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RELIGARE - Religare Enterp.

📊 NSE: RELIGARE 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 11:48

📢 Recent Corporate Announcements

Religare Enterprises Q3 FY26 Income Rises to ₹2,067.9 Cr; Care Health AUM Crosses ₹10,000 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 20 Feb 2026, 11:07 PM

Religare Enterprises reported a consolidated total income of ₹2,067.9 crores for Q3 FY26, up from ₹1,670.2 crores in the same quarter last year. Despite revenue growth, the company posted a consolidated loss before tax of ₹103.1 crores, impacted by one-time employee benefit provisions under the new labor code. The insurance subsidiary, Care Health, remains a strong performer with retail business growing 41% and its AUM crossing the ₹10,000 crore milestone. Governance remains a focal point with the proposed induction of Burman family members and Jimeet Modi to the Board.

Consolidated total income increased to ₹2,067.9 crores in Q3 FY26 vs ₹1,670.2 crores in Q3 FY25.
Care Health Insurance retail premium grew by 41% YoY, with total 9M premium reaching ₹7,906 crores.
Care Health AUM crossed ₹10,000 crores with a solvency ratio of 1.70 as of December 2025.
One-time wage code provisions of ₹13.5 crores impacted quarterly profitability in the insurance segment.
Board expansion proposed to include Dr. Anand Burman, Mohit Burman, Aditya Chand Burman, and Jimeet Modi.

💡 Investors should monitor the transition in board leadership and the impact of the new management team on long-term strategy. While the consolidated loss is a concern, the robust growth and market share gains in the health insurance subsidiary provide a strong underlying valuation support.

Religare Enterprises Reports Q3 FY26 Net Loss of ₹76.5 Cr; Care Health GWP Grows to ₹7,906 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 15 Feb 2026, 11:57 PM

Religare Enterprises Limited (REL) reported a consolidated net loss of ₹76.5 crore for Q3 FY26, compared to a loss of ₹63.2 crore in the same period last year. While total income grew by 23.8% YoY to ₹2,067.9 crore, rising expenses and higher claims in the insurance segment weighed on profitability. Care Health Insurance remains the primary growth engine, contributing ₹7,906 crore in GWP for 9M FY26 with a 22% market share in the SAHI segment. The company's NBFC arm, Religare Finvest, is now debt-free with over ₹500 crore in cash reserves following successful NPA recoveries.

Consolidated Total Income increased 23.8% YoY to ₹2,067.9 crore in Q3 FY26.
Care Health Insurance GWP grew to ₹7,906 crore for 9M FY26, up from ₹6,508 crore YoY.
Consolidated Net Loss for 9M FY26 stood at ₹22.5 crore versus a profit of ₹32 crore in 9M FY25.
Care Health's AUM crossed a significant milestone, reaching ₹10,246 crore as of December 2025.
Religare Finvest (NBFC) has resolved legacy issues and maintains a cash balance of ₹500+ crore.

💡 Investors should focus on the improving operational metrics of Care Health and the debt-free status of the NBFC arm, while remaining cautious about the widening consolidated losses. Monitor the combined ratio in the insurance business, which rose to 111.1% in Q3 FY26, as a key indicator of future profitability.

Religare Enterprises Announces Strategic Demerger of Financial Services; 1:1 Share Swap Ratio

🟢 POSITIVE ⭐ 9/10

M&A 📅 14 Feb 2026, 08:52 PM

Religare Enterprises (REL) has approved a demerger to separate its financial services and insurance businesses into two independent listed entities. The financial services business, including lending and broking, will be transferred to Religare Finvest Limited (RFL), while REL will retain the insurance business through Care Health Insurance. Shareholders will receive 1 share of RFL for every 1 share held in REL. The demerged undertaking contributed ₹457.29 crore (6.2%) to the consolidated turnover in FY25.

