4 | 2.21 | — | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 28,442 | 66.0 | 0.97 | — | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 24,545 | 9.2 | 0.72 | — | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 23,883 | 12.1 | 1.85 | — | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 13,373 | 48.0 | 0.48 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,440 | 90.6 | 0.38 | — | 0.4 | — | 14.1 | 84.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 143.8 | 19.9 | 49 of 51 | 4% |
| P/B | 1.9 | 0.6 | 48 of 63 | 24% |
| ROE | 1.9 | 1.3 | 28 of 65 | 58% |
| EBITDA margin | (1.9) | 61.6 | 52 of 62 | 16% |
| Revenue growth | 26.4 | 13.6 | 22 of 56 | 62% |
| Profit growth | (674.9) | 10.7 | 62 of 66 | 6% |
| Market cap | 7310 | 273 | 10 of 68 | 87% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 14 Oct 2026 · Notice on special window for physical share demat and transfer | compliance | minimal | — | — |
| 9 Oct 2026 · Routine compliance certificate on dematerialisation for Jul-Sep 2026 quarter | compliance | minimal | — | — |
| 7 Oct 2026 · Allotment of 22000 equity shares under REL ESOP Plan 2019 | capital market events | low | — | — |
| 6 Oct 2026 · Religare Finvest appoints Gaurav Sharma as CTO | management changes | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Arjun Lamba re-designated as Managing Director of Religare Enterprises | management changes | high | — | — |
| 25 Sept 2026 · Religare Enterprises AGM 2026 results: all 4 resolutions passed | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Religare AGM held; promoters to infuse Rs 1500 Crore; 4 resolutions tabled | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Care Health Insurance raises Rs 100 Cr via subordinated debentures | strategic transactions | high | — | — |
| 18 Sept 2026 · Establishment of new corporate office in Mumbai | business updates | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.