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
| ₹ 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) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 1,596 | 1,506 | 1,500 | 1,572 | 1,820 |
| Capex | (37) | (40) | (21) | (25) | (13) |
| ₹ 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) |
| 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 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 4 Sept 2026 · Motilal Oswal MF sells 1.17% stake in Religare Enterprises via market deal | ownership changes | medium | — | — |
| 3 Sept 2026 · Religare Enterprises shares copies of 42nd AGM newspaper advertisement | compliance | minimal | — | — |
| 2 Sept 2026 · Religare Enterprises submits BRSR for FY 2025-26 | compliance | minimal | — | — |
| 2 Sept 2026 · Religare Enterprises 42nd AGM notice on September 24, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · Religare: SAT dismisses appeal against SEBI order | regulatory legal | high | — | — |
| 1 Sept 2026 · Care Health Insurance credit rating affirmed at IND AA with stable outlook | business updates | medium | — | — |
| 1 Sept 2026 · Newspaper publication of 42nd AGM notice | compliance | minimal | — | — |
| 31 Aug 2026 · Religare Enterprises to hold 42nd AGM on September 24, 2026 | board shareholder meetings | low | — | — |
| 31 Aug 2026 · Ashish Dhawan acquires 1.06% stake in Religare Enterprises via open market | ownership changes | medium | — | — |
| 28 Aug 2026 · Ashish Dhawan acquires 38 lakh shares of Religare Enterprises via open market | ownership changes | high | — | — |
| 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 |
| (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 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JIO FIN SERVICES LTD | 1,51,806 | 71.4 | 1.13 | 64.0 | 1.2 | — | — | 70.7 |
| ADITYA BIRLA CAPITAL LTD. | 1,08,001 | 25.2 | 2.94 | 6.3 | 10.5 | — | 18.8 | 40.8 |
| L&T FINANCE LIMITED | 77,411 | 24.3 | 2.76 | 6.7 | 10.6 | — | 5.5 | 62.3 |
| TATA INVESTMENT CORP LTD | 32,839 | 76.2 | 1.12 | 90.8 | 1.5 | — | 19.5 | 92.6 |
| CHOLAMANDALAM FIN HOL LTD | 28,902 | 10.8 | 0.85 | 0.9 | 16.2 | — | 23.0 | 58.4 |
| TVS HOLDINGS LIMITED | 26,292 | 13.3 | 2.04 | 2.4 | 26.3 | — | 23.4 | 16.4 |
| MAHARASHTRA SCOOTERS LTD | 14,802 | 53.1 | 0.54 | — | 1.1 | — | — | 84.1 |
| JSW HOLDINGS LIMITED | 12,763 | 92.9 | 0.39 | 78.3 | 0.4 | — | 14.1 | 84.0 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 172.0 | 23.7 | 50 of 52 | 4% |
| P/B | 2.3 | 0.7 | 44 of 60 | 27% |
| ROE | 1.9 | 1.3 | 29 of 67 | 58% |
| Debt / Equity | 0.0 | 0.0 | 1 of 67 | 15% |
| 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 | 8744 | 376 | 10 of 65 | 86% |
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| 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 |
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.