Demerger of lending, broking, and investment activities into Religare Finvest Limited (RFL)
Shareholders to receive 1 fully paid-up equity share of RFL for every 1 share held in REL
Demerged business accounted for ₹457.29 crore (6.2%) of FY25 consolidated turnover
REL to remain an insurance-focused entity holding the stake in Care Health Insurance Limited
RFL to be listed on BSE and NSE with a target completion date in Q1 FY28

💡 Investors should maintain their positions to benefit from the value unlocking of two distinct business platforms. Monitor the progress of regulatory approvals from the RBI and NCLT, as these are critical for the Q1 FY28 listing timeline.

Religare Enterprises Announces 1:1 Demerger of Financial Services Business into Religare Finvest

🟢 POSITIVE ⭐ 9/10

M&A 📅 14 Feb 2026, 08:50 PM

Religare Enterprises (REL) has approved a scheme to demerge its financial services, broking, and investment businesses into its subsidiary, Religare Finvest Limited (RFL). Shareholders will receive one equity share of RFL for every one share held in REL, with RFL set to be listed on both BSE and NSE. The demerged undertaking contributed INR 457.29 Crores, or 6.2% of the total consolidated turnover, in FY25. Post-demerger, REL will focus on its insurance business through Care Health Insurance, while RFL will operate as an independent lending and broking entity.

Shareholders to receive 1 share of Religare Finvest for every 1 share held in Religare Enterprises.
Demerged financial services division reported a turnover of INR 457.29 Crores (6.2% of total) in FY25.
Religare Enterprises will retain its core investment and shareholding in Care Health Insurance Limited.
Religare Finvest (RFL) is expected to be listed on BSE and NSE by Q1 FY28.
The scheme involves a 100% mirror-image shareholding pattern for the new listed entity.

💡 Investors should maintain their positions to benefit from the value unlocking of two distinct listed entities. However, note the long implementation timeline with listing expected only by Q1 FY28.

Religare Enterprises Reports Q3 FY26 Standalone Net Loss of ₹11.31 Crore

🔴 NEGATIVE ⭐ 7/10

EARNINGS 📅 14 Feb 2026, 04:45 PM

Religare Enterprises reported a standalone net loss of ₹1,131.19 lakhs for the quarter ended December 31, 2025, a significant increase from the ₹397.38 lakhs loss reported in the previous quarter. Total income for the quarter plummeted to ₹238.61 lakhs from ₹759.58 lakhs in Q2 FY26, largely due to a sharp reduction in 'Other Income'. Expenses rose to ₹1,381.50 lakhs, primarily driven by employee benefit costs which more than doubled to ₹848.95 lakhs. The company continues to face ongoing income tax litigations, as noted by the statutory auditors in their limited review report.

Standalone net loss widened to ₹11.31 crore in Q3 FY26 compared to a loss of ₹3.97 crore in Q2 FY26.
Total income declined by 68.6% quarter-on-quarter to ₹2.39 crore.
Employee benefit expenses surged to ₹8.49 crore from ₹3.38 crore in the preceding quarter.
The company reported a negative Earnings Per Share (EPS) of ₹0.34 for the quarter.
Auditors included an 'Emphasis of Matter' regarding ongoing income tax litigations and related demands.

💡 Investors should exercise caution as the standalone entity's losses are widening and operational expenses are rising. The focus should remain on the performance of its underlying subsidiaries in insurance and broking, as well as the resolution of legal and tax contingencies.

Religare Enterprises to Shift Registered Office to Gurugram and Relocate Books of Account

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 14 Feb 2026, 04:07 PM

Religare Enterprises Limited has announced the shifting of its Registered Office from New Delhi to Gurugram, Haryana, which involves a change in jurisdiction from RoC Delhi to RoC Haryana. The move is subject to shareholder approval and clearance from the Regional Director of the Ministry of Corporate Affairs. Additionally, the company will relocate the storage of its books of account and financial records within its Noida corporate complex from Tower B to Tower A, effective March 01, 2026. These changes are administrative and do not impact the company's business operations or financial standing.

Registered office shifting from Jhandewalan, New Delhi to Sushant Lok Phase-1, Gurugram, Haryana.
Change in jurisdiction from Registrar of Companies (RoC) Delhi to RoC Haryana.
Books of account and financial statements moving from Tower B to Tower A at Club 125, Noida, effective March 01, 2026.
Requires approval from the Regional Director, Ministry of Corporate Affairs, and company members.
Consequential alteration of Clause II of the Memorandum of Association (MoA) approved by the Board.

💡 This is a routine administrative update with no impact on the company's fundamentals. Investors should focus on the company's core financial performance and ongoing corporate governance matters.

Religare Enterprises to Discuss Q3 & 9M FY26 Results in Earnings Call on Feb 16, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Feb 2026, 07:57 PM

Religare Enterprises Limited has scheduled its earnings conference call for Monday, February 16, 2026, at 4:00 PM IST. The management team will discuss the company's operational and financial performance for the third quarter and nine-month period ended December 31, 2025. This call is a standard procedure following the quarterly results to provide clarity to analysts and institutional investors. The session will include participation from the management of both Religare and its various subsidiaries.

Earnings call scheduled for February 16, 2026, at 04:00 PM IST
Discussion to focus on Q3 and 9M FY26 financial and operational performance
Management from Religare Enterprises and its subsidiaries will be present for the call
Primary dial-in access numbers provided are +91 22 6280 1102 and +91 22 7115 8003
International toll-free access available for USA, UK, Singapore, and Hong Kong participants

💡 Investors should monitor the call for management commentary on the company's growth strategy and subsidiary performance. No immediate action is required as this is a routine announcement of a scheduled meeting.

Religare Clarifies Financial Result Signatory Compliance for Q2 FY26

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 10 Feb 2026, 11:32 AM

Religare Enterprises Limited has provided a clarification to the National Stock Exchange regarding its financial results for the quarter ended September 30, 2025. The exchange had questioned the signing authority of the results under Regulation 33 of SEBI LODR Regulations. The company clarified that the results were signed by Mr. Gurumurthy Ramanathan, who was the Chairperson at the time of signing. This response aims to address procedural concerns regarding compliance with listing obligations.

NSE sought clarification regarding the signing of financial results for the quarter ended September 30, 2025.
Company confirmed compliance with Regulation 33(2)(b) of SEBI Listing Regulations, 2015.
Financial results were signed by Mr. Gurumurthy Ramanathan, a Non-Executive & Non-Independent Director.
Mr. Ramanathan held the position of Chairperson of the Company at the time the financials were signed.
The clarification was officially submitted to the exchange on January 12, 2026.

💡 This is a routine procedural clarification and does not impact the financial health or operations of the company. Investors should focus on the company's actual financial performance and ongoing corporate governance matters.

Religare Enterprises Clarifies on Care Health Insurance Demerger and Listing Rumors

🟡 NEUTRAL ⭐ 6/10

REGULATORY 📅 03 Feb 2026, 09:58 PM

Religare Enterprises Limited has issued a clarification to the stock exchanges regarding a media report suggesting a potential demerger and listing of Care Health Insurance. The company stated that there is currently no pending information or event that requires disclosure under SEBI (LODR) Regulations. While management acknowledges they evaluate strategic growth opportunities on an ongoing basis, they confirmed that the news item has no material impact at this stage. This response effectively denies any immediate or finalized plans for the rumored demerger.

Exchange sought clarification on a Moneycontrol article dated February 03, 2026, regarding Care Health Insurance.
Company confirms no event currently exists that requires disclosure under SEBI Regulation 30.
Religare states there is no material impact on the company resulting from the news article.
Management maintains they evaluate strategic opportunities for growth and expansion on an ongoing basis.
The response was filed on February 03, 2026, in response to surveillance queries from BSE and NSE.

💡 Investors should treat the demerger news as speculative until an official board-approved announcement is made. Monitor the stock for price volatility as the market reacts to the company's denial of immediate plans.

Religare Enterprises Allots 1.5 Lakh Equity Shares Under ESOP Plan 2019

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 01:13 PM

Religare Enterprises Limited has allotted 150,000 equity shares of face value Rs. 10 each following the exercise of stock options under the REL ESOP Plan 2019. This allotment has increased the company's total paid-up equity capital from Rs. 332.74 crore to approximately Rs. 332.89 crore. The total number of outstanding equity shares now stands at 33,28,90,479. This is a routine administrative action resulting from employee compensation schemes and represents a negligible dilution of equity.

Allotment of 150,000 equity shares of face value Rs. 10 each pursuant to ESOP exercise
Paid-up equity capital increased from Rs. 3,32,74,04,790 to Rs. 3,32,89,04,790
Total number of equity shares increased to 33,28,90,479 from 33,27,40,479
Allotment approved by the Investment, Borrowing and Share Allotment Committee on February 02, 2026

💡 No immediate action is required as this is a routine allotment with minimal impact on share value. Investors should focus on the company's core operational performance and broader corporate developments.

Religare Subsidiary Care Health Insurance Rating Upgraded to IND AA-/ Stable

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 30 Jan 2026, 12:06 PM

India Ratings & Research (Ind-Ra) has upgraded the credit rating of Care Health Insurance Limited, a material subsidiary of Religare Enterprises. The rating has been moved to 'IND AA-' with a 'Stable' outlook as of January 29, 2026. This upgrade signifies improved financial strength and operational stability for the subsidiary, which is a key value driver for the parent company. Such a rating improvement typically enhances the subsidiary's ability to attract capital and reflects a robust solvency profile.

Credit rating of material subsidiary Care Health Insurance upgraded to IND AA-.
Rating outlook assigned as 'Stable' by India Ratings & Research (Ind-Ra).
The rating action was communicated on January 29, 2026, and officially disclosed on January 30, 2026.
Care Health Insurance is a significant contributor to the consolidated performance of Religare Enterprises.

💡 Investors should view this upgrade as a positive development for Religare's valuation, as its health insurance arm shows strengthening fundamentals. Maintain a positive outlook on the stock while monitoring the subsidiary's growth in the competitive health insurance market.

Religare Enterprises Submits Quarterly SEBI Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 12 Jan 2026, 03:42 PM

Religare Enterprises Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that all share certificates received for dematerialization during the quarter ended December 31, 2025, were processed correctly. The registrar verified that certificates were mutilated and cancelled, with the depositories' names substituted in the register of members within the mandatory 15-day period. This filing is a standard administrative procedure to ensure the integrity of the company's shareholding records.

Compliance certificate submitted for the quarter ended December 31, 2025.
KFin Technologies Limited confirmed as the Registrar and Transfer Agent (RTA).
Share certificates for dematerialization were mutilated and cancelled after due verification.
Register of members updated with depository names within the required 15-day timeline.

💡 No action is required as this is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial performance and updates on the Burman family's open offer.

Religare Appoints Suresh Mahalingam as Non-Executive Chairperson for Q4 FY26

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Jan 2026, 06:15 PM

Religare Enterprises has appointed Mr. Suresh Mahalingam as its Non-Executive Chairperson for the period from January 1, 2026, to March 31, 2026. This appointment follows the company's policy of rotating the Chairperson role among board members on a quarterly basis. Mr. Mahalingam succeeds Mr. Gurumurthy Ramanathan, who served during the previous quarter ending December 31, 2025. This rotational leadership structure has been in place since February 2025, involving various independent and non-independent directors.

Mr. Suresh Mahalingam appointed as Non-Executive Chairperson for the period Jan 01, 2026, to Mar 31, 2026
The appointment follows a rotational policy where board members serve as Chairperson for one calendar quarter
Mr. Gurumurthy Ramanathan completed his tenure as Chairperson on December 31, 2025
Previous rotational chairpersons include Mr. Praveen Kumar Tripathi and Mr. Malay Kumar Sinha

💡 This is a routine administrative update following an established rotational policy; investors should continue to monitor the company's operational performance and broader corporate governance developments.

Religare Enterprises to Close Trading Window from Jan 1, 2026 for Q3 Results

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 24 Dec 2025, 07:38 PM

Religare Enterprises Limited has announced the closure of its trading window for all designated persons starting January 01, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the financial results for the quarter ending December 31, 2025. The trading window will remain closed until 48 hours after the board of directors officially declares the quarterly results. The specific date for the board meeting to approve these results will be communicated by the company at a later date.

Trading window closure scheduled to commence on January 01, 2026
Closure pertains to the financial results for the quarter ending December 31, 2025
Window will reopen 48 hours after the results are declared to the stock exchanges
Compliance maintained under SEBI (Prohibition of Insider Trading) Regulations, 2015

💡 This is a routine regulatory announcement and does not impact the company's fundamentals; investors should focus on the upcoming Q3 earnings release for performance updates.

Religare Subsidiary Care Health Insurance Fined ₹1 Crore by IRDAI

🔴 NEGATIVE ⭐ 6/10

REGULATORY 📅 16 Dec 2025, 06:38 PM

Care Health Insurance Limited (CHIL), a material subsidiary of Religare Enterprises, has been penalized ₹1 crore by the IRDAI for various regulatory violations. The penalty follows an inspection conducted in 2021 which identified breaches in Third Party Administrator (TPA) health services and corporate governance guidelines. In addition to the monetary fine, the regulator issued warnings and advisories regarding financial statement preparation and policyholder interest protection. While the financial impact is limited, the regulatory focus on governance at a key subsidiary is noteworthy for shareholders.

IRDAI imposed a ₹1 crore penalty on Care Health Insurance Limited (CHIL) for regulatory non-compliance.
Violations relate to TPA Health Services regulations and Corporate Governance guidelines identified during a 2021 inspection.
The regulator also issued formal warnings and advisories concerning financial reporting and policyholder protection.
The penalty is payable by CHIL and will be reflected in the consolidated financial statements of Religare Enterprises.
The order was received on December 15, 2025, following a review of the company's submissions.

💡 Investors should monitor for any further governance-related disclosures, as repeated regulatory friction can impact the valuation of the insurance subsidiary. The immediate financial impact of ₹1 crore is negligible relative to Religare's overall scale.

View All RELIGARE Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Care Health Insurance GWP grew 18.6% to INR 5,104 Cr in H1 FY26; Religare Broking revenue declined 18.9% to INR 89.6 Cr in Q2 FY26; Religare Housing revenue declined 12.1% to INR 7.41 Cr in Q2 FY26; Consolidated Total Income grew 5.67% to INR 2,082.7 Cr in Q2 FY26.

Geographic Revenue Split

Religare Broking revenue split: West (30%), North (29%), South (24%), and East (17%). E-Governance revenue split: East (34%), North (32%), West (17%), and South (17%).

Profitability Margins

Consolidated PAT margin for Q2 FY26 was 2.2% (INR 45.9 Cr PAT on INR 2,082.7 Cr income). Care Health PBT (N basis) grew 113% to INR 177 Cr in H1 FY26. Religare Broking PBT margin fell to 3.68% in Q2 FY26 from 16.2% YoY.

EBITDA Margin

Consolidated PBT margin was 2.76% in Q2 FY26, down from 3.42% in Q2 FY25, primarily due to higher 'Other Expenses' which rose 16.1% to INR 1,403 Cr.

Capital Expenditure

Concluded a preferential issue of INR 1,500 Cr in Sept 2025; infused INR 322 Cr into Care Health Insurance in Sept 2025 to support business growth and maintain a solvency ratio of 1.89.

Credit Rating & Borrowing

Not disclosed in available documents; however, the company's cost of borrowing is noted as high, and it recently transitioned to a debt-free status for its RFL subsidiary.

⚙️ Operational Drivers

Raw Materials

Not applicable for financial services; primary cost drivers are Insurance Claims (68.1% ratio) and Finance Costs (INR 9.8 Cr in Q2 FY26).

Capacity Expansion

Care Health Investment Book grew by INR 900 Cr to INR 9,500 Cr as of Sept 2025; Religare Broking AUC stands at INR 43,000 Cr.

Raw Material Costs

Claims Ratio for Care Health normalized at 68.1% in H1 FY26 compared to 65.1% YoY; Finance costs decreased 24% to INR 9.8 Cr in Q2 FY26.

Manufacturing Efficiency

Not applicable; however, collection efficiency for RFL is maintained at 98% in the standard book.

Logistics & Distribution

Distribution costs (Fee and Commission) for the consolidated entity were INR 367.2 Cr in Q2 FY26, representing 17.6% of total income.

📈 Strategic Growth

Expected Growth Rate

18.60%

Growth Strategy

Achieving growth through a technology refresh to increase digital acquisition, re-entering the MSME lending market via RFL post-RBI CAP removal, and utilizing the INR 1,500 Cr capital infusion to scale operations across all financial service verticals.

Products & Services

health insurance policies, MSME loans, housing loans, demat accounts, e-governance services (bus/train/flight booking)

Brand Portfolio

Religare, Care Health Insurance

New Products/Services

Expanding wealth offerings in broking and increasing revenue share from E-Governance services through a network of agents.

Market Expansion

Re-entering the credit ecosystem post-RBI CAP removal in July 2025 to expand MSME credit reach.

Market Share & Ranking

Care Health holds a 9.9% market share in the overall health insurance space and 19.2% among Standalone Health Insurers (SAHI).

Strategic Alliances

Burman Group designated as promoters post-open offer; preferential issue included participation from marquee investors (INR 750 Cr).

🌍 External Factors

Industry Trends

Health insurance is outpacing general industry growth, with Care Health's GWP growing 18.6% YoY; India's demat penetration remains low at ~7-10% compared to 65% in the US, providing a long-term growth runway.

Competitive Landscape

Intense competition in the group insurance segment from General Insurance (GI) and SAHI players; broking segment faces competition from discount brokers.

Competitive Moat

Multi-channel distribution network where the Agency segment contributes 40% of insurance business; strong retail focus (62% of insurance book) provides granular revenue and reduces corporate client dependency.

Macro Economic Sensitivity

Demand for health insurance and broking services is highly sensitive to India's financial literacy rates and demat penetration (currently ~7-10%).

Consumer Behavior

Shift toward digital acquisition and app-based trading; increasing demand for retail health insurance post-COVID.

Geopolitical Risks

Minimal direct impact due to domestic focus, though global market volatility affects AUC and broking volumes.

⚖️ Regulatory & Governance

Industry Regulations

IRDAI accounting change to 1/N basis for long-term policies; RBI Corrective Action Plan (CAP) on RFL (removed July 2025); Expense of Management (EOM) regulations (compliant at 32.2%).

Taxation Policy Impact

Consolidated tax expense was INR 11.5 Cr in Q2 FY26; RHDFCL tax expense was INR 0.7 Cr.

Legal Contingencies

Delhi High Court order removed the 'fraud' tag on Religare Finvest Limited (RFL), facilitating its re-entry into the credit market.

⚠️ Risk Analysis

Key Uncertainties

Regulatory accounting changes (1/N) impacting reported profitability by INR 154 Cr in H1 FY26; competitive pricing pressure in group insurance segments.